Core Viewpoint - The Hong Kong Hang Seng Index closed up 0.68% at 24,994.14 points, reaching a new high since February 2022, with significant contributions from state-owned enterprises [1] Group 1: Market Performance - The Hang Seng Index briefly surpassed the 25,000 points mark during trading [1] - The AH premium decreased by 0.67% to 125.44, marking the lowest level since June 2020, indicating a narrowing price gap between H-shares and A-shares [2] Group 2: Stock Movements - Major state-owned enterprises led the gains in the Hang Seng Index, with China Petroleum & Chemical Corporation rising by 5.53%, China National Petroleum Corporation by 3.61%, and China Shenhua Energy Company by 2.94% [1] - Several companies related to the Yarlung Tsangpo River hydropower project saw significant stock price increases, with Huaxin Cement, Dongfang Electric, and Chongqing Iron & Steel achieving daily price limits in A-shares, while their H-shares surged by 85.63%, 65.21%, and 25.53% respectively [2] Group 3: AH Share Premiums - As of July 21, the number of AH companies with H-shares priced higher than A-shares increased to 8, with CATL showing the highest premium of 36.69% [3] - Other companies with significant premiums included Huaxin Cement (17.99%), Dongfang Electric (14.84%), and Hengrui Medicine (14.1%) [3] Group 4: Market Trends and Outlook - The AH premium has remained low for the past month, with only 3 companies previously showing H-shares priced higher than A-shares [4] - Despite challenges such as external tariff pressures and a weakening domestic growth cycle, the Hong Kong market remains active, with a daily average trading volume of 2,406 million HKD, an increase of over 80% from 2024 [4] - The influx of southbound capital has also been robust, with an average daily inflow of 61.5 million HKD, nearly double the 34.7 million HKD from 2024 [4] Group 5: IPO and Market Dynamics - The number of companies listing in Hong Kong is increasing, with 10 A-share companies converting to H-shares, raising 70% of their funds from this transition [5] - Short-term AH premiums are constrained by a "hidden floor" due to dividend tax arrangements, while long-term macro factors supporting Hong Kong's capital market remain unchanged [5]

| 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) | | 說明 | 於上海證券交易所上市 | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年7月18日 | 2,485,141,055 | | 0 | | 2,485,141,055 | | 1). 其他 (請註明) | | | % | | | | | 參見B部 | | | | | | | | 變動日期 | 2025年7月21日 | | | | | | | 於下列日期結束時的結存 (註5及6) | 2025年7 ...

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： 無錫藥明康德新藥開發股份有限公司 呈交日期： 2025年7月21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) | | 說明 | 於上海證券交易所上市 | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 ...

Core Viewpoint - The Shanghai Health Industry Index has shown significant growth, reflecting the overall performance of major companies in the healthcare, food safety, and environmental sectors listed on the Shanghai Stock Exchange [2]. Group 1: Index Performance - The Shanghai Health Industry Index has increased by 4.93% over the past month, 8.76% over the past three months, and 7.27% year-to-date [2]. - The index is based on the largest 50 listed companies in relevant sectors, using an equal-weighted approach to represent the overall performance of health-related companies [2]. Group 2: Index Composition - The top ten weighted companies in the index include Shanghai Washba (3.12%), WuXi AppTec (2.5%), and others, with the total weight of these companies reflecting their significance in the index [2]. - The index is composed entirely of companies listed on the Shanghai Stock Exchange, with a sector breakdown showing 39.55% in healthcare, 29.68% in consumer goods, 24.70% in industrials, and 6.07% in utilities [2]. Group 3: Index Adjustment Mechanism - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [3]. - Each adjustment typically does not exceed 20% of the sample, and weight factors are fixed until the next scheduled adjustment unless special circumstances arise [3].

Market Overview - The total trading volume in the Shanghai and Shenzhen markets reached 1.7 trillion yuan, an increase of 128.9 billion yuan compared to the previous trading day [1][2] - All three major indices in A-shares rose, with the Shanghai Composite Index increasing by 0.72% to a new yearly high, the Shenzhen Component Index rising by 0.86% to surpass the 11,000-point mark, and the ChiNext Index gaining 0.87% [1][2] Sector Performance - The hydropower concept stocks experienced a significant surge, while traditional infrastructure sectors such as cement and machinery also showed strong upward momentum [4] - The construction sector saw a remarkable increase of 45.13%, with 21 stocks hitting the daily limit [5] Individual Stock Highlights - Major infrastructure stocks like China Power Construction, High Hope International, and Poly United saw their shares hit the daily limit [6] - In the robotics sector, stocks such as Aowei Technology, Jinfeng Technology, and Xuelong Group also had over 20 stocks hitting the daily limit [6] Capital Flow - Main capital inflows were observed in sectors like electric grid equipment, securities, and non-ferrous metals, while there were net outflows from the computer, banking, and telecommunications sectors [7] - Notable net inflows included 1.168 billion yuan into CATL, 873 million yuan into Zhongji Xuchuang, and 813 million yuan into Huaxin [8] - Conversely, net outflows were seen in Dongfang Wealth, WuXi AppTec, and Sifang Jingchuang, with outflows of 1.060 billion yuan, 783 million yuan, and 747 million yuan respectively [9] Institutional Insights - Boshi Securities noted that the human-shaped robot sector has low capital activity, and the rebound faces pressure from previous dense levels [10] - Guotai Junan highlighted that the overall economic fundamentals are improving, with dual policy support for the market, and structural capital flow towards sectors benefiting from performance and policy [10] - Galaxy Securities suggested that the market is likely to maintain a volatile pattern in the short term, with limited downside adjustment space and clearer upward logic [10]

Group 1 - The computer sector experienced a significant net outflow of over 10.3 billion yuan, indicating a bearish sentiment in this industry [1][2] - The construction materials, construction engineering, and new energy sectors saw net inflows, with construction materials leading at 1.653 billion yuan [2] - Notable individual stocks with significant net inflows include Ningde Times with 1.081 billion yuan and CASI with 0.758 billion yuan [3] Group 2 - The top stock with the highest net outflow was Oriental Fortune, which saw a net outflow of 1.15 billion yuan [4] - Other companies with substantial net outflows include WuXi AppTec and Sifang Jingchuang, with outflows of 0.632 billion yuan and 0.629 billion yuan respectively [4] - The overall trend indicates a shift in investor focus away from technology and pharmaceuticals towards construction and energy sectors [1][2]

Market Performance - The market continued to rise last week, with the Shanghai Composite Index up 0.69%, the Shenzhen Component Index up 2.04%, and the ChiNext Index up 3.17% [1] - The China Securities Xinhua National Brand Index increased by 1.63%, closing at 1706.67 points [1] Strong Stock Performance - Several constituent stocks performed strongly last week, including: - Zhongji Xuchuang up 24.33% - Xinlitai up 20.86% - Ecovacs up over 20% - Woer Biotech and AVIC Shenfei up 15.42% and 12.78% respectively [1] - Year-to-date performance shows: - Xinlitai up 78.17% - WuXi AppTec up 53.33% - Ecovacs up over 50% [2] Market Outlook - Institutions believe the Shanghai Composite Index has stabilized above 3500 points, indicating strong bullish momentum [2] - Increased market profitability is expected to attract more external funds, supported by ample liquidity and positive trading sentiment [2] - The current market may be at the beginning of a new bull market, driven by domestic policy support and improving fundamentals [2] Focus on Earnings and Policies - The upcoming earnings season is expected to significantly impact individual stock performance [3] - Market attention will shift towards domestic policies and Federal Reserve actions, which may form the basis for mid-term trends [3] - Structural opportunities are anticipated to be key for A-share investments in the second half of the year, with a focus on core A-share assets [3]

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a 6-month target price of 95.60 CNY per share, based on an expected EPS of 4.78 CNY for 2025 and a PE ratio of 20 times [4][9]. Core Insights - The company is evolving into a leading integrated CRDMO service platform, driving continuous growth in its business segments, particularly in small molecule D&M, TIDES, testing, and biological services [13][15]. - The CRDMO industry is expected to see a gradual recovery in outsourcing demand, driven by ongoing investments in drug development, particularly in GLP-1 and ADC sectors [27][28]. - The company has shown robust growth in its project pipeline, with significant increases in both the number of projects and commercialized products, indicating strong operational capabilities and market demand [40][42]. Summary by Sections 1. Integrated CRDMO Service Platform - The company has developed into a global leader in integrated CRDMO services, expanding its global network and service offerings since its establishment in 2000 [13][14]. - Revenue has grown from 4.883 billion CNY in 2015 to an expected 39.241 billion CNY in 2024, with a CAGR of 26.05%, while net profit has increased from 0.349 billion CNY to 9.450 billion CNY in the same period, reflecting a CAGR of 44.27% [15][19]. 2. CRDMO Industry Outlook - The report anticipates a recovery in CRDMO outsourcing demand, supported by the rapid commercialization of drugs like GLP-1 and ADC, which are expected to drive revenue growth for CRDMO companies [27][28]. - The company’s backlog of orders reached 523.3 billion CNY by March 2025, representing a year-on-year increase of 47.1% [35]. 3. Business Segment Performance 3.1. Chemical Business - The small molecule D&M business is experiencing steady growth, with revenue reaching 17.870 billion CNY in 2024, and a projected increase of 13.8% year-on-year in Q1 2025 [40][42]. - The TIDES business is benefiting from high demand in the peptide sector, with revenue expected to grow from 2.04 billion CNY in 2022 to 5.8 billion CNY in 2024, reflecting a CAGR of 68.74% [54][55]. 3.2. Testing Business - The testing segment, including SMO services, has maintained a leading position in the industry, with revenue from clinical CRO and SMO services growing from 1.087 billion CNY in 2020 to 1.810 billion CNY in 2024 [59][61]. - The SMO service team has expanded to 4,700 personnel, covering over 1,000 hospitals across 150 cities, contributing to the successful approval of 255 new products over the past decade [61][62]. 3.3. Biological Business - The company is focusing on building capabilities related to new molecular types, with over 290 clients served and more than 1,400 projects delivered since 2021 in the nucleic acid platform [63][64]. - The revenue from new molecular types is increasingly contributing to the overall growth of the biological segment [63].

Core Viewpoint - The Hong Kong stock market is experiencing significant changes, with the Hang Seng AH Premium Index declining and reaching a new low for the year, indicating a narrowing premium of A-shares relative to H-shares, reflecting improved liquidity and value reassessment in the market [1] Group 1: AH Premium Rate Trends - The trend of narrowing AH premium rates is particularly evident at the individual stock level, with all 160 A+H listed companies seeing their AH premium rates drop below 200% [3] - The highest premium rate is for Chenming Paper, at 199.54%, contrasting sharply with the end of 2024 when over 10 stocks had premium rates exceeding 200% [3] - As of July 18, the number of stocks with premium rates over 100% has decreased to 32, down from 57 at the end of 2024, with BYD and Hongye Futures leading at 185.83% and 185.47% respectively [3] - Notably, four stocks are now trading at a discount of A-shares relative to H-shares, with CATL showing the largest discount at 24.63% [3] Group 2: Foreign Investment Trends - H-shares have performed strongly this year, supporting the narrowing premium rates, with seven H-shares doubling in value, including Rongchang Bio, which surged by 3.91 times [4] - Foreign institutions are increasingly favoring leading assets in the Hong Kong market, as evidenced by Wellington Management's purchase of 1.14 million shares of Hengrui Medicine for approximately 84.93 million HKD [4] - CATL's H-shares have seen a cumulative increase of 50.19% since their listing on May 20, with JPMorgan increasing its stake to 5.26% after purchasing 851,600 shares [4] - WuXi AppTec also attracted foreign investment, with FMR LLC increasing its holdings to 14.04% after buying 1.72 million shares [4] Group 3: Structural Changes in the Market - The Hong Kong stock market is undergoing structural changes, with new economy sectors like innovative pharmaceuticals, new energy, and consumer electronics rapidly emerging [5] - These sectors demonstrate stronger profit growth certainty and align better with global investors' long-term allocation preferences [5] - There is a noticeable differentiation in market structure, with large-cap companies having significantly lower premium rates compared to small-cap companies, indicating institutional investors' growing recognition of industry leaders and companies with solid fundamentals [5]

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： 無錫藥明康德新藥開發股份有限公司 呈交日期： 2025年7月18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) | | 說明 | 於上海證券交易所上市 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 ...