Group 1 - The core viewpoint of the report is that the CSI Technology Advantage Growth 50 Strategy Index (referred to as Technology 50 Strategy) utilizes multiple factors such as growth, innovation, value, low volatility, and quality to select and weight stocks from the technology sector, aiming to provide investors with a multi-factor strategy investment target based on the technology industry [1][7][11] - As of December 31, 2025, the top ten constituent stocks of the Technology 50 Strategy Index are primarily leading companies across various technology sub-sectors, with the top five stocks accounting for 17.63% and the top ten stocks accounting for 30.93% of the index's total weight [1][10][11] - The index is biased towards large-cap stocks, with 31 constituents having a market capitalization exceeding 100 billion yuan, while only 2 constituents have a market capitalization below 10 billion yuan [1][11] Group 2 - The report compares the Technology 50 Strategy Index with other representative technology and innovation indices, noting that the Technology 50 Strategy Index achieved an annualized return of 11.96% from January 1, 2020, to December 31, 2025, ranking third among six technology and innovation indices [1][57][60] - The Technology 50 Strategy Index shows lower volatility in revenue growth compared to other indices, with a projected revenue growth rate of 33.65% for 2026, which is higher than that of the other five technology and innovation indices [1][61][62] - The selection of constituent stocks for the Technology 50 Strategy Index incorporates 11 factors, providing a more comprehensive evaluation compared to other indices that focus on fewer factors [1][67][68]

Core Viewpoint - WuXi AppTec's stock price has shown a significant increase, with a year-to-date rise of 10.51% and a market capitalization of approximately 298.83 billion yuan as of January 9 [1][2]. Group 1: Stock Performance - On January 9, WuXi AppTec's stock rose by 2.04%, reaching 100.17 yuan per share, with a trading volume of 2.118 billion yuan and a turnover rate of 0.87% [1]. - The stock has increased by 10.51% year-to-date, with a 10.51% rise over the last five trading days, an 8.00% increase over the last 20 days, and a 0.71% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, WuXi AppTec reported a revenue of 32.857 billion yuan, reflecting a year-on-year growth of 18.61%, and a net profit attributable to shareholders of 12.076 billion yuan, which is an increase of 84.84% [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for WuXi AppTec reached 274,100, an increase of 16.39% from the previous period, with an average of 9,024 circulating shares per shareholder [2]. - The company has distributed a total of 14.06 billion yuan in dividends since its A-share listing, with 10.406 billion yuan distributed over the last three years [3]. Group 4: Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 249 million shares, a decrease of 52.607 million shares from the previous period [3]. - Other notable institutional shareholders include Huaxia SSE 50 ETF and Huatai-PineBridge CSI 300 ETF, both of which have seen a reduction in their holdings [3].

Summary of Conference Call Records Industry Overview - The life sciences service sector, particularly the CXO segment, continues to experience high growth and is expected to deliver strong performance in 2026, benefiting from the upward cycle in innovative drugs and improved investment conditions [1][2][3] Key Companies and Performance - Notable companies in the life sciences service industry include: - **Hao Yuan Medicine**: Q3 revenue growth close to 30%, with a non-recurring profit growth of 70%. The company has secured orders exceeding 630 million yuan, a 50% year-on-year increase [2][8] - **Bai Ao Sai Tu**: Achieved a revenue growth of 60% in Q3 and recorded its first annual profit, with significant potential in humanized mouse sales and antibody business [2][8] - **WuXi AppTec**: Expected to see over 60% revenue growth in the ADC sector in the first half of 2026, with a strong order backlog [10][19] - **Kailai Ying**: Positioned well in the ADC market, with significant growth potential [10][19] - **Yangguang Nuohe**: Anticipated to achieve a profit of 300 million yuan in 2026, with a promising drug pipeline [20] Financial Performance - In the first three quarters of 2025, 16 representative life sciences service companies reported revenue and profit growth rates of high single digits and double digits, respectively. In Q3 alone, revenue and profit growth rates were double digits and 50%, indicating significant operational improvement [4][6] - The gross profit margin is expected to improve due to a clearer competitive landscape, leading to enhanced industry profitability [4] Market Trends - The overseas market is benefiting from improved investment conditions and the Federal Reserve's interest rate cuts, leading to an increase in the share of overseas business and expanding global market potential [7] - The domestic CRO market is experiencing a price recovery trend after years of intense competition, with expectations for more significant price improvements by 2027 as supply conditions stabilize [11][12] Growth Opportunities - The ADC and small nucleic acid sectors are projected to bring substantial order increases in 2026, with companies like WuXi AppTec and Hao Yuan Medicine expected to lead this growth [10][19] - The CRO sector is seeing a shift towards innovation, with companies like Yangguang Nuohe and Chengdu Xian Dao making progress in developing innovative drugs [13] Investment Recommendations - Recommended companies for investment include: - **WuXi AppTec**: Strong growth in peptide business and expected to achieve significant revenue increases [14][17] - **Kailai Ying**: Leading in peptide capacity expansion [14] - **Tigermed**: Positioned well in the CRO market with growth potential [21] - **Norseg and Prasis**: Expected to benefit from overall industry trends [17] Conclusion - The life sciences service industry is poised for continued growth, driven by innovative drug development, improved investment conditions, and a recovering market landscape. Key players are expected to deliver strong financial performance, making them attractive investment opportunities.

Investment Rating - The report does not explicitly provide an investment rating for WuXi AppTec [2][3]. Core Insights - The report highlights three major catalysts that may drive WuXi AppTec's stock performance in Q1 2026: 1) Updates from the industry summit scheduled for January 12-15, which is expected to support the CRO industry's outlook; 2) The release of the 1260H list in January-February 2026, which should alleviate the impact of pending policy decisions; 3) The company's full-year guidance for 2026, to be announced in March 2026 [5]. - The report indicates that in 2026, the focus for the Chinese healthcare sector will shift towards earnings realization rather than valuation multiple expansion, with WuXi AppTec expected to lead in visibility of earnings growth [7]. - The report anticipates a recovery in outsourcing demand in 2026 due to the resolution of policy and tariff uncertainties, which had previously delayed biotech financing and new R&D initiatives in 2025 [6]. Summary by Sections Company Overview - WuXi AppTec is a global enterprise with operations across Asia, Europe, and North America, providing a comprehensive range of R&D and manufacturing services to advance the pharmaceutical and healthcare industries [10]. - The company covers the entire drug development cycle through five core business segments: small molecule R&D and manufacturing, biologics R&D and manufacturing, cell and gene therapy R&D and manufacturing, medical device testing, and molecular testing and genomics [10]. Revenue Breakdown - Revenue by product category: Chemical business (72.3%), Testing business (16.2%), Biological business (6.3%), High-end therapeutic CTDMO (3.2%) [11]. - Revenue by region: Middle East and Africa (8.7%), Asia (36.5%), Europe (27.3%), Americas (27.5%) [11]. Stock Information - Stock price as of January 5, 2026: 104.2 HKD - Market capitalization: 40.33 billion USD - Consensus target price (Refinitiv): 130.76 HKD [13].

Core Viewpoint - The A-share market in 2025 shows a positive trend, with the Shanghai Composite Index returning to 4000 points and nearly 80% of listed companies experiencing stock price increases, supported by significant capital repurchases and increases by industry players [1][2] Group 1: Market Performance - In 2025, the total transaction volume of the A-share market reached a historic record of 420 trillion yuan [1] - A total of 1494 listed companies implemented share repurchases, with a total amount of 142.736 billion yuan [1] - 534 companies announced shareholding increases, with a maximum proposed increase amount of 83.922 billion yuan [1] Group 2: Capital Support - The trend of repurchases and increases is supported by a special loan program, with 522 companies or their shareholders disclosing repurchase and increase loan situations, amounting to a maximum of 111.165 billion yuan [1] - As of January 8, 2026, the number of disclosed repurchase and increase loans reached 789, with a total maximum loan amount of 160.62 billion yuan [1] Group 3: Leading Companies - In 2025, 293 companies repurchased over 100 million yuan, with 15 companies repurchasing over 1 billion yuan, and one company exceeding 10 billion yuan [3] - Midea Group led with a total repurchase amount of 11.545 billion yuan, being the only company to exceed 10 billion yuan in repurchases for the year [3] - Guizhou Moutai repurchased a total of 6 billion yuan in 2025, marking its first-ever cancellation-style repurchase since its listing [4] Group 4: Loan Policy Changes - The People's Bank of China optimized the stock repurchase and increase loan policy, reducing the self-funding ratio requirement from 30% to 10% and extending the maximum loan term from 1 year to 3 years [6] - The total quota for the combined tools of 500 billion yuan for securities, funds, and insurance companies and 300 billion yuan for stock repurchase and increase loans was raised to 800 billion yuan [6] Group 5: Economic Impact - The stock repurchase and increase loans provide low-cost funding for companies, facilitating effective market value management and enhancing investor confidence [7] - Recommendations for future loan programs include expanding coverage to more quality enterprises and optimizing pricing mechanisms [7]

Core Viewpoint - WuXi AppTec (603259)(02359) announced the granting of 126,200 incentive shares to 24 selected participants, representing approximately 0.0247% of the total issued H shares and about 0.0042% of the total issued share capital as of the announcement date [1] Summary by Relevant Categories - **Incentive Shares Granted** - A total of 126,200 incentive shares have been awarded to 24 selected participants [1] - This represents around 0.0247% of the total issued H shares [1] - The awarded shares account for approximately 0.0042% of the total issued share capital [1]

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的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並表明概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 上述所涉獎勵股份為受託人根據本公司指示通過場內交易以現行市價購買的 現有股份。由於本公司不會根據進一步授予發行新股份，故進一步授予不會對 現有股東的股權有任何攤薄影響。 董事（包括獨立非執行董事）認為，進一步授予乃按正常商業條款訂立的交易， 屬公平合理並符合本公司及股東的整體利益。 – 1 – 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） 根據2024年H股獎勵信託計劃進一步授予獎勵 茲提述(i)無錫藥明康德新藥開發股份有限公司（「本公司」，連同其附屬公司統 稱「本集團」）日期為2024年4月29日及2025年5月21日的公告（「該等公告」）；(ii)本 公司日期為2024年5月10日的通函（「通函」）；及(iii)本公司日期為2024年6月12日 有關（其中包括）採納2024年H股獎勵信託計劃及其項下授予 ...

Core Viewpoint - WuXi AppTec (02359.HK) announced the grant of 126,240 shares to 24 selected participants, representing approximately 0.0247% of the total issued H shares and about 0.0042% of the total issued share capital as of the announcement date [1] Summary by Relevant Categories - **Share Grant Details** - A total of 126,240 shares have been granted to 24 selected participants [1] - The shares represent approximately 0.0247% of the total issued H shares and about 0.0042% of the total issued share capital as of the announcement date [1] - **Acquisition Method** - The shares involved were purchased by a trustee through on-market transactions at the current market price as per the company's instructions [1]

智通财经APP讯，药明康德(02359)发布公告，截至本公告日期，涉及12.62万股奖励股份已授予24名选 定参与者，占截至本公告日期本公司已发行H股总数约0.0247%及已发行总股本约0.0042% 。 ...

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的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並表明概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 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） 根據2024年H股獎勵信託計劃進一步授予獎勵 茲提述(i)無錫藥明康德新藥開發股份有限公司（「本公司」，連同其附屬公司統 稱「本集團」）日期為2024年4月29日及2025年5月21日的公告（「該等公告」）；(ii)本 公司日期為2024年5月10日的通函（「通函」）；及(iii)本公司日期為2024年6月12日 有關（其中包括）採納2024年H股獎勵信託計劃及其項下授予獎勵的投票結果公 告。除另有指明外，本公告中所用詞彙與該等公告及通函中所界定者具有相同 涵義。 根據2024年H股獎勵信託計劃進一步授予獎勵 董事會宣佈截至本公告日期，涉及126,240股獎勵股份已授予24名選定參與者， 佔截至本公告日期本公司已發行H股總數約0.0247%及已發行總股本約0.0 ...