Core Viewpoint - Morgan Stanley increased its stake in Heng Rui Medicine (01276) by purchasing 1,386,751 shares at an average price of HKD 71.5162 per share, totaling approximately HKD 9,917.52 million, raising its total holdings to about 16,748,500 shares, which represents a 6.48% ownership stake [1] Summary by Category - **Investment Activity** - Morgan Stanley's recent purchase of 1,386,751 shares indicates a strategic move to bolster its investment in Heng Rui Medicine [1] - The average purchase price of HKD 71.5162 per share reflects the firm's confidence in the company's future performance [1] - **Ownership Structure** - Following the acquisition, Morgan Stanley's total shareholding in Heng Rui Medicine increased to approximately 16,748,500 shares [1] - The updated ownership percentage of 6.48% signifies a notable presence in the company's shareholder base [1]

Core Viewpoint - Heng Rui Medicine has received approval from the National Medical Products Administration for multiple clinical trial applications, indicating a significant step forward in its drug development pipeline [1] Group 1: Clinical Trial Approvals - Jiangsu Heng Rui Medicine Co., Ltd. and its subsidiaries have been granted clinical trial approval for several injectable drugs, including SHR-9839(sc), SHR-A2009, SHR-1826, HRS-4642, and others [1] - The approval is based on compliance with the Drug Administration Law of the People's Republic of China, confirming that the drugs meet the necessary registration requirements [1] - The specific study includes an IB/II phase trial for SHR-9839(sc) in combination with anti-tumor drugs, focusing on safety, tolerability, and efficacy in solid tumor patients [1]

香港联交所最新资料显示，11月18日，大摩增持恒瑞医药（600276）(01276)138.6751万股，每股均价 71.5162港元，总金额约为9917.52港元。增持后最新持股数目约为1674.85万股，最新持股比例为 6.48%。 ...

截至2025年11月21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)。 恒瑞医药（600276）(01276)发布公告，2025年11月，公司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97.99万股，已回购股份占公司总股本的比例为0.015%，购买的最高价为人民币63.28元/ 股，最低价为人民币59.32元/股，已支付的总金额为人民币5978.85万元(不含交易费用)。 ...

- The China Securities Biotechnology Theme Index was launched on August 26, 2015, by China Securities Index Co., Ltd. The index selects listed company securities involved in gene diagnosis, biopharmaceuticals, blood products, and other human biotechnology as index samples to reflect the overall performance of biotechnology listed company securities[3][38] - The index sample space is the same as the China Securities All Index sample space, consisting of A-shares and depository receipts issued by red-chip companies that meet the following conditions: "(1) Non-ST, *ST securities; (2) Other securities: listed for more than one quarter, unless the average daily market value ranks in the top 30 since listing; (3) STAR Market and Beijing Stock Exchange securities: listed for more than one year and two years, respectively"[39] - The index sample selection method includes: (1) Ranking the securities in the sample space by average daily turnover over the past year and removing the bottom 20%; (2) Selecting biotechnology-related companies from the remaining securities as biotechnology theme candidates; (3) Ranking the candidates by average daily market value over the past year and selecting the top 50 securities as index samples[39] - The index's top ten constituent stocks are highly concentrated, focusing on the pharmaceutical industry. As of November 19, 2025, the top ten constituent stocks accounted for 55.26% of the total weight, forming a "CXO + innovative drugs + medical devices" golden triangle combination[40][41] - The index constituent stocks are evenly distributed across different market value ranges, with weights of 35.79% for stocks with a market value of over 100 billion, 44.24% for stocks with a market value between 200-1000 billion, and the rest distributed among other ranges[42][43] - The index constituent stocks are mainly concentrated in the biological medicine III, medical services, chemical preparations, and medical devices industries, with weights of 42.33%, 20.99%, 17.33%, and 11.97%, respectively[44][46] - The index constituent stocks have high exposure to concepts such as industry leaders, comprehensive private enterprises, main trading forces, dual circulation, fund heavy positions, and innovative drugs, with exposure rates of 70.56%, 64.78%, 64.58%, 62.60%, 62.48%, and 62.16%, respectively[47][48] - The index's current style is characterized by small market value, high liquidity, and high momentum. As of October 31, 2025, the index's market value style is significantly negatively exposed compared to the China Securities 800 Index, with higher liquidity and trading activity[48][51][52] - The index's PE valuation is near the historical average, and the PB valuation is near the historical -1 standard deviation, indicating a high safety margin and potential for upward valuation[53][54] - The index's profitability is outstanding, with expected revenue growth rates of 6.54%, 6.00%, and 13.76% for 2025, 2026, and 2027, respectively, and expected net profit growth rates of 52.09%, 18.58%, and 24.11% for the same years[55][56][57][58]

Core Viewpoint - The company has received approval from the National Medical Products Administration for clinical trials of SHR-1139 injection, a self-developed biopharmaceutical with no similar drugs approved in the market [1] Group 1: Company Developments - The company’s subsidiary, Guangdong Hengrui Medicine Co., Ltd., has been authorized to conduct clinical trials for SHR-1139 injection [1] - The total research and development investment for the SHR-1139 injection project has reached approximately 100.13 million yuan [1] Group 2: Market Context - Currently, there are no similar drugs approved for market use domestically or internationally, indicating a potential unique market position for SHR-1139 injection [1]

Core Viewpoint - Heng Rui Medicine (600276.SH) has received approval from the National Medical Products Administration for clinical trials of SHR-1139 injection, a self-developed therapeutic biological product, with no similar drugs approved in the market to date [1] Group 1: Company Developments - The subsidiary Guangdong Heng Rui Medicine Co., Ltd. has been authorized to conduct clinical trials for SHR-1139 injection [1] - The total research and development investment for the SHR-1139 injection project has reached approximately 100.13 million yuan [1] Group 2: Market Context - Currently, there are no similar drugs approved for market use, indicating a potential unique position for SHR-1139 injection in the therapeutic landscape [1]

Core Viewpoint - Heng Rui Medicine (600276.SH) has received approval from the National Medical Products Administration for multiple clinical trial applications, indicating a significant advancement in its drug development pipeline [1] Group 1: Clinical Trials - The company and its subsidiaries have been granted approval for clinical trials of several injectable drugs, including SHR-9839(sc), SHR-A2009, SHR-1826, HRS-4642, and others [1] - A specific trial will focus on the safety, tolerability, and efficacy of SHR-9839(sc) in combination with anti-tumor drugs in solid tumor subjects, categorized as an IB/II phase study [1]

Core Viewpoint - Heng Rui Medicine (600276.SH) has received approval from the National Medical Products Administration for multiple clinical trial applications, indicating a significant advancement in its drug development pipeline [1] Group 1: Clinical Trials - The company and its subsidiaries, including Suzhou Shengdiya Biopharmaceutical Co., Ltd., Shanghai Heng Rui Medicine Co., Ltd., and Shanghai Shengdi Medicine Co., Ltd., have been granted clinical trial approval for several injectable drugs [1] - The approved drugs include SHR-9839(sc), SHR-A2009, SHR-1826, HRS-4642 injection, Adebali monoclonal antibody injection, and others [1] - A specific focus is on the Phase IB/II study of SHR-9839(sc) in combination with anti-tumor drugs, targeting safety, tolerability, and efficacy in solid tumor subjects [1]

Core Viewpoint - Heng Rui Medicine (600276.SH) has received approval from the National Medical Products Administration for multiple clinical trial applications, indicating a significant advancement in its drug development pipeline [1] Group 1: Clinical Trials - The company and its subsidiaries, including Suzhou Shengdiya Biopharmaceutical Co., Ltd., Shanghai Heng Rui Medicine Co., Ltd., and Shanghai Shengdi Medicine Co., Ltd., have been granted clinical trial approval for several injectable drugs [1] - The approved drugs include SHR-9839(sc), SHR-A2009, SHR-1826, HRS-4642 injection, Adalimumab injection, and others, which will undergo clinical trials in the near future [1] - Specifically, a Phase IB/II study will be conducted to evaluate the safety, tolerability, and efficacy of SHR-9839(sc) in combination with anti-tumor drugs in patients with solid tumors [1]