Market Overview - US stock indices rebounded overnight, with Hong Kong stocks slightly fluctuating and closing up 0.07% [1] - The economic outlook remains cautious, with half of the Federal Reserve districts reporting decreased hiring intentions, indicating potential interest rate cuts in December [2] International Relations - Trump urged Japanese Prime Minister Kishi to avoid escalating tensions regarding Taiwan, reflecting a more restrained stance from Japan [1] - French President Macron is set to visit China from December 3, aiming to improve Sino-French relations, which could benefit European relations as well [1] Consumer Sector - Pop Mart (09992) is expected to benefit from the upcoming holiday season, with a nearly 7% increase in stock price [3] - The automotive sector is seeing growth, with the Ministry of Commerce promoting reforms to boost consumption, leading to significant stock price increases for companies like Yongda Automobile (03669) [2] Technology and Innovation - Alibaba's Quark AI glasses were launched, with significant pre-sale success, leading to a 4% increase in stock price for related companies [4] - TCL Electronics is also entering the AI glasses market, contributing to a 6% rise in its stock price [4] Pharmaceutical Industry - Hansoh Pharmaceutical (03692) is advancing its innovative drug pipeline, with significant revenue growth and a strong project reserve [7] - The company reported a 22.1% year-on-year increase in sales revenue for its innovative drugs in the first half of 2025 [7] Gold Market - Deutsche Bank has raised its gold price forecast for 2026, indicating a structural bull market driven by official purchases rather than consumer demand [6] - The potential shift of cryptocurrency funds into physical gold could further boost prices, impacting related stocks [6] Clinical Trials and Drug Approvals - Hansoh Pharmaceutical has over 40 innovative drug candidates in clinical trials, with several new drugs entering Phase III trials [9] - The company has secured international partnerships for its ADC products, highlighting its growing recognition in the global market [9]

股票代码股票名称持仓占比持仓股数（股）持仓市值（元）06160百济神州10.62%436.35万8.17亿09926 康方生物10.55%630.20万8.12亿01801信达生物10.21%893.55万7.86亿01177中国生物制药9.62%9966.80万 7.41亿08027中国生物制药9.62%9966.80万7.41亿01093石药集团7.56%6809.40万5.83亿01530三生制药 7.25%2038.75万5.58亿03692翰森制药5.39%1260.00万4.15亿06990科伦博泰生物-B3.48%57.08万2.68亿 09688再鼎医药2.73%862.34万2.10亿 流动性方面，截止11月27日，港股创新药ETF（159567）近20个交易日累计成交金额319.87亿元，日均 成交金额15.99亿元；今年以来，219个交易日，累计成交金额2630.06亿元，日均成交金额12.01亿元。 港股创新药ETF（159567）现任基金经理为马君。马君自2024年1月3日管理（或拟管理）该基金，任职 期内收益68.86%。 最新定期报告显示，港股创新药ETF（159567）重仓股包 ...

大消费跳空高开后维持在高位盘整，截至目前上涨1.88%。小米集团大涨5.33%，百度集团上涨3.94%， 快手上涨3.5%，阿里巴巴、中芯国际、比亚迪股份等多股涨幅均在2%附近。 开盘后直线拉升，随后震荡上行，截至目前恒生指数上涨1.15%。恒生科技涨幅居前，医疗、互联网、 大消费等紧随其后，银行相对弱势。 银行开盘后直线跳水，随后超跌反弹，截至目前小涨0.42%。其中中信银行上涨2.34%，青岛银行、重 庆农村商业银行、农业银行、招商银行等近10只个股涨幅均在1%上方；郑州银行、光大银行等股逆势 小跌。 内容只是个人观点，仅供参考，不作为投资依据！欢迎关注交流，互相学习、共同探讨！ 恒生医疗高开高走后一路拉升，截至目前上涨1.95%。其中康方生物上涨4.98%，石药集团上涨4.37%， 中国生物上涨3.79%，信达生物上涨3.53%，京东健康、药明生物、翰森制药等股均小幅收涨。 ...

默沙东正与中国制药企业走向深度合作。 2025年3月25日，默沙东与恒瑞医药达成一项潜在交易规模近20亿美元的交易。默沙东获得恒瑞医药一 款在研药物中国之外的权益。这是默沙东与中国本土企业达成的一系列深入合作的最新案例之一。 默沙东凭借其多元治疗领域的创新产品发展，全球收入规模超过640亿美元。默沙东深耕中国三十余 年，而近十年来中国本土制药产业生态迅速成长。中国制药产业发展，默沙东不断扩大的市场影响力， 共同塑造了中国与默沙东之间的研发和知识产权新型纽带。 新伙伴 3月25日，默沙东从恒瑞医药取得HRS-5346独家许可权。 默沙东是一家历史超过130年的制药企业，在全球140多个国家/地区开展业务。恒瑞医药是一家专注科 技创新的国际化制药企业，HRS-5346 是其开发的一种在研口服小分子脂蛋白(a)抑制剂，目前在中国进 行 II 期临床试验评估。 Lp(a)血清浓度升高是动脉粥样硬化性心血管疾病有据可查的风险因素，全球每五个成年人中就可能有 一人受此影响[1]。HRS-5346 是一种在研的口服小分子Lp(a)抑制剂，这将有力拓展并补充默沙东在心血 管代谢疾病领域的研发管线。根据协议，恒瑞医药授予默沙东 ...

Market Overview - The Hong Kong stock market showed a significant recovery on November 24, with all three major indices ending a streak of declines[9] - Large tech stocks performed strongly, with Kuaishou rising over 7%, and NetEase and Bilibili increasing over 5%[9] - The Hang Seng Tech Index closed at 5,546, up 2.78% for the day and 24.11% year-to-date[3] Sector Performance - Innovative pharmaceuticals and outsourcing concepts saw notable gains, with companies like Innovent Biologics rising over 6%[9] - Military stocks also performed well, with China Shipbuilding Defense up over 13%[9] - Oil stocks were weak, with China National Offshore Oil Corporation and China Oilfield Services both declining over 1%[9] U.S. Market Insights - On the same day, U.S. markets saw all three major indices close higher, driven by increased bets on a Federal Reserve rate cut[9] - The "Magnificent Seven" tech stocks, including Google and Nvidia, all rose, with Google gaining over 6%[9] - The S&P 500 index is projected to achieve double-digit annual growth according to HSBC strategists[14] Economic Indicators - The Federal Reserve is expected to cut rates in December, with market predictions showing a 70% probability[14] - The U.S. economy's third-quarter GDP report has been delayed due to a government shutdown, affecting economic analysis[14] Investment Trends - The Nasdaq Golden Dragon China Index rose by 2.82%, indicating a positive trend for Chinese concept stocks[13] - Significant inflows into semiconductor stocks were noted, with companies like Broadcom surging 11%[13]

CRO概念股集体回暖。截至2025年11月24日 14:30，中证港股通医疗主题指数(932069)强势上涨2.73%， 成分股泰格医药(03347)涨超9%，翰森制药(03692)，微创医疗(00853)，药明康德(02359)等个股跟涨。 港股医疗ETF(159366)涨超2%。拉长时间看，截至2025年11月21日，港股医疗ETF近半年累计上涨 29.35%。 | | | 1.494 +0.031 +2.12% | 港股医疗ETF | ने 159366 | | --- | --- | --- | --- | --- | | | SZSE CNY 14:30:18 交易中 | | | T+0 × Q + | | | | 净值走势 永赢中证港股通医疗主 今年 | 0.00% 120日 26.93% | | | 序号 | 代码 | 名称 | 现价 | 涨跌幅 ▼ | | 7 | 3347 | 泰格医药 | 39.880 d | 9.08% | | 2 | 1858 | 春立医疗 | 17.040 d | 6.04% | | 3 | 3692 | 翰森制药 | 40.480 d | 6.02% | | 4 | ...

| 代码 | 名称 | | 涨跌幅 √ | 年初至今涨跌 | 总市值 | | --- | --- | --- | --- | --- | --- | | 01024 | 快手-W | C | 6.56% | 66.79% | 2948.57 Z | | 099999 | 网易-S | | 6.26% | 61.57% | 6882.87 Z | | 09988 | 阿里巴巴-W | | 5.42% | 93.41% | 2.97万亿 | | 02359 | 药明康德 | | 4.14% | 93.30% | 3153.83 乙 | | 09888 | 百度集团-SW | | 4.10% | 35.07% | 3071.94 Z | | 03692 | 翰森制药 | | 4.03% | 134.85% | 2405.11亿 | | 00881 | 中升控股 | | 3.58% | -12.81% | 274.1 亿 | | 00688 | 中国海外发展 | | 3.37% | 19.16% | 1545.42 Z | | 00960 | 龙湖集团 | | 3.54% | 6.20% | 721.77亿 | | ...

Group 1 - The core viewpoint of the article highlights a significant rally in Hong Kong's innovative drug concept stocks on November 24, with notable gains among several companies [1] Group 2 - Three-Sixty Pharmaceutical (01530.HK) experienced an increase of over 6% [1] - Hengrui Medicine (01276.HK) saw a rise of more than 5% [1] - Innovent Biologics (01801.HK) and Hansoh Pharmaceutical (03692.HK) both rose by over 3% [1]

Group 1 - The report highlights the "engineer dividend" period for China's innovative drug industry, indicating that local innovations have gained full recognition from multinational corporations (MNCs) [4][5][53] - The report emphasizes the strong performance of various Chinese biotech stocks, with notable price increases observed in companies like Rongchang Biopharmaceutical (+199%) and Mawei Biopharmaceutical (+124%) in the A-share market [4][16] - The report identifies a significant increase in the number of first-in-class (FIC) drugs entering clinical trials in China, from only 9 in 2015 to an expected 120 in 2024, with China's global share of FIC drugs exceeding 30% [4][22] Group 2 - The report discusses the leading position of Chinese companies in the antibody-drug conjugate (ADC) sector, with over 50% global pipeline share in key targets such as HER2 and TROP2 [25][32] - It notes that two Chinese ADC drugs have entered the top ten global upfront payment rankings, indicating strong valuation potential for local innovations [30][31] - The report highlights the anticipated growth in bispecific antibodies (bsAbs), with Chinese companies dominating the top five global upfront payments for related assets [37][41] Group 3 - The report recommends several companies with significant global single product potential, including Kolon Biotech and Innovent Biologics, while also highlighting others like 3SBio and BeiGene as companies to watch [6][52] - It emphasizes the potential for substantial global pricing power for assets, particularly for companies like Rongchang Biopharmaceutical and Zai Lab, which are expected to see continued clinical data readouts [6][52] - The report suggests that companies like Innovent Biologics and Rongchang Biopharmaceutical are likely to turn profitable, with expectations of improved financial performance in the coming years [6][52]

Investment Rating - The report maintains a positive outlook on the overseas pharmaceutical sector, particularly focusing on innovative drugs and industry chain opportunities, with an investment rating of "Overweight" [1][6]. Core Insights - Multiple policies are supporting the development of the innovative drug industry, with domestic innovative drug transactions reaching historical highs in both value and quantity. The sector's valuation has rebounded from a low point, and leading companies are achieving profitability through increased commercial sales and licensing income [6][8]. - Companies like BeiGene are experiencing significant growth, with global sales exceeding $1 billion in Q3 2025, marking a 51% year-on-year increase. The company anticipates a positive GAAP operating profit for the full year 2025, raising its revenue guidance to $5.1-5.3 billion [1][6]. - Innovent Biologics is expanding its pipeline with a dual focus on oncology and non-oncology products, expecting to achieve positive non-IFRS net profit and EBITDA in 2024, with continued growth projected for 2025 [2][6]. - The report highlights the increasing R&D investments by leading pharmaceutical companies, which are enhancing their innovative pipelines and accelerating their transformation towards innovation [3][7]. Summary by Sections Section 1: Overseas Pharmaceuticals - The report emphasizes the focus on innovative drugs and the opportunities within the industry chain for 2026, noting the historical highs in transaction amounts and numbers for domestic innovative drugs going overseas [6][8]. - BeiGene's overseas sales are highlighted, with Q3 2025 global sales surpassing $1 billion and a significant year-on-year profit turnaround [1][6]. - Innovent Biologics is noted for its strategic partnerships and expected profitability in the coming years [2][6]. Section 2: Pharma Sector - Leading companies are rapidly increasing their R&D investments, which is expected to strengthen their innovative pipelines and global competitiveness [3][7]. - Companies like Hansoh Pharmaceutical and China Biologic Products are projected to see substantial growth in their innovative product revenues, with significant contributions expected in the coming years [3][7]. Section 3: CXO Sector - The report indicates a recovery in investment and financing for innovative drugs, which is likely to drive early-stage R&D investments and boost demand [8]. - Emerging fields such as peptides and ADCs are expected to open new growth opportunities, with a recommendation to focus on companies like WuXi AppTec and WuXi Biologics [8].