Core Insights - The article highlights the top and bottom AH share premium rates, with Northeast Electric (00042) leading at 831.03% and Ningde Times (03750) at -4.55% [1][2][3] Premium Rate Rankings - The top three AH share premium rates are: - Northeast Electric (00042): 831.03% - Hongye Futures (03678): 270.00% - Sinopec Oilfield Service (01033): 268.92% [1][2] - The bottom three AH share premium rates are: - Ningde Times (03750): -4.55% - China Merchants Bank (03968): -1.71% - Heng Rui Medicine (01276): 3.65% [1][3] Deviation Value Rankings - The top three stocks with the highest deviation values are: - China Shipbuilding Defense (00317): 53.01% - Guanghetong (00638): 25.36% - GAC Group (02238): 22.12% [1][4] - The bottom three stocks with the lowest deviation values are: - Longpan Technology (02465): -31.76% - Northeast Electric (00042): -23.74% - Ganfeng Lithium (01772): -14.15% [1][5]

本报（chinatimes.net.cn）记者张斯文 于娜 北京报道 近日，无锡药明康德新药开发股份有限公司（下称"药明康德"，603259.SH）披露了2025年第三季度报 告，前三季度实现营业收入328.57亿元，同比增长18.61%；归属于上市公司股东净利润120.76亿元，同 比大增84.84%。 （数据来源：Wind） 但细究业绩结构，可以看到，公司存在非经常性收益贡献显著，国内业务增长停滞、部分板块疲软、研 发投入收缩等问题。 非经常性收益拉高利润 报告显示，前三季度公司非经常性损益达25.53亿元，主要来自出售联营企业WuXi XDC Cayman Inc.部 分股票的收益（32.23亿元）。扣除该部分后，归属于上市公司股东的扣除非经常性损益净利润为95.22 亿元，同比增长率下降至42.51%，显著低于净利润增速。 对此，山东隆湶律师事务所主任、高级合伙人李富民对《华夏时报》记者表示，利润结构的健康度要 看"可持续性"。84%的净利润里，超过四成来自非经常性收益，扣非增速落后同行20个百分点，说明主 业溢价能力在收窄。CXO板块普遍把闲置资金做理财或跟投客户股权，但把公允价值变动当"主营味 道 ...

Core Viewpoint - Morgan Stanley's research report indicates that WuXi AppTec's valuation levels are becoming more attractive amid a stable fundamental backdrop, with a particular focus on WuXi AppTec as a preferred stock due to its robust performance and growth potential [1] Group 1: Company Performance - WuXi AppTec has raised its earnings guidance and is undergoing significant capacity expansion, particularly in the next-generation GLP-1 sector [1] - The earnings forecasts for WuXi AppTec for the years 2025 to 2027 have been increased by 3% to 4% [1] - WuXi Biologics' earnings estimates for 2025 to 2027 have been raised by 6% to 13% [1] - WuXi AppTec's subsidiary, WuXi STA, has seen its earnings projections adjusted upward by 7% to 8% [1] Group 2: Growth Projections - The compound annual growth rates (CAGR) for the three companies from 2024 to 2027 are projected to be 24%, 23%, and 37% respectively [1]

Group 1 - Morgan Stanley's research report indicates that WuXi AppTec's valuation levels are attractive amid a stable fundamental backdrop, with a particular focus on WuXi Biologics [1] - The report highlights that WuXi Biologics has raised its earnings guidance and is undergoing significant capacity expansion, with high participation in the next-generation GLP-1 sector [1] - The firm has upgraded earnings forecasts for WuXi Biologics for 2025 to 2027 by 6% to 13%, and for WuXi AppTec by 3% to 4%, designating WuXi AppTec as a top pick [1] Group 2 - The compound annual growth rates for the three companies from 2024 to 2027 are projected at 24%, 23%, and 37% respectively [1] - Other major banks, including Oriental Securities and Goldman Sachs, have also maintained positive ratings on WuXi AppTec and WuXi Biologics, citing strong performance and robust customer demand [2] - Goldman Sachs set a target price of HKD 63.3 for WuXi AppTec, reflecting confidence in the company's order momentum and customer demand [2]

该行提到，药明康德(603259.SH)A股为投资者带来理想的买入机会，上调公司2025至27年盈测3至4%， 并列为首选股;将药明生物(02269)2025至27年盈测调升6至13%;升药明合联(02268)盈测7至8%。综合而 言，三间公司2024至27年的盈利复合年增长率分别为24%、23%及37%。 智通财经APP获悉，摩根士丹利发布研报称，中国医疗保健股自9月中旬起被持续抛售，投资者正在获 利了结，并等待明年业绩发展的讯号。该行指出，当中药明系在基本面持续稳健的背景下，估值水平更 具吸引力。大摩最看好药明康德(02359)，因此该公司不仅上调业绩指引，更进行大规模产能扩张，且 在下一代GLP-1领域参与度高。 ...

Group 1 - The CRO concept stocks are experiencing a collective rebound, with the CSI Hong Kong Stock Connect Medical Theme Index rising by 2.73% as of November 24, 2025 [1] - Notable individual stock performances include Tigermed (03347) increasing over 9%, and other companies like Hansoh Pharmaceutical (03692), MicroPort Medical (00853), and WuXi AppTec (02359) also seeing gains [1][2] - The Hong Kong Medical ETF (159366) has risen over 2%, and over the past six months, it has accumulated a 29.35% increase [1][2] Group 2 - The innovative drug industry is benefiting from dual advantages of policy support and explosive demand, which are activating new drug research and development needs, positively impacting the CXO sector [3] - Among 29 listed companies in the A-share CXO sector, 20 reported year-on-year revenue growth in the first three quarters, indicating strong industry resilience [3] - WuXi AppTec's unique "integrated, end-to-end" CRDMO business model has driven steady growth, with total revenue of 32.86 billion yuan in the first three quarters of 2025, a year-on-year increase of 18.6%, and net profit attributable to shareholders rising by 84.8% to 12.08 billion yuan [3] Group 3 - The high growth of the CXO sector is supported by the trend of pharmaceutical companies outsourcing R&D and production to specialized CXO firms, which helps reduce costs and improve efficiency [4] - CXO companies are enhancing their service capabilities through continuous technological development and scale expansion, leading to deeper integration with pharmaceutical companies [4] - As of October 31, 2025, the top ten weighted stocks in the CSI Hong Kong Stock Connect Medical Theme Index accounted for 62.83% of the index, indicating a high concentration in the market [4]

Group 1 - CRO concept stocks have collectively rebounded, indicating a positive trend in the sector [1] - Tigermed (03347.HK) increased by 9.19%, reaching HKD 39.92 [1] - WuXi AppTec (02359.HK) rose by 4.43%, trading at HKD 106 [1] - Kanglong Chemical (03759.HK) saw a 4.15% increase, priced at HKD 21.58 [1] - WuXi Biologics (02269.HK) experienced a 3.27% rise, with a price of HKD 31.56 [1]

Core Insights - The Hong Kong stock market indices saw significant gains in the afternoon, with the Hang Seng Index rising over 2%, the Hang Seng Tech Index increasing by 2.7%, and the Hang Seng China Enterprises Index up by 1.8% [1] Company Performance - Kuaishou (快手-W) experienced a rise of 6.56% with a year-to-date increase of 66.79%, and a total market capitalization of 294.57 billion [2] - NetEase (网易-S) increased by 6.26%, with a year-to-date gain of 61.57%, and a market cap of 688.29 billion [2] - Alibaba (阿里巴巴-W) rose by 5.42%, showing a year-to-date increase of 93.41%, with a total market value of 2.97 trillion [2] - WuXi AppTec (药明康德) saw a 4.14% increase, with a year-to-date rise of 93.30%, and a market capitalization of 315.38 billion [2] - Baidu (百度集团-SW) increased by 4.10%, with a year-to-date gain of 35.07%, and a market cap of 307.19 billion [2] - Hansoh Pharmaceutical (翰森制药) rose by 4.03%, with a remarkable year-to-date increase of 134.85%, and a market capitalization of 240.51 billion [2] - Zhongsheng Holdings (中升控股) increased by 3.58%, but has a year-to-date decline of 12.81%, with a market cap of 27.41 billion [2] - China Overseas Development (中国海外发展) rose by 3.37%, with a year-to-date increase of 19.16%, and a market cap of 154.54 billion [2] - Longfor Group (龙湖集团) increased by 3.54%, with a year-to-date rise of 6.20%, and a market cap of 72.18 billion [2] - BYD (比亚迪股份) rose by 3.34%, with a year-to-date increase of 9.64%, and a market cap of 873.88 billion [2] - WuXi Biologics (药明生物) increased by 3.34%, with a year-to-date rise of 79.84%, and a market cap of 129.71 billion [2] - Midea Group (美的集团) rose by 2.92%, with a year-to-date increase of 26.14%, and a market cap of 690.12 billion [2] - Meituan (美团-W) increased by 2.88%, but has a year-to-date decline of 35.20%, with a market cap of 600.76 billion [2] - Alibaba Health (阿里健康) rose by 2.87%, with a year-to-date increase of 72.59%, and a market cap of 92.68 billion [2]

Group 1 - The CRO sector is experiencing a collective rebound, with notable stock price increases for companies such as Tigermed (up 9.19% to HKD 39.92), WuXi AppTec (up 4.43% to HKD 106), and others [1] - Citing a recovery in capital market financing activities and an expansion in the overseas trading scale of innovative drugs, the outlook for CXO companies' performance in the second half of the year is optimistic [1] - Morgan Stanley notes that since mid-September, healthcare stocks have been under pressure as investors take profits, but the fundamentals for WuXi's companies remain strong, making their valuations more attractive [1] Group 2 - WuXi AppTec is highlighted as a top pick due to its raised earnings guidance and significant capacity expansion, particularly in the next-generation GLP-1 sector [1] - The projected compound annual growth rates for WuXi AppTec, WuXi Biologics, and WuXi AppTec's subsidiary from 2024 to 2027 are 24%, 23%, and 37% respectively [1]

Group 1 - CRO concept stocks have collectively rebounded, with notable increases in share prices: Tigermed (300347) up 9.19% to HKD 39.92, WuXi AppTec (603259) up 4.43% to HKD 106, and others showing similar gains [1] - CMB International believes that the recovery of capital market financing activities, expansion of overseas transactions for innovative drugs, and a rebound in domestic R&D demand will lead to a recovery in CXO companies' performance in the second half of the year [1] - Morgan Stanley reports that healthcare stocks have been sold off since mid-September, with investors taking profits while awaiting signals for next year's performance [1] Group 2 - Morgan Stanley highlights that WuXi AppTec's fundamentals remain strong, making its valuation more attractive, especially as the company has raised its earnings guidance and is expanding capacity significantly [1] - The projected compound annual growth rates for earnings from WuXi AppTec, WuXi Biologics, and WuXi AppTec's subsidiaries from 2024 to 2027 are 24%, 23%, and 37% respectively [1]