Core Viewpoint - Company signed a technical service contract with WuXi AppTec to enhance drug development capabilities and reduce clinical trial time and costs [1] Group 1 - Sichuan Luzhou Buchang Pharmaceutical Co., Ltd. (subsidiary of Buchang Pharmaceutical) entered into a contract with WuXi AppTec for pharmacokinetics and toxicology testing [1] - The collaboration is expected to expand the company's drug research and development capacity and scope [1] - The agreement aims to ensure the smooth progress of projects while saving time and costs associated with clinical trials [1]

Core Viewpoint - Company announced a collaboration with WuXi AppTec to enhance its drug development capabilities and reduce clinical trial time and costs [1] Group 1 - Company’s subsidiary, Sichuan Luzhou Buchang Biopharmaceutical Co., Ltd., signed a technical service contract with WuXi AppTec [1] - The collaboration is expected to expand the company's drug research and development capacity [1] - The agreement aims to ensure the smooth progress of projects by saving time and costs associated with clinical trials [1]

本次泸州步长与第三方签订《技术服务合同》，有利于扩大公司药品研发能力和范围，一定程度上节约 了公司药品临床试验的时间和成本，保障项目的顺利进行。 格隆汇10月16日丨步长制药(603858.SH)公布，公司控股子公司四川泸州步长生物制药有限公司（称"泸 州步长"）与苏州药明康德新药开发有限公司（称"药明康德"）签订《技术服务合同》，委托药明康德 进行药代动力学和毒理学试验项目。合同总金额为1080万元，含6%税费，甲方将依合同约定分期支付 相关费用。 ...

Core Viewpoint - The company has signed a technical service contract with WuXi AppTec for pharmacokinetics and toxicology testing, which will enhance its drug development capabilities and efficiency [1] Group 1: Contract Details - The total amount of the contract is 10.8 million yuan, including a 6% tax [1] - Payments will be made in installments as per the contract agreement [1] Group 2: Strategic Implications - This collaboration is expected to expand the company's drug research and development capacity [1] - It aims to reduce the time and cost associated with clinical trials, ensuring the smooth progress of projects [1]

Core Viewpoint - The recent short-term market fluctuations do not alter the long-term bullish trend of the stock market, with dividend and technology assets expected to yield excess returns over time [1] Group 1: Market Trends - The long-term investment strategy emphasizes a barbell approach, combining dividend and technology assets, which are anticipated to benefit from increased equity market allocation by residents [1] - The Shanghai Stock Exchange 180 Index (000010) is structured with a 90% allocation to dividend assets and 10% to technology assets, making it a suitable choice for equity market investment [1] Group 2: Performance Data - As of October 16, 2025, the Shanghai Stock Exchange 180 Index rose by 0.45%, with notable increases in constituent stocks such as China Life (601628) up 4.37% and Zhaoyi Innovation (603986) up 4.17% [1] - The Shanghai 180 ETF Index Fund (530280) increased by 0.33%, with a current price of 1.23 yuan, and has shown a cumulative increase of 1.57% for the month as of October 15, 2025, ranking 1st among comparable funds [1] Group 3: Index Composition - The Shanghai 180 Index includes 180 large-cap, liquid stocks from the Shanghai market, with the top ten weighted stocks accounting for 26.75% of the index [2] - The top ten stocks by weight include Kweichow Moutai (600519), Zijin Mining (601899), and China Ping An (601318), among others [2][4]

Group 1 - Morgan Stanley's long position in WuXi AppTec's H-shares decreased from 6.02% to 5.59% [1]

Core Insights - The Medical Health Index (980016) closed at 6759.45 points, up 1.78%, with a trading volume of 27.946 billion yuan and a turnover rate of 1.0% [1] - Among the index constituents, 40 stocks rose, with Huahai Pharmaceutical leading at a 7.59% increase, while 9 stocks fell, with BGI Genomics leading the decline at 2.93% [1] Index Performance - The Medical Health Index saw a net inflow of 1.063 billion yuan from main funds, while retail investors experienced a net outflow of 392 million yuan [1] - The top ten constituents of the index include major companies such as WuXi AppTec, Hengrui Medicine, and Mindray Medical, with varying market capitalizations and price changes [1] Fund Flow Analysis - Huahai Pharmaceutical had a main fund net inflow of 163 million yuan, while retail investors saw a net outflow of 76.6 million yuan [2] - Other notable companies with significant fund flows include Aier Eye Hospital and Hengrui Medicine, both experiencing mixed inflows and outflows from different investor categories [2]

Core Insights - The CSI Medical Index (399989) closed at 7552.84 points, up 1.42%, with a trading volume of 20.99 billion yuan and a turnover rate of 1.72% [1] - Among the index constituents, 40 stocks rose, with Jiuzhou Pharmaceutical leading at a 6.04% increase, while 10 stocks fell, with BGI Genomics leading the decline at 2.93% [1] Index Constituents Summary - The top ten constituents of the CSI Medical Index include: - WuXi AppTec (603259) with a weight of 14.78%, latest price at 99.46, and a 3.69% increase [1] - Mindray Medical (300760) with a weight of 8.91%, latest price at 230.50, and a slight decrease of 0.08% [1] - United Imaging Healthcare (688271) with a weight of 8.15%, latest price at 148.36, and a 0.38% increase [1] - Aier Eye Hospital (300015) with a weight of 6.25%, latest price at 12.68, and a 0.16% increase [1] - Kanglong Chemical (300759) with a weight of 3.44%, latest price at 31.35, and a 4.33% increase [1] - Tigermed (300347) with a weight of 3.26%, latest price at 55.07, and a 2.51% increase [1] - Aimeike (300896) with a weight of 2.98%, latest price at 175.15, and a slight decrease of 0.19% [1] - New Industry (300832) with a weight of 2.92%, latest price at 62.62, and a decrease of 0.98% [1] - Huatai Medical (688617) with a weight of 2.91%, latest price at 311.26, and a slight decrease of 0.08% [1] - Yuyue Medical (002223) with a weight of 2.55%, latest price at 38.00, and a 0.66% increase [1] Capital Flow Analysis - The CSI Medical Index constituents experienced a net inflow of 397 million yuan from institutional investors, while retail investors saw a net outflow of 204 million yuan [3] - Key stocks with significant capital flow include: - Meinian Health (002044) with a net inflow of 88.56 million yuan from institutional investors [3] - Aier Eye Hospital (300015) with a net inflow of 81.55 million yuan from institutional investors [3] - Mindray Medical (300760) with a net inflow of 79.59 million yuan from institutional investors [3] - Jiuzhou Pharmaceutical (603456) with a net inflow of 62.91 million yuan from institutional investors [3] - Huatai Medical (688617) with a net inflow of 28.38 million yuan from institutional investors [3]

Core Insights - The precision medicine sector experienced a 1.97% increase on October 15, with Tsinghua Life leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Stock Performance - Tsinghua Life (300642) closed at 25.85, up 10.38% with a trading volume of 294,900 shares and a transaction value of 756 million [1] - Beilu Pharmaceutical (300016) closed at 8.77, up 4.78% with a trading volume of 251,800 shares and a transaction value of 26.61 million [1] - Zoli Pharmaceutical (300181) closed at 19.07, up 4.21% with a trading volume of 283,300 shares and a transaction value of 534 million [1] - WuXi AppTec (603259) closed at 99.46, up 3.69% with a trading volume of 421,800 shares and a transaction value of 4.123 billion [1] - Qianhong Pharmaceutical (002550) closed at 9.08, up 3.42% with a trading volume of 301,300 shares and a transaction value of 271 million [1] Capital Flow - The precision medicine sector saw a net inflow of 339 million from institutional investors, while retail investors experienced a net outflow of 18.88 million [2][3] - Major stocks like Zoli Pharmaceutical and Anke Bio (300009) had significant net inflows from institutional investors, with 76.71 million and 54.19 million respectively [3]

Market Overview - The Shanghai Composite Index closed at 3912.21 points, with a gain of 1.22% and a total trading volume of 2.09 trillion yuan [1] - A total of 144 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] Notable Stocks with Death Cross - Yuanjie Technology (688498) saw a 4.39% increase today, with a 5-day moving average of 375.13 yuan, which is 2.42% lower than its 10-day moving average of 384.44 yuan [1] - Shanshan Co., Ltd. (600884) had a slight increase of 0.22%, with a 5-day moving average of 14.17 yuan, down 2.32% from its 10-day moving average of 14.51 yuan [1] - WuXi AppTec (603259) rose by 3.69%, with a 5-day moving average of 102.54 yuan, which is 1.84% lower than its 10-day moving average of 104.46 yuan [1] Additional Stocks of Interest - Fabien Information (300925) increased by 2.61%, with a 5-day moving average of 25.74 yuan, down 1.76% from its 10-day moving average of 26.20 yuan [1] - Luokai Co., Ltd. (603829) rose by 1.65%, with a 5-day moving average of 21.34 yuan, which is 1.60% lower than its 10-day moving average of 21.69 yuan [1] - Zhongke Chuangda (300496) increased by 2.24%, with a 5-day moving average of 73.10 yuan, down 1.50% from its 10-day moving average of 74.21 yuan [1]