Core Viewpoint - WuXi AppTec (02359) experienced a decline of over 6%, with a current price of HKD 105.9 and a trading volume of HKD 652 million [1] Group 1: Company Announcement - On October 29, WuXi AppTec announced that it received a notice from its actual controller regarding a planned reduction of A-share holdings [1] - The actual controller intends to reduce holdings based on market conditions within three months after the announcement, starting 15 trading days from the disclosure date [1] - The total number of shares to be reduced will not exceed 2% of the company's total share capital, amounting to a maximum of 59,675,143 shares [1]

Core Viewpoint - The main focus of the article is on the significant net inflow and outflow of capital in various sectors, highlighting the performance of specific companies and the overall market trends in different industries [1] Group 1: Capital Flow Analysis - Major capital inflow was observed in the energy metals, shipping ports, and textile sectors, indicating strong investor interest in these areas [1] - The electronic sector experienced a substantial net outflow exceeding 11.1 billion, suggesting a shift in investor sentiment away from this industry [1] Group 2: Company-Specific Movements - Huayou Cobalt saw a net capital inflow of over 500 million, ranking first among individual stocks, reflecting positive market sentiment towards the company [1] - New E-Sun faced a significant net sell-off exceeding 2.8 billion, indicating potential concerns among investors regarding its performance [1] - Other companies such as Zhongwei Company, Tianji Shares, and BlueFocus also received notable net inflows, while Tianfu Communication, WuXi AppTec, and Shenghong Technology experienced considerable net outflows [1]

Investment Rating - The report maintains a "BUY" rating for Pharmaron (3759.HK) since January 1, 2020, with a 12-month price target of HK$30.00, indicating an upside potential of 20.2% from the current price of HK$24.96 [1][12]. Core Insights - Pharmaron reported a 3Q25 revenue of Rmb3.65 billion, reflecting a year-over-year increase of 13.4% and a quarter-over-quarter increase of 9.1%, slightly exceeding Goldman Sachs estimates of Rmb3.48 billion. This growth was driven by strong performance in the CMC and bioscience segments, particularly from the top 20 large pharmaceutical clients [1][2]. - The management has raised the full-year revenue growth guidance to 12-16% year-over-year, up from the previous guidance of 10-15%, suggesting a potential growth of 6-20% year-over-year in 4Q25. The management is optimistic about further margin improvements in 4Q25 compared to the first nine months of 2025 [1][2]. - The report highlights robust new project order momentum, particularly in the CMC segment, where new project orders increased by 13% year-over-year for the first three quarters, with a notable 20% year-over-year rise in CMC new orders driven by large pharmaceutical demand [2][20]. Summary by Sections Earnings Review - 3Q25 revenue: Rmb3.65 billion, up 13.4% y/y and 9.1% q/q, slightly above GSe of Rmb3.48 billion [1]. - Non-IFRS adjusted net profit margin improved to 12.9%, up from 11.3% in 1Q25 and 12.2% in 2Q25, supported by higher utilization rates [1]. Revenue Growth and Guidance - Full-year revenue growth guidance raised to 12-16% y/y from 10-15% y/y, implying 4Q25 growth of 6-20% y/y [1]. - Continued investment in biologics and strategic acquisitions positions Pharmaron for sustained growth in the CDMO space [1][20]. Segment Performance - CMC revenue reached Rmb903 million, up 12.7% y/y and 29.6% q/q, with a gross margin of 34.6% [2]. - Clinical development revenue was Rmb501 million, up 8.2% y/y, but gross margin declined to 10.8% due to project mix and competitive pressures [3][19]. Strategic Acquisitions - The acquisition of Biortus is expected to enhance Pharmaron's biologics service offerings, particularly in structural biology data supporting drug discovery [20]. Financial Projections - Revenue projections for 2025E are Rmb14,066.7 million, with EBITDA of Rmb3,532.9 million and EPS of Rmb0.91 [6][17]. - The report anticipates a 3-year earnings CAGR of 15% [21].

每经AI快讯，10月30日，药明康德跌超6%，股东拟减持不超2%股份。 （文章来源：每日经济新闻） ...

药明康德盘初跌超6%，实际控制人控制的股东计划15个交易日后3个月内减持不超过总股本2%。 ...

Macroeconomic News - The meeting between Chinese President Xi Jinping and U.S. President Trump is scheduled for October 30 in Busan, South Korea, focusing on strategic and long-term issues in China-U.S. relations [1][2] - The People's Bank of China is committed to deepening capital market reforms and expanding high-level financial openness to attract foreign investment [1][2] Industry News - The Federal Reserve has lowered the benchmark interest rate by 25 basis points to 3.75%-4.00%, marking the fifth rate cut since September 2024 [4] - A strategic emerging industry development fund with a scale of 51 billion yuan has been launched, focusing on supporting industries such as artificial intelligence, quantum technology, and future energy [4][5] - The Ministry of Commerce and other departments have issued a notice to enhance the integration of technologies like AI and blockchain in urban commercial systems [5] Company News - Kweichow Moutai reported a net profit of 19.224 billion yuan for the third quarter, a year-on-year increase of 0.48% [7] - Sinopec announced a third-quarter net profit of 8.3 billion yuan, up 3.5% year-on-year, and is continuing share buybacks [7] - NewEase reported a net profit of 6.327 billion yuan for the first three quarters, a significant increase of 284% [7] - Tianfu Communication announced a net profit of 1.465 billion yuan for the first three quarters, up 50.07% year-on-year [7] - Tianqi Lithium reported a net profit of 180 million yuan for the first three quarters, marking a return to profitability [7] - Industrial Fulian reported a net profit of 22.487 billion yuan for the first three quarters, a 49% increase, driven by high-growth products like AI servers [7] - WuXi AppTec's major shareholder plans to reduce its stake by up to 2% [7] - Dongni Electronics disclosed that its annual report contained false records, leading to a name change to ST Dongni starting October 31 [7] - Guokai Military Industry signed a 466 million yuan annual order contract for military trade products, expected to positively impact the company's performance [8] - Dayou Energy reported a net loss of 1.122 billion yuan for the first three quarters due to declining product prices [9] - Midea Group announced a net profit of 37.883 billion yuan for the first three quarters, a year-on-year increase of 19.51% [9] - Peking University Pharmaceutical's chairman has been criminally detained and is temporarily unable to perform duties [9] - China Rare Earth reported a net profit of 192 million yuan for the first three quarters, a year-on-year increase of 195% [10] - Shandong Gold reported a net profit increase of 92% for the first three quarters, benefiting from rising gold prices and sales volume [10] - Huizhou Intelligent announced that its 2019 and 2020 annual reports contained false records, leading to a name change to ST Huizhou [10] - China Unicom's subsidiary participated in the investment of the central enterprise strategic emerging fund [11] - Shikang Co. reported a net loss of 3.105 billion yuan for the first three quarters [11] - Hangyang Co. received a stake increase from CITIC Financial Assets, reaching a 5% holding [11] - Western Gold reported a net profit increase of 168% for the first three quarters, driven by increased sales and prices of gold products [11] Investment Opportunities - The demand for AI server storage is exceeding expectations, with major companies like Samsung and SK Hynix operating at full capacity [15][16] - The market for enterprise-level SSDs is expected to grow significantly due to the increasing requirements for data transmission and computation in AI applications [16] - The price of tungsten has surged, leading to significant price increases for hexafluoride tungsten suppliers targeting semiconductor manufacturers [17]

Core Viewpoint - WuXi AppTec's actual controller plans to reduce its A-share holdings by up to 2% of the total share capital, equating to a maximum of 59,675,143 shares, due to personal funding needs [1] Shareholder Reduction Plans - G&C IV Hong Kong Limited plans to reduce up to 11,490,579 shares, representing 0.385% of total shares, through centralized bidding and/or block trading from November 20, 2025, to February 17, 2026 [2] - G&C V Limited intends to reduce up to 8,028,865 shares, or 0.269%, during the same period [2] - G&C VI Limited aims to reduce up to 15,706,741 shares, accounting for 0.526% of total shares [3] - G&C VII Limited plans to reduce up to 4,157,242 shares, representing 0.139% [3] - Jiaxing Houjin Investment Partnership (Limited Partnership) intends to reduce up to 218,529 shares, or 0.007% [3] - Jiaxing Houyu Investment Partnership (Limited Partnership) plans to reduce up to 1,204,934 shares, representing 0.040% [5] - Jiaxing Yumin Investment Partnership (Limited Partnership) aims to reduce up to 3,187,506 shares, accounting for 0.107% [6] - Jiaxing Youxiang Investment Partnership (Limited Partnership) plans to reduce up to 9,562,983 shares, or 0.321% [7] - Shanghai Houling Investment Center (Limited Partnership) intends to reduce up to 78,986 shares, representing 0.003% [8] - Shanghai Houzhen Investment Center (Limited Partnership) plans to reduce up to 129,627 shares, or 0.004% [9] - Shanghai Houhuan Investment Center (Limited Partnership) aims to reduce up to 3,830,921 shares, accounting for 0.128% [10] - Shanghai Houyang Investment Center (Limited Partnership) plans to reduce up to 122,916 shares, representing 0.004% [11] - Shanghai Houyong Investment Center (Limited Partnership) intends to reduce up to 168,044 shares, or 0.006% [12] - Shanghai Houyuan Investment Center (Limited Partnership) plans to reduce up to 126,343 shares, representing 0.004% [13] - Shanghai Houyue Investment Center (Limited Partnership) aims to reduce up to 126,024 shares, or 0.004% [13] Company Market Information - As of the latest closing, WuXi AppTec's stock price is 106.04 yuan, with a total market capitalization of 316.4 billion yuan [14]

10月29日晚，药明康德公告，公司于2025年10月29日收到实际控制人控制的股东发出的《告知 函》。 因自身资金需求，公司实际控制人控制的股东计划根据市场情况自本公告披露日起15个交易日后的3个 月内，通过集中竞价和/或大宗交易方式减持公司A股股份，减持股份数量不超过公司总股本的2%，即 合计不超过59675143股。 | 股东名称 | G&C IV Hong Kong Limited | | --- | --- | | 计划减持数量 | 不超过:11,490,579 股 | | 计划减持比例 | 不超过:0.385% | | 减持方式及对应减持数 | 合计不超过 11.490.579 股,其中集中竞价减持,不超 | | 量 | 过:5,745,289 股 | | | 大宗交易减持,不超过:11,490,579 股 | | 减持期间 | 2025年11月20日~2026年2月17日 | | 拟减持股份来源 | IPO 前取得(包括上市后权益分派资本公积转增股本 | | | 取得的股数) | | 拟减持原因 | 自身资金需求 | | 股东名称 | G&C V Limited | | --- | --- | | ...

Summary of Key Points Core Viewpoint - On October 29, Hangzhou Oxygen Plant Co., Ltd. disclosed an increase in shareholding, while 11 A-share listed companies announced plans for share reductions [1][2]. Group 1: Shareholding Increases - Hangzhou Oxygen Plant received a stake increase from CITIC Financial Assets, raising its holding to 5% [2]. Group 2: Shareholding Reductions - Greenfield Machinery: Shareholder Shao Yutian plans to reduce holdings by no more than 3% [2]. - Jianghua Micro: Shareholder Yin Fuhua intends to reduce holdings by no more than 3% [2]. - Jiuzhou Group: Shareholders plan to collectively reduce holdings by no more than 1.88% [2]. - Guorui Technology: Shareholder Gong Ruiliang plans to reduce holdings by no more than 3% [2]. - Kairun Co., Ltd.: Shareholder Li Zhongren plans to reduce holdings by no more than 1.70% [2]. - Yingjixin: Shareholder plans to transfer 2.9% of company shares through inquiry [2]. - Mindong Electric: Shareholder Provincial Investment Group intends to reduce holdings by no more than 1% [2]. - WuXi AppTec: Shareholders controlled by the actual controller plan to reduce holdings by no more than 2% [2]. - Zhongwei Company: A dedicated repurchase account plans to reduce holdings by no more than 0.33% [2]. - Jinhua Co., Ltd.: Plans to reduce no more than 746.54 million shares that have been repurchased [2]. - Hechuan Technology: Bosch China intends to reduce holdings by no more than 3% [2].

| | | 10.29上市公司盘后增持情况 | | --- | --- | --- | | 1 | 杭氧股份 | 获中信金融资产举牌 持股比例达5% | | | | 10.29上市公司盘后减持情况 | | 1 | 绿田机械 | 股东邵雨田计划减持不超3%公司股份 | | 2 | 江化微 | 股东殷福华计划减持不超3%股份 | | 3 | 九州集团 | 股东拟合计减持不超1.88%股份 | | 4 | 国瑞科技 | 股东龚瑞良计划减持不超3%公司股份 | | 5 | 凯伦股份 | 股东李忠人计划减持不超1.70%公司股份 | | 6 | 英集芯 | 股东计划询价转让2.9%公司股份 | | 7 | 闽东电力 | 股东省投集团拟减持不超1%股份 | | 8 | 药明康德 | 实际控制人控制的股东拟减持不超过2%公司股份 | | g | 中微公司 | 回购专用证券账户拟减持不超0.33%股份 | | 10 | 金花股份 | 拟减持不超过746.54万股已回购股份 | | 11 | 天川科技 | 博世中国拟减持不超3%公司股份 | MACD金叉信号形成，这些股涨势不错！ 炒股就看金麒麟分析师研报，权威，专业，及时，全 ...