Market Performance - The three major U.S. stock indices closed lower last week, with the Dow Jones down 1.91%, the Nasdaq down 2.74%, and the S&P 500 down 1.95% [1] - European indices also performed poorly, with the FTSE 100 down 1.64%, the CAC 40 down 2.29%, and the DAX down 3.29% [1] Economic Data Releases - A series of key economic data, delayed due to government shutdown, will be released this week, potentially increasing market volatility ahead of the Federal Reserve's December meeting [2] - Important data includes September retail sales and Producer Price Index (PPI) on Tuesday, and September durable goods orders on Wednesday [2] - The release of the revised Q3 GDP growth rate and October personal income and spending data has been rescheduled [2] CPI and Employment Reports - The U.S. Bureau of Labor Statistics announced it will not release the complete October Consumer Price Index (CPI) report, with the November report scheduled for December 18 [3] - The delay in the October employment report may increase the importance of weekly initial jobless claims data [2] MSCI Index Adjustments - The MSCI China Index will undergo adjustments effective after the market close on November 24, including the addition of 26 stocks and the removal of 16 stocks [4] - New additions include companies like Qianli Technology and Huahong Semiconductor, while removals include Beikong Water Group and China Everbright Bank [4] U.S.-Ukraine Talks - U.S. and Ukrainian representatives reported progress in talks regarding a new 28-point plan to end the Russia-Ukraine conflict [5] - U.S. Secretary of State Rubio indicated that both sides are working to narrow differences and move towards a mutually acceptable solution [6]

Core Viewpoint - China Resources Pharmaceutical (03320) has successfully completed the public issuance of the second phase of its 2025 corporate bonds, raising a total principal amount of RMB 1.1 billion with a maturity of 3 years and an annual coupon rate of 1.78% [1] Group 1 - The total principal amount of the second phase of the 2025 corporate bonds issued is RMB 1.1 billion [1] - The bonds have a maturity period of 3 years and a coupon rate of 1.78% [1] - The net proceeds from the bond issuance will be used for productive expenditures, including debt repayment, working capital supplementation, project development and operational expenses, investments related to technological innovation, and other uses compliant with applicable laws and regulations [1]

华润医药(03320)发布公告，公司的全资附属公司华润医药控股已于中国完成公开发行第二期2025年公 司债券。本金总额人民币11亿元的第二期2025年公司债券已发行，期限3年，票面年利率为1.78%。发 行第二期2025年公司债券所募集的所得款项净额将用于生产性支出，包括偿还公司债务、补充营运资 金、项目开发与营运支出、与科技创新相关的投资以及符合适用法律法规的其他用途。 ...

Core Viewpoint - China Resources Pharmaceutical (03320.HK) has successfully completed the public issuance of the second phase of its 2025 corporate bonds, raising a total principal amount of RMB 1.1 billion with a three-year term and an annual coupon rate of 1.78% [1] Group 1 - The total principal amount of the second phase of the 2025 corporate bonds issued is RMB 1.1 billion [1] - The bonds have a maturity period of three years and an annual interest rate of 1.78% [1] - The net proceeds from the bond issuance will be used for productive expenditures, including debt repayment, working capital supplementation, project development and operational expenses, investments related to technological innovation, and other uses compliant with applicable laws and regulations [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公 告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 （於香港註冊成立的有限公司） （股份代號：3320） 內幕消息 於中國完成公開發行第二期2025年公司債券 本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條 及香港法例第571章證券及期貨條例第XIVA部之內幕消息條文（定義見上市規 則）之規定而作出。 茲提述華潤醫藥集團有限公司（「本公司」）日期為2025年10月21日的公告 （「該公告」），內容有關（其中包括）於中國第一期2025年公司債券。除本公告另 有界定者外，本公告所用詞彙與該公告所界定者具有相同涵義。 發行第二期2025年公司債券所募集的所得款項淨額將用於生產性支出，包括 償還公司債務、補充營運資金、項目開發與營運支出、與科技創新相關的投資 以及符合適用法律法規的其他用途。 本公司股東及有意投資者於買賣本公司證券時務請審慎行事。 承董事會命 華潤醫藥集團有限公司 主席 白曉松先生 中國，二零二五年十一月十八日 於 ...

Core Viewpoint - Breast cancer has become the most prevalent malignant tumor globally, and its prevention and treatment are crucial for public health. The "2025 Breast Cancer Precision Diagnosis and Long-term Survival Value Seminar" held in Shanghai focused on optimizing breast cancer diagnosis and treatment under the context of precision medicine, emphasizing patient-centered long-term survival strategies [1]. Group 1: Conference Overview - The seminar was chaired by prominent figures in the field, including Professor Shen Zhenzhou and Academician Xu Binghe, gathering top scholars to discuss the enduring value of classic treatment protocols and long-term patient management [1][3]. - The event highlighted the evolution of treatment philosophies, transitioning from "maximum tolerated" to "minimum effective" approaches, underscoring the importance of established treatment protocols as foundational elements in breast cancer care [3][5]. Group 2: Clinical Insights - Professors Shao Zhimin and Zhang Jin emphasized the clinical significance of classic drugs, advocating for deep academic exchanges to solidify consensus on their value while accelerating the development of innovative therapies [5][6]. - The discussion included the need for a dual focus on innovation and the enduring efficacy of classic treatments in enhancing patient survival and quality of life [6]. Group 3: Industry Perspectives - Dong Hao, Deputy General Manager of China Resources Pharmaceutical Group, articulated the company's commitment to integrating classic treatment strategies into clinical practice to meet unmet patient needs [8]. - The seminar also addressed the challenges and opportunities within the Chinese pharmaceutical industry, particularly in the context of drug approval reforms and the need for efficient commercialization strategies [10]. Group 4: Quality Control and Standardization - The establishment of quality control alliances and standardized treatment protocols was discussed, with a focus on enhancing regional healthcare delivery and ensuring equitable access to breast cancer care [11]. Group 5: Future Directions - The seminar concluded with a focus on the future of breast cancer treatment, emphasizing the importance of classic drugs alongside innovative therapies, particularly in the context of ongoing clinical trials and research [35][38]. - The "Net Benefit Long-term Survival Navigation Plan" was launched, aiming to improve overall management of breast cancer through collaborative efforts [31].

Core Insights - The event "Yoyo Deer City Surrounding, Enjoying Health" was co-hosted by Tieling Municipal Government and China Resources Pharmaceutical Group, marking a significant step towards the internationalization of China's deer industry [1] - The conference gathered 25 key cities in the deer industry to enhance cooperation and promote transformation and upgrading of the deer industry, contributing to the revitalization of traditional Chinese medicine and the development of the health industry [1] Industry Developments - An international deer trade port cooperation agreement was signed between Xifeng County and Dong'e Ejiao, as well as the New Zealand Deer Industry Association, aiming to create a global distribution center for deer products [1] - The establishment of the Deer Industry Professional Committee under the China Agricultural International Exchange Association aims to shift the deer industry from decentralized operations to intensive development and from traditional models to modern, international practices [1] Technological Advancements - The launch of the first digital deer industry ecological platform, "Deer Internet," is intended to promote industry integration through digital means and build a sustainable development ecosystem [1] - Nine key projects were signed on-site during the conference, covering areas such as cold chain logistics, deep processing, and digital platforms, with a total investment exceeding 10 billion yuan [1]

Core Viewpoint - MSCI announced changes to the MSCI China Index, adding 26 stocks and removing 20, effective after market close on November 24 [1] Group 1: Changes in Index Constituents - Nine new stocks listed in Hong Kong include China Gold International (02099.HK), Zijin Mining International (02259.HK), UBTECH Robotics (09880.HK), Ganfeng Lithium (01772.HK), Dongfeng Motor Group (00489.HK), Crystal International (02228.HK), China Nonferrous Mining (01258.HK), Rongchang Biopharma (09995.HK), and GF Securities (01776.HK) [1] - Four stocks removed from the index include China Everbright Bank (06818.HK), Beijing Enterprises Water Group (00371.HK), AVIC Trust (00696.HK), and China Resources Pharmaceutical (03320.HK) [1] Group 2: Impact on Stock Weights - The adjustment will affect the free float factors of 19 companies and the number of shares for 142 companies, leading to changes in index weightings [1] - New entrants like China Gold International, Zijin Mining International, UBTECH Robotics, and Ganfeng Lithium will see their weights increase, while Tencent (00700.HK), Alibaba-W (09988.HK), Kuaishou-W (01024.HK), and China Everbright Bank will experience the largest declines in weight [2] Group 3: Predicted Fund Flows - Expected inflows for stocks with increased weights include: - China Gold International (02099.HK): +0.129%, inflow of $187 million - Zijin Mining International (02259.HK): +0.12%, inflow of $173 million - UBTECH Robotics (09880.HK): +0.116%, inflow of $167 million - Ganfeng Lithium (01772.HK): +0.093%, inflow of $134 million - Dongfeng Motor Group (00489.HK): +0.092%, inflow of $133.6 million [2] - Expected outflows for stocks with decreased weights include: - Tencent (00700.HK): -0.231%, outflow of $334 million - Alibaba-W (09988.HK): -0.137%, outflow of $198 million - Kuaishou-W (01024.HK): -0.061%, outflow of $88.1 million - China Everbright Bank (06818.HK): -0.047%, outflow of $68.1 million [2][3]

Group 1 - MSCI announced the results of the November index review, with adjustments effective after the market close on November 24 [1] - A total of 22 stocks were added to the MSCI Global Small Cap Index, including companies such as Genscript Biotech (01672) and Youzan (08083) [1] - 17 stocks were removed from the MSCI Global Small Cap Index, including China Gold International (02099) and Longi Green Energy (601869) [1] Group 2 - The MSCI Hong Kong Index included 7 new stocks, such as Chow Sang Sang (00116) and MGM China (02282) [2] - The MSCI Hong Kong Index removed stocks like Kintor Pharmaceutical (02171) and HKT Trust (00215) [2][3]

Core Insights - MSCI announced changes to its indices on November 6, including the addition of 26 new stocks to the MSCI China Index and 17 new stocks to the MSCI China A-Share Index, effective after the market close on November 24, 2025 [1][4] - The MSCI China Index will remove 20 stocks, while the MSCI China A-Share Index will remove 16 stocks [1][4] MSCI China Index Changes - New additions to the MSCI China Index include Zijin Mining International (02259), Ganfeng Lithium (01772), and Chipone Technology (688469.SH) among others [1] - Stocks removed from the MSCI China Index include Kaixin Network (002517), Changying Precision (300115), and InvoCare (002837) [1][2] MSCI China A-Share Index Changes - The MSCI China A-Share Index will add companies such as Qianli Technology (601777.SH), Dongyangguang (600673.SH), and Changchuan Technology (300604.SZ) [4][6] - Companies removed from the MSCI China A-Share Index include Zhongzhijian (600038.SH), Dong'a Ejiao (000423.SZ), and Guangdian Yuntong (002152.SZ) [4][6] Global Index Changes - The MSCI Global Standard Index (ACWI) will add 69 stocks and remove 64 stocks, with notable additions including CoreWeave, Nebius Group, and Insmed [6] - In the MSCI Emerging Markets Index, significant new additions include Barito Renewables Energy, Zijin Mining International, and Guangfa Securities [6]