Group 1 - The pharmaceutical outsourcing sector is experiencing a general increase, with notable stock price rises for companies such as WuXi Biologics (6.11%), Kelun Pharmaceutical (5.52%), and others [1] - A recent report from Century Securities indicates that the NDAA bill has been implemented, leading to a reduction in geopolitical risks [1] - In the first three quarters, the total amount of license-out agreements for innovative drugs in China reached a historical high, indicating a continuous improvement in the innovative drug industry [1] Group 2 - The performance and new orders for CXO companies are showing signs of improvement, with the market beginning to focus on preclinical safety evaluation assets [1] - CXO companies, as part of the upstream of the innovative drug industry chain, are expected to benefit from the enhanced competitiveness of domestic innovative drugs, leading to a recovery in industry prosperity [1] - The industry is anticipated to see a dual recovery in both performance and valuation for CXO companies [1]

Market Overview - US inflation slowdown supports interest rate cut expectations, while the Bank of Japan raised rates by 25 basis points, leading to a rise in Hong Kong's three major indices. The Hang Seng Index increased by 0.75% to 25,690.53 points, with a total turnover of HKD 221.186 billion. The Hang Seng China Enterprises Index rose by 0.68%, and the Hang Seng Tech Index increased by 1.12% [1] Blue Chip Performance - Shenzhou International (02313) led the decline among blue chips, falling by 3.18% to HKD 60.95, with a turnover of HKD 490 million. Despite exceeding revenue and profit expectations, its net profit dropped by 32% year-on-year due to declining profit margins and ongoing pressures in direct sales [2] - Other blue chips included WuXi Biologics (02269), which rose by 4.4%, and Li Auto-W (02015), which increased by 3.81% [2] Sector Highlights - Large tech stocks mostly rose, with Tencent, Kuaishou, and Meituan gaining over 1%. The L3-level autonomous driving sector saw significant activity, with stocks like Xiaopeng Motors rising over 7% [3] - The pharmaceutical sector rebounded significantly, with companies like Kelun Pharmaceutical (06821) rising by 10.42% and WuXi Biologics (02269) increasing by 4.4% [4] - Lithium stocks also saw gains, with Ganfeng Lithium (01772) up by 1.87% and Tianqi Lithium (09696) rising by 1.72% [4] New Listings - New stocks showed a clear divergence, with Zhihui Mining (02546) soaring by 90.69% to HKD 8.6, while Xidi Intelligent Driving (03881) fell by 13.69% to HKD 227 [7] Company Developments - CIMC Group (02039) saw a strong performance, rising by 15.47% to HKD 8.88 after announcing a buyback plan for H-shares [8] - Changfei Optical Fiber (06869) surged by 12.01% to HKD 51.75, driven by signs of recovery in the optical fiber market [9] - China Duty Free Group (01880) saw its A and H shares rise by 6.88% to HKD 70.7, with expectations of increased sales due to optimized offshore duty-free shopping policies [10] - China Tobacco Hong Kong (06055) rose by 6.68% to HKD 34.48, supported by new regulations aimed at strengthening electronic cigarette oversight [11]

Market Overview - The US CPI annual rate decline has led to a rise in US stocks, boosting risk market sentiment [1] - The Hang Seng Index opened higher and closed up 0.75%, with the Hang Seng China Enterprises Index and Hang Seng Tech Index rising by 0.68% and 1.12% respectively [1][2] Sector Performance - Major technology stocks saw collective gains, with Tencent up 1.49%, Kuaishou up 1.45%, and Meituan up 1.28% [4] - Pharmaceutical stocks were active, with WuXi AppTec and other related stocks rising [2] - Gaming stocks continued to rise, with MGM China leading with a 6.6% increase [2][5] - AI-driven demand boosted optical fiber and cable stocks, with Yangtze Optical Fiber rising 12% [2] - Automotive, wind power, education, photovoltaic, insurance, and Apple-related stocks also experienced gains [2] Notable Stock Movements - Xpeng Motors rose 7.65%, Horizon Robotics up 7.04%, and Li Auto up 3.81% [4][10] - Electronic cigarette stocks saw significant increases, with China Tobacco Hong Kong up 6.68% [5] - Chinese brokerage stocks rose, with China International Capital Corporation up over 4% [7] - Intelligent driving concept stocks surged, with Youjia Innovation up 31.22% [8] Weak Performers - Heavy machinery stocks faced declines, with China National Heavy Duty Truck Group down over 6% [13] - Gold and precious metal stocks were weak, with several companies experiencing declines of over 2% [16] - Oil stocks also fell, with China Petroleum & Chemical Corporation down 1.52% [15] Capital Flows - Southbound funds recorded a net purchase of HKD 3.371 billion, with net selling from Shanghai-Hong Kong Stock Connect and net buying from Shenzhen-Hong Kong Stock Connect [18] Market Outlook - CITIC Securities suggests that after a strong performance in September, Hong Kong stocks are undergoing a mid-term adjustment, with quality assets entering a high-value zone [18]

Group 1 - The Hang Seng Index rose by 0.65%, gaining 165 points to close at 25,663 points, while the Hang Seng Tech Index increased by 1.14%. The morning trading volume reached 97.5 billion HKD [1] - New listings in the Hong Kong stock market included Zhihui Mining (02546), which surged over 110% upon debut, and Xidi Zhijia (03881), which fell over 8% after its listing [1] - The U.S. Senate passed a revised version of the Biodefense Act as part of the National Defense Authorization Act for fiscal year 2026, leading to a significant rebound in pharmaceutical stocks, with WuXi Biologics (02269) rising over 6% and 3SBio (01530) increasing by 3.7% [1] Group 2 - HAP Pharmaceuticals-B (02142) saw a nearly 7% increase after signing a business development deal worth over 1 billion USD with Bristol-Myers Squibb [2] - China Duty Free Group (601888) (01880) rebounded nearly 7% after winning bids for two major duty-free projects at Shanghai airports, with market attention on the results of the Capital Airport tender [2] - Youjia Innovation (02431) surged over 12% as L3 large-scale deployment approaches, with the company having made forward-looking arrangements for L2+ and L4 [2] - Nine Dragons Paper (02689) rose over 3% as the industry leader announced a series of shutdown plans to support price and inventory levels before the Spring Festival [2] Group 3 - South Manganese (01091) increased by over 9% due to multiple factors driving the continuous rise in electrolytic manganese prices [3] Group 4 - Yangtze Optical Fibre (601869) (06869) rose over 10%, with a cumulative increase of over 30% in the past three days, driven by sustained demand for optical fibers and cables from AI [4] Group 5 - Ganwan (09890) increased by over 5% after issuing zero-coupon convertible bonds at a premium, raising 450 million HKD to enhance its "AI + gaming" strategy [5] Group 6 - Liqin Resources (02245) rose over 9% as Indonesia plans to significantly reduce its nickel ore production targets by 2026 [6] Group 7 - Shenzhou International (02313) fell over 3% as its major client Nike reported a 32% year-on-year decline in net profit for the second fiscal quarter [7]

Group 1 - The core viewpoint of the article highlights a rebound in two major sectors of Hong Kong stocks: internet and innovative pharmaceuticals, with the Hong Kong Stock Connect Technology ETF (159101.SZ) rising by 1.5% [1] - Key stocks such as WuXi Biologics increased by over 6%, and WuXi AppTec rose by over 4%, while Tencent, Meituan, and Alibaba experienced slight increases [1] - After three months of adjustment, the crowdedness in these two core sectors has returned to low levels, with recent catalysts for growth including Tencent's release of the mixed reality model and Baidu's Kunlun chip accelerating towards an IPO, projected to exceed 2 billion yuan in revenue by 2025 [1] Group 2 - The passing of the U.S. National Defense Authorization Act for fiscal year 2026 on December 18 is seen as beneficial for CXO companies like WuXi Biologics and WuXi AppTec, as the new version of the biosafety law does not specifically name any companies [1] - Improved relations between the two countries have also boosted market risk appetite [1] - The Hong Kong Stock Connect Technology ETF (159101.SZ) tracks the National Index for Hong Kong Stock Connect Technology, which has reduced exposure to consumer retail while increasing allocation to biopharmaceuticals and hardware equipment, allowing for greater index elasticity [1]

Group 1 - Hong Kong pharmaceutical stocks showed a significant rebound this morning, particularly in the CRO and innovative drug sectors [1] - Kelaiying (06821.HK) increased by 6.28%, reaching HKD 77 [1] - WuXi Biologics (02269.HK) rose by 6.11%, trading at HKD 34.72 [1] - Sangfor Pharmaceuticals (01530.HK) gained 5.04%, priced at HKD 26.68 [1] - Innovent Biologics (09969.HK) saw an increase of 4.25%, with shares at HKD 13.74 [1]

Group 1 - Pharmaceutical stocks showed a significant rebound today, particularly in the CRO and innovative drug sectors [1][3] - Companies such as Kelaiying (06821) saw an increase of 6.07%, trading at 76.85 HKD [1][3] - WuXi Biologics (02269) rose by 6.05%, reaching 34.70 HKD [1][3] - Sangfor Pharmaceuticals (01530) increased by 4.65%, priced at 26.58 HKD [1][3] - Innovent Biologics (09969) experienced a rise of 4.70%, trading at 13.80 HKD [1][3]

Core Viewpoint - The Hong Kong technology sector experienced a rebound on December 19, with significant gains in biotechnology stocks, particularly benefiting from the recent passage of the 2026 National Defense Authorization Act (2026 NDAA) in the U.S. [1] Group 1: Market Performance - The Hang Seng Biotechnology and Hong Kong Stock Connect Technology Indexes led the gains, with WuXi Biologics rising over 5% and WuXi AppTec increasing more than 4% [1] - Other notable performers included Innovent Biologics and CanSino Biologics, both of which saw increases exceeding 2% [1] Group 2: Regulatory Impact - The new version of the U.S. bioterrorism law did not specifically name any companies, which is seen as a significant positive for Chinese CXO companies, including WuXi AppTec and WuXi Biologics, that have been under pressure from previous regulations [1] Group 3: Investment Opportunities - There are low-positioning opportunities in related ETFs covering Hong Kong CXO leaders, specifically the Hang Seng Pharmaceutical ETF (159892.SZ) and the Hong Kong Stock Connect Technology ETF (159101.SZ) [1]

兴业证券认为，近期创新药板块情绪回落，随着BD持续落地，该行认为当前板块景气度可持续，"创新 +国际化"创新药产业趋势不变，短期调整后创新药板块弹性进一步提升。同时，可继续重点关注基本 面已开始改善的创新药产业链，当前在投融资数据、订单和业绩层面均看到向好趋势。 消息面上，据券商中国日前报道，北京时间12月18日凌晨，参议院官网显示，搭载修订版《生物安全法 案》的美国2026财年国防授权法案（2026NDAA）获通过。新版本生物安全法未具体点名任何一家公 司。有券商研究机构认为，2025年法案进展阶段性落地，行业回归中长期增量逻辑。 智通财经APP获悉，医药股今早明显反弹，CRO、创新药方向居前。截至发稿，凯莱英(06821)涨 6.28%，报77港元；药明生物(02269)涨6.11%，报34.72港元；三生制药(01530)涨5.04%，报26.68港元； 诺诚健华(09969)涨4.25%，报13.74港元。 ...

Group 1 - The Hong Kong stock market has stabilized, maintaining a narrow range around the mid-axis during the morning session, with slight gains in consumer and technology sectors, while the internet and healthcare sectors experienced a downturn [1] - The consumer sector showed signs of recovery, with a slight increase of 0.32% by midday, driven by stocks such as Li Ning up 4.37%, Shenzhou International up 2.26%, and several others like Stone Pharmaceutical, Lao Pu Gold, WuXi Biologics, and Pop Mart all rising over 1% [3] - The technology sector also saw a minor increase of 0.14% by midday, with Meituan up 1.21%, while major players like JD Group, Alibaba, Tencent Holdings, and SMIC posted slight gains; however, BYD and NetEase faced minor declines [3] Group 2 - The healthcare sector had a lackluster performance, with Stone Pharmaceutical up 1.9% and WuXi Biologics up 1.68%, while other stocks like BeiGene, Innovent Biologics, and 3SBio saw slight increases; in contrast, companies like CanSino Biologics, China Biologic Products, JD Health, and Hansoh Pharmaceutical experienced minor declines [3]