Core Viewpoint - Heng Rui Medicine has experienced a continuous decline in stock price, with a total drop of 6.39% over the past six days, reflecting market concerns about its performance and potential investment risks [1]. Company Overview - Jiangsu Heng Rui Medicine Co., Ltd. is primarily engaged in the research, production, and sales of pharmaceuticals, focusing on oncology, including kinase inhibitors, antibody-drug conjugates (ADC), tumor immunology, hormone receptor regulation, DNA repair, and epigenetics [1]. - The company's product portfolio includes anti-tumor drugs, analgesics, and contrast agents, applicable in various medical fields such as autoimmune diseases, metabolic diseases, cardiovascular diseases, infectious diseases, respiratory diseases, hematological diseases, pain management, neurological diseases, ophthalmology, and nephrology [1]. - The main revenue composition of the company is 86.88% from product sales, 12.63% from licensing income, and 0.49% from other sources [1]. Fund Holdings - New沃 Fund has a significant holding in Heng Rui Medicine, with its New沃 Tongying Flexible Allocation Mixed Fund (002564) holding 4.85% of its net value in the stock, ranking it as the ninth largest holding [2]. - The fund has incurred a floating loss of approximately 5,537 yuan today, with a total floating loss of 19,900 yuan during the six-day decline [2]. Fund Manager Performance - The fund manager of New沃 Tongying Flexible Allocation Mixed Fund is Liu Tengfei, who has been in the position for nearly 3 years and 344 days, with a total fund asset size of 45.94 million yuan [3]. - During Liu's tenure, the fund has achieved a best return of 19.24% and a worst return of -50.26% [3].

Investment Rating - The report rates the industry as "Outperform" [2] Core Insights - The global market for Antibody-Drug Conjugates (ADC) is projected to exceed $100 billion, driven by the dual advantages of targeted therapy and potent cytotoxic effects [2][3] - ADCs are recognized as a promising new therapy in oncology, with the potential to redefine standard treatments for major cancers like lung and breast cancer [2][3] - China has emerged as a key player in ADC innovation, with over 50% of global ADC pipelines originating from Chinese companies, showcasing significant cost and efficiency advantages [2][3][5] Summary by Sections Section 1: ADC as a Targeted Prodrug - ADCs utilize a "Trojan horse" strategy for targeted delivery of cytotoxic agents to tumor cells, minimizing damage to normal tissues [11][13] - The mechanism involves several steps, including circulation, target binding, internalization, and release of the active drug within the tumor cell [11][13] Section 2: Market Growth and Trends - The ADC market is expected to enter a product explosion phase, with rapid growth anticipated in the coming years [2][3] - The global ADC market size is forecasted to reach $115.1 billion by 2032 [2] Section 3: Investment Opportunities - Investment in ADCs should focus on companies with innovative technology platforms and promising product candidates [2][3] - Key players to watch include those with leading ADC technology platforms and robust pipelines, such as Kelun-Biotech, Innovent Biologics, and WuXi AppTec [2][3] Section 4: Technological Advancements - ADC technology is characterized by modular upgrades and innovative combinations, with a variety of ADC types currently in development [2][3] - The report highlights the potential for ADC technology to extend into broader categories of conjugated drugs (XDC) [2][3] Section 5: Competitive Landscape - The report emphasizes the competitive nature of the ADC industry, with numerous players vying for market share and innovation [2][3] - Chinese ADC companies are recognized for their ability to lead in innovation and capture significant market opportunities [2][3][5]

Investment Rating - The report indicates a positive investment outlook for the dry eye disease treatment drug industry, with a projected compound annual growth rate (CAGR) of 10% from 2025 to 2030, and the market size expected to exceed 9.6 billion yuan by 2030 [4][31]. Core Insights - The dry eye disease treatment market in China is characterized by a dual-track competition between foreign and domestic companies, with local firms like Xingqi Eye Medicine and Hengrui Medicine gradually breaking the monopoly of foreign enterprises through independent research and development and collaborative efforts [4][10]. - The number of dry eye disease patients in China has surpassed 360 million, with an annual growth rate of 10%, indicating a continuous expansion of diagnosis and treatment demand [4][11]. - The market is shifting from reliance on traditional treatments like artificial tears to innovative therapies, including immunosuppressants and new drug delivery systems, marking a transition to a more precise and individualized treatment approach [4][17][34]. Summary by Sections Industry Definition - Dry eye disease (DED) is caused by insufficient tear production or instability of the tear film, leading to various ocular discomforts. Treatment is individualized and can include drug therapy, physical therapy, and surgical options [5]. Drug Classification - Dry eye treatment drugs can be categorized based on their mechanisms of action, including lubricating and repairing agents, anti-inflammatory drugs, and antibacterial agents [6][7][8]. Industry Characteristics - The increase in screen time among residents has led to a rise in dry eye disease cases, creating significant market potential. The market is currently dominated by artificial tears and cyclosporine eye drops [10][12]. Market Size and Growth - The market size for dry eye treatment drugs is projected to grow from 12.755 billion yuan in 2025 to 19.306 billion yuan by 2030, with a CAGR of 8.64% [31][34]. Competitive Landscape - The high-end market for dry eye treatment drugs is primarily dominated by foreign brands, but domestic companies are making significant strides through innovation and competitive pricing [41][42][43]. Policy Analysis - Recent policies aim to enhance eye health services and promote awareness of dry eye disease, which is expected to further stimulate market growth [39][40]. Industry Chain Analysis - The industry chain includes upstream raw material suppliers, midstream drug manufacturers, and downstream sales channels, with a focus on innovation and quality improvement to enhance competitiveness [18][19][20].

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20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 | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發 ...

Core Viewpoint - Heng Rui Medicine (600276)(01276) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Summary by Category Company Actions - The company plans to repurchase 209,900 A-shares at a total cost of 12.7432 million RMB [1] - The buyback price per share ranges from 60.58 to 60.78 RMB [1] Financial Implications - The total expenditure for the buyback reflects a strategic move to enhance shareholder value [1]

Core Viewpoint - Heng Rui Medicine (01276.HK) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company plans to repurchase 209,900 A-shares at a total cost of RMB 12.7432 million [1] - The buyback price per share is set between RMB 60.58 and RMB 60.78 [1]

Core Viewpoint - Heng Rui Medicine (01276) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Summary by Categories Company Actions - The company plans to repurchase 209,900 A-shares at a total cost of 12.7432 million RMB [1] - The buyback price per share is set between 60.58 and 60.78 RMB [1] Financial Implications - The total expenditure for the buyback reflects a strategic move to enhance shareholder value [1]

Group 1: Financial Market Overview - The A-share market experienced a general adjustment with all major indices declining, with the STAR 50 index showing the largest drop of 2.13% [2] - As of November 18, the margin trading balance in the two markets was 24,948.32 billion yuan, a decrease of 25.67 billion yuan from the previous week [2] - The average daily number of investors participating in margin trading decreased by 3.91% to 437,462 [2] Group 2: Industry Insights - Machinery and Equipment - In October, the production of industrial robots in China increased by 17.90% year-on-year, with a monthly output of 57,900 units, and the cumulative output for the first ten months reached approximately 602,700 units, a year-on-year increase of 28.80% [8] - The construction machinery sector is expected to maintain growth due to favorable downstream demand driven by infrastructure projects and a reduction in tariff disturbances [7][8] - The mechanical equipment industry is rated as "optimistic," with a focus on domestic brands gaining market share [5][8] Group 3: Pharmaceutical and Biological Industry Performance - In Q3 2025, the pharmaceutical and biological industry saw a recovery in revenue and net profit, with a notable increase in gross and net profit margins [9] - The chemical pharmaceutical sector reported a revenue of 1237.44 billion yuan, with a net profit of 114.64 billion yuan, reflecting a significant improvement in profitability [9][10] - The medical device sector showed signs of recovery, with Q3 revenue reaching 604.49 billion yuan, although net profit decreased by 5.1% year-on-year [11]

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core Views - Qi Zhen, a fund manager at Huabao Fund, has a "policy + industry" dual - driven investment framework, focusing on innovative drugs in the medium term. His investment style combines growth and certainty with flexible valuation tolerance, and he prefers long - term holding with low turnover and portfolio structure optimization [3][17][45]. - Since Qi Zhen took office, Huabao Big Health A has achieved remarkable returns, outperforming over 90% of similar pharmaceutical theme funds. Although its drawdown control is slightly weak, it still offers good risk - return performance [4][13][44]. - Qi Zhen is an excellent fund manager with a profound professional background, a mature investment system, and strict risk awareness. He is expected to continue generating excess returns as the Chinese innovative drug industry develops [46]. 3. Summary by Directory 3.1 Fund Manager Information - **Manager Introduction**: Qi Zhen holds a biotechnology bachelor's degree and a biology doctorate from Shanghai Jiao Tong University. He has worked in Northeast Securities and Essence Securities and joined Huabao Fund in October 2020. Since February 2023, he has been the fund manager of Huabao Big Health Hybrid Securities Investment Fund [4][9][44]. - **Managed Product Introduction** - **Representative Product**: Qi Zhen has managed Huabao Big Health A (006881.OF) since February 28, 2023. As of September 30, 2025, its total scale is 268 million yuan [4][10][44]. - **Representative Product Net Value Performance**: After excluding the 3 - month establishment period, Huabao Big Health A significantly outperformed the CSI All - Pharmaceutical Index, recording a cumulative positive excess return of 60.00%. Its return performance ranks among the top in pharmaceutical theme funds, surpassing over 90% of similar funds [11][13][15]. 3.2 Fund Manager Investment Ability Analysis - **Investment Scope - Policy + Industry Dual - Driven, Medium - Term Focus on Innovative Drugs**: Qi Zhen has a biological professional background and a large amount of professional reading. His investment framework is "policy + industry" dual - driven. He focuses on innovative drugs, with a position ratio of over 90%. He mines Alpha stocks with pipeline differentiation or expected inflection points and adjusts the portfolio dynamically [20][21][45]. - **Stock - Holding Characteristics - Balancing Growth and Certainty, Flexible Valuation Tolerance**: For innovative drug companies, Qi Zhen uses pipeline market value conversion for valuation, considering factors such as clinical stage success rate and management credibility. He gives higher valuation space to innovative drugs and focuses more on static valuation and performance improvement in traditional sub - industries [29][45]. - **Operation Characteristics - Preference for Long - Term Holding, Low Turnover, and Portfolio Structure Optimization**: Qi Zhen's operation strategy is mainly long - term holding of core positions, with an annualized turnover rate of only 2 - 3 times. He prefers to invest when the stock price is at the bottom or oversold. He controls drawdown by adjusting the portfolio structure rather than market timing and shows flexibility in A/H share allocation [35][36][45]. 3.3 Summary - Qi Zhen is an outstanding fund manager with a "policy + industry" analysis framework, pipeline market value valuation method, and multi - level risk control system. He is expected to create excess returns as the Chinese innovative drug industry develops. Investors can allocate his products to participate in the investment opportunities of the Chinese pharmaceutical industry upgrade [46]. 3.4 Appendix - The appendix provides product elements of Huabao Big Health A, including fund name, abbreviation, full name, establishment date, comparison benchmark, investment target, investment scope, management fee rate, and current fund manager's tenure [48].

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Views - The innovative drug industry chain continues to show strong performance, with the pharmaceutical and biotechnology sector outperforming the CSI 300 index, rising by 3.29% while the index fell by 1.08% during the week of November 10 to November 14, 2025 [9][10] - The market potential for small nucleic acids is continuously increasing, indicating that it may become a significant technological hotspot in innovative drugs [19][22] - The sentiment in the innovative drug sector has recently declined, but the sustainability of the sector's prosperity is expected to continue, with a focus on "innovation + internationalization" [22][24] Summary by Sections 1. Weekly Pharmaceutical Sector Performance - The pharmaceutical and biotechnology sector has shown a year-to-date increase of 22.99%, outperforming the CSI 300 index by 5.38 percentage points [9] - The sector's valuation as of November 14, 2025, is 30.89 (PE, TTM), with a premium of 129.74% over the CSI 300 index [10] 2. Industry Events/Policy Overview - On November 14, 2025, the National Bureau of Statistics reported a stable economic performance, with industrial production increasing by 4.9% year-on-year [17] - The People's Bank of China reported an increase of 14.97 trillion yuan in RMB loans in the first ten months of 2025 [17] 3. Industry Investment Strategy - The report highlights the active business development (BD) transactions in the innovative drug sector, with significant collaborations and licensing agreements, such as the partnership between Sainty Biotech and Eli Lilly [19] - The report suggests a focus on the recovery of the medical device and traditional Chinese medicine sectors, as well as the ongoing improvement in the innovative drug industry chain [22][28] 4. Recommended Stocks - Recommended stocks include: - **Hengrui Medicine**: Expected to achieve rapid growth in both domestic and international markets [29] - **BeiGene**: Anticipated to achieve comprehensive profitability in 2025, with strong performance in its core products [30] - **Innovent Biologics**: Expected to reach a revenue target of 20 billion yuan by 2027 [31] - **Kanglong Chemical**: Projected to see significant revenue growth driven by its innovative products [32] - **WuXi AppTec**: Anticipated to maintain rapid growth in its core business and increase global production capacity [33]