Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry [2] Core Insights - The CXO industry is experiencing a recovery in market conditions, driven by improvements in supply-demand dynamics and a rebound in financing activities for innovative drugs [3][4] - The CDMO sector continues to show high growth potential, with leading companies improving their performance and expanding into emerging markets [5][6] - The CRO sector is approaching a turning point, with signs of demand recovery and improved order conditions [6][7] Summary by Sections CXO Industry Overview - The CXO industry operates on a "water seller" business model, closely tied to the financing of the biopharmaceutical sector. In the first eight months of 2025, overseas innovative drug financing reached $22.6 billion, a year-on-year decline of approximately 36%, while domestic innovative drug financing amounted to $7.75 billion, a year-on-year increase of about 89% [3][31] - The leading companies in the CXO sector are expected to enter an expansion phase as demand recovers, while smaller companies may face increased competition and exit the market [4][44] CDMO Sector - CDMO leading companies have begun to see marginal improvements in performance since Q4 2024, attributed to high overseas revenue and a unique business model that supports project pipeline growth [5][46] - The order situation for CDMO companies has improved significantly, with notable increases in backlogged orders for major players like WuXi AppTec and WuXi Biologics [49][50] - The CDMO business model is characterized by strong customer retention and project scalability, allowing for sustained growth despite challenges in new project signings [52] CRO Sector - The CRO sector is witnessing a divergence in performance among leading companies, with some starting to recover. The overall order situation has shown improvement, indicating a potential demand revival [6][22] - The price increase of experimental monkeys suggests a forthcoming recovery in preclinical CRO demand, highlighting the importance of resource availability for leading CRO companies [6][24] - The integration of AI in drug development processes is expected to enhance efficiency and reduce costs, with many domestic CRO leaders already adopting AI technologies [7][18] Recommended Companies - The report suggests focusing on key players in the CXO sector, including WuXi AppTec, WuXi Biologics, WuXi AppTec, and others, which are positioned well for growth based on their business characteristics and market trends [8][10]

Group 1 - Kanglong Chemical fell by 3.18% [1] - Kelaiying decreased by 3.17% [1] - Zhaoyan New Drug dropped by 2.9% [1] - WuXi AppTec and Medisi both declined over 3% [1]

Group 1 - Fidelity Funds reduced its stake in Zhaoyan New Drug (603127) by 445,700 shares at a price of HKD 24.3867 per share, totaling approximately HKD 10.8692 million [1] - After the reduction, Fidelity Funds holds 7.1303 million shares, representing a holding percentage of 5.99% [1]

Core Viewpoint - Fidelity Funds reduced its stake in Zhaoyan New Drug (06127) by 445,700 shares at a price of HKD 24.3867 per share, totaling approximately HKD 10.8692 million, resulting in a new holding of 7.1303 million shares, representing 5.99% of the company [1] Summary by Category - **Share Reduction** - Fidelity Funds decreased its holdings by 445,700 shares [1] - The transaction price was HKD 24.3867 per share [1] - Total amount from the reduction was approximately HKD 10.8692 million [1] - **Current Holdings** - After the reduction, Fidelity Funds holds 7.1303 million shares [1] - The new holding percentage is 5.99% [1]

Group 1 - The core point of the article is that Zhaoyan New Drug (6127.HK) has seen a 4.17% increase in its stock price, reaching HKD 23.46, with a market capitalization of HKD 17.57 billion [2] - The company has announced a collaboration with professional investment institutions to establish an industrial fund [2] - Zhaoyan New Drug has received notification from China Merchants Capital Management (Beijing) Co., Ltd. that the fund has completed the private investment fund registration with the Asset Management Association of China and has obtained the Private Investment Fund Registration Certificate [2]

证券简称：昭衍新药 证券代码：603127 公告编号：2025-041 北京昭衍新药研究中心股份有限公司 关于与专业投资机构合作参与投资设立产业基金的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、与专业投资机构合作参与投资设立产业基金情况概述 北京昭衍新药研究中心股份有限公司（以下简称"昭衍新药"、"公司"）于 2024 年 10 月 30 日召开第四届董事会第十次会议，审议通过了《关于公司与专业投资 机构合作参与投资设立产业基金的议案》，同意公司或其指定子公司以不超过 1 亿元人民币投资参与服务贸易创新发展引导基金二期（有限合伙）（以下简称"本 基金"、"合伙企业"）的发起设立。招商局资本管理（北京）有限公司为本基 金的普通合伙人、执行事务合伙人，并担任本基金的基金管理人。具体内容详见 公司于 2024 年 10 月 31 日在上海证券交易所网站（www.sse.com.cn）及指定信 息披露媒体《上海证券报》披露的《昭衍新药关于与专业投资机构合作参与投资 设立产业基金的公告》（公告编号：2024-050）。 ...

格隆汇9月23日丨昭衍新药(06127.HK)公告，有关公司与专业投资机构合作参与投资设立产业基金事 项。近日，公司收到招商局资本管理(北京)有限公司的通知，本基金已在中国证券投资基金业协会完成 私募投资基金备案登记手续，并取得《私募投资基金备案证明》，备案信息如下： 3．托管人名称：招商银行股份有限公司 4．备案编码：SBGB42 5．备案日期：2025年9月21日 1．基金名称：服务贸易创新发展引导基金二期(有限合伙) 2．管理人名称：招商局资本管理(北京)有限公司 ...

海外監管公告 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 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 JOINN LABORATORIES (CHINA) CO., LTD. 北京昭衍新藥研究中心股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：6127） 本公告乃北京昭衍新藥研究中心股份有限公司（「本公司」）根據香港聯合交易 所有限公司證券上市規則第13.10B條 而 作 出。 茲 載 列 本 公 司 於 上 海 證 券 交 易 所 網 站 刊 登 公 告 如 下，僅 供 參 閱。 承董事會命 北京昭衍新藥研究中心股份有限公司 馮宇霞 董事長 中 國 北 京，2025年9月23日 於 本 公 告 日 期，董 事 會 包 括 主 席 兼 執 行 董 事 馮 宇 霞 女 士、執 行 董 事 高 大 鵬 先 生、孫雲霞女士、羅樨女士及顧靜良先生，及獨立非執行董事張帆先生、楊福全 ...

Core Viewpoint - The report highlights the AH premium rates of various companies, indicating significant discrepancies between their A-shares and H-shares, with Northeast Electric (00042) leading with a premium rate of 864.29% [1] AH Premium Rate Rankings - The top three companies with the highest AH premium rates are: - Northeast Electric (00042): 864.29% - Andeli Juice (02218): 227.40% - Hongye Futures (03678): 225.67% [1] - The bottom three companies with the lowest AH premium rates are: - Ningde Times (03750): -12.07% - Heng Rui Medicine (01276): -3.97% - Zijin Mining (02899): 4.14% [1] Deviation Value Rankings - The top three companies with the highest deviation values are: - Northeast Electric (00042): 74.37% - Changfei Optical Fiber (06869): 24.77% - Zhaoyan New Drug (06127): 22.94% [1] - The bottom three companies with the lowest deviation values are: - Longpan Technology (02465): -25.07% - Qin Port Shares (03369): -19.33% - COSCO Shipping Energy (01138): -15.04% [1] Detailed AH Stock Premium and Deviation Data - The report provides detailed tables showing the premium rates and deviation values for the top and bottom AH stocks, indicating significant variations in market perception and valuation between A-shares and H-shares [1][2]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of September 22, with Northeast Electric (00042) leading at 831.03% and CATL (03750) at -13.26% [1][2]. AH Premium Rate Rankings - The top three stocks with the highest AH premium rates are: - Northeast Electric (00042): H-share at 0.290 HKD, A-share at 2.25 CNY, premium rate of 831.03%, deviation value of 43.11% [1]. - Andeli Juice (02218): H-share at 16.540 HKD, A-share at 45.25 CNY, premium rate of 227.69%, deviation value of -1.28% [1]. - Hongye Futures (03678): H-share at 4.200 HKD, A-share at 11.38 CNY, premium rate of 224.52%, deviation value of -11.54% [1]. - The bottom three stocks with the lowest AH premium rates are: - CATL (03750): H-share at 511.000 HKD, A-share at 370.05 CNY, premium rate of -13.26%, deviation value of 1.89% [1]. - Heng Rui Medicine (01276): H-share at 90.000 HKD, A-share at 71.05 CNY, premium rate of -5.44%, deviation value of -4.32% [1]. - Zijin Mining (02899): H-share at 29.540 HKD, A-share at 25.37 CNY, premium rate of 2.88%, deviation value of -3.50% [1]. Deviation Value Rankings - The top three stocks with the highest deviation values are: - Northeast Electric (00042): premium rate of 831.03%, deviation value of 43.11% [2]. - Changfei Optical Fiber (06869): premium rate of 130.35%, deviation value of 26.09% [2]. - China Foreign Transportation (00598): premium rate of 67.13%, deviation value of 18.35% [2]. - The bottom three stocks with the lowest deviation values are: - Longpan Technology (02465): premium rate of 61.72%, deviation value of -25.04% [3]. - Qin Port Co. (03369): premium rate of 53.16%, deviation value of -21.72% [3]. - Longyuan Power (00916): premium rate of 163.85%, deviation value of -19.33% [3].