Group 1 - The CRO concept stocks have collectively risen, with notable increases in share prices for companies such as Kintor Pharmaceutical (6.27% increase), Tigermed (5.48% increase), and WuXi AppTec (3.12% increase) [1] - Zhongtai Securities believes that the CRO and CDMO industries are experiencing a resonance in both domestic and foreign demand, with a gradual clearing of supply [1] - The demand side is expected to gradually recover due to multiple factors, including the onset of overseas interest rate cuts in Q4 2024, improved pessimistic expectations from geopolitical negotiations in Q2 2025, and the rollout of major domestic innovative drug business development [1] Group 2 - Industrial growth in the CRO sector is being driven by the overseas expansion of innovative drug business development and a stabilization in financing, leading to a double-digit growth in new orders [2] - There is a rising trend in pricing for experimental monkeys, safety evaluation quotes, and clinical project prices since Q4, indicating strong customer demand [2] - The global position of Chinese CDMO in the supply chain is deemed irreplaceable, and the anticipated interest rate cuts by the Federal Reserve are expected to boost early-stage global research and development demand [2]

Core Viewpoint - Kailaiying's stock performance shows a slight increase, with significant trading activity and a notable balance in margin financing and securities lending, indicating investor interest and market dynamics [1][2]. Group 1: Stock Performance and Trading Activity - On January 6, Kailaiying's stock rose by 0.76%, with a trading volume of 384 million yuan [1]. - The margin financing data for January 6 indicates a financing buy amount of 43.63 million yuan and a financing repayment of 48.73 million yuan, resulting in a net financing outflow of 5.10 million yuan [1]. - As of January 6, the total margin financing and securities lending balance for Kailaiying was 913 million yuan, with the financing balance exceeding 50% of the one-year percentile level, indicating a high position [1]. Group 2: Company Financials and Shareholder Information - As of September 30, Kailaiying reported a total revenue of 4.63 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 11.82% [2]. - The net profit attributable to shareholders for the same period was 800 million yuan, showing a year-on-year increase of 12.66% [2]. - The number of shareholders increased to 60,100, a rise of 45.37% compared to the previous period [2]. Group 3: Dividend and Institutional Holdings - Kailaiying has distributed a total of 2.40 billion yuan in dividends since its A-share listing, with 1.70 billion yuan paid out in the last three years [2]. - Among the top ten circulating shareholders as of September 30, notable changes include an increase in holdings by China Europe Medical Health Mixed A and Hong Kong Central Clearing Limited, while a decrease was observed in holdings by Huabao CSI Medical ETF [2].

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12月31日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 公司名稱: 凱萊英醫藥集團（天津）股份有限公司 呈交日期: 2026年1月5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) | 06821 | 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 | | | 27,553,260 | RMB | | | 1 RMB | | 27,553,260 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 27,553,260 | RMB | | | 1 RMB | | 27,553,260 | | 2 ...

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12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: 凱萊英醫藥集團（天津）股份有限公司 呈交日期: 2026年1月5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) | 06821 | 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 | | | 27,553,260 | RMB | | | 1 RMB | | 27,553,260 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 27,553,260 | RMB | | | 1 RMB | | 27,553,260 | | 2. 股份分類 ...

1月5日，凯莱英盘中上涨2.01%，截至10:00，报94.80元/股，成交1.10亿元，换手率0.37%，总市值 341.84亿元。 资金流向方面，主力资金净流入407.38万元，特大单买入257.29万元，占比2.35%，卖出0.00元，占比 0.00%；大单买入1865.67万元，占比17.03%，卖出1715.57万元，占比15.66%。 截至9月30日，凯莱英股东户数6.01万，较上期增加45.37%；人均流通股0股，较上期增加0.00%。2025 年1月-9月，凯莱英实现营业收入46.30亿元，同比增长11.82%；归母净利润8.00亿元，同比增长 12.66%。 分红方面，凯莱英A股上市后累计派现24.05亿元。近三年，累计派现17.01亿元。 机构持仓方面，截止2025年9月30日，凯莱英十大流通股东中，中欧医疗健康混合A（003095）位居第 三大流通股东，持股1631.89万股，相比上期增加3.46万股。香港中央结算有限公司位居第四大流通股 东，持股1328.77万股，相比上期增加62.64万股。华宝中证医疗ETF（512170）位居第六大流通股东， 持股564.67万股，相比上期减少10 ...

Group 1: Core Insights - The report maintains a strong market rating for the pharmaceutical industry, indicating a clear upward trend driven by recovering demand and improved performance in the CXO sector [1][2] - The CXO sector has shown significant stock price increases, with some companies experiencing nearly 100% growth since the beginning of 2025, driven by the innovative drug market and a recovery in orders [3][6] Group 2: CXO Sector Analysis - The CXO sector's overall revenue increased by 11.8% year-on-year in the first three quarters of 2025, with a notable profit increase of 58.1% [13] - External demand for CXO services has rebounded, with significant order growth from leading CDMO companies, indicating a clear recovery trend [22][31] - Internal demand for CXO services has lagged behind external demand, but there are signs of strong growth in domestic innovative drug projects and increased investment in the domestic market [3][22] Group 3: Life Sciences Upstream - The life sciences upstream sector has seen a 37.7% increase in stock prices year-to-date, outperforming the pharmaceutical and biotechnology index by 18% [3] - Revenue for the upstream sector increased by 8.8% year-on-year in the first three quarters of 2025, with net profit rising by 27.7% [3] Group 4: Investment Recommendations - The report suggests a strategic investment focus on companies such as WuXi AppTec, WuXi Biologics, and Tigermed, while also highlighting more flexible investment options like Zhaoyan New Drug and Nossan [3]

凯莱英（002821.SZ）12月31日在投资者互动平台表示，多肽项目进入中后期后对产能需求高，目前公 司在多肽减重领域共服务十几个分子，近半数处于临床Ⅱ和Ⅲ期，预计明年部分项目将进入PPQ阶段， 产能需求持续增加。 （记者 王晓波） 每经AI快讯，有投资者在投资者互动平台提问：贵司多肽产能不断扩建已经要达到4万升了，但是贵司 服务的核心多肽产品玛仕度肽订单被诺泰生物抢走了一些，贵司的多肽产能是否会面临着闲置的风险？ ...

Core Viewpoint - The report highlights the premium rates of AH shares, with Northeast Electric (00042), Zhejiang Shibao (01057), and Junda Co. (02865) leading in premium rates, while CATL (03750), China Merchants Bank (03968), and Hansoh Pharmaceutical (01276) are at the bottom of the list [1]. Premium Rate Summary - Northeast Electric (00042) has a premium rate of 900.00% with an H-share price of 0.270 HKD and an A-share price of 2.25 CNY [1]. - Zhejiang Shibao (01057) shows a premium rate of 472.95% with H-share at 4.880 HKD and A-share at 23.34 CNY [1]. - Junda Co. (02865) has a premium rate of 286.59% with H-share priced at 17.000 HKD and A-share at 54.87 CNY [1]. - CATL (03750) has a negative premium rate of -11.39% with H-share at 508.500 HKD and A-share at 376.18 CNY [1]. - China Merchants Bank (03968) has a premium rate of -3.20% with H-share at 51.600 HKD and A-share at 41.7 CNY [1]. Deviation Value Summary - Zhejiang Shibao (01057) leads in deviation value at 187.01% [1]. - Junda Co. (02865) follows with a deviation value of 94.84% [1]. - Nanjing Panda Electronics (00553) has a deviation value of 36.09% [1]. - GAC Group (02238) has the lowest deviation value at -22.30% [1]. - Changfei Optical Fiber (06869) has a deviation value of -19.89% [1]. Additional Insights - The report includes a detailed table of the top ten and bottom ten AH shares based on premium rates and deviation values, providing a comprehensive overview of the current market situation [2][3].

Group 1 - The CRO sector is under pressure, with notable declines in stock prices: Kanglong Chemical down 4.32% to HKD 21.24, Zhaoyan New Drug down 3.29% to HKD 21.16, Kylin Pharmaceutical down 2.31% to HKD 78.15, and Weiya Bio down 1.98% to HKD 1.98 [1] - The revised U.S. Biodefense Act was passed in the Senate with a vote of 77 to 20 and is set to be signed into law by the President, marking a significant legislative step [1] - The Biodefense Act has been a key factor in suppressing the valuation of the CXO sector over the past two years, but the final version is considered relatively moderate compared to the initial draft, as it does not specifically name companies [1] Group 2 - With the Federal Reserve entering a rate-cutting phase, there is potential for marginal improvement in global biopharmaceutical investment and financing [1] - The implementation of the Biodefense Act is expected to lead to a dual recovery in both performance and valuation for the CXO sector [1]

Group 1 - CRO concept stocks are under pressure, with notable declines in share prices: Kanglong Chemical down 4.32% to HKD 21.24, Zhaoyan New Drug down 3.29% to HKD 21.16, Kelaiying down 2.31% to HKD 78.15, and Weiya Bio down 1.98% to HKD 1.98 [1] - The revised U.S. Biodefense Law was passed in the Senate with a vote of 77 in favor and 20 against, completing the main legislative process and is set to be signed by the President [1] - According to Xinda Securities, the Biodefense Law has been a significant factor suppressing the valuation of the CXO sector over the past two years, but the final version is relatively mild compared to the initial draft, as it does not name specific companies [1] Group 2 - With the Federal Reserve entering a rate-cutting phase, global biopharmaceutical investment and financing are expected to improve marginally [1] - The implementation of the Biodefense Law is anticipated to lead to a dual recovery in performance and valuation for the CXO sector [1]