Core Viewpoint - The innovative drug concept stocks have shown a rebound, with notable increases in share prices for several companies, driven by recent developments in the healthcare policy landscape in China [1]. Group 1: Stock Performance - Gilead Sciences-B (01672) increased by 10.26%, reaching HKD 13.11 [1] - Kangfang Biotech (09926) rose by 4.15%, reaching HKD 123.1 [1] - Zai Lab (09688) saw a 3.36% increase, reaching HKD 15.69 [1] - Xiansheng Pharmaceutical (02096) grew by 2.9%, reaching HKD 13.48 [1] Group 2: Policy Developments - In November, the National Healthcare Security Administration initiated negotiations for the 2025 National Basic Medical Insurance Drug List and the pricing consultation for the commercial insurance innovative drug list [1] - The fourth batch of traditional Chinese medicine centralized procurement was launched nationwide [1] - Beijing introduced policies related to medical devices, and the State Council meeting outlined the promotion of provincial-level coordination for basic medical insurance [1] Group 3: Market Insights - Bohai Securities highlighted the importance of the upcoming release of the new basic medical insurance drug list and the first commercial insurance innovative drug list in early December, indicating potential investment opportunities for related pharmaceutical companies [1] - Zhongyou Securities noted that despite a temporary vacuum in domestic BD (business development) transactions, there have been multiple collaborations with multinational corporations (MNCs) since Q4, reflecting recognition of the innovative research capabilities of domestic companies [1] - The strong competitive advantages of China's innovative drug industry, including the capacity of the industry chain, pipeline quantity and quality, and research efficiency, are expected to foster long-term positive trends [1]

Core Viewpoint - The innovative pharmaceutical stocks have shown a rebound, with notable increases in share prices for several companies, driven by recent policy developments and market dynamics [1] Group 1: Stock Performance - Gilead Sciences-B (01672) increased by 10.26%, reaching HKD 13.11 [1] - Kangfang Biotech (09926) rose by 4.15%, reaching HKD 123.1 [1] - Zai Lab (09688) saw a 3.36% increase, reaching HKD 15.69 [1] - Xiansheng Pharmaceutical (02096) grew by 2.9%, reaching HKD 13.48 [1] Group 2: Policy Developments - In November, the National Healthcare Security Administration initiated negotiations for the 2025 National Basic Medical Insurance Drug List and the pricing consultation for the commercial insurance innovative drug list [1] - The fourth batch of traditional Chinese medicine centralized procurement was launched, and new policies regarding medical devices were introduced in Beijing [1] - The State Council meeting outlined plans to promote provincial-level coordination of basic medical insurance [1] Group 3: Market Insights - Bohai Securities highlighted the importance of the upcoming release of the new basic medical insurance drug list and the first commercial insurance innovative drug list in early December, indicating potential investment opportunities in related pharmaceutical companies [1] - Zhongyou Securities noted that despite a temporary vacuum in domestic BD outbound transactions, several collaborations with multinational corporations (MNCs) have emerged since Q4, reflecting the recognition of domestic innovative drug companies' R&D capabilities [1] - The strong competitive advantages of China's innovative drug industry, including the capacity of the industry chain, pipeline quantity and quality, and R&D efficiency, are expected to drive long-term industry trends [1]

Core Viewpoint - The Hong Kong innovative drug concept stocks have shown a rebound today, indicating a positive market sentiment towards this sector [1] Company Performance - Gilead Sciences-B (01672.HK) increased by 10.26%, reaching HKD 13.11 [1] - CanSino Biologics (09926.HK) rose by 4.15%, trading at HKD 123.1 [1] - Zai Lab (09688.HK) saw a gain of 3.36%, with a price of HKD 15.69 [1] - Ascletis Pharma (02096.HK) grew by 2.9%, priced at HKD 13.48 [1]

Core Viewpoint - The innovative drug sector is experiencing a rebound, with notable stock price increases for several companies following recent policy developments in China's healthcare system [1] Group 1: Stock Performance - Gilead Sciences-B (01672) increased by 10.26%, reaching HKD 13.11 [1] - Kangfang Biotech (09926) rose by 4.15%, priced at HKD 123.1 [1] - Zai Lab (09688) saw a 3.36% increase, trading at HKD 15.69 [1] - Xiansheng Pharmaceutical (02096) grew by 2.9%, now at HKD 13.48 [1] Group 2: Policy Developments - In November, the National Healthcare Security Administration initiated negotiations for the 2025 National Basic Medical Insurance Drug List and the pricing of innovative drugs for commercial insurance [1] - The fourth batch of traditional Chinese medicine procurement has commenced, and new policies regarding medical devices have been introduced in Beijing [1] - The State Council has outlined plans to advance provincial-level coordination of basic medical insurance [1] Group 3: Investment Opportunities - Bohai Securities highlighted the importance of the upcoming release of the new basic medical insurance drug list and the first commercial insurance innovative drug list in early December, suggesting potential investment opportunities in related pharmaceutical companies [1] - Zhongyou Securities noted that despite a temporary lull in domestic BD (business development) transactions, there have been multiple collaborations with multinational corporations (MNCs) since Q4, indicating ongoing interest in domestic innovative drug companies [1] - The purchasing behavior of overseas MNCs is seen as a validation of the innovative research capabilities of domestic companies, reflecting China's strong competitive advantages in the global innovative drug industry [1]

Group 1 - The core viewpoint is that the innovative drug sector is expected to remain the most important investment theme in the pharmaceutical sector for the upcoming year, with significant positive catalysts emerging [2] - The Hong Kong pharmaceutical ETF (159718.SZ) has seen a 0.74% increase, with notable gains in constituent stocks such as Kangfang Biopharma (4.57%), MicroPort Scientific (4.15%), and Zai Lab (3.95%) [1] - The U.S. job market showed a significant decline in November, with private sector jobs decreasing by 32,000, the largest drop in two and a half years, which has heightened expectations for a Federal Reserve interest rate cut [1] Group 2 - The pharmaceutical sector has experienced a 2-3 month adjustment period, leading to a relative low in stock prices, market expectations, and institutional allocations, thus enhancing investment safety margins [2] - Multiple favorable policies are set to be released, including December's medical insurance negotiations and international conferences, which are expected to positively impact the industry [2] - The U.S. biotechnology index (XBI) has risen by 2.84%, reflecting a strong performance in the healthcare sector, with expectations of a gradual recovery in global innovative drug financing and demand [1][2]

Core Viewpoint - Zai Ding Pharma (09688.HK) announced the grant of stock options and restricted stock units under its 2024 equity incentive plan, indicating a strategic move to incentivize key personnel and align their interests with the company's performance [1] Group 1 - The company granted a total of 11,800 American Depositary Shares (ADS) stock options to 3 grantees [1] - Additionally, the company awarded a total of 22,665 restricted stock units (RSUs) to 6 grantees [1] - The grants are set to take effect on December 1, 2025, Eastern Time [1]

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，概不會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。 Zai Lab Limited 再鼎醫藥有限公司* （於開曼群島註冊成立的有限公司） （股份代號：9688） 授出購股權及受限制股份單位 本公告乃根據上市規則第17.06A、17.06B以及17.06C條作出。董事會謹此宣佈，於2025 年12月1日（美國東部時間），本公司根據2024年股權激勵計劃向3名承授人授出可認購 合共11,800股美國存託股份的購股權並向6名承授人涉及合共22,665股美國存託股份的受 限制股份單位。 授出2024年股權激勵計劃項下的購股權 本公司根據2024年股權激勵計劃條款向3名承授人授出11,800份購股權（以美國存託股 份計）。 購股權授出詳情如下： | 授出日期： | 2025年12月1日（美國東部時間） | | --- | --- | | 承授人數目： | 3 | | 承授人類型： | 本集團僱員參與者 | | 所授出購股權數目 | 11,800 | | （以美國 ...

Core Insights - The Hong Kong Stock Connect Innovative Drug ETF (工银, 159217) experienced a net redemption of 2.867 million yuan on December 1, ranking 15th out of 198 in cross-border ETF net outflows [1] - As of December 1, the fund's latest size is 5.56 billion yuan, down from 5.59 billion yuan the previous day, with a net outflow accounting for 0.05% of the previous day's size [1] - Over the past 5 days, the fund faced a net redemption of 4.3125 million yuan, ranking 53rd out of 198 in cross-border ETF net outflows [1] - In the last 10 days, the fund saw a net subscription of 129 million yuan, ranking 34th out of 198 in cross-border ETF net inflows [1] - Over the past 20 days, the fund had a net subscription of 251 million yuan, ranking 36th out of 198 in cross-border ETF net inflows [1] Fund Details - The Hong Kong Stock Connect Innovative Drug ETF (工银, 159217) was established on March 26, 2025, with an annual management fee of 0.40% and a custody fee of 0.07% [1] - The fund tracks the Hong Kong Stock Connect Innovative Drug Index (987018) [1] - As of December 1, the fund's total shares are 3.865 billion, with a total size of 5.56 billion yuan [1] Liquidity and Performance - As of December 1, the fund's cumulative trading amount over the last 20 trading days is 13.981 billion yuan, with an average daily trading amount of 699 million yuan [2] - The current fund managers are Liu Weilin and Jiao Wenlong, with returns of 43.85% and 63.95% respectively since their management began [2] Top Holdings - The fund's top holdings include: - 百济神州 (10.84%, 314.54 million shares, 589 million yuan) - 康方生物 (10.77%, 454.20 million shares, 586 million yuan) - 信达生物 (10.43%, 644.10 million shares, 567 million yuan) - 中国生物制药 (9.82%, 7184.50 million shares, 534 million yuan) - 石药集团 (7.72%, 4908.40 million shares, 420 million yuan) - 三生制药 (7.41%, 1469.60 million shares, 403 million yuan) - 翰森制药 (5.50%, 908.20 million shares, 299 million yuan) - 科伦博泰生物-B (3.55%, 41.14 million shares, 193 million yuan) - 再鼎医药 (2.79%, 621.62 million shares, 151 million yuan) [2] Comparative Analysis - Other ETFs tracking the Hong Kong Stock Connect Innovative Drug Index include: - 汇添富国证港股通创新药ETF (159570) with a size of 23.978 billion yuan and a recent average daily trading amount of 2.652 billion yuan [2] - 港股创新药ETF (159567) with a size of 8.460 billion yuan and a recent average daily trading amount of 1.457 billion yuan [2] - 南方国证港股通创新药ETF (159297) with a size of 1.459 billion yuan and a recent average daily trading amount of 0.115 billion yuan [2] - 鹏华国证港股通创新药ETF (159286) with a size of 0.607 billion yuan and a recent average daily trading amount of 0.088 billion yuan [2]

Core Insights - The Hong Kong Innovative Drug ETF (159567) closed with a gain of 0.23% on November 27, with a trading volume of 1.149 billion yuan [1] - The fund was established on January 3, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of November 26, 2024, the fund's shares totaled 9.88 billion, with a total size of 8.495 billion yuan, reflecting a significant increase in both shares and size compared to the previous year [1] Fund Performance - The fund's share count increased by 2398.89% and its size increased by 2148.37% from 3.95 million shares and 378 million yuan on December 31, 2024 [1] - Over the last 20 trading days, the cumulative trading amount reached 31.987 billion yuan, with an average daily trading amount of 1.599 billion yuan [1] - Since the beginning of the year, the cumulative trading amount has been 263.006 billion yuan, with an average daily trading amount of 1.201 billion yuan over 219 trading days [1] Fund Management - The current fund manager is Ma Jun, who has managed the fund since its inception, achieving a return of 68.86% during the management period [2] - The top holdings of the fund include companies such as BeiGene, CanSino Biologics, Innovent Biologics, and China National Pharmaceutical Group, with significant percentages of the portfolio allocated to these stocks [2] - The largest holding is BeiGene, accounting for 10.62% of the portfolio, followed closely by CanSino Biologics at 10.55% and Innovent Biologics at 10.21% [2]

Core Viewpoint - Zai Ding Pharmaceutical (09688) announced the issuance of 2 million new shares on November 19, 2025, to fulfill share awards granted under the equity incentive plans from 2017, 2022, and 2024, as well as to exercise options granted under the 2015, 2017, 2022, and 2024 equity incentive plans [1] Summary by Relevant Categories - **Share Issuance** - The company will issue 2 million new shares [1] - **Equity Incentive Plans** - The share issuance is related to share awards from the equity incentive plans established in 2017, 2022, and 2024 [1] - The issuance may also involve the exercise of options from the equity incentive plans from 2015, 2017, 2022, and 2024 [1]