| NORTHER THE VEY | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | 奥出营业部 | 是否为专场 | | 025-12-25 | 恒瑞医药 | 600276 | 2271.8 61.4 37 | 我們都會隨著點 | 我們都會隨 | Ki | 12月25日，恒瑞医药大宗交易成交37万股，成交额2271.8万元，占当日总成交额的2.33%，成交价61.4 元，较市场收盘价61.4元持平。 ...

Core Viewpoint - The article discusses the importance of identifying the true responsibility and value of companies in the context of ESG (Environmental, Social, and Governance) governance, particularly through the newly released ESG-V rating list for listed companies in Jiangsu Province, which evaluates 621 companies to provide insights into their sustainable capabilities and investment values [1][2]. Group 1: ESG-V Rating System - The ESG-V rating system incorporates four dimensions: Environment (E), Social (S), Governance (G), and Value (V), aiming to provide a dual perspective of sustainability and investment potential for responsible investing [2][8]. - The top-rated companies, including Heng Rui Medicine, Huatai Securities, and Yuyue Medical, received the highest AAA rating, showcasing strong compliance and stable value characteristics [2][3]. Group 2: Industry Insights - The majority of high-rated companies share common traits such as mature governance structures, clear profit models, and stable value creation, with notable examples in the pharmaceutical and financial sectors [3][4]. - The overall distribution of ratings shows that 43% of companies are rated BBB or above, indicating a foundational balance between environmental, social, governance, and value dimensions among Jiangsu's listed companies [3][4]. Group 3: State-Owned Enterprises Performance - There is a noticeable performance divergence among state-owned enterprises, with some like Jiangsu Bank excelling in governance and value dimensions, while others lag in transparency and environmental management [4]. - The rating distribution reveals a "spindle-shaped" structure, with over 60% of companies rated between BB and A, indicating that many are still in the middle stage of establishing responsible governance [4][5]. Group 4: Future Implications - The ESG-V rating list serves as a lens to observe the ongoing journey of companies in Jiangsu towards green transformation and capital recognition, emphasizing the need for sustainable institutional foundations and rational market pricing for long-term value [8].

Group 1 - The Hong Kong stock market has become a core platform for biopharmaceutical companies seeking IPO financing, with 27 healthcare enterprises successfully listed by December 24, 2025, and nearly 10 more applications submitted in December [1] - Hong Kong's new stock market financing amount ranked first globally in 2025, with notable listings including the largest pharmaceutical IPO in nearly five years by Hengrui Medicine and the first digital therapy stock, Brain Dynamics [3] - The majority of biopharmaceutical companies listed in 2025 are innovative drug firms, many of which are in the pre-profit stage, focusing on cutting-edge fields such as antibody-drug conjugates (ADC), dual antibodies, small nucleic acids, weight-loss drugs, and AI healthcare [3] Group 2 - Market enthusiasm for new healthcare stocks surged, with some public offerings seeing subscription multiples exceeding 3,000 times since July 2025; however, market performance showed divergence towards the end of the year, exemplified by the poor debut of Mingji Hospital's stock [3] - Companies are looking to raise funds as the market recovers from previous capital winters, with the relatively low listing thresholds in Hong Kong making it a preferred choice for enterprises [3]

Group 1: Overseas News - US stock market has seen five consecutive days of gains, with the Dow Jones up 0.6%, Nasdaq up 0.22%, and S&P 500 up 0.32%. Major tech companies like Apple, Meta, Microsoft, and Amazon saw increases of up to 0.53%, while Tesla, Google A, and Nvidia experienced declines of up to 0.32% [1] - Nvidia denied reports of a $200 million acquisition of AI chip startup Groq, stating that only a licensing agreement for inference technology was reached [1] - Samsung and SK Hynix are reportedly raising HBM3E prices by nearly 20% for next year [1] - Sanofi plans to acquire US vaccine company Dynavax for $2.2 billion to enhance its adult vaccine portfolio [1] Group 2: Domestic Major Events - The People's Bank of China and eight other departments issued opinions to support the construction of the Western Land-Sea New Corridor, exploring cross-border payment trials for digital RMB with Singapore [2][5] Group 3: Market Strategy Insights - Everbright Securities noted that the Shanghai Composite Index has shown strong performance with six consecutive days of gains, indicating a recovery in market sentiment and potential continued inflow of funds, particularly favoring technology growth stocks [3] Group 4: Real Estate Policy Changes - Beijing's new real estate policy, effective December 24, 2025, includes four main aspects: relaxing social security requirements for non-Beijing residents, supporting multi-child families in housing needs, optimizing commercial loan interest rates, and lowering the down payment ratio for second homes [4][5] Group 5: Digital Currency Developments - The digital RMB aims to address inefficiencies and high costs in traditional cross-border payments, with optimistic projections for transaction volumes reaching 162.4 trillion yuan by 2030 [6]

Core Viewpoint - Jiangsu Hengrui Medicine Co., Ltd. has announced that its drug SHR-A1904 has been included in the list of breakthrough therapeutic drugs by the National Medical Products Administration (NMPA) of China, which is a significant milestone for the company in the oncology sector [1][2]. Group 1: Drug Information - Drug Name: SHR-A1904, a targeted antibody-drug conjugate (ADC) aimed at Claudin18.2, with a registration classification of Class 1 [1][2]. - Indication: It is intended for the treatment of locally advanced or metastatic gastric or gastroesophageal junction adenocarcinoma in patients who have previously received at least one line of systemic therapy [1]. - Development Investment: The cumulative R&D investment for SHR-A1904 has reached approximately 174 million yuan [2]. Group 2: Market Context - Gastric cancer is a significant health issue globally, ranking fifth in incidence and fourth in mortality, with about 60% of cases occurring in East Asia. In China alone, there were 479,000 new cases and 374,000 deaths in 2020, accounting for 44% and 48.6% of global gastric cancer cases, respectively [2]. - SHR-A1904 is the first of its kind targeting Claudin18.2, with no similar products approved globally to date [2]. Group 3: Clinical Trial Approval - The company has also received approval for clinical trials of another drug, SHR-A2102, which is a targeted ADC against Nectin-4. This drug will undergo trials in combination with other therapies for advanced solid tumors and esophageal cancer [5][6]. - The cumulative R&D investment for SHR-A2102 has reached approximately 248 million yuan [6].

Group 1: Market Overview - The Hong Kong IPO market in 2025 experienced a record-breaking number of applications, with 269 companies submitting IPO requests, the highest for the same period in history [3] - A total of 99 companies successfully listed on the Hong Kong Stock Exchange, doubling the 50 companies from 2024, indicating a strong recovery from previous years [3] - The total amount raised through IPOs exceeded HKD 250 billion, nearly three times the total from 2024, positioning Hong Kong among the top three global IPO fundraising markets, following Nasdaq and the New York Stock Exchange [3] Group 2: Key Drivers - The "A+H" model was a central driver of the IPO frenzy, with 83 A-share companies initiating plans to list in Hong Kong, and 19 successfully completing dual listings, contributing significantly to the total fundraising [6] - Major companies involved included industry leaders like CATL, which raised approximately USD 5.2 billion, and innovative pharmaceutical firms like Hansoh Pharmaceutical [6] Group 3: Industry Distribution - The IPO market was predominantly driven by technology and healthcare sectors, with 108 technology companies (40.15%) and 49 healthcare companies (18.22%) among the applicants, together accounting for nearly 60% of the total [7] - Industrial and consumer sectors followed, with industrial companies at 13.75% and consumer discretionary companies at 13.01%, indicating a diverse range of sectors seeking capital [7] - The emergence of "specialized and innovative" companies was noted, driven by optimized listing rules from the Hong Kong Stock Exchange, attracting firms from cutting-edge fields like AI and biotechnology [7] Group 4: Market Dynamics - Despite the robust primary market, the secondary market exhibited a high rate of IPO failures, with 23.18% of new stocks experiencing a drop on their first day, increasing to around 35% within a month [8] - Notable cases included Hantang Aitai, which saw a 46.25% drop on its first day, highlighting the disparity between high valuations and uncertain business models [10] - The market is recalibrating its valuation system, favoring companies with core technologies and clear profit paths while being critical of those with unproven business models [10] Group 5: Role of Cornerstone Investors - Cornerstone investors played a crucial role in the IPO landscape, with an average subscription rate of 45.2%, significantly up from 33.2% in 2023, indicating a strong commitment from long-term capital [12] - The participation of international capital sources, including top asset management firms and sovereign funds from the Middle East and Southeast Asia, diversified the capital support network for IPOs [12] - Investment strategies among long-term capital showed clear differentiation, with a preference for companies with high technological barriers while being cautious with traditional or overvalued business models [12] Group 6: Future Trends - The outlook for 2026 suggests a balanced focus on both quantity and quality in the IPO market, with 314 applications currently under review, ensuring a steady flow of listings [14] - Increased market differentiation is expected, with superior companies likely to receive liquidity premiums while mediocre firms may face challenges [14] - A more rational valuation system is anticipated as issuers and investment banks become more cautious in pricing, potentially alleviating the phenomenon of valuation discrepancies between primary and secondary markets [14] - Continued policy support from the China Securities Regulatory Commission for overseas listings and ongoing improvements to the listing system by the Hong Kong Stock Exchange are expected to facilitate future IPO activities [14]

Group 1 - Spring Technology has received a procurement order for robot products from Lexiang Technology amounting to 43.2628 million yuan, marking recognition of its manufacturing technology and laying the foundation for future business expansion in robot products [1] - Huayin Technology signed a framework procurement contract worth 254 million yuan for special functional materials for aircraft fuselage, reflecting the implementation of its strategic layout and enhancing its market position in key materials for aviation engines [2] - Wankai New Materials' subsidiary signed a procurement contract with Lingxin Qiaoshou to provide lightweight components for humanoid robot arms, with a total contract value of 10 million yuan [2] Group 2 - Heng Rui Medicine's injectable SHR-A1904 has been included in the list of breakthrough therapeutic varieties by the National Medical Products Administration, with no similar products approved globally, targeting specific cancer types [3] - Hongda Electronics announced that its indirect holding in Jiangsu Zhanxin's IPO application has been accepted, but the subsequent progress remains uncertain [4] - Jia Heng Jia Hua's controlling shareholder is planning a change in control, leading to a temporary suspension of its stock trading [5]

Group 1: Overview of the Pharmaceutical Industry - The pharmaceutical industry maintained stable revenue around 2.45 trillion yuan from 2023 to 2025, with quarterly revenue stabilizing at approximately 600 billion yuan [1][15] - The biotech sector is expected to achieve over 100 billion yuan in sales by 2025, marking it as a significant growth segment within the pharmaceutical industry [2] - The overall revenue for the pharmaceutical industry in the first three quarters of 2025 was 1.83 trillion yuan, reflecting a year-on-year decline of 1.5% [15][19] Group 2: Innovation in Pharmaceuticals - The innovation drug sector has shown remarkable performance, with biotech companies experiencing over 70% revenue growth in 2023 and 2024, and maintaining around 42% growth in the first three quarters of 2025 [20][21] - The CXO industry is the fastest-growing sub-sector in terms of profit, with a year-on-year increase of 33.4% [20] - The total transaction value for license-out deals in the innovation drug sector reached 920 billion USD in the first three quarters of 2025, providing significant cash flow for domestic innovation drug companies [3][20] Group 3: International Expansion - The global market for innovative drugs is expanding, with license-out transactions expected to exceed 100 billion USD in 2025, capturing nearly half of the global pharmaceutical business development transaction volume [2] - The export of medical devices from China has shown a recovery trend, with a total export value of 355.3 billion yuan in 2024, marking a year-on-year growth of 9.8% [4][7] Group 4: Blood Products Sector - The blood products industry is characterized by high barriers to entry and a stable pricing structure, with the top six companies accounting for 80% of domestic plasma collection [8] - Despite short-term supply-demand disturbances, the blood products sector remains a stable segment within the pharmaceutical industry [8][22] - The industry is currently experiencing a wave of mergers and acquisitions, leading to increased market concentration [8] Group 5: Medical Devices - The domestic medical device bidding market showed a significant recovery, with a total market size exceeding 80 billion yuan in the first half of 2025, reflecting a year-on-year growth of 62.75% [4] - The recovery in international markets has also contributed to the growth of medical device exports, which are expected to continue their upward trend [4][7]

格隆汇12月24日丨恒瑞医药(01276.HK)公告，近日，江苏恒瑞医药股份有限公司子公司苏州盛迪亚生物 医药有限公司、上海恒瑞医药有限公司收到国家药品监督管理局核准签发关于注射用SHR-A2102的《药 物临床试验批准通知书》，将于近期开展临床试验。 药物名称：注射用SHR-A2102 剂型：注射剂 申请事项：临床试验 受理号：CXSL2500879、CXSL2500881 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，2025年10月13日和14日受理的注 射用SHR-A2102临床试验申请符合药品注册的有关要求，同意本品开展两项临床试验。分别为：本品联 合注射用维迪西妥单抗在晚期实体瘤中开展临床试验；本品联合阿得贝利单抗或其他PD-(L)1药物联合 或不联合其他抗肿瘤治疗在局部晚期或转移性食管癌受试者中的安全性、耐受性及有效性的多中心、开 放ⅠB/Ⅱ期临床研究。 ...

Core Viewpoint - Heng Rui Medicine's subsidiary has received approval from the National Medical Products Administration for clinical trials of SHR-A2102, a targeted antibody-drug conjugate aimed at treating advanced solid tumors and esophageal cancer [1] Group 1: Clinical Trials - The company will conduct two clinical trials for SHR-A2102, one in combination with Vedolizumab for advanced solid tumors and another with Atezolizumab or other PD-(L)1 drugs for locally advanced or metastatic esophageal cancer [1] - The trials will assess the safety, tolerability, and efficacy of SHR-A2102 in a multicenter, open-label Phase I/II study [1] Group 2: Product Details - SHR-A2102 is an antibody-drug conjugate (ADC) targeting Nectin-4, with its active payload being a topoisomerase I inhibitor (TOP1i) [1]