在经历两个多月的调整后，创新药板块再次成为市场焦点。 今天，创新药"纯度"100%的恒生创新药ETF(159316)涨2.52%，低费率的创新药ETF易方达(516080)上涨，年内涨幅31%。 刺激因素，包括宏观上，流动性宽松期利好创新药板块；基本面上，Q3财报数据高增长；等等。 接下来的12月，将有ASH（美国血液学会）、SABCS（圣安东尼奥乳腺癌大会）等行业会议，有可能为创新药提供新的催 化。 01、 业绩兑现 首先说基本面因素。 如刚刚披露三季报的百济神州，实现营业收入275.95亿元，同比增长44.21%，其中产品收入273.14亿元，同比增长43.86%， 同期归母净利润则由大幅亏损，转为盈利15.62亿元。 另一个大创新药龙头公司信达生物，此前也发布公告称，2025年第三季度，公司共取得总产品收入超人民币33亿元，同比 保持约40%的强劲增长。 其他头部创新药企业，药明康德、恒瑞医药、上海医药、复星医药，今年前三季度营收分别实现328.57亿元、231.88亿元、 2150.72亿元、293.93亿元，归母净利润分别达到120.76亿元、57.51亿元、51.47亿元、25.23亿元。 根据w ...

湿疹制剂是指专门用于预防、缓解或治疗湿疹的各类药物或护理产品的统称。其核心作用是通过抗炎、止痒、修复皮肤屏障或调节免疫等机制，改善湿疹患 者的皮肤症状、减少复发并提升皮肤耐受性。 从患者年龄结构来看，皮炎湿疹的患病人群展现出覆盖全生命周期的广泛特征但核心群体高度集中。其中，18至60岁的青壮年构成了患者基数的绝对核心， 占比高达51.6%，这部分人群社会活动频繁，对生活质量和治疗效率的要求更高。同时，2至12岁的学龄前及学龄儿童是另一大主要患病群体，合计占比 20.7%。 湿疹发病率逐年上升及健康意识增强:环境恶化、精神压力增加等推动湿疹发病率持续攀升，加之消费者对皮肤健康的关注度不断提升，将促使湿疹患者主 动寻求专业治疗和优质用药。2019-2024年，中国湿疹制剂市场规模由40.3亿元增长至52.8亿元，期间复合增长率为5.5%。 湿疹制剂行业的主要企业包括外资药企和国内药企，外资药企在高端市场占据主导地位，国内药企则凭借价格优势和渠道覆盖能力在中低端市场有较强竞争 力。目前行业中主要企业为：恒瑞医药、信达生物、康诺亚、仙琚制药等。 华经产业研究院研究团队使用桌面研究与定量调查、定性分析相结合的方式，全面 ...

Group 1 - The core viewpoint of the articles highlights a strong performance in the innovative drug sector, with the Medical Innovation ETF (516820.SH) rising by 1.06% and key stocks like Sangfor Technologies (688336) and Baillie Gifford (688506) showing significant gains [1] - Over the past week, the Medical Innovation ETF has seen continuous net inflows, with a peak single-day net inflow of 44.28 million yuan, totaling 78.69 million yuan and an average daily net inflow of 11.24 million yuan [1] - Recent negotiations for the 2025 National Basic Medical Insurance Drug List and commercial insurance innovative drug pricing have been completed, with 120 domestic and foreign companies participating [1] Group 2 - The recent trend in innovative drug business development (BD) is accelerating, with overseas Phase III clinical trials progressing quickly, leading to a recovery in sentiment within the innovative drug sector [1] - The industry is witnessing a positive trend in investment and financing data, orders, and performance, indicating a recovery in the innovative drug supply chain [1] - The expectation of a rate cut in the U.S. is anticipated to enhance global liquidity and support the trend in technology stocks, providing an opportunity for investors to capitalize on the rebound in core pharmaceutical assets through the Medical Innovation ETF [2]

资金流向方面，主力资金净流入9341.89万元，特大单买入1.08亿元，占比14.36%，卖出5898.20万元， 占比7.83%；大单买入2.11亿元，占比27.97%，卖出1.66亿元，占比22.09%。 11月12日，恒瑞医药盘中上涨2.01%，截至09:50，报62.29元/股，成交7.53亿元，换手率0.19%，总市值 4134.31亿元。 截至9月30日，恒瑞医药股东户数39.73万，较上期增加8.94%；人均流通股16058股，较上期减少 8.21%。2025年1月-9月，恒瑞医药实现营业收入231.88亿元，同比增长14.85%；归母净利润57.51亿元， 同比增长24.50%。 分红方面，恒瑞医药A股上市后累计派现93.03亿元。近三年，累计派现35.68亿元。 机构持仓方面，截止2025年9月30日，恒瑞医药十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股4.87亿股，相比上期减少4817.92万股。中国证券金融股份有限公司位居第八大流通股东， 持股9539.98万股，持股数量较上期不变。华夏上证50ETF（510050）位居第九大流通股东，持股 8529.34万股，相比上期 ...

Group 1 - The Hong Kong IPO market has seen 87 new listings this year, raising over 240 billion HKD, making it the leading exchange globally for IPO fundraising [1][2] - A total of 16 A-share companies have successfully listed on the Hong Kong Stock Exchange this year, with over 80 more in the pipeline, indicating a significant trend of A+H listings [1][3] - The successful listings are predominantly from leading companies in their respective industries, with most having a market capitalization exceeding 20 billion HKD [3][4] Group 2 - Notable companies like CATL, Heng Rui Pharmaceutical, and Sai Lisi have raised substantial funds, with CATL alone accounting for over 30% of the total fundraising from A+H listed companies [4][5] - The majority of the A+H listed companies are concentrated in the technology and consumer sectors, reflecting a strategic focus on these core areas [4][9] - The performance of newly listed companies has been strong, with 12 out of 16 stocks rising or remaining stable on their first trading day [4][10] Group 3 - There has been a notable trend of H-shares trading at a premium over A-shares for some leading companies, indicating strong international investor confidence [5][9] - A record 302 companies have submitted IPO applications to the Hong Kong Stock Exchange this year, highlighting a robust interest in the market [6][8] - The influx of A-share companies seeking to list in Hong Kong is expected to enhance the quality and liquidity of the Hong Kong market [9][11]

Group 1 - The Hong Kong IPO market has seen 87 new listings this year, raising over 240 billion HKD, making it the leading exchange globally for IPO fundraising [1][2] - A total of 16 A-share companies have successfully listed on the Hong Kong Stock Exchange this year, with over 80 more in the pipeline, indicating a significant trend of A+H listings [1][2][6] - Leading companies such as CATL, Heng Rui Medicine, and Sai Li Si have been pivotal in this A+H listing wave, with most of them having market capitalizations exceeding 200 billion [2][3] Group 2 - The fundraising performance of leading companies has shown a "siphoning effect," with CATL alone raising 41.006 billion HKD, accounting for over 30% of the total fundraising by A+H companies [3] - The majority of the 16 A+H listed companies are concentrated in the technology and consumer sectors, reflecting a structural shift in the Hong Kong market [3][8] - The first-day performance of newly listed companies has been robust, with 12 out of 16 stocks either rising or closing flat on their debut [3] Group 3 - There is a notable trend of H-shares trading at higher valuations than A-shares for some leading companies, indicating strong international capital interest in these core assets [4] - A record 302 companies have submitted IPO applications to the Hong Kong Stock Exchange this year, marking a historical high [4][6] - The technology sector has seen the highest number of IPO applications, with 121 companies, followed by healthcare and industrial sectors [5] Group 4 - The surge in A-share companies applying for listings in Hong Kong has exceeded the total from the past decade, with 95 companies submitting applications since 2025 [6] - The current IPO boom is driven by several factors, including tightened financing channels in A-shares and favorable policies in Hong Kong [7] - Analysts predict that the trend of high IPO activity will continue into 2026, although a potential stabilization may occur later in the year [7][8]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 江蘇恒瑞醫藥股份有限公司 呈交日期： 2025年11月11日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 600276 | 說明 | A股（於上海證券交易所上市） | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | 事件 | | | 已發行股份（不包括庫存股份）變動 佔有關事件前的現有已發 | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總 ...

Group 1 - The company, Heng Rui Pharmaceutical (01276.HK), announced a share buyback plan on November 11, 2025, involving an expenditure of RMB 9.1526 million to repurchase 150,000 A shares [1] - The buyback price per share is set between RMB 61.01 and RMB 61.07 [1]

Core Viewpoint - Heng Rui Medicine (01276) announced a share buyback plan, intending to repurchase 150,000 A-shares at a cost of 9.1526 million yuan, scheduled for November 11, 2025 [1] Company Summary - The company is engaging in a share repurchase, which indicates a strategy to enhance shareholder value and potentially signal confidence in its future performance [1] - The total amount allocated for the buyback is 9.1526 million yuan, reflecting the company's commitment to returning capital to shareholders [1]

恒瑞医药（600276）(01276)发布公告，于2025年11月11日斥资915.26万元回购15万股A股股份。 ...