Market Performance - The Hong Kong stock market experienced a strong upward trend on December 12, with the Hang Seng Index rising by 446.28 points, or 1.75%, closing at 25,976.79 points [1] - The Hang Seng Tech Index increased by 103.46 points, or 1.87%, closing at 5,638.05 points [1] - The China Enterprises Index rose by 145.07 points, or 1.62%, closing at 9,079.35 points [1] - The Red Chip Index gained 47.77 points, or 1.16%, closing at 4,150.4 points [1] Sector Performance - Technology stocks saw significant gains, with NetEase rising over 4%, and Tencent, Alibaba, and Lenovo increasing by over 2% [1] - Power equipment stocks surged, with Dongfang Electric rising over 13% [1] - Gold stocks generally rose, with Zijin Mining International increasing by over 3% [1] - Chinese brokerage stocks saw a late rally, with China Galaxy rising over 6% [1] - Insurance stocks strengthened in the afternoon, with China Pacific Insurance and China Life both rising over 5% [1] - AIGC concept stocks and real estate blue-chip stocks also saw gains [1] - However, the Everbright system and tobacco stocks declined [1] Company News - Hong Kong Electronic Commerce reported a total merchandise transaction value of HKD 636 million in November, a year-on-year decrease of 7.4% [2] - BOE Technology Group signed a total product processing agreement with its Vietnam subsidiary [2] - China Galaxy completed the issuance of a short-term corporate bond worth 4 billion yuan [2] - Cloudy Technology plans to establish a joint venture focusing on innovative robotic solutions [3] - Cloudtop New Horizon signed a commercialization service agreement with Haisen Bio [3] - Peijia Medical's TaurusTrio transcatheter aortic valve system received approval from the National Medical Products Administration [3] - China Antibody's SM17 new drug research application was accepted by the National Medical Products Administration [4] - Hengyi Holdings plans to undergo capital restructuring and fundraising activities [5] Institutional Insights - GF Securities noted that the Hong Kong stock market is more sensitive to external risks, with potential rebounds expected in mid to late December and early January [6] - Dongwu Securities believes the market is still in a left-side phase, requiring patience for a rebound [6] - Everbright Securities indicated that while there is significant room for growth compared to previous bull markets, the current market may lack strong catalysts [6] - Guoxin Securities highlighted that the recent net inflow of southbound funds into the Hong Kong market exceeded 110 billion yuan in November, indicating strong liquidity and a willingness to invest at lower levels [6] - The forecast for the Hong Kong market in 2026 is expected to range between 30,000 and 32,000 points [6] Industry Trends - The ice and snow economy is emerging as a new growth point, encompassing ice and snow sports, tourism, equipment, and culture [7] - This sector is characterized by a long industrial chain, significant spillover effects, and high social benefits, contributing to regional economic development [7] - The increasing popularity of ice and snow sports and tourism is transforming "cold resources" into a "hot economy," leading to rapid growth in the ice and snow industry [7] - There is a recommendation to focus on ice and snow sports brands with marginal improvements and stable dividend-paying leading companies [7]

Group 1 - The core viewpoint of the article highlights that Peijia Medical (9996.HK) experienced a significant stock price increase of 8.26%, reaching a new high of 6.29 HKD since October 21, indicating positive market sentiment [1] - Peijia Medical announced the approval of its TaurusTrio™ transcatheter aortic valve (TAV) system by the National Medical Products Administration of China, with expectations for successful market entry by December 11, 2025, addressing a major unmet clinical need for patients with severe aortic regurgitation (AR) in China [1] - The company's CEO and Chairman, Zhang Yi, has begun purchasing company shares in the open market since December 1, 2025, with a total investment not exceeding 15 million HKD, reflecting confidence in the company's intrinsic value and growth potential [1]

Core Viewpoint - Peijia Medical-B (09996) has received approval from the National Medical Products Administration of China for its TaurusTrio™ Transcatheter Aortic Valve (TAV) system, which is expected to address a significant unmet clinical need for patients with severe aortic regurgitation (AR) in China [1][5]. Group 1 - Peijia Medical's stock price increased by 7.06%, currently trading at HKD 6.22, with a transaction volume of HKD 7.6868 million [1][5]. - The TaurusTrio™ TAV system is developed and manufactured under an exclusive license from JenaValve Technology, Inc., based on the Trilogy™ Transcatheter Heart Valve (THV) system [1][5]. - The Trilogy™ THV system received CE mark certification in May 2021 and has been used in over 1,000 commercial procedures in real-world clinical practice as of the announcement date [1][5]. Group 2 - The company anticipates that the successful launch of the TaurusTrio™ TAV system in China will provide a safe and effective treatment option for patients suffering from severe AR [1][5].

Core Viewpoint - Peijia Medical-B (09996.HK) experienced a significant increase in stock price, rising nearly 7% to 6.21 HKD with a trading volume of 7.4878 million HKD [1] Summary by Category - **Stock Performance** - The stock price of Peijia Medical-B rose by 6.88% to reach 6.21 HKD [1] - The trading volume was reported at 7.4878 million HKD [1]

Core Viewpoint - Peijia Medical-B (09996) shares rose nearly 7%, currently up 6.88% at HKD 6.21, with a trading volume of HKD 7.4878 million [1] Group 1: Company Developments - Peijia Medical announced that on December 11, it received approval from the National Medical Products Administration of the People's Republic of China for the registration application of the TaurusTrio Transcatheter Aortic Valve (TAV) system [1] - The TaurusTrio TAV system is developed and manufactured by the company under an exclusive license obtained from JenaValve Technology, Inc. for the Trilogy Transcatheter Heart Valve (THV) system [1] - The Trilogy THV system received CE mark certification in May 2021 and has been used in over 1,000 commercial surgeries in real-world clinical practice as of the announcement date [1] Group 2: Market Implications - The company anticipates that the successful launch of the TaurusTrio TAV system in China will provide a safe and effective treatment option for patients with severe aortic regurgitation (AR), addressing a significant unmet clinical need [1]

Core Viewpoint - Peijia Medical-B (09996) experienced a nearly 7% increase in stock price following the approval of its TaurusTrio™ transcatheter aortic valve (TAV) system by the National Medical Products Administration of China [1] Group 1: Company Developments - Peijia Medical announced the approval of its TaurusTrio™ TAV system's registration application on December 11 [1] - The TaurusTrio™ TAV system is developed and manufactured based on an exclusive license from JenaValve Technology, Inc. for the Trilogy™ transcatheter heart valve (THV) system [1] - The Trilogy™ THV system received CE mark certification in May 2021 and has been used in over 1,000 commercial surgeries in real-world clinical practice as of the announcement date [1] Group 2: Market Implications - The company anticipates that the successful launch of the TaurusTrio™ TAV system in China will provide a safe and effective treatment option for patients with severe aortic regurgitation (AR), addressing a significant unmet clinical need [1]

Core Viewpoint - The approval of the TaurusTrio transcatheter aortic valve (TAV) system by the National Medical Products Administration of China represents a significant advancement in treatment options for patients with severe aortic regurgitation (AR) [1][2] Group 1: Product Development and Approval - The TaurusTrio TAV system received approval on December 11, 2025, for its registration application [1] - The system is developed and manufactured by the company based on an exclusive license obtained from JenaValve Technology, Inc. for the Trilogy transcatheter heart valve (THV) system [1] - The TaurusTrio TAV system is specifically designed for treating patients with severe AR via the femoral artery approach, addressing a significant clinical need due to limited treatment options for AR patients [1] Group 2: Clinical Background and Market Potential - The Trilogy THV system, which serves as the basis for the TaurusTrio, received CE mark certification in May 2021 and has been used in over 1,000 commercial surgeries in real-world clinical practice as of the announcement date [2] - The company anticipates that the successful launch of the TaurusTrio TAV system in China will provide a safe and effective treatment option for patients suffering from severe AR, fulfilling a major unmet clinical demand [2]

Core Viewpoint - The company has received approval from the National Medical Products Administration of the People's Republic of China for the registration application of the TaurusTrio™ Transcatheter Aortic Valve (TAV) system, which is designed to treat patients with severe aortic regurgitation (AR) [1] Group 1: Product Development and Approval - The TaurusTrio™ TAV system is developed and manufactured based on an exclusive license from JenaValve Technology, Inc. for the Trilogy™ Transcatheter Heart Valve (THV) system [1] - The system is specifically designed for treating patients with severe aortic regurgitation via the transfemoral approach, addressing a significant unmet clinical need [1] Group 2: Technical Features - Unlike patients with aortic stenosis, AR patients typically lack calcified tissue for TAV anchoring, which limits treatment options [1] - The system utilizes proprietary positioning key technology to achieve stable anchoring even in the absence of calcified tissue, ensuring proper alignment of the valve [1] Group 3: Market Potential - The Trilogy™ THV system received CE mark certification in May 2021 and has been used in over 1,000 commercial procedures in real-world clinical practice as of the announcement date [1] - The company anticipates that the successful launch of the TaurusTrio™ TAV system in China will provide a safe and effective treatment option for patients with severe AR [1]

Core Insights - The company announced the approval of the TaurusTrio™ transcatheter aortic valve (TAV) system by the National Medical Products Administration of China, effective December 11, 2025 [1] - The TaurusTrio™ TAV system is developed under an exclusive license from JenaValve Technology, Inc. and is designed specifically for treating patients with severe aortic regurgitation (AR) [1][2] - The system utilizes proprietary anchoring technology to ensure stable fixation even in the absence of calcified tissue, addressing a significant unmet clinical need for AR patients [1] Group 1 - The TaurusTrio™ TAV system is intended for patients with severe aortic regurgitation, which presents different challenges compared to aortic stenosis patients [1] - The JenaValve Trilogy™ THV system, which the TaurusTrio™ is based on, received CE mark certification in May 2021 and has been used in over 1,000 commercial procedures [2] - The company anticipates that the successful launch of the TaurusTrio™ TAV system in China will provide a safe and effective treatment option for patients suffering from severe AR [2]

Core Viewpoint - The company has received approval from the National Medical Products Administration of the People's Republic of China for the registration application of the TaurusTrio Transcatheter Aortic Valve (TAV) system, which is designed to treat patients with severe aortic regurgitation (AR) [1] Group 1: Product Development and Approval - The TaurusTrio TAV system is developed and manufactured based on an exclusive license obtained from JenaValve Technology, Inc. for the Trilogy Transcatheter Heart Valve (THV) system [1] - The system is specifically designed for treating patients with severe aortic regurgitation via the transfemoral approach, addressing a significant unmet clinical need [1] Group 2: Technical Features - The TaurusTrio TAV system utilizes proprietary anchoring technology that allows for secure fixation even in the absence of calcified tissue, which is a common challenge in AR patients [1] - The system ensures proper alignment of the valve with the native leaflets, enhancing the effectiveness of the treatment [1] Group 3: Market Potential - The Trilogy THV system received CE mark certification in May 2021 and has been used in over 1,000 commercial procedures in real-world clinical practice as of the date of the announcement [1] - The successful launch of the TaurusTrio TAV system in China is expected to provide a safe and effective treatment option for patients suffering from severe AR, fulfilling a significant clinical demand in the market [1]