Company News - Xiehe New Energy (00182.HK) expects a net profit decline of over 80% in 2025, compared to approximately 800 million yuan in the previous year, primarily due to a decrease in revenue and gross margin from power generation business and asset impairment [2] - Dingdang Health (09886.HK) anticipates a significant narrowing of net loss by over 80% for the fiscal year 2025, mainly due to a reduction in goodwill impairment; adjusted net profit is expected to be no less than approximately 5 million yuan, turning profitable year-on-year [2] - Honghui Group (00183.HK) issued a profit warning, expecting a substantial decrease in interim loss attributable to shareholders by 30% to 40% [2] - Huiju Technology (01729.HK) completed the placement of 108 million shares, raising approximately 1.635 billion HKD, with about 50% allocated for strategic investments and acquisitions, and 30% for global business development and overseas expansion [2] - Hansoh Pharmaceutical (03692.HK) received approval for the marketing of Amivantamab in the European Union for monotherapy [2] - Inspur Intelligent (03696.HK) has been included in the Hang Seng Composite Index constituent stocks [2] Buyback Activities - Xiaomi Group-W (01810.HK) repurchased 4.2824 million shares for 152 million HKD, with buyback prices ranging from 35.32 to 35.74 HKD [2] - Geely Automobile (00175.HK) repurchased 1.631 million shares for 27.5125 million HKD, with buyback prices between 16.69 and 16.99 HKD [2] - Kingsoft (03888.HK) repurchased 732,200 shares for 19.9956 million HKD, with buyback prices from 27.02 to 27.5 HKD [3] - NetEase Cloud Music (09899.HK) repurchased approximately 96,000 shares for 14.9974 million HKD, with buyback prices between 153.8 and 158.2 HKD [3] - Meitu Inc. (01357.HK) repurchased 2.057 million shares for 12.5085 million HKD, with buyback prices ranging from 6.04 to 6.1 HKD [3]

Major Events - Ying Si Intelligent (03696), Tu Datong (02665), and Changfeng Pharmaceutical (02652) have been included in the Hang Seng Composite Index [1] - Hansoh Pharmaceutical (03692) has received EU approval for the marketing of Amivantamab for monotherapy [1] - Bole Vision Cloud-B (02592) has had its clinical trial application for CBT-199 approved, recognized as safe to proceed [1] - CSPC Pharmaceutical Group (01093) has received clinical trial approval in the US for a GLP-1/GIP receptor dual agonist long-acting injection [1] - CSPC Pharmaceutical Group (01093) has also received clinical trial approval in China for Ropivacaine long-acting injection (SYH9089) [1] - Fuhong Hanlin (02696) has received FDA approval for the Phase I clinical trial application of HLX15-SC for the treatment of multiple myeloma [1] Financial Data - Shougang Resources (00639) issued a profit warning, expecting a net profit attributable to shareholders of approximately HKD 600 million to 700 million for the fiscal year 2025 [1] - Shijiazhuang Pharmaceutical Group (02005) issued a profit warning, anticipating a year-on-year decline in net profit attributable to shareholders of approximately 45% to 60% [1] - Goodbaby International (01086) issued a profit warning, expecting a year-on-year decline in net profit of approximately 35% to 45% for 2025 [1] - Suoteng Juchuang (02498) reported continued growth in sales of laser radar products for fiscal year 2025, achieving profitability for the first time in Q4 [1]

英矽智能（03696）公布，公司已获恒生指数有限公司选择并将被纳入恒生综合指数的成份股，自2026 年3月9日起生效。 获纳入恒生综合指数成份股后，公司股份预计将符合沪港通及深港通交易的纳入标准。沪港通及深港通 是中国香港与中国内地的资本市场投资者之间的股票交易与投资的渠道。 董事会认为，获纳入恒生综合指数成份股反映了国际资本市场对公司行业地位、业务表现及价值的高度 认可。此举预期将进一步提升公司股票流动性，透过多元化的股东结构扩大投资者基础，并促进公司长 远发展。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 英矽智能（03696）公布，公司已获恒生指数有限公司选择并将被纳入恒生综合指数的成份股，自2026 年3月9日起生效。 获纳入恒生综合指数成份股后，公司股份预计将符合沪港通及深港通交易的纳入标准。沪港通及深港通 是中国香港与中国内地的资本市场投资者之间的股票交易与投资的渠道。 责任编辑：卢昱君 责任编辑：卢昱君 董事会认为，获纳入恒生综合指数成份股反映了国际资本市场对公司行业地位、业务表现及价值的高度 认可。此举预期 ...

Core Viewpoint - The company, 英矽智能 (03696.HK), has been selected to be included in the Hang Seng Composite Index, effective from March 9, 2026, which reflects strong recognition of its industry position and business performance by the international capital market [1] Group 1 - The inclusion in the Hang Seng Composite Index is expected to enhance the liquidity of the company's shares [1] - This move is anticipated to diversify the shareholder structure and expand the investor base [1] - The company believes that this development will promote its long-term growth [1]

Core Viewpoint - The company, 英矽智能 (03696), has been selected to be included in the Hang Seng Composite Index, effective from March 9, 2026, which reflects strong recognition from the international capital market regarding its industry position, business performance, and value [1] Group 1 - The inclusion in the Hang Seng Composite Index is expected to enhance the liquidity of the company's shares [1] - This move is anticipated to diversify the shareholder structure and expand the investor base [1] - The company believes that this development will promote its long-term growth [1]

INSILICO MEDICINE InSilico Medicine Cayman TopCo 英矽智能 （於開曼群島註冊成立的有限公司） （股份代號：3696） 自願公告 納入恒生綜合指數成份股 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，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 董事會認為，獲納入恒生綜合指數成份股反映了國際資本市場對本公司行業地 位、業務表現及價值的高度認可。此舉預期將進一步提升公司股票流動性，透過 多元化的股東結構擴大投資者基礎，並促進本公司長遠發展。 董事會感謝本公司股東及投資者持續給予的支持。 1 關於英矽智能 英矽智能是一家全球先鋒生物科技公司，致力於整合人工智能和自動化技術，加 速藥物發現並推動生命科學領域的創新，賦能人類擁有更長久、更健康的生活。 2025年12月30日，公司於香港聯合交易所主板掛牌上市，股票代碼：03696.HK。 利用自主研發的Pharma.AI平台和先進的自動化生物學實驗室，英矽智能正為纖維 化、腫瘤學、免疫學、疼痛、肥胖與代謝紊亂 ...

Core Insights - The strong resurgence of Hong Kong IPOs in 2025 is a central theme for the global capital markets, with nearly HKD 300 billion raised, reclaiming the top position in global IPO fundraising [2][7] - The Hong Kong IPO market has experienced a significant increase in both quantity and quality, with new listings up nearly 70% year-on-year and fundraising doubling compared to the previous year [2][3] Market Dynamics - The traditional dominance of internet and financial real estate sectors has been disrupted, with hard technology, advanced manufacturing, and biomedicine emerging as the three main pillars supporting the market [3][4] - Key sectors such as new energy, semiconductors, smart vehicles, and high-end equipment are now prominently represented in the Hong Kong market, enhancing its manufacturing base [3][4] Notable IPOs - Significant companies that went public in 2025 include: - CATL (宁德时代), raising approximately HKD 41 billion with a market cap of about HKD 920 billion and a PE ratio of around 18x [3] - Hengrui Medicine (恒瑞医药), a leader in innovative drugs, with a market cap of approximately HKD 320 billion and a PE of about 32x [3] - Sanhua Intelligent Control (三花智控), with a market cap of around HKD 180 billion and a PE of about 24x [3] - Haitian Flavoring and Food (海天味业), with a market cap of approximately HKD 420 billion and a PE of about 30x [3] - Chery Automobile (奇瑞汽车), with a market cap of around HKD 190 billion and a PE of about 12x [4] A+H Listing Trend - 2025 marked a significant year for A+H dual listings, with leading companies opting for this model to enhance global liquidity and valuation recovery [5][6] - The A+H model has become a standard for industry giants, reinforcing Hong Kong's position as the preferred overseas listing location for Chinese enterprises [6] Future Outlook - The recovery of the Hong Kong IPO market is seen as a result of multiple cyclical factors, including improved global liquidity, long-term valuation recovery, and the increasing demand for high-quality assets from mainland China [6][7] - Moving forward, the focus of the Hong Kong IPO market is expected to shift from quantity expansion to quality prioritization, with a stronger emphasis on industry logic over speculative trading [6][7]

Group 1 - The Hang Seng Index Company announced the quarterly review results for the Hang Seng Index series, with InnoCare Pharma (03696) being included in the Hang Seng Composite Index, effective from March 9, 2026 [1] - The inclusion will lead to adjustments in the eligible stocks for the Hong Kong Stock Connect, as the company meets various criteria including market capitalization, liquidity, and listing duration [1] - According to a report by CICC, InnoCare Pharma is likely to be added to the Hong Kong Stock Connect due to its compliance with the necessary standards [1] Group 2 - On February 10, InnoCare Pharma announced a strategic collaboration with Kangji Medical to develop innovative drugs powered by AI in the fields of central nervous system and autoimmune diseases [1] - The collaboration will involve at least two joint research and development projects, leveraging InnoCare's validated AI platform and Kangji's experienced R&D team [1] - InnoCare Pharma is expected to receive research funding support of up to several tens of millions of Hong Kong dollars for each project [1]

Core Viewpoint - The Hang Seng Index Company announced the inclusion of InnoCare Pharma (03696) into the Hang Seng Composite Index, effective from March 9, 2026, following a quarterly review [1] Group 1: Index Inclusion - InnoCare Pharma will be added to the Hang Seng Composite Index as part of the quarterly review results announced on February 13, 2025 [1] - The changes will be implemented after market close on March 6, 2026, and will affect the eligible stocks for the Hong Kong Stock Connect [1] - According to CICC's research report, InnoCare Pharma meets various criteria including market capitalization, liquidity, and listing duration, making it a candidate for inclusion in the Stock Connect [1] Group 2: Strategic Collaboration - On February 10, InnoCare Pharma announced a strategic collaboration with Kanghong Pharmaceutical for drug development [1] - The collaboration will focus on multiple projects in the central nervous system and autoimmune diseases, leveraging AI-enabled innovative drug development [1] - Under the agreement, InnoCare Pharma is expected to receive research funding support of up to several tens of millions of Hong Kong dollars for each project [1]

过去的2025年，既非生物医药的寒冬，也未被产业泡沫裹挟；更不是只谈买卖、单纯依靠管线出海兑现以求生存的一年，而是生物医药产业逐步回归理性价 值与长期主义的一年。 对我们而言，AI之于生物医药，远不止是降本增效的工具，更是在源头创新上打开了全新的空间。通过AI，我们能够探索以往人类经验难以触达的新靶 点，设计结构更为精妙的分子。AI正在加速打破新药研发"双十定律"（十年、十亿美金）的束缚，让那些曾被认为不可成药的靶点成为可能。 展望2026年，对英矽智能来说，更重要的是持续拓展更广阔的边界，包括生命科学周边领域与新分子实体的探索。例如，我们近期宣布在宜兴建立AI驱动 的自动化多肽筛选实验平台。同时，BD仍将是我们的主旋律，我们期待更多管线在不同阶段与合作伙伴达成研发合作。此外，我们近期提出MMAI Gym框 架，期待赋能LLM在垂直领域的专精能力训练。 （经济观察报 记者 张铃） 2025年对英矽智能而言同样收获颇丰。我们实现了靶向KIF18A的肿瘤项目、靶向PHD1/2的肾性贫血项目两条管线的全部或部分对外授权；推动了与礼来、 施维雅、海正药业、复星医药等跨国或大型制药公司的研发合作；并在6个临床项目与5个 ...