Market Overview - The Hong Kong stock market showed a significant recovery on November 24, with all three major indices ending a streak of declines[9] - Large tech stocks performed strongly, with Kuaishou rising over 7%, and NetEase and Bilibili increasing over 5%[9] - The Hang Seng Tech Index closed at 5,546, up 2.78% for the day and 24.11% year-to-date[3] Sector Performance - Innovative pharmaceuticals and outsourcing concepts saw notable gains, with companies like Innovent Biologics rising over 6%[9] - Military stocks also performed well, with China Shipbuilding Defense up over 13%[9] - Oil stocks were weak, with China National Offshore Oil Corporation and China Oilfield Services both declining over 1%[9] U.S. Market Insights - On the same day, U.S. markets saw all three major indices close higher, driven by increased bets on a Federal Reserve rate cut[9] - The "Magnificent Seven" tech stocks, including Google and Nvidia, all rose, with Google gaining over 6%[9] - The S&P 500 index is projected to achieve double-digit annual growth according to HSBC strategists[14] Economic Indicators - The Federal Reserve is expected to cut rates in December, with market predictions showing a 70% probability[14] - The U.S. economy's third-quarter GDP report has been delayed due to a government shutdown, affecting economic analysis[14] Investment Trends - The Nasdaq Golden Dragon China Index rose by 2.82%, indicating a positive trend for Chinese concept stocks[13] - Significant inflows into semiconductor stocks were noted, with companies like Broadcom surging 11%[13]

Market Overview - The medical services sector increased by 0.56% on November 25, with ST Zhongzhu leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] Top Gainers in Medical Services - ST Zhongzhu (600568) closed at 2.57, up 4.90% with a trading volume of 53,900 shares and a turnover of 13.85 million yuan [1] - Chengda Pharmaceutical (301201) closed at 47.78, up 2.97% with a trading volume of 112,700 shares and a turnover of 540 million yuan [1] - Boji Pharmaceutical (300404) closed at 10.10, up 2.75% with a trading volume of 108,600 shares and a turnover of 10.9 million yuan [1] Top Losers in Medical Services - Jiuzhou Pharmaceutical (603456) closed at 18.75, down 0.85% with a trading volume of 181,100 shares and a turnover of 343 million yuan [2] - Tongce Medical (600763) closed at 41.95, down 0.66% with a trading volume of 49,600 shares and a turnover of 210 million yuan [2] - Yingkang Life (300143) closed at 10.12, down 0.49% with a trading volume of 44,700 shares and a turnover of 4.56 million yuan [2] Capital Flow Analysis - The medical services sector experienced a net outflow of 113 million yuan from institutional investors, while retail investors saw a net inflow of 30.37 million yuan [2][3] - Major stocks like WuXi AppTec (603259) had a net inflow of 67.13 million yuan from institutional investors, while Sunshine Nuohua (688621) saw a net outflow of 2.29 million yuan from retail investors [3] Summary of Individual Stock Performance - Sunshine Nuohua (688621) had a net inflow of 38.24 million yuan from institutional investors, but a net outflow of 3.59 million yuan from retail investors [3] - Chengda Pharmaceutical (301201) also saw a significant net inflow of 36.45 million yuan from institutional investors, with a net outflow of 13.58 million yuan from retail investors [3] - New Mileage (002219) had a net inflow of 14.15 million yuan from institutional investors, while retail investors experienced a net outflow of 6.70 million yuan [3]

本报（chinatimes.net.cn）记者张斯文 于娜 北京报道 近日，无锡药明康德新药开发股份有限公司（下称"药明康德"，603259.SH）披露了2025年第三季度报 告，前三季度实现营业收入328.57亿元，同比增长18.61%；归属于上市公司股东净利润120.76亿元，同 比大增84.84%。 （数据来源：Wind） 但细究业绩结构，可以看到，公司存在非经常性收益贡献显著，国内业务增长停滞、部分板块疲软、研 发投入收缩等问题。 非经常性收益拉高利润 报告显示，前三季度公司非经常性损益达25.53亿元，主要来自出售联营企业WuXi XDC Cayman Inc.部 分股票的收益（32.23亿元）。扣除该部分后，归属于上市公司股东的扣除非经常性损益净利润为95.22 亿元，同比增长率下降至42.51%，显著低于净利润增速。 对此，山东隆湶律师事务所主任、高级合伙人李富民对《华夏时报》记者表示，利润结构的健康度要 看"可持续性"。84%的净利润里，超过四成来自非经常性收益，扣非增速落后同行20个百分点，说明主 业溢价能力在收窄。CXO板块普遍把闲置资金做理财或跟投客户股权，但把公允价值变动当"主营味 道 ...

证券之星消息，11月24日精准医疗板块较上一交易日上涨1.92%，国脉科技领涨。当日上证指数报收于 3836.77，上涨0.05%。深证成指报收于12585.08，上涨0.37%。精准医疗板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002093 | 国脉科技 | 12.19 | 10.02% | 44.66万 | 5.36亿 | | 600645 | 中源协和 | 28.23 | 10.02% | 16.91万 | 4.68亿 | | 300642 | 透景生命 | 19.51 | 3.34% | 4.32万 | 8341.05万 | | 000710 | 贝瑞基因 | 11.97 | 3.28% | 13.79万 | 1.63亿 | | 300030 | 阳晋医疗 | 7.90 | 3.27% | 7.73万 | 6064.39万 | | 300244 | 迪安诊断 | 15.67 | 2.96% | 14.01万 | 2.18亿 | | 603259 | 药明康德 ...

摩根士丹利发表研究报告指，药明系在基本面持续稳健的背景下，估值水平更具吸引力。大摩最看好药 明康德，因此该公司不仅上调业绩指引，更进行大规模产能扩张，且在下一代GLP-1领域参与度高。该 行提到，药明康德A股为投资者带来理想的买入机会，上调公司2025至27年盈测3至4%，并列为首选 股；将药明生物2025至27年盈测调升6至13%；药明合联盈测上调7至8%。综合而言，三间公司2024至 27年的盈利复合年增长率分别为24%、23%及37%。 ...

相关事件 大行评级丨大摩：药明系估值水平具吸引力，最看好药明康德 研报掘金丨东方证券：维持药明康德"买 入"评级，业绩高增，上调全年指引 大行评级丨高盛：药明合联订单势头持续强劲且客户需求稳健 目标 价63.3港元 药明合联(02268.HK)根据认购协议发行2413.4万股 大行评级丨大摩：药明系估值水平具吸引 力，最看好药明康德 研报掘金丨东方证券：维持药明康德"买入"评级，业绩高增，上调全年指引 药明 生物(02269.HK)根据购股权计划获行使增发300万股 药明生物(02269.HK)根据股份计划获行使增发4.6万 股 该行提到，药明康德A股为投资者带来理想的买入机会，上调公司2025至27年盈测3至4%，并列为首选 股；将药明生物2025至27年盈测调升6至13%；药明合联盈测上调7至8%。综合而言，三间公司2024至 27年的盈利复合年增长率分别为24%、23%及37%。 摩根士丹利发表研究报告指，药明系在基本面持续稳健的背景下，估值水平更具吸引力。大摩最看好药 明康德，因此该公司不仅上调业绩指引，更进行大规模产能扩张，且在下一代GLP-1领域参与度高。 ...

该行提到，药明康德(603259.SH)A股为投资者带来理想的买入机会，上调公司2025至27年盈测3至4%， 并列为首选股;将药明生物(02269)2025至27年盈测调升6至13%;升药明合联(02268)盈测7至8%。综合而 言，三间公司2024至27年的盈利复合年增长率分别为24%、23%及37%。 智通财经APP获悉，摩根士丹利发布研报称，中国医疗保健股自9月中旬起被持续抛售，投资者正在获 利了结，并等待明年业绩发展的讯号。该行指出，当中药明系在基本面持续稳健的背景下，估值水平更 具吸引力。大摩最看好药明康德(02359)，因此该公司不仅上调业绩指引，更进行大规模产能扩张，且 在下一代GLP-1领域参与度高。 ...

招银国际认为，资本市场融资活动恢复，创新药出海交易规模扩张，国内创新药研发需求回暖，加上美 国进入降息周期，CXO企业下半年业绩表现有望复苏，招银国际预期已授权的创新药管线在海外的临 床发展可成为创新药板块最重要催化剂。 摩根士丹利发布研报称，医疗股自9月中旬起被持续抛售，投资者正在获利了结，并等待明年业绩发展 的讯号。该行指出，当中药明系在基本面持续稳健的背景下，估值水平更具吸引力。大摩最看好药明康 德，该公司不仅上调业绩指引，更进行大规模产能扩张，且在下一代GLP-1领域参与度高。综合而言， 药明康德、药明生物及药明合联2024至27年的盈利复合年增长率分别为24%、23%及37%。 CRO概念股集体回暖。截至发稿，泰格医药（300347）(03347)涨9.19%，报39.92港元；药明康德 （603259）(02359)涨4.43%，报106港元；康龙化成（300759）(03759)涨4.15%，报21.58港元；药明生 物(02269)涨3.27%，报31.56港元。 ...

Core Viewpoint - WuXi AppTec's stock price has shown significant growth this year, with a year-to-date increase of 75.56%, despite recent fluctuations in the short term [1][2]. Financial Performance - For the period from January to September 2025, WuXi AppTec achieved a revenue of 32.857 billion yuan, representing a year-on-year growth of 18.61% [2]. - The net profit attributable to shareholders for the same period was 12.076 billion yuan, marking an impressive year-on-year increase of 84.84% [2]. Stock Market Activity - As of November 24, WuXi AppTec's stock price was 93.68 yuan per share, with a trading volume of 1.071 billion yuan and a turnover rate of 0.47% [1]. - The company experienced a net inflow of main funds amounting to 46.0942 million yuan, with significant buying and selling activities from large orders [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 274,100, reflecting a growth of 16.39% [2]. - The average number of circulating shares per shareholder remained stable at 9,024 shares [2]. Dividend Distribution - WuXi AppTec has distributed a total of 14.06 billion yuan in dividends since its A-share listing, with 10.406 billion yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the second-largest circulating shareholder, holding 249 million shares, a decrease of 52.6071 million shares from the previous period [3]. - Other notable institutional shareholders, such as Huaxia SSE 50 ETF and Huatai-PB CSI 300 ETF, also reported reductions in their holdings [3].

November 21, 2025 04:18 PM GMT China Healthcare | Asia Pacific Catalysts Preview for Leading CDMOs China's CDMOs should continue to benefit from robust biopharma out-licensing activity and recovery of early-stage financing. We identify potential, time-specific, catalysts for each of the WuXis in the next six months. Morgan Stanley Asia Limited ("Morgan Stanley") is acting as the financial advisor to an affiliate of Wuxi Apptec Co., Ltd ("Wuxi Apptec") in relation to the proposed acquisition of its site mana ...