Core Insights - The company, Real Bio, has submitted an application to list on the Hong Kong Stock Exchange, with China International Capital Corporation (CICC) as its exclusive sponsor [1] - Real Bio focuses on the development, manufacturing, and commercialization of innovative drugs targeting viral infections, tumors, and cardiovascular diseases [1] Product Pipeline - The core product, Azvudine, is a class 1 innovative drug with a unique dual mechanism of action, approved conditionally in China in July 2021, and is the only oral nucleoside HIV treatment drug with dual targets globally [1] - Azvudine has shown significant potential in oncology by inhibiting tumor cell DNA synthesis and modulating the immune system, currently being advanced for blood cancers and solid tumors [1] - Other innovative candidates include: - CL-197: An oral HIV candidate with a long half-life of over 168 hours, aimed to be developed as the first all-oral, weekly HIV combination tablet [2] - Duoxitini: A third-generation EGFR-TKI candidate for non-small cell lung cancer (NSCLC) showing similar efficacy to Osimertinib but with better safety [2] - ZSSW-136: A novel TOPO1 inhibitor that demonstrates unique advantages in overcoming Irinotecan resistance, suitable as a new effective payload for ADCs [2] Fundraising Purpose - The funds raised will primarily accelerate the development and commercialization of Azvudine for HIV, blood cancers, and solid tumors, as well as support the development of CL-197 and Duoxitini [2] - Additional funding will support other drug pipelines, combination therapies, platform development, and general corporate purposes [2]

Core Viewpoint - Haina Pharmaceutical has submitted a listing application to the Hong Kong Stock Exchange, with CICC as the sole sponsor [1] Company Overview - Haina Pharmaceutical is an integrated company providing CXO services for pharmaceutical research and manufacturing, with its own proprietary product pipeline [1] - The company ranks second among CXO service providers in China based on the total number of approved clinical trials and market authorization applications submitted [1] Service Offerings - The company offers a full range of services covering drug discovery, chemistry, manufacturing and controls (CMC), preclinical and clinical development, registration, and validation up to commercial production [1] - As of June 30, 2025, Haina Pharmaceutical has 398 ongoing CXO projects [1] Business Model - The company has proprietary R&D pipelines and chooses to commercialize through drug technology transfer or self-commercialization based on asset characteristics and market considerations [1] - Haina Pharmaceutical has signed 67 drug technology transfer agreements, with representative projects including omeprazole sodium bicarbonate dry suspension [1] Technical Platforms - The company operates eight major technology platforms, including high-end formulation technology, peptide drug formulation, and small molecule innovative drug discovery platforms, covering the entire process from drug chemistry R&D to GMP-scale production [1] - Haina Pharmaceutical has a multidisciplinary pharmaceutical R&D team of 413 professionals focused on drug formulation development and quality control, as well as active pharmaceutical ingredient process development and small molecule innovation research [1]

Core Viewpoint - The report from China International Capital Corporation (CICC) suggests that by 2026, the restructuring of the international monetary order will be further reinforced, and the AI revolution will enter a critical application phase, supporting the performance of Chinese assets [1] Group 1: Market Outlook - By 2026, the importance of A-share fundamentals will continue to rise, with global and domestic capital flows being significant factors [1] - The current global macro environment and trends in innovative industries remain favorable for growth styles, although valuations have increased after more than a year of growth in these sectors [1] Group 2: Investment Strategy - The market style in A-shares may become more balanced by 2026, driven by a three-year de-capacity cycle and policies promoting "anti-involution," leading to more cyclical industries approaching supply-demand balance [1] - Three main investment themes are recommended: 1) Growth in favorable conditions, 2) Breakthroughs in external demand, 3) Cyclical reversals [1]

Core Viewpoint - The report from China International Capital Corporation (CICC) suggests that by 2026, the restructuring of the international monetary order will be further reinforced, and the AI revolution will enter a critical application phase, supporting the performance of Chinese assets [1] Group 1: Market Outlook - By 2026, the importance of fundamentals in the A-share market will continue to rise, with global and domestic capital flows being significant factors [1] - The current global macro environment and trends in innovative industries remain relatively favorable for growth styles, although valuations in growth sectors have increased after more than a year of gains [1] Group 2: Investment Strategy - The market style in A-shares may trend towards balance in 2026, driven by a three-year capacity reduction cycle and policies promoting "anti-involution," leading to more cyclical industries approaching supply-demand balance [1] - Three main investment themes are recommended: 1) Prosperous growth, 2) Breakthroughs in external demand, 3) Cyclical reversals [1]

Core Viewpoint - China is expected to implement policies on both supply and demand sides to achieve around 5% economic growth by 2026, focusing on enhancing quality consumption supply while reducing inefficient production capacity [1] Supply Side - The supply side is anticipated to adopt a dual approach of "increase and decrease," which involves increasing high-quality consumption supply while continuing efforts to "reduce internal competition" to eliminate low-efficiency capacity [1] Demand Side - On the demand side, policies are expected to be moderately intensified, with a structural approach that combines "increase and decrease," aiming to increase spending in more efficient sectors while reducing it in less efficient ones [1] - Given China's potential growth rate remains high, an ideal scenario would involve increased demand-side efforts to fill the demand gap and effectively boost inflation [1]

Core Viewpoint - The article discusses the outlook for China's economy in 2026, emphasizing the need for policies to address supply-demand imbalances and achieve around 5% economic growth through a combination of supply-side and demand-side measures [2][5]. Economic Outlook - In 2025, China's exports showed resilience despite U.S. tariffs, with an expected export growth of approximately 5.3% for the year [3][12]. - The internal demand weakened after a brief recovery, primarily due to debt pressures from financial cycle adjustments [3][29]. - The anticipated policy measures for 2026 will focus on enhancing quality consumption supply while reducing inefficient production capacity [4][9]. Supply-Side Policies - The supply-side policies are expected to continue the "anti-involution" approach, aiming to reduce low-efficiency production while increasing quality consumption supply [4][9]. - The government may implement measures such as easing market access and optimizing management to stimulate consumption in sectors like health and education [5][64]. - The overall impact of these supply-side measures on total supply may be limited, as the focus is on optimizing resource allocation rather than broad capacity reduction [61][62]. Demand-Side Policies - Demand-side policies are projected to be moderately intensified, with a focus on increasing spending in high-efficiency sectors while reducing it in low-efficiency areas [5][66]. - The government is likely to enhance support for areas such as social security, education, technology, and environmental protection, while traditional infrastructure investment may slow down [5][66]. - The anticipated increase in the general budget deficit rate by approximately 1.5 percentage points in 2026 reflects the need for more robust demand-side measures [5][68]. Debt and Internal Demand - The internal demand is significantly affected by debt issues, with the private sector undergoing deleveraging amidst restrained policy stimulus [29][30]. - The burden of debt repayment is limiting the effectiveness of fiscal expansion, necessitating a focus on debt resolution to invigorate economic vitality [29][68]. - The analysis indicates that companies with longer accounts receivable periods are contracting in investment and employment, highlighting the need for debt clearance to stimulate economic activity [29][41]. Consumption Supply Enhancement - Recent policies emphasize the importance of increasing quality supply to stimulate consumption, with a focus on removing restrictive measures in various sectors [62][64]. - The potential market size for sectors benefiting from supply-side policy adjustments is estimated at approximately 3.9 trillion yuan, representing about 2.9% of the 2024 GDP [65][66]. - Specific areas identified for consumption enhancement include durable goods like yachts and private planes, as well as services in healthcare and education [65][66].

Core Viewpoint - The analysis focuses on the performance and investment opportunities related to specific stocks, including their price trends, resistance levels, and available financial products. Group 1: Bubble Mart (09992) - Bubble Mart's stock price has been on a downward trend, currently around 200 HKD, down from previous highs of 339 HKD and 270 HKD in mid-October [1] - The stock's RSI indicator is low at approximately 17, indicating a potentially oversold condition [1] - Investors are generally bearish, with some holding bearish warrants, and the resistance level is identified at 235 HKD, with potential upward movement to 268 HKD if breached [3] Group 2: CICC (03908) - CICC's stock price has recently decreased to around 20.26 HKD, down from previous highs above 23 HKD [4] - Investors anticipate further declines, with a support level at 19.6 HKD, and a potential drop to 17.6 HKD if this level is breached [4] - Limited product options are available around the 19 HKD mark, with only one product at an exercise price of 18 HKD [7] Group 3: China Pacific Insurance (02328) - China Pacific Insurance's stock has shown positive momentum, closing at 19.28 HKD, close to the upper band of the Bollinger Bands at approximately 19.43 HKD [8] - If the stock continues to rise, it may reach resistance levels of 19.7 HKD and potentially 20.4 HKD [8] - There are several products available with expiration dates in February and March of the following year, with some being in-the-money and others out-of-the-money [11] Group 4: Xiaomi Group (01810) - Xiaomi's stock price has been disappointing, closing at 42.24 HKD, with some investors predicting further declines to 40 HKD or even 30 HKD [12] - The first support level is at 40.6 HKD, and if breached, the next support level is around 37.6 HKD [12] - Currently, there are no products with an exercise price of 40 HKD, but there are options available at 52 HKD and 37 HKD [15]

Core Viewpoint - The article emphasizes the establishment of a digital research platform by CICC, aiming to provide efficient, professional, and accurate research services by integrating insights from over 30 specialized teams and covering more than 1800 stocks globally [1]. Group 1: Research Services - CICC's digital research platform, "CICC Insight," offers a one-stop service that includes research reports, conference activities, fundamental databases, and research frameworks [1]. - The platform utilizes advanced model technology to enhance the research experience for clients [1]. Group 2: Research Focus and Updates - Daily updates on research focus and timely article selections are provided through the "CICC Morning Report" [4]. - Senior analysts offer real-time interpretations of market hotspots through public live broadcasts [4]. Group 3: Research Reports and Data - The platform features over 30,000 complete research reports covering macroeconomics, industry research, and commodities [9]. - It includes more than 160 industry research frameworks and 40 premium databases, along with a sophisticated data dashboard [10].

Focus Review - China's October export performance was disappointing, with a year-on-year decline of 1.1%, significantly below the market expectation of 3% growth, and a previous increase of 8.3% [1] - Imports grew by 1% in October, down from a previous increase of 7.4%, resulting in a trade surplus of $90.07 billion, slightly lower than the previous $90.45 billion [1] - For the first ten months of 2025, China's total goods trade maintained steady growth, with a total value of $520.46 billion, a year-on-year increase of 2.7%, including exports of $308.47 billion (up 6.2%) and imports of $211.99 billion (down 0.9%) [1] Equity Market - Morgan Asset Management expressed an optimistic outlook for risk assets over the next 6 to 18 months, supported by healthy consumer balance sheets, gradual easing of Federal Reserve monetary policy, and ongoing fiscal stimulus [1] - CITIC Construction Investment is bullish on resource products, anticipating price increases driven by global monetary easing, supply-demand gaps, and domestic replenishment cycles [2] - China Europe Fund suggests that the market's struggle around the 4000-point mark reflects policy signals, increased risk appetite, and long-term capital inflows, with a focus on technology and economic cycle resonance investment opportunities [3] Industry Research - CITIC Securities highlighted that 2026 will be a critical year for the asset-liability repair of Chinese real estate companies, with expectations of a long-term profit bottom for some firms [4] - Guotai Junan Securities noted that the liquor industry is undergoing an accelerated clearing adjustment, with inventory levels decreasing rapidly after reaching a bottom, suggesting potential price rebounds [6] - Penghua Fund is optimistic about the domestic economy over the next two to three years, supported by low interest rates and a shift in asset allocation towards equities, favoring high-quality dividend assets [6] Macro and Fixed Income Market - Huatai Securities recommended a focus on medium to short-term credit bonds, with a preference for bonds with strong demand and good odds [7] - CICC anticipates continued downward pressure on exports, necessitating more policy support, with expectations for accelerated monetary policy easing [8] - Bosera Fund noted that the central bank's actions to ease funding fluctuations and a friendly domestic financial policy environment support improvements in the bond market supply-demand structure [8] Asset Allocation Outlook - As of November, domestic liquidity is expected to remain relatively loose, with potential fluctuations in external Federal Reserve rate cut expectations, leading to a possible rebalancing of market styles back to a barbell structure [9]

Core Viewpoint - Shaanxi Tourism Cultural Industry Co., Ltd. has passed the IPO review by the Shanghai Stock Exchange, marking it as the 70th company approved for listing this year, with a focus on leveraging high-quality tourism resources for enhanced visitor experiences [1][2]. Group 1: Company Overview - Shaanxi Tourism integrates various tourism-related services, including performance, cable cars, dining, and project investment and management, capitalizing on resources like Huaqing Palace and Huashan Mountain [1]. - The controlling shareholder of Shaanxi Tourism is Shaanxi Tourism Group Co., Ltd., which holds 47.59% of the shares directly and an additional 6.69% indirectly through Shaanxi Tourism Development Co., Ltd. [2]. Group 2: IPO Details - The company plans to publicly issue up to 19.333334 million shares on the Shanghai Stock Exchange, representing no less than 25% of the total share capital post-issuance [2]. - The IPO aims to raise approximately 1.5551279 billion yuan, which will be allocated to several projects, including the construction of the Taishan Xiucheng Phase II project and the expansion of cable car services at Shaohua Mountain National Forest Park [2]. Group 3: Market and Performance Inquiry - The listing committee raised inquiries regarding the sustainability of the company's products and revenue, the stability of its operating performance, and the adequacy of risk disclosures related to its key projects, including the "Chang Hen Ge" performance and cable car operations [3]. - Questions were also posed about the operational metrics such as attendance rates and profit margins for the Taishan Xiucheng Phase I project, assessing the rationale for further investment in the Phase II project [3].