FF301 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11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 江蘇恒瑞醫藥股份有限公司 呈交日期: 2025年12月2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) | 01276 | 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 | | | 258,197,600 | RMB | | 1 RMB | | 258,197,600 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 258,197,600 | RMB | | 1 RMB | | 258,197,600 | | 2. 股份分類 | 普通股 | 股份類別 | ...

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-192 江苏恒瑞医药股份有限公司 关于药品上市许可申请获受理的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 近日，江苏恒瑞医药股份有限公司（以下简称"公司"）收到国家药品监督 管理局（以下简称"国家药监局"）下发的《受理通知书》，公司注射用甲苯磺 酸瑞马唑仑的药品上市许可申请获国家药监局受理。现将相关情况公告如下： 一、药品的基本情况 药品名称：注射用甲苯磺酸瑞马唑仑 剂型：注射剂 受理号：CXHS2500146 申报阶段：上市 操作中的镇静和麻醉；用于全身麻醉的诱导和维持。 四、药品的其他情况 重症监护期间的镇静治疗是以保障生命安全、减轻或消除痛苦记忆为核心的 重要基本治疗。重症监护病房患者常处于强烈应激环境，易产生无助和恐惧，形 成恶性刺激，加重痛苦、诱发躁动甚至危及生命。镇静治疗可缓解焦虑情绪、降 低氧耗、提升治疗舒适度，为器官功能恢复争取时间。然而，现阶段 ICU 镇静治 疗在疗效和安全性方面仍存在显著未满足的临床需求。 甲苯磺酸瑞马唑仑 ...

格隆汇12月2日丨恒瑞医药(600276.SH)公布，截至2025年11月30日，公司本次股份回购方案累计通过上 海证券交易所交易系统以集中竞价交易方式回购股份889.87万股，已回购股份占公司总股本的比例为 0.13%，购买的最高价为人民币70.00元/股，最低价为人民币59.32元/股，已支付的总金额为人民币5.95 亿元（不含交易费用）。 ...

人民财讯12月2日电，恒瑞医药（600276）12月2日公告，公司近日收到国家药监局下发的《受理通知 书》，公司注射用甲苯磺酸瑞马唑仑的药品上市许可申请获国家药监局受理。该药品拟定适应症(或功 能主治)为重症监护期间机械通气时的镇静。 ...

恒瑞医药公告，近日，公司注射用甲苯磺酸瑞马唑仑的药品上市许可申请获国家药监局受理。该药品为 短效GABAa受体激动剂，具有起效快、苏醒时间短、对呼吸及心血管系统影响小等优势。此前，注射 用甲苯磺酸瑞马唑仑已获批用于非气管插管手术/操作中的镇静和麻醉，以及全身麻醉的诱导和维持。 ...

恒瑞医药公告称，公司于2025年8月20日起开展股份回购，用于实施A股员工持股计划，预计回购10亿 元-20亿元。截至11月30日，累计回购股份889.87万股，占总股本0.13%，支付总金额59,521.63万元，回 购价格59.32元/股-70.00元/股。其中，11月回购97.99万股，占比0.015%，支付5,978.85万元，价格59.32 元/股-63.28元/股。 ...

Core Viewpoint - A-shares have lower trading costs and better market liquidity compared to H-shares, with a current premium of about 20% for A-shares as indicated by the Hang Seng AH Premium Index (HSAHP) being above 120. However, certain companies like CATL have shown a reverse phenomenon where H-shares are priced higher than A-shares [2][4]. Group 1: Market Dynamics - The phenomenon of H-shares trading at a premium over A-shares is attributed to the smaller market capitalization of H-shares compared to A-shares, leading to relative scarcity in liquidity [5]. - Among the six companies exhibiting this "inversion," three are newly listed, resulting in lower liquidity for H-shares, which can lead to inflated prices due to concentrated holdings by large institutions [5][6]. - As institutional investors gradually exit their positions, the liquidity of H-shares is expected to increase, potentially narrowing the premium of H-shares over A-shares [5]. Group 2: Characteristics of A-H Share Companies - Companies with inverted pricing typically share common traits: they are large enterprises with stable operating histories and solid financials, often in traditional industries like finance and energy [6]. - The valuation of these companies tends to be higher in the A-share market, reflecting differing expectations from overseas investors regarding future growth potential [6][8]. Group 3: Foreign Investment Preferences - Foreign investors prefer industry leaders that have a competitive edge in the market, which are often scarce in the international market [8]. - These leading companies usually possess strong brand recognition, stable profitability, and good governance structures, aligning with foreign investors' long-term investment criteria [8][9]. - The preference for H-shares over A-shares is also influenced by the perceived monopolistic characteristics of certain companies, which can lead to higher valuations in the H-share market [9].

Core Viewpoint - The phenomenon of "AH share premium inversion" is observed in six companies, where H-shares are priced higher than A-shares, attributed to low liquidity and foreign investors' preference for industry leaders [1][2]. Group 1: Market Dynamics - The Heng Seng AH Share Premium Index (HSAHP) remains above 120, indicating a 20% premium of A-shares over H-shares [1]. - The six companies experiencing this inversion include CATL, China Merchants Bank, Hengrui Medicine, Weichai Power, WuXi AppTec, and Midea Group [2]. - The market sees a preference for newly listed stocks in the H-share market, which have lower liquidity, leading to higher valuations [2]. Group 2: Liquidity and New Listings - The "inversion" stocks are characterized by a high proportion of newly listed shares, with three of the six companies listed for less than a year [2]. - The market capitalization of H-shares is often significantly smaller than that of A-shares, contributing to the liquidity scarcity and price inversion [2]. - As institutional investors gradually exit their IPO allocations, the liquidity in the H-share market is expected to increase, potentially narrowing the premium [2]. Group 3: Foreign Investment Preferences - Foreign investors show a strong preference for industry leaders that have established market positions and stable financials [3][4]. - These companies typically operate in traditional sectors such as finance, energy, and infrastructure, which have predictable profit models [3]. - The preference for H-shares is also driven by the perception of higher growth potential and better governance structures in these companies [4]. Group 4: Examples of Inversion - BYD and China Merchants Bank are highlighted as typical examples of companies where H-shares occasionally exhibit a premium over A-shares [5]. - The presence of monopolistic characteristics in H-shares can attract foreign investment, as these companies are often seen as irreplaceable in the global market [5].

Core Insights - A-shares have lower trading costs and better market liquidity compared to H-shares, with a current premium of approximately 20% for A-shares as indicated by the Hang Seng AH Premium Index (HSAHP) being above 120 [1][2] - A peculiar situation has arisen where H-shares of certain companies, such as CATL, are trading at higher prices than their A-shares, attributed to factors like limited liquidity and the preference of overseas investors for industry leaders [1][2][3] Group 1: Market Dynamics - The six companies experiencing H-share price premiums over A-shares include CATL, China Merchants Bank, Hengrui Medicine, Weichai Power, WuXi AppTec, and Midea Group [2] - The phenomenon of H-share price premiums is linked to the smaller market capitalization of H-shares compared to A-shares, leading to relative scarcity in liquidity [2][3] - Newly listed companies in the H-share market tend to have lower trading volumes, which can lead to inflated prices due to concentrated holdings by large institutions [2][3] Group 2: Investor Preferences - Foreign investors show a preference for industry leaders that have established market positions and stable financials, often leading to higher valuations in the H-share market [4][5] - Companies with strong brand recognition and stable profitability are more likely to attract foreign investment, as these factors align with the long-term investment strategies of international investors [4][5] - The preference for H-shares over A-shares is also influenced by the perceived growth potential and governance standards of the companies involved [4][5] Group 3: Specific Company Examples - CATL's H-shares were observed to have a premium of over 30% shortly after listing, which has since narrowed to approximately 13% as liquidity increased [2] - Other examples of companies with close pricing between H-shares and A-shares include BYD and China Merchants Bank, reflecting positive market sentiment regarding their growth prospects and governance [5]

Core Insights - A-shares have lower trading costs and better market liquidity compared to H-shares, with an overall premium of 20% for A-shares as indicated by the Hang Seng AH Premium Index (HSAHP) remaining above 120 [1][2] - A peculiar situation has arisen where H-shares of certain companies, such as CATL, are trading at higher prices than their A-shares, attributed to factors like limited liquidity and the preference of overseas investors for industry leaders [1][2][3] Group 1: Market Dynamics - The six companies experiencing H-share price premiums over A-shares include CATL, China Merchants Bank, Hengrui Medicine, Weichai Power, WuXi AppTec, and Midea Group, with others like Zijin Mining and BYD showing closer price alignment [2][3] - The phenomenon of "inverted pricing" is largely due to the smaller market capitalization of H-shares compared to A-shares, leading to relative scarcity in liquidity which drives up prices [2][3] Group 2: Investor Preferences - Foreign investors show a strong preference for industry leaders that are scarce in the international market, often leading to higher valuations for these companies in H-shares [4][5] - Companies with stable financials and established operational histories, particularly in traditional sectors like finance and energy, tend to attract more foreign investment, reflecting differing growth expectations between domestic and international investors [3][4] Group 3: Future Outlook - As large institutional investors gradually exit their positions, the liquidity of H-shares is expected to increase, potentially narrowing the premium of H-shares over A-shares [2][4] - The case of CATL illustrates this trend, where its H-share premium over A-shares decreased from over 30% to approximately 13% following the unlocking of shares held by certain investors [2][4]