Market Overview - The Hong Kong market experienced a slight decline, with the Hang Seng Index down by 0.08% amid ongoing U.S.-China trade negotiations focusing on rare earth elements [1] - South Korean and Japanese retail investors have shifted to net sellers of U.S. stocks and ETFs, indicating a potential change in investment sentiment [1] Investment Opportunities - The Norwegian Oil Fund has reduced its allocation to European stocks from 26% to 15% over the past decade, highlighting structural issues in the European capital market [2] - The Chinese market shows potential for capital inflow, with the offshore RMB rising over 100 points and gold stocks like China Gold International and other non-ferrous metal companies gaining traction [2] - Significant investments in the healthcare sector are anticipated, with companies like MicroPort Medical and HeartTech seeing stock increases of over 6% and 3% respectively [2] Infrastructure and Real Estate - Domestic infrastructure projects are gaining momentum, particularly in the central and western regions, with companies like China Liansu seeing stock increases of nearly 6% [3] - New financing avenues for private real estate companies are emerging, as New City Development plans to issue USD bonds worth between $250 million and $300 million, resulting in a stock increase of over 7% [3] Pharmaceutical Sector - Pharmaceutical stocks are experiencing speculation ahead of upcoming talks, with companies like Tigermed and WuXi AppTec seeing strong performance [3] - The demand for AI in pharmaceuticals remains robust, with companies like TSMC reporting a 39.6% year-on-year revenue increase [4] Solid-State Battery Market - The solid-state battery market is gaining traction, with projections indicating a compound annual growth rate of 133% from 2024 to 2030 [5] - Companies like Longpan Technology are benefiting from this trend, with stock increases of over 6% [5] Entertainment Sector - The adaptation of the novel "The Lychee of Chang'an" into a TV series has generated significant interest, leading to stock increases for related companies like Maoyan Entertainment [6] Company Performance - Hansoh Pharmaceutical reported a revenue of 12.261 billion yuan for 2024, a 21.3% increase year-on-year, driven by strong sales in innovative drugs [7] - The company has secured a licensing agreement with Regeneron, indicating high recognition of its product quality in the international market [8]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年5月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 康龍化成（北京）新藥技術股份有限公司 (於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2025年6月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03759 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 301,537,125 | RMB | | 1 | RMB | | 301,537,125 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 301,537,125 | RMB | | 1 | RMB | ...

6月4日，港股市场有望高开，港股创新药板块盘前走势积极。港股创新药指数成份股中，信达生物涨超 6%，再鼎医药、昭衍新药涨超2%，康龙化成、乐普生物-B、诺诚健华、东阳光长江药业涨超1%。港股 创新药ETF（159567）过去20个交易日资金净流入超1.65亿元，市场热度较高。 消息面上，5月29日，中国创新药领域迎来历史性时刻。当日，国家药品监督管理局集中批准11款创新 药上市，其中7款为1类创新药。1至5月已有20余款1类创新药获批，数量刷新近五年同期纪录。我国创 新药领域已从过去的"跟随式创新"逐步迈向"全球领跑"。中国药企紧紧围绕临床价值核心，在肿瘤靶 向、免疫治疗等关键赛道发力，正悄然改写全球医药格局。 中邮证券表示，国产创新药板块在2025年上半年展现出强劲的发展势头和显著的投资价值。随着海外 BD合作的推进以及ASCO大会等国际学术活动的持续开展，板块整体热度不断上升，推动了市场对国 内创新药企的关注。同时，多家国内药企陆续获得创新药上市批准。这些新药的获批不仅体现了企业在 研发创新能力上的突破，也为未来业绩增长奠定了基础。下半年国家医保谈判作为关键节点，将进一步 影响创新药的市场表现。那些在谈判 ...

【解剖大盘】 市场依然围着关税的消息在转，似乎又在传利好，港股直接高开高走，收盘涨1.53%，顺带把A股也带 起来。 据媒体6月2日获得的美国贸易代表办公室(USTR)信件草案显示，特朗普政府已要求相关国家在周三(美 东时间6月4日)前提交"最佳贸易谈判方案"，包括购买美国工农业产品的关税和配额方案，以及消除非 关税壁垒的计划。否则将面临高额惩罚性措施。特朗普对等关税"90天暂停期"即将于7月8日结束，目前 美国仅仅与英国达成框架协议，剩余的时间非常紧迫。因此，特朗普必须要上强度来个最后通牒，管不 管用不知道，但股市都当利好处理。 另外，法新社记者提问，白宫方面表示，中美领导人本周将举行通话，发言人能否证实这一消息?外交 部发言人林剑对此回应，我没有可以提供的消息。这也表明白宫方面很着急，故意放风出来，试探我们 的反应。先施压再谈判，确实不是正确的外交方式，在中国的哲学里面其实很反感这一套。 该反制还要反制，据新加坡《联合早报》网站6月2日报道，中国多地宣布加强管控，严防战略矿产非法 外流。据报道，湖南省相关主管部门称将认真落实属地监管责任，对当地战略矿产出口企业进行系统摸 排并建立台账；广西则表态将持续做好 ...

金融界2025年6月3日消息，中欧医疗健康混合C(003096) 最新净值1.6391元，增长0.96%。该基金近1个 月收益率7.34%，同类排名224|4690；近3个月收益率7.88%，同类排名461|4620；今年来收益率8.66%， 同类排名977|4568。 中欧医疗健康混合C股票持仓前十占比合计55.30%，分别为：恒瑞医药（10.60%）、药明康德 （9.95%）、康龙化成（6.24%）、迈瑞医疗（5.21%）、泰格医药（5.04%）、爱尔眼科（4.64%）、凯 莱英（4.12%）、东阿阿胶（3.37%）、科伦药业（3.09%）、华润三九（3.04%）。 公开资料显示，中欧医疗健康混合C基金成立于2016年9月29日，截至2025年3月31日，中欧医疗健康混 合C规模155.66亿元，基金经理为葛兰。 简历显示：葛兰女士:中国籍。美国西北大学生物医学工程专业博士。历任国金证券股份有限公司研究 所研究员,民生加银基金管理有限公司研究员。2014年10月加入中欧基金管理有限公司,曾任研究员、中 欧明睿新起点灵活配置混合型证券投资基金基金经理(2015年1月29日起至2016年4月22日)、中欧瑾泉 ...

一、股东股份质押及解除质押的基本情况 康龙化成（北京）新药技术股份有限公司（以下简称"公司"）近日接到公 司实际控制人楼小强先生和郑北女士的函告，获悉楼小强先生和郑北女士将其所 持有的公司部分股份进行了质押和解除质押，具体情况如下： | | 是否为控 | | | 占公 | | 是否 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 股股东或 | 本次质押 | 占其所 | 司总 | 是否 | 为补 | 质押起 | | 质押到 | | | 质押用 | | 名称 | 第一大股 | 数量 | 持股份 | 股本 | 为限 | 充质 | 始日 | | 期日 | | 质权人 | 途 | | | 东及其一 | （股） | 比例 | | 售股 | | | | | | | | | | 致行动人 | | | 比例 | | 押 | | | | | | | | | 实际控制 | | | | | | 2025 | 年 | 2026 | 年 | 中信证 券股份 | 置换存 量金融 | | ...

点击蓝字，关注我们 今日上午港股 1.钧达股份（02865）跌12.69%。 调入港股通但基本面疲软（2024年亏损、现金流紧张），股东减持预 期及海外建厂盈利存疑，资金避险抛售。 2. 荣昌生物（09995）涨4.61%。 ASCO公布RC108+伏美替尼数据，MET耐药治疗突破，ADC药物协同 效应显著，商业化前景提振估值。 3. 大唐黄金（08299）涨7.27%。 消息面上，与无锡专心智制合资开发AI矿业应用，模型训练成果初现， 叠加黄金避险需求，4月来累涨超170%。 4. 康龙化成（03759）涨4.35%。 参投生物医药基金，布局早期项目，强化产业投资生态，长期收益预期 吸引资金。 5. 汽车股普涨，5月新能源车销量爆发（比亚迪38.25万、零跑4.5万）， 工信部反对价格战，竞争格局优 化，估值修复。 理想汽车(2015)涨近6% ， 长城汽车（2333）涨超3% 。 6. 黄金股领涨（中国黄金国际等）， 消息面上 ， 特朗普加征关税、俄乌冲突，COMEX黄金重返3400美 元，高盛看4200美元，避险资金流入黄金板块。 7. 长飞光纤（06869）涨8.34%， 武汉基地量产6寸碳化硅晶圆（ ...

Group 1 - The core point of the news is that 康龙化成 (Pharmaron) has seen a stock increase of over 4% following the announcement of its investment in a healthcare fund [1] - 康龙化成's subsidiary, Pharmaron UK Limited, plans to invest $30 million in the BLC Healthcare USD Fund I L.P. as a limited partner [1][2] - The fund aims to raise approximately $100 million to invest in various securities and assets in the global biopharmaceutical and life sciences sectors, focusing on early and growth-stage projects for long-term capital appreciation [2] Group 2 - The investment will utilize the expertise of professional investment institutions in the biopharmaceutical industry [1] - The fund will have the discretion to invest in other investment funds or vehicles managed by third parties [2] - The investment strategy includes a wide range of securities, including equity, debt securities, and derivatives [2]

Group 1 - The majority of Hong Kong pharmaceutical stocks are experiencing declines, with Hansoh Pharmaceutical falling over 4% [1] - Hansoh Pharmaceutical (03692.HK) decreased by 4.45%, while other companies like Aimeijia Vaccine (06660.HK) and CSPC Pharmaceutical Group (01093.HK) also saw significant drops of 3.98% and 2.72% respectively [1] - Kanglong Chemical (03759.HK) reported a decline of 1.83%, indicating a broader trend of weakness in the sector [1]

Market Review - The CITIC Pharmaceutical Index increased by 2.21%, outperforming the CSI 300 Index by 3.30 percentage points, ranking third among CITIC's 30 primary industries [5] - The top ten stocks by increase this week included Shutaishen, Huason Pharmaceutical, Changshan Pharmaceutical, and others, while the top ten stocks by decrease included Haichen Pharmaceutical and Haisen Pharmaceutical [5] Overall Viewpoint and Investment Themes - The current valuation of the pharmaceutical sector is low, with public funds (excluding pharmaceutical funds) having low allocation to this sector. The industry is expected to grow positively by 2025 due to macroeconomic factors and the pull effect of major products [9] - In the innovative drug sector, there is a shift from quantity logic to quality logic, emphasizing the importance of products that can generate profits. Companies with differentiated and internationalized pipelines are recommended for attention [9] - In the medical device sector, there is a noticeable recovery in bidding volumes for imaging equipment, and policies are promoting the home medical device market. The orthopedic procurement is also showing good growth post-clearance [9] - The innovation chain (CXO + life science services) is expected to see a rebound in overseas investment and a bottoming out in domestic investment, leading to high profit elasticity for companies as they enter the return phase [9] - The pharmaceutical industry is anticipated to enter a new growth cycle, with a focus on specialty raw materials and the expiration of patents leading to new growth opportunities [9] Focus on Procurement Optimization - The average price reduction for the tenth batch of national procurement is expected to reach 75%, causing significant market sentiment disturbances. This is attributed to the extended procurement cycle and increased competition among products [16] - The multi-level procurement model extends the risk exposure time for generic drugs, as products switch from national procurement to regional alliances, leading to potential loss of contracts and further price declines [21] - The ongoing price governance by the National Medical Insurance Bureau aims to eliminate price discrimination among similar drugs across provinces, which may further impact the market [27] Company-Specific Insights - Companies like Huadong Medicine are expected to see a significant recovery in performance due to the current optimization of procurement policies, which may reduce the risk exposure of their existing products [40] - The sales figures for several of Huadong Medicine's products are projected to stabilize as the procurement pressure diminishes, with total sales for five key products reaching approximately 58.07 billion yuan in 2024 [40]