Macro Dynamics - In September, the bond market issued a total of 81,027.8 billion yuan in various bonds, including 14,904.9 billion yuan in government bonds, 8,519.1 billion yuan in local government bonds, 11,741.0 billion yuan in financial bonds, 13,407.3 billion yuan in corporate credit bonds, 365.7 billion yuan in credit asset-backed securities, and 31,627.8 billion yuan in interbank certificates of deposit [2] - In September, China's foreign exchange market had a total transaction volume of 26.87 trillion yuan (approximately 3.78 trillion USD), with the interbank market accounting for 22.44 trillion yuan (approximately 3.16 trillion USD) [3] - In the first three quarters, the revenue of large-scale internet and related service enterprises in China reached 14,420 billion yuan, showing a year-on-year growth of 2.8% [4][5] Financial Institutions - China Taiping announced the sale of minority stakes in four companies for a total consideration of 6.5 billion yuan [8] - Hangzhou Bank received approval to issue capital instruments not exceeding 40 billion yuan [9] Market Data - On October 31, A-shares saw a collective decline, with the Shanghai Composite Index down 0.81%, the Shenzhen Component down 1.14%, and the ChiNext Index down 2.31% [11] - The financing balance in the two markets decreased by 7.392 billion yuan, with the Shanghai Stock Exchange reporting a balance of 12,535.78 billion yuan and the Shenzhen Stock Exchange reporting 12,196.92 billion yuan [12] Company Dynamics - China National Petroleum Corporation announced the resignation of Zhou Song as the chairman of the supervisory board [14] - InSai Group decided to terminate a major asset restructuring plan due to changes in the external environment [15] - Tianqi Co., Ltd. signed a strategic cooperation framework agreement with Foxconn Automotive to deploy at least 2,000 embodied intelligent robots over the next five years [17] - Li Auto announced a recall of 11,411 units of the MEGA 2024 electric vehicle due to potential safety hazards [18] - Qingyue Technology is under investigation by the China Securities Regulatory Commission for suspected false financial reporting [19]

Core Insights - The news highlights that Zhong Huijuan, the founder and CEO of Hansoh Pharmaceutical, has become China's richest woman with a wealth of 141 billion yuan, marking a significant milestone in the 20-year history of the Hurun Women's Entrepreneur List [2][3] Company Overview - Hansoh Pharmaceutical was founded on July 26, 1995, originally as Jiangsu Haosen, a Sino-foreign joint venture [3][4] - The company underwent several restructurings and was listed on the Hong Kong Stock Exchange on June 14, 2019 [4] Business Strategy and Development - The company has focused on a development strategy of "combining imitation and innovation," establishing a foundation with generic drugs while seeking breakthroughs with innovative drugs [5] - Since 2002, Hansoh has been developing Class 1.1 innovative drugs, with its first approved innovative drug, Mylinda, launched in 2014 [5] Financial Performance - In the first half of this year, Hansoh Pharmaceutical achieved revenue of 7.434 billion yuan, a year-on-year increase of 14.3%, and a net profit of 3.135 billion yuan, up 15% [5] - Innovative drugs and cooperative product sales contributed significantly to the revenue, with innovative drugs accounting for approximately 82.7% of total revenue [6] Market Position and Stock Performance - As of October 31, the market capitalization of Hansoh Pharmaceutical reached 212.9 billion yuan, with the stock price doubling this year [6] - Zhong Huijuan and her daughter hold over 60% of the company's shares, indicating strong family control [6] Recent Developments - Hansoh's innovative drug for non-small cell lung cancer, Amelot, was approved for sale in the UK, marking the company's first entry into the overseas market [7] - The company has also licensed overseas rights for its investigational CDH17-targeted antibody-drug conjugate to Roche, receiving an upfront payment of 80 million USD and potential milestone payments of up to 1.45 billion USD [7]

2025.10. 31 本文字数：1652，阅读时长大约3分钟 作者 | 第一财经 林志吟 封图 | 翰森制药公众号截图 中国女首富易主的消息在市场中刷屏。 此后，江苏豪森又经历了一系列重组，变成翰森制药。2019年6月14日，翰森制药在港交所挂牌上市。 钟慧娟自公司成立以来就负责公司整体发展。公司成立之初就确定了"仿创结合、仿制打基础、创新求突破"的发 展战略。在她的带领之下，公司于2002年开始研制1.1类创新药。 10月30日，胡润研究院发布的《2025胡润女企业家榜》显示，来自中国创新药头部企业翰森的64岁钟慧娟以 1410亿元财富首次成为中国女首富，这是胡润女企业家榜二十年来的第八位新晋榜首，同时也是榜单史上第一位 从事生命健康领域的女首富。 钟慧娟身份是翰森制药（03692.HK）创始人、董事会主席、首席执行官兼执行董事，她还有另外一个被市场津 津乐道的身份：恒瑞医药董事长孙飘扬的妻子。 在医药行业，孙飘扬与钟慧娟被称为"最牛夫妻档"，两人各执掌不同药企。不同于很多富豪夫妇，钟慧娟的身价 大涨，依靠的不是丈夫所在的企业，而是自己创办的企业。值得一提的是，在胡润研究院发布的《2025年胡润百 富榜》 ...

Core Viewpoint - The innovative drug sector is experiencing a rise in stock prices despite market conditions, driven by new policies and strong quarterly performances from several pharmaceutical companies [1] Group 1: Stock Performance - Innovent Biologics (01801) saw an increase of 8.12%, reaching HKD 87.25 [1] - Three-Sixty Biopharma (01530) rose by 11.42%, trading at HKD 30.84 [1] - Kelun-Biotech (06990) increased by 6.97%, priced at HKD 451 [1] - Connaissance-B (02162) gained 4.71%, with a price of HKD 60.05 [1] - Hansoh Pharmaceutical (03692) rose by 4.56%, trading at HKD 35.76 [1] Group 2: Policy Changes - The 2025 National Medical Insurance negotiation commenced on October 30, introducing a "commercial insurance innovative drug catalog" mechanism for the first time [1] - This year's negotiations continue the regular adjustment mechanism of the medical insurance catalog [1] Group 3: Market Activity - As of October 21, 2023, there have been 115 licensing agreements for innovative drugs in China, totaling USD 101.24 billion, significantly surpassing the total of USD 51.9 billion for the entire year of 2024 [1] Group 4: Company Performance - Hengrui Medicine reported a net profit of CNY 5.751 billion for the first three quarters, a year-on-year increase of 24.5% [1] - Innovent Biologics achieved total product revenue exceeding CNY 3.3 billion in Q3, maintaining a robust year-on-year growth of approximately 40% [1] Group 5: Industry Outlook - The pharmaceutical industry is showing signs of marginal improvement, with a potential shift in market focus towards high-growth sectors supported by performance [1] - Recommendations include focusing on companies with Q3 performance likely to exceed expectations, as well as sectors such as CXO, upstream life sciences, medical device recovery, and innovative drugs [1]

Core Insights - The news highlights that Zhong Huijuan has become the richest woman in China, with a wealth of 141 billion yuan, according to the 2025 Hurun Women Entrepreneurs List, marking her as the first female billionaire in the life and health sector in the list's history [1] Company Overview - Zhong Huijuan is the founder, chairperson, CEO, and executive director of Hansoh Pharmaceutical, which was established on July 26, 1995, originally as Jiangsu Haosen, a Sino-foreign joint venture [3][4] - The company underwent several transformations and was listed on the Hong Kong Stock Exchange on June 14, 2019 [4] Business Strategy - Hansoh Pharmaceutical has adopted a development strategy of "combining imitation and innovation," focusing on the research and development of innovative drugs since 2002 [4] - The company has successfully developed and launched two innovative drugs, with its first innovative drug, Mai Ling Da, approved in 2014 [4] Financial Performance - In the first half of this year, Hansoh Pharmaceutical achieved a revenue of 7.434 billion yuan, a year-on-year increase of 14.3%, and a net profit of 3.135 billion yuan, up 15% [5] - The sales revenue from innovative drugs and cooperative products accounted for approximately 82.7% of the company's total revenue [5] Market Position - As of October 31, the market capitalization of Hansoh Pharmaceutical reached 212.9 billion yuan, with the stock price doubling this year [5] - The company has made significant strides in its innovative drug business, including the approval of its non-small cell lung cancer drug in the UK and a licensing agreement with Roche for an ADC product, which includes an upfront payment of 80 million USD [5]

Core Viewpoint - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.89% and the Hang Seng Tech Index dropping by 1.91% [1] Group 1: Market Performance - The Hang Seng Index closed down by 0.89% [1] - The Hang Seng Tech Index decreased by 1.91% [1] Group 2: Company-Specific Movements - Semiconductor Manufacturing International Corporation (SMIC) saw a decline of 5.11% [1] - Xinyi Solar Holdings Limited dropped by 4.77% [1] - BYD Company Limited fell by 3.74% [1] - Hansoh Pharmaceutical Group Company Limited increased by 2.81% [1] - China National Pharmaceutical Group Corporation rose by 2.47% [1]

Group 1 - The 2025 Hurun Women Entrepreneurs List was released, highlighting the top 50 female entrepreneurs in China, with Zhong Huijuan and her daughter Sun Yuan from Hansoh Pharmaceutical becoming the richest women in China with a wealth of 141 billion yuan [1][21] - Zhou Qunfei from Lens Technology saw her wealth increase by 47 billion yuan, ranking second with 110 billion yuan, while Zong Fuli ranked third with 87.5 billion yuan, a drop of two places from last year [1][21] - The report indicates a growing recognition of female leadership in the innovation and pharmaceutical sectors, encouraging more women to engage in these industries [22] Group 2 - The China Securities Regulatory Commission approved the IPO registration application for Moore Threads, indicating a positive outlook for the company and potential investor interest [23][24] - Agricultural Bank of China reported a net profit of 222.3 billion yuan for the first three quarters of 2025, a year-on-year increase of 3.28%, and its market capitalization reached approximately 2.74 trillion yuan, making it the second-largest bank globally by market value [27][28] - Apple reported a fourth-quarter revenue of 102.47 billion dollars, a year-on-year increase of 7.9%, with a net profit of 27.47 billion dollars, reflecting strong performance in its product lines [29][30] Group 3 - YouTube is undergoing a restructuring focused on artificial intelligence applications, aligning with Google's broader strategy to enhance productivity through AI [31] - Meituan issued a warning about scams involving fake promotions and partnerships, emphasizing the importance of user safety and brand integrity [32] - WeChat launched three new features aimed at improving user experience, which may enhance user engagement and competitive positioning in the social media market [33]

Group 1: Economic Indicators - China's official composite PMI data for October is set to be released [3] - Eurozone's core harmonized CPI for October is also scheduled for publication [3] - The US core PCE price index for September will be announced [3] Group 2: Market Performance - US stock indices closed lower, with the Nasdaq down 1.57%, S&P 500 down 0.99%, and Dow Jones down 0.23% [4] - Meta Platforms saw a significant drop of over 11%, marking its largest single-day decline in three years, resulting in a market cap loss of approximately $214 billion [4] - International oil prices experienced slight declines, with WTI crude oil down 0.31% to $60.29 per barrel and Brent crude down 0.42% to $64.05 per barrel [6] Group 3: Corporate Developments - Agricultural Bank of China reported a net profit of 222.3 billion yuan for the first three quarters of the year, a year-on-year increase of 3.28% [23] - Apple Inc. reported Q4 revenue of $102.47 billion, a year-on-year increase of 7.9%, with net profit reaching $27.47 billion [24] - Amazon's Q3 net sales were $180.17 billion, exceeding expectations, with a net profit of $21.19 billion [25] Group 4: Regulatory and Policy Updates - China's Ministry of Commerce announced plans to accelerate the development of green and low-carbon logistics [9] - The Chinese government will implement a new policy for duty-free shops starting November 1, 2025, aimed at boosting consumption [10] - The Financial Regulatory Bureau has expanded the pilot areas for pension financial products to nationwide, with a trial period extended to three years [12] Group 5: Industry Trends - OpenAI announced plans for the "Stargate" data center project in Michigan, with a planned capacity exceeding 8 GW and an investment of over $450 billion in the next three years [31] - YouTube is undergoing a restructuring focused on artificial intelligence applications, indicating a shift towards AI-driven products [26] - WeChat has launched three new features aimed at enhancing user experience, including bulk message recall and selective notification settings [28]

Core Insights - Zhong Huijuan has become the richest woman in China with a wealth of 141 billion yuan, marking the first time a woman from the pharmaceutical industry has topped this list [2] - Zhong Huijuan's wealth primarily comes from Hansoh Pharmaceutical, where she and her daughter hold over 65% of the shares [3] Group 1: Personal Background and Achievements - Zhong Huijuan, aged 64, was born in Lianyungang, Jiangsu Province, and transitioned from being a high school chemistry teacher to an entrepreneur in 1996 [2] - She co-founded Hansoh Pharmaceutical with her husband, Sun Piaoyang, who is known as China's "pharmaceutical king" [2] - In the 2025 Hurun Rich List, Zhong Huijuan ranks 25th, while Sun Piaoyang ranks 38th with a wealth of 100 billion yuan [2] Group 2: Company Performance - Hansoh Pharmaceutical has successfully transformed from a traditional pharmaceutical company to an innovative one, with significant sales from new drugs like Ameluz, expected to reach 6 billion yuan in 2025 [3] - The company has secured two overseas deals for innovative drugs totaling over 3.5 billion USD in 2025, contributing to a stock price increase of over 100% since the beginning of the year [3] - Hansoh Pharmaceutical's market capitalization exceeds 200 billion HKD, ranking fourth among Chinese pharmaceutical companies [3]

Core Insights - Zhong Huijuan has become the richest woman in China with a wealth of 141 billion yuan, marking the first time a female billionaire from the pharmaceutical industry tops the list [2] - Zhong Huijuan, aged 64, transitioned from being a chemistry teacher to co-founding Hansoh Pharmaceutical with her husband, Sun Piaoyang, and now independently leads the company [2][3] - Hansoh Pharmaceutical has seen significant growth, with its stock price doubling since the beginning of the year, and it is now valued at over 200 billion HKD, ranking fourth among Chinese pharmaceutical companies [6] Company Overview - Hansoh Pharmaceutical was originally a traditional pharmaceutical company but has successfully transformed into an innovative player, launching several blockbuster drugs, including Ameluz for lung cancer treatment, which is expected to generate sales of 6 billion yuan in 2025 [6] - Zhong Huijuan and her daughter, Sun Yuan, hold over 65% of Hansoh Pharmaceutical's shares, contributing significantly to her wealth [5] - In 2025, Hansoh Pharmaceutical is set to finalize two overseas deals for innovative drugs worth over 3.5 billion USD, reflecting the growing interest in innovative pharmaceutical assets among domestic and international investors [6]