Core Viewpoint - The report emphasizes the sustained high growth in the innovative pharmaceutical and medical device sectors, recommending continued investment in these areas [1]. Investment Highlights - The report maintains a recommendation for innovative pharmaceuticals and medical devices, highlighting the potential for value re-evaluation in the Pharma sector, with specific buy ratings for companies such as 恒瑞医药, 翰森制药, 三生制药, and 华东医药 [2]. - It continues to recommend Biopharma/Biotech companies that are gradually realizing their innovative pipelines and entering a performance growth phase, with buy ratings for 科伦博泰生物, 信达生物, 康方生物, 新诺威, 映恩生物, 京新药业, 微芯生物, 特宝生物, 我武生物, and 来凯医药 [2]. - The report also suggests investment in CXO and upstream pharmaceutical companies benefiting from innovation and recovery, maintaining buy ratings for 百普赛斯, 药明康德, 药明合联, 泰格医药, and 美诺华 [2]. - It recommends leading medical device companies expected to recover, with buy ratings for 微创医疗, 联影医疗, and 惠泰医疗 [2]. Market Performance - In the first week of September 2025, the A-share pharmaceutical sector outperformed the broader market, with the SW pharmaceutical and biotech index rising by 1.4% while the Shanghai Composite Index fell by 1.2% [3]. - Within the biopharmaceutical sector, the chemical preparations segment saw a notable increase of 4.5%, while biological products and medical services rose by 1.9% and 1.7%, respectively [3]. - The top-performing stocks included 海辰药业 (+28.7%), 长春高新 (+24.2%), and 百花医药 (+21.3%), while the worst performers were 舒泰神 (-24.0%), 广生堂 (-15.8%), and 塞力医疗 (-15.6%) [3]. - In the Hong Kong market, the healthcare sector also outperformed, with the Hang Seng Healthcare index rising by 7.0% and the biotech index by 7.3%, compared to a 1.4% increase in the Hang Seng Index [3]. - The top gainers in the Hong Kong market were 三叶草生物-B (+99%), 圣诺医药-B (+62%), and 加科思-B (+41%), while the biggest losers included 美中嘉和 (-11%), 科笛-B (-9%), and 思路迪医药股份 (-6%) [3]. - In the US market, the healthcare sector performed in line with the broader market, with the S&P Healthcare Select Sector Index increasing by 0.3%, matching the S&P 500's performance [4]. - The top gainers in the US healthcare sector included 德康医疗 (+7%), 生物基因 (+6%), and 环球健康服务 (+5%), while the largest declines were seen in KENVUE (-10%), REVVITY (-4%), and MOLINA HEALTHCARE (-3%) [4].

Group 1: Market Overview - The Hong Kong capital market is expected to see a significant recovery in 2025, with IPO financing reaching HKD 132.9 billion in the first eight months, a 50% increase compared to the total for 2024 [1] - The secondary market for Hong Kong stock offerings is performing even stronger, raising HKD 190.5 billion, which is 3.8 times higher than the total for 2024, with an average fundraising size of HKD 1.1 billion per project [1] Group 2: Underwriting Market Characteristics - The underwriting market for Hong Kong stock offerings in 2025 shows a "head concentration and foreign capital leading" characteristic, with six out of the top ten underwriters being foreign investment banks [3] - The top six underwriters have all surpassed HKD 15 billion in underwriting scale, collectively accounting for over 70% of the overall market [3] Group 3: Top Underwriters - Goldman Sachs leads the underwriting market with a scale of HKD 39.5 billion, holding a market share of approximately 21%, and has a strong focus on "head large projects" [5] - CITIC Securities ranks second with HKD 24.8 billion, but its underwriting structure is heavily reliant on a single large project, which limits its overall project diversity [6] - UBS ranks third with HKD 24.1 billion, demonstrating a balanced approach with both large and small projects, contributing to its competitive position [7] Group 4: Performance Discrepancies - CICC, while being the top underwriter for IPOs, has seen a significant drop in its performance in the secondary market, with only HKD 21.3 billion in underwriting scale, indicating a disconnect in core client cooperation [8][9] - Guotai Junan, despite having the highest number of projects at 27, has a low underwriting scale of HKD 9.7 billion, reflecting its inability to secure large projects [10]

Group 1: Market Overview - The Hong Kong capital market is expected to see a significant recovery in 2025, with IPO financing reaching HKD 132.9 billion in the first eight months, a 50% increase compared to the total for 2024 [1] - The secondary market for Hong Kong stock offerings is performing even stronger, raising HKD 190.5 billion, which is 3.8 times higher than the total for 2024, with an average fundraising size of HKD 1.1 billion per project [1] Group 2: Underwriting Market Characteristics - The underwriting market for Hong Kong stock offerings in 2025 shows a "head concentration and foreign capital leading" characteristic, with six out of the top ten underwriters being foreign investment banks [3] - The top six underwriters have all surpassed HKD 15 billion in underwriting scale, collectively accounting for over 70% of the overall market [3] Group 3: Top Underwriters - Goldman Sachs leads the underwriting market with a scale of HKD 39.5 billion, holding approximately 21% market share, and has a strong focus on "head large projects" [5] - CITIC Securities ranks second with HKD 24.8 billion, but its underwriting structure is heavily reliant on a single large project, which limits its overall capability [6] - UBS ranks third with HKD 24.1 billion, demonstrating a balanced approach with both large and small projects, contributing to its competitive position [7] Group 4: Performance Discrepancies - CICC, while being the top underwriter for IPOs, has seen a significant drop in its performance in the secondary market, with only HKD 21.3 billion in underwriting scale [8] - Guotai Junan, despite having the highest number of projects at 27, has a low underwriting scale of HKD 9.7 billion, indicating a lack of large project breakthroughs [10]

Group 1 - The top three companies with the highest short positions as of August 29 are ZTE Corporation (00763) at 16.47%, COSCO Shipping Holdings (01919) at 13.94%, and CATL (03750) at 13.88% [1][2] - The company with the largest increase in short positions is Ganfeng Lithium (01772), which rose by 2.85% to 12.46% [2][3] - The companies with the largest decrease in short positions include Hisense Home Appliances (00921), which decreased by 3.57% to 4.72%, and WuXi AppTec (02359), which decreased by 2.44% to 11.64% [3][4] Group 2 - The latest short position data shows that the top ten companies with the highest short ratios include China Ping An (02318) at 12.58% and Zijin Mining (02899) at 11.91% [2] - The companies with the most significant increases in short positions also include Huahong Semiconductor (01347) with an increase of 2.56% to 9.73% and Meitu (01357) with an increase of 1.80% to 4.85% [2] - The companies with the most significant decreases in short positions also include Weimob (02013) with a decrease of 1.66% to 9.40% and Linklogis Technology (09959) with a decrease of 1.43% to 2.76% [3][4]

致：香港交易及結算所有限公司 公司名稱: 無錫藥明康德新藥開發股份有限公司 呈交日期: 2025年9月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02359 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 387,076,150 | RMB | | 1 RMB | | 387,076,150 | | 增加 / 減少 (-) | | | 91,150,340 | | | RMB | | 91,150,340 | | 本月底結存 | | | 478,226,490 | RMB | | 1 RMB | | 478,226,490 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 重新提交 致：香港交易及結算所有限公司 公司名稱: 無錫藥明康德新藥開發股份有限公司 呈交日期: 2025年9月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02359 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 387,076,150 | RMB | | 1 RMB | | 387,076,150 | | 增加 / 減少 (-) | | | 91,150,340 | | | RMB | | 91,150,340 | | 本月底結存 | | | 478,226,490 | RMB | | 1 RMB | | 478,226,490 | | 2. 股份分類 ...

9月5日，药明康德涨5.09%，截至发稿，报107.13元/股，成交78.77亿元，换手率3.05%，总市值3161.95 亿元。 上银丰益混合A（011504）基金经理为高永。 截至发稿，高永累计任职时间8年255天，现任基金资产总规模5514.68万元，任职期间最佳基金回报 23.78%， 任职期间最差基金回报-15.55%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，无锡药明康德新药开发股份有限公司位于上海浦东新区外高桥保税区富特中路288号,香港铜 锣湾希慎道33号利园1期19楼1910室，成立日期2000年12月1日，上市日期2018年5月8日，公司主营业务 涉及小分子化学药的发现、研发及生产全方位、一体化平台服务,以全产业链平台的形式面向全球制药 企业提供各类新药的研发、生产及配套服务。主营业务收入构成为：化学业务78.37%，测试业务 12.93%，生物学业务6.02%，其他(补充)1.90%，其他业务0.79%。 从基金 ...

9月5日，药明康德涨5.09%，截至发稿，报107.13元/股，成交78.76亿元，换手率3.05%，总市值3161.95 亿元。 长安沪深300非周期指数A（740101）基金经理为肖洁。 截至发稿，肖洁累计任职时间3年211天，现任基金资产总规模5.16亿元，任职期间最佳基金回报 27.32%， 任职期间最差基金回报-26.3%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，无锡药明康德新药开发股份有限公司位于上海浦东新区外高桥保税区富特中路288号,香港铜 锣湾希慎道33号利园1期19楼1910室，成立日期2000年12月1日，上市日期2018年5月8日，公司主营业务 涉及小分子化学药的发现、研发及生产全方位、一体化平台服务,以全产业链平台的形式面向全球制药 企业提供各类新药的研发、生产及配套服务。主营业务收入构成为：化学业务78.37%，测试业务 12.93%，生物学业务6.02%，其他(补充)1.90%，其他业务0.79%。 从 ...

截至9月3日，恒生创新药指数今年以来累计上涨117.55%，显示出投资者对于港股生物医药的信心正在 快速恢复和提升。国元证券在研报中提到，目前我国创新药进入成果兑现阶段，研发进展催化较多，继 续看好该板块下半年表现。 多重因素增厚业绩 上半年，核心产品销售放量、对外授权步伐加速及AI技术赋能等多维度因素共振，推动港股生物医药 上市公司业绩提升。 恒瑞医药、药明康德等龙头企业均交出了两位数增长的成绩单。上半年，恒瑞医药收到默沙东2亿美元 以及IDEAYA的7500万美元对外许可首付款，公司归母净利润同比增长29.67%；药明康德受益于全球新 药研发外包服务市场的快速发展，营收同比增长20.6%，归母净利润同比增长95.5%。 上半年，一批港股生物医药公司加速国际化布局，对外授权合作不断落地。以加科思为例，公司的 Glecirasib获得国家药品监督管理局上市批准，促使艾力斯支付5000万元人民币（如无标明，单位下 同）的里程碑付款。由此，加科思上半年实现收入0.46亿元，扭转了上年同期收入为0的局面。 诺诚健华今年1月与Prolium订立开发及商业化ICP-B02的独占许可协议。公司上半年总收入同比增长 74. ...

Company Overview - WuXi AppTec, established on December 1, 2000, is located in Shanghai and Hong Kong, and was listed on May 8, 2018. The company provides a comprehensive platform for the discovery, development, and manufacturing of small molecule drugs, serving global pharmaceutical companies [1] - The company's revenue composition is as follows: Chemical business 78.37%, Testing business 12.93%, Biological business 6.02%, Other (supplementary) 1.90%, Other business 0.79% [1] Stock Performance - On September 4, WuXi AppTec's stock fell by 5.04%, trading at 105.29 CNY per share, with a total transaction volume of 4.619 billion CNY and a turnover rate of 1.74%. The total market capitalization is 310.764 billion CNY [1] Fund Holdings - TaiKang Fund has a significant position in WuXi AppTec, with its Medical Health fund (159760) reducing its holdings by 10,200 shares in the second quarter, now holding 121,100 shares, which constitutes 10.52% of the fund's net value, making it the largest holding [2] - The Medical Health fund was established on December 6, 2021, with a latest scale of 80.0606 million CNY. Year-to-date returns are 22.55%, ranking 1802 out of 4222 in its category, while the one-year return is 37.42%, ranking 2442 out of 3789 [2]