| 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 相 | | --- | --- | --- | --- | --- | --- | --- | | | 보 | 開示 | 股份數目 | | | ( 請參閱上述 * 註 有投票權股 (日 / 月 / 年) 材 | | | | | | | | 월 份百分比 | | | | | | | | ( % ) | | CS20250915E00060 | GIC Private Limited | 1101(L) | | 2.519.000(L) | HKD 81.9747 | 50.534.200(L) 19.57(L)11/09/2025 | 追加内容 本文作者可以追加内容哦 ! 格隆汇9月16日丨根据联交所最新权益披露资料显示，2025年9月11日，恒瑞医药(01276.HK)获GIC Private Limited在场内以每股均价81.9747港元增持251.9万 股，涉资约2.06亿港元。 增持后，GIC Private Limited最新持股数目为 ...

Group 1 - GIC Private Limited increased its stake in 恒瑞医药 (Hengrui Medicine) by acquiring 2.519 million shares at an average price of HKD 81.9747 per share, totaling approximately HKD 206 million [1] - Following the acquisition, GIC's total shareholding in 恒瑞医药 rose to 50.5342 million shares, increasing its ownership percentage from 18.60% to 19.57% [1][2]

【深圳商报讯】（记者 陈燕青）今年以来，港股IPO市场火爆。根据统计，截至9月14日，今年共有60 家新股登陆港股，合计募资1386.7亿港元，勇夺全球交易所冠军。业内预计，未来港股IPO市场有望继 续保持火热，其中A股公司将是港股重要的上市来源。 数据显示，2023年共有70家公司登陆港股，合计募资463.3亿港元；2024年共有67家公司登陆港股，合 计募集881.5亿港元。也就是说，今年不到9个月时间，港股IPO募资已超过过去两年募资总和。 记者注意到，今年港股IPO募资大增与内地龙头企业纷纷赴港上市有较大关系。 对此，北方一家券商投行高管分析称，"今年港股IPO市场火爆主要有两方面原因，一是港股二级市场 持续走强，恒生指数今年大涨三成且市场流动性明显改善，吸引了部分内地企业；二是港交所的IPO政 策包容性较高，上市速度较快。" 从具体募资金额来看，今年港股IPO募资金额排名前3名的新股分别是宁德时代（300750）、恒瑞医药 （600276）、三花智控（002050），分别募资410.1亿港元、113.7亿港元、107.4亿港元，3家公司合计 募了627亿港元，占今年港股IPO募资总额近五成。其中，宁 ...

● 本报记者 孟培嘉 乔翔 恒瑞医药领航创新药出海、海澜之家加速海外业务拓展、埃斯顿深化全球化布局……今年以来，随着港 股IPO市场持续回暖、制度创新不断深化，内地优质企业赴港上市热潮涌动，一批批优质江苏企业正以 扎实的业务根基与前瞻的国际视野，积极对接香港资本市场。数据显示，今年1-8月江苏已有11家企业 成功登陆港股、超过20家正在排队候场，呈现出一派踊跃布局、乘势而上的生动景象。 为助力企业赴港上市、抓住国际资本市场发展机遇，9月15日，由中国证券报、江苏省委金融办联合主 办的"通向新机遇之路——港股IPO专业研培"在江苏省苏州市举行。来自券商、律所等机构的多位资深 专家围绕港股最新政策、上市实务、合规风控等关键环节，为与会江苏企业带来一场系统、深入、可操 作性强的专题培训，助力"江苏板块"在国际资本市场上扬帆起航、行稳致远。 多重因素催生赴港上市潮 今年以来，A股、港股联袂上涨，"中国资产"全球瞩目。作为内地企业联系国际资本市场的重要桥梁， 港股市场今年以来呈现出诸多新变化，其中内地企业赴港上市高潮迭起，行业龙头纷纷递表、"A+H"阵 营频频扩围颇受关注。 数据显示，今年前8个月港交所新股融资额达13 ...

Core Viewpoint - Heng Rui Medicine's HRS9531 injection application has been accepted by the National Medical Products Administration, marking a significant step in the competitive landscape of GLP-1/GIP dual receptor agonists in China [1][12]. Group 1: Product Development and Clinical Trials - HRS9531 is designed for long-term weight management in adults with a BMI of ≥28 kg/m² (obesity) or ≥24 kg/m² (overweight) with at least one weight-related comorbidity [3]. - The drug operates by activating both GLP-1 and GIP receptor pathways, which enhances weight loss and glucose control, showcasing a synergistic effect [3]. - Phase III clinical trials demonstrated that the 6mg dose group achieved an average weight loss of 19.2%, with 44.4% of participants losing ≥20% of their body weight [4]. Group 2: Market Position and Competition - HRS9531 is the first GLP-1/GIP dual receptor agonist to submit a market application in China, positioning it as a leading candidate in the domestic market [4][6]. - The drug's efficacy is comparable to that of the leading product, Tirzepatide, which showed a 20.9% weight loss in a similar study [6]. - The competitive landscape is intensifying, with multiple domestic companies, including Innovent Biologics and others, preparing to launch their own GLP-1 products by 2025 [7][10]. Group 3: Commercialization and Future Outlook - Heng Rui has established a global commercialization strategy for HRS9531, including a significant licensing deal with Kailera Therapeutics worth up to $59.25 billion [6]. - The market for GLP-1 drugs is projected to face price competition as several products are expected to launch in the next 1-2 years, potentially reshaping the market dynamics [8][12]. - The approval of HRS9531 is anticipated to provide effective and accessible treatment options for overweight and obese patients in China, enhancing the country's pharmaceutical innovation status globally [12][14].

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry as of September 15, 2025 [1] Core Insights - The trend of Chinese innovative drugs going overseas continues, with a focus on selective opportunities. The report highlights that the global pharmaceutical transaction volume reached 456 deals in the first half of 2025, a 32% year-on-year increase, with upfront payments totaling $11.8 billion, a 136% surge, and total transaction value hitting $130.4 billion, up 58% year-on-year [2] - The report emphasizes the promising clinical data from Chinese innovative drugs presented at the World Lung Cancer Conference, particularly in the ADC (Antibody-Drug Conjugate) field, showcasing significant efficacy advantages [3] - The report discusses the potential of small nucleic acid drugs and innovative delivery systems, indicating new market opportunities arising from strategic collaborations between Chinese companies and multinational corporations [4] - The CXO (Contract Research Organization) sector is expected to gradually recover, with a notable increase in orders anticipated in the third quarter of 2025, driven by improved innovation environments and funding from license-out transactions [5] - The 2025 medical insurance negotiation and commercial insurance innovative drug directory work has commenced, with a focus on orphan drugs and breakthrough treatment varieties [6] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry underperformed the CSI 300 index by 1.75% in the past week, with a recent one-month increase of 3.32%, lagging behind the CSI 300 by 5.81% [22][26] - The medical device sector showed the highest weekly increase of 2.23%, while the chemical pharmaceutical sector experienced a decline of 2.57% [31] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical industry index's current PE (TTM) stands at 40.60, above the five-year historical average of 31.60 [46] - The report notes that the pharmaceutical sector has shown a 15.06% increase over the past three months, outperforming the CSI 300 by 16.11% [43] 3. Recent Research Achievements - The report outlines recent research achievements by the Huaxin pharmaceutical team, including various in-depth and commentary reports on innovative drug developments and market trends [50] 4. Recent Industry Policies and News - The report details recent policy updates from the National Healthcare Security Administration regarding the 2025 drug directory adjustments and the approval of new drug applications [52][55]

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [2] Core Views - The pharmaceutical and biotechnology industry index increased by 1.03% during the reporting period, outperforming the CSI 300 index which rose by 0.56% [3][16] - The industry valuation as of September 12, 2025, shows a PE (TTM overall method, excluding negative values) of 31.79x, up from 31.41x in the previous period, indicating an upward trend but still below the average [4][22] - Recent academic conferences and industry dynamics highlight the strength and resilience of China's innovative drug development capabilities [7][8] Industry Trends - The top-performing sub-industries include other biological products and medical research outsourcing, with increases of 4.17% and 3.64% respectively, while traditional Chinese medicine and hospitals saw declines of 1.36% and 1.23% [3][16] - A total of 48 listed companies in the pharmaceutical and biotechnology sector experienced a net reduction in shareholder holdings amounting to 3.686 billion yuan, with 6 companies increasing their holdings by 406 million yuan and 42 companies reducing by 4.092 billion yuan [4] Important Industry News - The NMPA has optimized the review and approval process for clinical trials of innovative drugs, aiming to enhance the efficiency of clinical research [26][27] - Sanofi's Teplizumab has been approved by the NMPA as the first innovative drug to delay the progression of type 1 diabetes [37][38] - The U.S. government is considering strict restrictions on Chinese pharmaceuticals, which may impact the industry [49][50] Investment Recommendations - Investors are advised to focus on companies with differentiated advantages in innovative pipelines, particularly in oncology, autoimmune, and metabolic disease areas [8] - Companies with international standard clinical and data capabilities, as well as those with mature license-out capabilities and global collaboration resources, are also recommended for investment [8]

Core Viewpoint - Heng Rui Medicine achieved a net profit attributable to shareholders of 4.45 billion yuan in the first half of the year, representing a year-on-year growth of 29.67% [1] - The company is entering a rapid growth phase for innovative drugs, with international contributions to profits continuing to increase [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders was 2.58 billion yuan, showing a year-on-year increase of 24.88% [1] - The overseas licensing revenue has been consistently growing, with upfront payments reaching 700 million USD since the beginning of 2025 [1] Product Development - The company has 15 self-developed innovative molecules entering clinical stages for the first time in H1 2025 [1] - With a continuously enriched pipeline, innovative drugs are expected to maintain high-speed growth over the next three years [1] Investment Outlook - The company continues to produce products with blockbuster potential [1] - Given the sustained growth of innovative drug products, a "buy" rating is maintained [1]

近期上海证券交易所公布了第三届科技创新咨询委员会委员候选人名单。南都N视频记者获悉，智元机器人联合 创始人兼CTO彭志辉，宇树科技创始人、CEO兼CTO王兴兴，银河通用创始人兼CTO王鹤，强脑科技创始人兼 CEO韩璧丞等知名机器人或AI科技公司高管在列。 据悉，上交所根据《上海证券交易所科技创新咨询委员会工作规则》，上海证券交易所启动了科技创新咨询委员 会（以下简称咨询委）换届工作。经相关单位推荐、履行相关程序，形成第三届咨询委委员候选人名单并进行公 示，公示期为5个工作日。 根据公示名单，新一届科技创新咨询委员会委员候选人共有60人，有来自国家部委机关、高校、研究院的人士， 也有来自上市公司、非上市科技公司方面的高管，还有来自投资机构的高管。 中微公司（688012.SH）董事长兼总经理尹志尧，恒瑞医药（600276.SH）董事、执行副总裁张连山，北京百度网 讯科技有限公司首席技术官王海峰等，第一届和第二届均为委员，第三届继续被聘任。 | 序号 | 姓名 | 工作单位 | 职务 | | --- | --- | --- | --- | | 29 | 何小龙 | 华润微电子有限公司 | 党委书记、董事长 | | ...

Core Viewpoint - The Chinese innovative drug sector has shown remarkable performance in the capital market this year, driven by record-high business development (BD) amounts for overseas expansion and a rapid growth in domestic revenue, indicating a shift from a "cash-burning" model to a "cash cow" model [1][2]. Group 1: Domestic Demand - The demand for high-quality innovative drugs in China is continuously being released, with A-share innovative drug companies achieving a revenue of 28.69 billion yuan in the first half of the year, a year-on-year increase of approximately 42% [2]. - Leading companies like Heng Rui Medicine reported a 14.5% increase in innovative drug sales revenue to 7.57 billion yuan, primarily from the domestic market [2]. - Other companies such as Bai Jie Shen Zhou and Yi Fan Medicine also reported significant revenue growth, with Bai Jie Shen Zhou's flagship product achieving a 36.5% increase in sales [3]. Group 2: Policy Support - The Chinese government has been actively supporting the development of innovative drugs, with 149 innovative drugs included in the national medical insurance directory since 2018 [4]. - The National Healthcare Security Administration has indicated that by May 2025, the cumulative payment for negotiated drugs will reach 410 billion yuan, driving related drug sales to exceed 600 billion yuan [4]. - New policies are being introduced to address pricing and reimbursement challenges for innovative drugs, including the establishment of a commercial health insurance directory for innovative drugs [5]. Group 3: Research and Development Investment - Despite revenue growth, many innovative drug companies are increasing their R&D investments, creating a positive cycle of revenue growth leading to increased R&D and a rich pipeline [7]. - Heng Rui Medicine invested 3.87 billion yuan in R&D, with over 100 innovative products in clinical development [7]. - The overall trend indicates that companies are focusing on building a robust pipeline to sustain future revenue growth [7]. Group 4: Global Positioning - China currently holds nearly 30% of the global drug R&D market share, with a significant number of first-in-class drug pipelines [8]. - The country has become an important source of global pharmaceutical innovation, with a notable increase in technology licensing and overseas expansion [8]. - The past years of investment during the "innovation drug bubble" period are expected to yield significant results in the coming years [8].