Group 1: Market Overview - The macroeconomic environment remains supportive with expectations of further easing from the Federal Reserve, which has already lowered rates by 25 basis points in September, with projections for additional cuts by the end of the year [2] - A-shares are experiencing a high level of trading activity, with average daily turnover exceeding 2.45 trillion yuan in September, up from 2.31 trillion yuan in August, indicating strong market liquidity [2] - The technology sector continues to show strength, with the Wande Technology Index accounting for 40.8% of total A-share trading volume, reflecting ongoing liquidity inflows into this sector [2] Group 2: Sector Analysis - The technology sector is characterized by a clear differentiation between high and low performers, with previous leaders like optical modules and communication equipment seeing lower gains in September, while semiconductor materials and energy storage stocks have shown significant recovery [2][3] - Cyclical and dividend-paying stocks remain weak due to poor economic data, with various sectors underperforming compared to technology [3] - The current risk premium for A-shares is low, with the risk premium for the CSI 300 index at 5.19%, close to historical lows, suggesting limited downside potential [3] Group 3: Investment Strategy - The report recommends focusing on technology stocks with a strong price-performance ratio, particularly those that have lagged behind in previous rallies, to enhance potential returns [5] - There is an emphasis on upstream materials related to energy storage and semiconductor industries, such as lithium and cobalt, which are expected to benefit from ongoing demand growth in electric vehicles and semiconductor manufacturing [5] - The October stock selection includes a diverse range of sectors, highlighting companies in innovative pharmaceuticals, electronics, automotive, and communications, indicating a strategic approach to capitalize on sectoral strengths [10][11]

2025年9月25日，由于市场环境变化，投资基金全体合伙人一致决议对投资基金财产进行清算。投资基 金尚无已完成交割的投资项目。截至本公告披露日，药明一期对投资基金实缴出资人民币2.4亿元。药 明一期预计将收回投资本金2.4亿元及相关利息收益。 药明康德(02359)公布，2023年10月20日，公司全资子企业无锡药明康德一期投资企业(有限合伙)(以下 简称"药明一期")与上海华平私募基金管理有限公司及其他合伙人签署有限合伙协议，约定由药明一期 认缴华平大健康产业投资(无锡宜兴)合伙企业(有限合伙)(以下简称"投资基金")不超过6亿元人民币的投 资基金份额。 ...

2025 年 9 月 25 日，由于市场环境变化，投资基金全体合伙人一致决议对投资基金财产进行清算。投资 基金尚无已完成交割的投资项目。截至本公告披露日，药明一期对投资基金实缴出资人民币2.4亿元。 药明一期预计将收回投资本金2.4亿元及相关利息收益。 智通财经APP讯，药明康德(02359)公布，2023 年 10 月 20 日，公司全资子企业无锡药明康德一期投资 企业(有限合伙)(以下简称"药明一期")与上海华平私募基金管理有限公司及其他合伙人签署有限合伙协 议，约定由药明一期认缴华平大健康产业投资(无锡宜兴)合伙企业(有限合伙)(以下简称"投资基金")不超 过6亿元人民币的投资基金份额。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致之任何損失承擔任何責任。 海外監管公告 本海外監管公告乃由本公司根據香港聯合交易所有限公司證券上市規則第 13.10B條作出。 WUXI APPTEC CO., LTD. * 無錫藥明康德新藥開發股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2359） 无锡药明康德新药开发股份有限公司 关于认购私募基金份额的进展公告 茲載列本公司在上海證券交易所網站刊登的以下資料中文全文，僅供參閱。 承董事會命 無錫藥明康德新藥開發股份有限公司 董事長 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。 李革博士 2023 年 10 月 20 日，无锡药明康德新药开发股份有限公司（以下简称"公 司"）全资子企业无锡药明康德一期投资企业（有限合伙）（以下简称"药明一 期"）与上海华平私募基金管理有限公司及其他合伙人签署有限合伙协议，约 定由药明 ...

无锡药明康德新药开发股份有限公司 证券代码：603259 证券简称：药明康德 公告编号：临 2025-065 关于认购私募基金份额的进展公告 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。 2023 年 10 月 20 日，无锡药明康德新药开发股份有限公司（以下简称"公 司"）全资子企业无锡药明康德一期投资企业（有限合伙）（以下简称"药明一 期"）与上海华平私募基金管理有限公司及其他合伙人签署有限合伙协议，约 定由药明一期认缴华平大健康产业投资（无锡宜兴）合伙企业（有限合伙）（以 下简称"投资基金"）不超过 60,000 万元人民币的投资基金份额（以下简称"本 次投资"）。具体内容详见公司于 2023 年 10 月 21 日在上海证券交易所网站 （www.sse.com.cn）及相关指定媒体披露的《关于认购私募基金份额的公告》（公 告编号：临 2023-062）。 2025 年 9 月 25 日，由于市场环境变化，投资基金全体合伙人一致决议对投 资基金财产进行清算。投资基金尚无已完成交割的投资项目。截至本公告披露 日，药明一期 ...

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry [2] Core Insights - The CXO industry is experiencing a recovery in market conditions, driven by improvements in supply-demand dynamics and a rebound in financing activities for innovative drugs [3][4] - The CDMO sector continues to show high growth potential, with leading companies improving their performance and expanding into emerging markets [5][6] - The CRO sector is approaching a turning point, with signs of demand recovery and improved order conditions [6][7] Summary by Sections CXO Industry Overview - The CXO industry operates on a "water seller" business model, closely tied to the financing of the biopharmaceutical sector. In the first eight months of 2025, overseas innovative drug financing reached $22.6 billion, a year-on-year decline of approximately 36%, while domestic innovative drug financing amounted to $7.75 billion, a year-on-year increase of about 89% [3][31] - The leading companies in the CXO sector are expected to enter an expansion phase as demand recovers, while smaller companies may face increased competition and exit the market [4][44] CDMO Sector - CDMO leading companies have begun to see marginal improvements in performance since Q4 2024, attributed to high overseas revenue and a unique business model that supports project pipeline growth [5][46] - The order situation for CDMO companies has improved significantly, with notable increases in backlogged orders for major players like WuXi AppTec and WuXi Biologics [49][50] - The CDMO business model is characterized by strong customer retention and project scalability, allowing for sustained growth despite challenges in new project signings [52] CRO Sector - The CRO sector is witnessing a divergence in performance among leading companies, with some starting to recover. The overall order situation has shown improvement, indicating a potential demand revival [6][22] - The price increase of experimental monkeys suggests a forthcoming recovery in preclinical CRO demand, highlighting the importance of resource availability for leading CRO companies [6][24] - The integration of AI in drug development processes is expected to enhance efficiency and reduce costs, with many domestic CRO leaders already adopting AI technologies [7][18] Recommended Companies - The report suggests focusing on key players in the CXO sector, including WuXi AppTec, WuXi Biologics, WuXi AppTec, and others, which are positioned well for growth based on their business characteristics and market trends [8][10]

Core Viewpoint - Daiwa maintains a "Buy" rating for WuXi AppTec (02359) and raises the target price from HKD 128 to HKD 134, reflecting a 3% increase in revenue and earnings per share forecasts for the company from 2023 to 2027 [1] Group 1: Financial Performance - The company produced 4 out of the 10 best-selling chemical drugs last year and is expected to receive FDA approval for 8 out of 40 small molecule drugs between 2024 and the first half of 2025 [1] - Management anticipates that WuXi TIDES business will see a year-on-year revenue growth of over 80% this year [1] Group 2: Product Development - The company is currently producing 23 GLP-1 drugs, an increase from 21 disclosed in January and 19 in September of last year, with 16 of these in Phase 2 and Phase 3 clinical trials, capturing 26% of the market share [1] Group 3: Future Operations - The first small molecule factory at the Singapore API base is expected to commence operations in 2027, followed by the first TIDES factory in the second quarter of 2028 and a second small molecule factory in the fourth quarter of 2029 [1] - The DP base in Delaware, USA, is expected to begin operations in the fourth quarter of next year, with sterile filling/completion capacity anticipated by the fourth quarter of 2027 [1]

Core Viewpoint - Daiwa maintains a "Buy" rating for WuXi AppTec (603259) with a target price raised from HKD 128 to HKD 134, reflecting an optimistic outlook on the company's revenue and earnings growth [1] Revenue and Earnings Forecast - The firm has increased its revenue and earnings per share forecasts for the company by 3% for the years 2023 to 2027, driven by higher revenue expectations from WuXi's chemical business [1] Product Development and Market Position - WuXi produced 4 out of the 10 best-selling chemical drugs last year and is expected to have 8 out of 40 small molecule drugs approved by the FDA between 2024 and the first half of 2025 [1] - The company is currently developing 23 GLP-1 drugs, an increase from 21 in January and 19 in September of the previous year, with 16 of these in Phase 2 and Phase 3 clinical trials, capturing 26% of the market share [1] Business Growth Expectations - Management anticipates that WuXi's TIDES business will see a year-on-year revenue growth of over 80% this year [1] Future Operational Plans - The first small molecule factory at the Singapore API site is expected to commence operations in 2027, followed by the first TIDES factory in the second quarter of 2028 and a second small molecule factory in the fourth quarter of 2029 [1] - The DP base in Delaware, USA, is projected to begin operations in the fourth quarter of next year, with sterile filling/completion capabilities expected by the fourth quarter of 2027 [1]

Group 1 - Kanglong Chemical fell by 3.18% [1] - Kelaiying decreased by 3.17% [1] - Zhaoyan New Drug dropped by 2.9% [1] - WuXi AppTec and Medisi both declined over 3% [1]

Core Viewpoint - Daiwa maintains a "Buy" rating for WuXi AppTec, raising the target price from HKD 128 to HKD 134, reflecting a 3% increase in revenue and earnings per share forecasts for the company from 2023 to 2027 due to higher revenue expectations in its chemical business [1] Group 1: Financial Performance - The company produced 4 out of the 10 best-selling chemical drugs last year and is expected to have 8 out of 40 small molecule drugs approved by the FDA between 2024 and the first half of 2025 [1] - Management anticipates that WuXi TIDES business will see over 80% year-on-year revenue growth this year [1] Group 2: Production Capacity and Future Plans - The first small molecule factory at the Singapore API site is expected to be operational by 2027, followed by the first TIDES factory in the second quarter of 2028, and a second small molecule factory by the fourth quarter of 2029 [1] - The DP site in Delaware, USA, is expected to be operational by the fourth quarter of next year, with sterile filling/completion capabilities anticipated by the fourth quarter of 2027 [1]