Market Overview - The Hong Kong stock market experienced fluctuations on December 22, with the Hang Seng Index rising by 0.43% to close at 25,801.77 points, the Hang Seng Tech Index increasing by 0.87% to 5,526.83 points, and the National Enterprises Index up by 0.43% to 8,939.68 points [1] - Major technology stocks showed mixed performance, with Alibaba up by 0.76%, Tencent Holdings up by 0.08%, and JD Group up by 0.9%, while Xiaomi fell by 1.83% and NetEase by 0.09% [1] - The optical communication sector was strong, with Huiju Technology rising by 13% and Changfei Optical Fiber Cable up by 11% [1] - Duty-free concept leader China Duty Free Group surged over 15%, while the new consumption sector saw significant gains, with Mixue Group up over 10% and Pop Mart up over 4% [1] - Chip stocks also rose, with SMIC increasing by nearly 6% and Hua Hong Semiconductor up over 5% [1] - Gold stocks generally rose, with China National Gold up over 7% and Shandong Gold up over 5% [1] - Four new stocks were listed, including Impression Dahongpao and Huacheng Biotechnology, all of which experienced a decline in their initial trading [1] Company News - SF Holding reported a total revenue of 27.173 billion yuan for November, a year-on-year increase of 7.85%, with express logistics revenue growing by 9.88% and business volume increasing by 20.13% [2] - Capital Venture expects to achieve an unaudited net profit of approximately 115 million to 140 million HKD for the fiscal year ending September 30, 2025, marking a turnaround from losses, primarily due to improved performance in listed equity investments [2] - Tianqi Lithium announced the completion of the third phase of its chemical-grade lithium concentrate expansion project, which has officially commenced trial production [3] - Qingdao Port plans to purchase two assets from the cruise port development for the Qingdao Shipping Financial Center [4] - CanSino Biologics has initiated Phase I clinical trials for its DTCP–HIb–MCV4 combined vaccine, completing the enrollment of the first subject [5] - Junshi Biosciences received FDA approval for the Phase I clinical trial application of its biosimilar HLX18 for the treatment of various solid tumors [5] - China National Nuclear Corporation's subsidiary, CNNC Haidewei, received clinical approval for its BNCT boron drug [6] - Hisense Home Appliances subscribed to a financial product from Jingu Trust worth 1.892 billion yuan [7] - Evergrande Property's liquidator has received several updated non-binding offers from selected bidders, which are currently under consideration [7] - Ruian Construction completed the sale of Ruian Property Management Services [8] - Tianjin Port Development's subsidiary plans to purchase ten gantry cranes for 185 million yuan [9] Institutional Insights - CITIC Securities noted that after a strong rally in September, the Hong Kong market has experienced fluctuations since October due to varying overseas macro expectations, with quality assets becoming more attractive [10] - Huatai Securities indicated that the market is still in a left-side layout phase, with uncertainties surrounding the "Santa rally" and potential supply-demand pressures at year-end [10] - China Galaxy suggested focusing on the technology sector as a long-term investment theme, which has seen valuation corrections and may rebound due to multiple favorable factors [10] - The consumption sector is expected to receive significant policy support, with current valuations at relatively low levels, indicating potential for long-term growth [10]

Group 1 - The core stock price of CanSino Biologics increased by 2.05% to 64.70 CNY per share, with a total market capitalization of 15.984 billion CNY as of December 22 [1] - The company experienced a net inflow of main funds amounting to 1.2463 million CNY, with significant buying and selling activities recorded [1] - CanSino's stock price has risen by 5.98% year-to-date, but has seen a decline of 6.15% over the past 20 days and 18.96% over the past 60 days [2] Group 2 - CanSino Biologics, established on January 13, 2009, specializes in the research, production, and commercialization of innovative vaccines, with 97.84% of its revenue coming from vaccine sales [2] - As of September 30, 2025, CanSino reported a revenue of 693 million CNY, reflecting a year-on-year growth of 22.13%, and a net profit of 14.44 million CNY, up 106.49% [2] - The company has distributed a total of 198 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]

Investment Rating - The industry investment rating is maintained at "Overweight" [2][9] Core Insights - The vaccine industry is experiencing a transition from scale expansion to innovation-driven growth, facing short-term pain due to supply-demand imbalance and homogenized competition, but the long-term outlook remains positive driven by policy, demand, and technology [9][28] - Recent clinical trial approvals for innovative vaccines by companies like Zhifei Biological, Kangtai Biological, Wantai Biological, and CanSino indicate significant advancements in the field, particularly in addressing emerging infectious diseases and specific patient populations [4][8] Summary by Sections Industry Performance - The vaccine sector has seen a relative decline, with a 12-month absolute return of -14% and a relative return of -28% compared to the CSI 300 index [4][5] - The vaccine index closed at 11,363.86, down 0.87% last week, while the overall pharmaceutical sector saw a slight decline of 0.14% [5][11] Market Review - The vaccine sector's performance has been lagging, with a cumulative decline of 10.1% since the beginning of 2025, indicating a challenging market environment [5][11] - Notable companies in the vaccine sector include Liaoning Chengda, Hualan Biological, and Kangtai Biological, which have shown better performance compared to others like Kanghua Biological and CanSino [6][11] Valuation - The vaccine sector's price-to-earnings (PE) ratio is 92.32X, reflecting a decrease of 0.74X week-on-week, while the price-to-book (PB) ratio stands at 1.79X, also showing a slight decline [7][11] - The PE ratio is at the 56.20% percentile since 2013, while the PB ratio is at the 1.36% percentile, indicating a relatively high valuation compared to historical data [7][11] Investment Recommendations - The vaccine industry is under pressure, with companies focusing on pipeline adjustments and innovation to enhance competitiveness. Long-term prospects hinge on innovation and international expansion [8][9] - Companies with strong research and development capabilities and differentiated product offerings, such as CanSino and Kanghua Biological, are recommended for investment [9][28]

康希诺（688185.SH）联合创始人、董事长兼CEO宇学峰日前做客《沪市汇·硬科硬客》第二季第7期节 目"科创成长层'成长记'"时表示，自成立以来，康希诺始终积极承担国家重大专项。 0:00 宇学峰表示，从"十一五"时期，康希诺就开始参与国家部分重大项目，后来逐步成为核心承担单位乃至 领头单位。"十四五"时期，康希诺圆满地完成了参与的所有国家重大专项任务。"未来，康希诺将一如 既往，全力承担'十五五'时期的国家重大专项工作，为国家战略规划落地贡献力量。"（中经记者 罗辑 北京报道） ...

康希诺（688185.SH）联合创始人、董事长兼CEO宇学峰日前做客《沪市汇·硬科硬客》第二季第7期节 目"科创成长层'成长记'"时表示，康希诺的核心产品主要布局三类方向。一是国产化产品，填补国内市 场空白；二是更新换代产品，对标国际先进标准，补齐国内现有产品的差距；三是全创新产品，聚焦疫 苗领域。宇学峰介绍，在科创板上市后，康希诺已有超过6款产品成功进入市场。（中经记者 罗辑 北京 报道） 0:00 ...

Core Insights - The core viewpoint of the article is that CanSino (688185.SH) has successfully achieved profitability by the third quarter of 2025, overcoming significant challenges in the biopharmaceutical innovation and research development sector [2]. Company Summary - CanSino's co-founder, chairman, and CEO, Yu Xuefeng, announced the company's profitability milestone during an interview on a financial program [2]. - The company plans to continue increasing its investments to ensure long-term returns for its investors [2].

Company News - SF Holding (06936.HK) reported a total revenue of 27.173 billion yuan for its express logistics, supply chain, and international business in November, representing a year-on-year growth of 7.85%. The express logistics business revenue grew by 9.88%, with a business volume increase of 20.13% [2] - Capital Investment (02324.HK) expects to achieve an unaudited consolidated net profit of approximately 115 million to 140 million HKD for the fiscal year ending September 30, 2025, marking a turnaround from losses, primarily due to the performance of listed equity investments [2] - Tianqi Lithium (09696.HK) has completed the construction of the third phase of its chemical-grade lithium concentrate expansion project and has officially commenced trial production [2] - Qingdao Port (06198.HK) plans to purchase two assets from the Qingdao Shipping Financial Center for the development of a cruise port [2] - CanSino Biologics (06185.HK) has initiated Phase I clinical trials for its DTCP–HIb–MCV4 combined vaccine and completed the enrollment of the first subject [2] - Fuhong Hanlin (02696.HK) received approval from the U.S. Food and Drug Administration for its application for the Phase I clinical trial of HLX18, a biosimilar to Nivolumab for the treatment of various solid tumors [2] - China National Nuclear Corporation (01763.HK) announced that its subsidiary, CNNC Haidewei, has received clinical approval for its BNCT boron drug [2] - Hisense Home Appliances (00921.HK) subscribed to a financial product from Jingu Trust for 1.892 billion yuan [2] Acquisition and Disposal - Evergrande Property (06666.HK) has received several updated non-binding offers from selected bidders, which the liquidators are currently considering [3] - Ruian Construction (00983.HK) has completed the sale of Ruian Property Management Services Co., Ltd. [4] - Tianjin Port Development (03382.HK) plans to purchase ten gantry cranes for 185 million yuan [5] Buyback Activities - Tencent Holdings (00700.HK) repurchased 1.036 million shares at a cost of 636 million HKD, with buyback prices ranging from 607 to 617 HKD [5] - Xiaomi Group-W (01810.HK) repurchased 3.75 million shares for 152 million HKD, with buyback prices between 40.42 and 40.56 HKD [6] - COSCO Shipping Holdings (01919.HK) repurchased 3.9655 million shares for 53.6689 million HKD, with buyback prices ranging from 13.47 to 13.73 HKD [6] - Kuaishou-W (01024.HK) repurchased 755,000 shares for 49.9509 million HKD, with buyback prices between 65.4 and 66.6 HKD [7]

基于公司的产品管线布局，结合市场对多联疫苗的需求，并形成差异化竞争，公司拟研发DTcP-Hib- MCV4联合疫苗。I期临床试验为评价DTcP-Hib-MCV4联合疫苗在2月龄至6岁人群中接种的安全性及免 疫原性。 格隆汇12月19日丨康希诺生物(06185.HK)发布公告，公司研发的吸附无细胞百(组分)白破("DTcP")b型流 感嗜血杆菌(结合)("Hib")-ACYW135群脑膜炎球菌(结合)("MCV4")联合疫苗("DTcP-Hib-MCV4联合疫 苗")于近日正式启动I期临床试验，并完成首例受试者入组。 来源：格隆汇APP ...

I期临床试验为评价DTcP-Hib-MCV4联合疫苗在2月龄~6岁人群中接种的安全性及免疫原性的随机、部 分盲法、剂量探索、阳性/安慰剂对照的临床试验。 智通财经APP讯，康希诺(688185.SH)发布公告，公司的吸附无细胞百(组分)白破b型流感嗜血杆菌(结 合)-ACYW135群脑膜炎球菌(结合)联合疫苗(简称"DTcP-Hib-MCV4联合疫苗")于近日正式启动I期临床试 验，并完成首例受试者入组。 ...

基于本公司的产品管线布局，结合市场对多联疫苗的需求，并形成差异化竞争，公司拟研发DTcP-Hib- MCV4联合疫苗。I期临床试验为评价DTcP-Hib-MCV4联合疫苗在2月龄至6岁人群中接种的安全性及免 疫塬性。 智通财经APP讯，康希诺生物(06185)发布公告，公司研发的吸附无细胞百(组分)白破(DTcP)b型流感嗜 血杆菌(结合)(Hib)-ACYW135群脑膜炎球菌(结合)(MCV4)联合疫苗(DTcP-Hib-MCV4联合疫苗)于近日正 式启动I期临床试验，并完成首例受试者入组。 ...