格隆汇10月9日｜药明康德(603259.SH)公告称，公司于2025年10月8日通过大宗交易出售所持有的药明 合联3030万股股票，约占其当前总股本的2.47%，成交金额约23.46亿港元。本次出售药明合联股票的投 资净收益对公司2025年度税后净利润的影响约为人民币16.79亿元，占公司最近一期(2024年度)经审计归 属母公司股东净利润的比例超过10%。2025年度累计出售药明合联股票的投资净收益对公司2025年度税 后净利润的影响约为人民币43.51亿元。 ...

Core Insights - As of October 9, 178 stocks reached their 52-week highs, indicating a strong market performance [1] Group 1: Top Performers - The top three stocks with the highest increase rates are: - Xin Mining Resources (01231) with a high rate of 53.85%, closing at 0.530 and peaking at 0.600 [1] - Hang Seng Bank (00011) with a high rate of 35.70%, closing at 149.800 and peaking at 168.000 [1] - Hang Seng Bank - R (80011) with a high rate of 25.15%, closing at 137.000 and peaking at 141.800 [1] Group 2: Notable Stocks - Other notable stocks that reached new highs include: - DeLi Machinery (02102) with a high rate of 19.61% [1] - OuHua (01711) with a high rate of 18.72% [1] - Ai Century Group (08507) with a high rate of 17.19% [1] Group 3: Market Trends - The data reflects a positive trend in the market, with a significant number of stocks achieving new highs, suggesting investor confidence and potential growth opportunities [1][2]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of October 9, with Northeast Electric (00042) leading at a premium of 743.75% [1][2]. AH Premium Rate Rankings - The top three stocks with the highest AH premium rates are: - Northeast Electric (00042): 743.75% - Andeli Juice (02218): 235.25% - Zhejiang Shibao (01057): 227.36% [1][2] - The bottom three stocks with the lowest AH premium rates are: - Contemporary Amperex Technology (03750): -16.12% - Heng Rui Medicine (01276): -2.39% - China Merchants Bank (03968): 3.49% [1][2] Deviation Values - The stocks with the highest deviation values are: - Changfei Optical Fiber (06869): 28.93% - Zhejiang Shibao (01057): 12.23% - Red Star Macalline (01528): 11.20% [1][2] - The stocks with the lowest deviation values are: - Northeast Electric (00042): -72.24% - Shanghai Electric (02727): -54.73% - Dazhong Public Utilities (01635): -29.80% [1][2]

Overview - The global CRO market is projected to reach $90.03 billion by 2024, with the preclinical CRO market accounting for $27.46 billion, representing 30.5% of the total CRO market [1][9]. - The increasing prevalence of chronic diseases and heightened health awareness are driving demand for high-quality biopharmaceutical products and related research services [1][9]. Industry Barriers - The preclinical CRO sector faces significant entry barriers due to the need for experienced professionals and established operational expertise, which new entrants may struggle to acquire quickly [5][6]. - Established CROs typically have over 10 years of experience, making it challenging for newcomers to compete effectively [5]. Market Policies - The pharmaceutical manufacturing industry is a key focus for development in China, supported by various policies aimed at encouraging new drug research and optimizing approval processes [7]. - Recent policies include guidelines for improving drug quality and promoting digital healthcare, creating a favorable environment for the preclinical CRO industry [7]. Industry Chain - The upstream of the preclinical CRO industry includes suppliers of experimental materials, laboratory animals, scientific instruments, and data analysis software [8]. - The primary clients for preclinical CROs are pharmaceutical companies, which outsource research to reduce costs and improve efficiency [8]. Development Status - China's CRO market is expected to reach 89.22 billion yuan in 2024, with a year-on-year growth of 5.19%, and the preclinical CRO market is projected to reach 42.91 billion yuan, growing by 5.74% [9]. - The demand for CRO services is expanding due to the aging population and rising chronic disease rates in China [9]. Competitive Landscape - The global preclinical CRO market is dominated by established companies in the US and Western Europe, with the US holding a significant market share [10][11]. - Domestic companies like WuXi AppTec and Kanglong Chemical are gaining competitive advantages by understanding local regulations and market needs, offering tailored services at lower costs [11]. Representative Domestic Companies - WuXi AppTec reported a total revenue of 39.24 billion yuan in 2024, with a gross profit of 16.02 billion yuan and a gross margin of 40.8% [12]. - YinuoSi achieved a total revenue of 1.142 billion yuan in 2024, with 95.4% of this revenue coming from its non-clinical CRO services [12][13]. Development Trends - Future advancements in AI and big data analytics are expected to enhance drug discovery and toxicology assessments, improving efficiency and accuracy in the preclinical CRO sector [13]. - There will be a growing emphasis on personalized solutions targeting specific diseases or patient groups, necessitating diverse disease models for drug development [13].

Investment Rating - The report indicates a positive outlook for the CDMO industry, with expectations for improved order flow, revenue growth, and profit margins by 2026, particularly benefiting from the recovery of Chinese funding and increased demand for early projects [1][4]. Core Insights - The CDMO industry maintains a high overall profit margin, driven by the growing demand for emerging therapies and higher quality requirements from clients [2][4]. - Chinese CDMO companies are more aggressive in capacity expansion and new model investments, with capital expenditures accounting for approximately 22% of sales, while Indian companies adopt a more cautious approach [1][5]. - New trends in the CDMO industry include overseas expansion, automation, digital investments, and the development of peptide drugs and antibody-drug conjugates (ADCs) [1][6]. Summary by Sections Current Demand Situation - The global CDMO industry demand remains stable, supported by CMO projects and emerging therapies, with a notable focus on GLP-1, peptide capacity, and ADCs [2]. - Despite some pressures, overall profit margins are high due to increased demand for emerging therapies and quality assurance [2]. Investment Strategies - Chinese CDMO companies are proactive in expanding capacity and investing in new models, while Indian companies are more conservative, linking investments to visible market demand [5][12]. - Indian CDMO companies focus on geopolitical diversification and maintaining a good RFP/RFQ momentum, although the conversion of orders to actual financial results is slower than expected [8][11]. Future Market Outlook - R&D investments are expected to fluctuate in 2025, but most companies anticipate improvements in order flow, revenue growth, and profit margins by 2026, particularly due to the recovery of Chinese funding [4][15]. - The performance of Chinese companies is currently superior to that of Indian companies, with Indian firms expected to see financial results materialize by the 2026 fiscal year [11]. New Trends in the Industry - Key trends include overseas expansion, automation, digital investments, and advancements in peptide drugs and ADCs, with Chinese companies accelerating facility construction in response to geopolitical uncertainties [6][10]. - Companies like Samsung Biologics have begun operating their ADC capacity and have received significant orders from major global clients [6][10]. Geopolitical Factors - The impact of geopolitical factors on the CDMO industry has diminished, with normal business operations continuing without major disruptions [7][14]. - Some clients still consider potential disruptions from political factors, but technical strength and execution capabilities remain paramount [7]. Performance Comparison - In the peptide formulation sector, Chinese companies significantly outpace Indian firms in capacity, while Indian companies express optimism in the ADC field [10][11]. - The financial commercialization results for Indian companies are expected to lag behind those of Chinese companies, with growth rates projected to be in the mid-single digits for 2026 [11].

Group 1 - UBS Group's long position in WuXi AppTec's H-shares decreased from 5.05% to 3.98% as of September 30 [1]

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9月30日 狀態: 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10月8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 | | | 478,226,490 | RMB | | 1 RMB | | 478,226,490 | | 增加 / 減少 (-) | | | 14,185,818 | | | RMB | | 14,185,818 | | 本月底結存 | | | 492,412,308 | RMB | | 1 RMB | | 492,412,308 | | 2. 股份分類 ...

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10月8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 | | | 478,226,490 | RMB | | 1 RMB | | 478,226,490 | | 增加 / 減少 (-) | | | 14,185,818 | | | RMB | | 14,185,818 | | 本月底結存 | | | 492,412,308 | RMB | | 1 RMB | | 492,412,308 | | 2. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- ...

Market Overview - In September, A-shares experienced significant volatility, with the Shanghai Composite Index attempting to breach 3900 points but failing, even dipping below 3800 points at times [1] - The performance varied across sectors, with technology growth sectors like semiconductors and AI showing strong activity, while traditional sectors like banking and non-bank financials lagged [1] - The Federal Reserve announced a 0.25 percentage point interest rate cut, the first of the year, which may attract foreign capital into the Hong Kong and A-share markets, enhancing market liquidity [1][2] Stock Recommendations - A total of 26 brokerages have released stock recommendations for October, covering 196 stocks, with a notable focus on the information technology sector [2][4] - Stocks like Zhaoyi Innovation, Luxshare Precision, and WuXi AppTec appeared most frequently in recommendations, with Zhaoyi Innovation being highlighted for its strong market position and recent performance [4][6] - The technology sector's stocks generally performed well in September, with several stocks increasing over 20%, while financial and consumer sectors underperformed [5][7] Economic Indicators - The People's Bank of China announced a release of 1.1 trillion yuan through open market operations and reverse repos, which is expected to boost market liquidity and support A-share performance post-holiday [2][6] - The anticipated "14th Five-Year Plan" and changes in capital market policies are expected to create investment opportunities [2][7] Sector Focus - Analysts suggest focusing on technology growth sectors, particularly those related to AI, smart manufacturing, and digital economy, as they are likely to benefit from recent market dynamics [2][8] - The performance of the Hang Seng Technology Index, which rose significantly, indicates a positive outlook for tech-related stocks in the A-share market [1][2] Future Outlook - Following the National Day holiday, A-shares are expected to continue a gradual upward trend, supported by strong performances in both US and Hong Kong markets during the holiday [1][2] - Analysts recommend monitoring the potential impact of further Federal Reserve rate cuts on market sentiment and foreign capital inflows [8][9]

Group 1 - UBS Group's short position in WuXi AppTec's H-shares increased from 1.95% to 3.55% as of September 29 [1]