Group 1 - Unicom Guowei has established a Central Research Institute focusing on the development of edge AI chips for applications in autonomous driving, embodied robots, and low-altitude flying vehicles [2] - The research will also include new types of storage devices based on two-dimensional materials and high-performance special sensor chips [2] - Aerospace Electronics plans to increase its investment in Aerospace Long March Rocket Technology Co., Ltd. by 728 million yuan, maintaining the existing shareholding structure [3] Group 2 - Aerospace Rainbow successfully completed the first flight test of its self-developed Rainbow-7 high-altitude, high-speed, long-endurance drone, achieving all preset parameters [4] - The project is still in the research and testing phase, with further rigorous testing and validation required before mass production [4] Group 3 - Changchun High-tech's subsidiary signed an exclusive licensing agreement for the GenSci098 injection project, potentially earning up to 1.365 billion USD in milestone payments [5] - The agreement includes an initial payment of 120 million USD and additional milestone payments related to development and commercialization [5] Group 4 - TCL Technology plans to acquire a 10.7656% stake in Shenzhen Huaxing Semiconductor for 6.045 billion yuan, increasing its ownership from 84.2105% to 94.9761% [26] - This acquisition aims to enhance TCL's competitiveness and profitability in the semiconductor display industry [26] Group 5 - Zhongmin Resources announced the successful ignition of its Tsumeb smelting plant's multi-metal comprehensive recycling project, with an annual processing capacity of 80,000 tons [11] - The project will produce various products, including germanium ingots and zinc ingots, with a design capacity of 33 tons/year for germanium [11] Group 6 - Xinhua Insurance reported a 16% year-on-year increase in original insurance premium income, totaling 188.85 billion yuan from January to November 2025 [43] - This growth reflects the company's strong performance in the insurance market [43]

Core Viewpoint - WuXi AppTec announced the completion of a transaction involving the sale of 100% equity in two subsidiaries for a total consideration of 2.8 billion yuan, which is expected to generate a net profit of approximately 960 million yuan, representing over 10% of the company's audited net profit for the fiscal year 2024 [1] Group 1 - The company’s wholly-owned subsidiary, Shanghai WuXi AppTec New Drug Development Co., Ltd., transferred its holdings in Shanghai Kangde Hongyi Medical Clinical Research Co., Ltd. and Shanghai WuXi Jinshi Pharmaceutical Technology Co., Ltd. [1] - The first payment of 1.54 billion yuan has been received from the acquirers, and the transaction has been completed with the target companies no longer included in the company’s consolidated financial statements [1] - The transaction is subject to the fulfillment of various agreements outlined in the equity transfer agreement by all parties involved [1]

证券代码：603259 证券简称：药明康德 公告编号：临2025-073 无锡药明康德新药开发股份有限公司 关于出售资产进展公告 二、交易进展 截至本公告日，转让方已收到受让方按《股权转让协议》约定足额支付的第 一期股权转让价款人民币 15.4 亿元，《股权转让协议》约定的交割先决条件已 满足，本次交易已完成交割，目标公司不再纳入公司合并报表范围。目标公司及 相关各方将按《股权转让协议》约定办理本次交易涉及的目标公司的市监局变更 登记手续，预计 2025 年 12 月 31 日之前完成变更登记。 经公司财务部门按中国企业会计准则初步核算，截至本公告日本次交易预计 产生税后净利润约 9.6 亿元，占公司最近一期（2024 年度）经审计归母股东净利 润的比例超过 10%。公司将根据中国企业会计准则与国际财务报告准则等有关需 适用的规定对投资收益进行会计处理，具体影响金额以注册会计师年度审计确认 后的结果为准。后续各方仍需继续履行《股权转让协议》项下的各项约定。敬请 投资者注意投资风险。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任 ...

Group 1 - BlackRock's long position in Wuxi AppTec Co., Ltd. H-shares decreased from 5.24% to 4.57% as of December 9, 2025 [1]

Core Viewpoint - The revised version of the Biological Safety Act has been incorporated into the National Defense Authorization Act (NDAA) for fiscal year 2026, marking a significant legislative step since its introduction in 2024 [2]. Group 1: Legislative Changes - The revised act eliminates direct naming of specific companies, such as WuXi AppTec and BGI, and instead allows the White House and the Office of Management and Budget (OMB) to create a dynamic list of "biotechnology companies of concern" within one year after the act's passage [3]. - A three-year grace period is established for existing contracts to avoid immediate impacts, and Medicare Part B is explicitly exempted from restrictions, reducing opposition from large pharmaceutical companies [3]. - The act limits its scope to contracts governed by the Federal Acquisition Regulation (FAR), excluding commercial retail or non-federal funding transactions [3]. Group 2: Immediate and Long-term Implications - The removal of direct naming helps avoid "labeling" companies, providing them time to adjust their supply chains, while the grace period and existing contract exemptions lessen the act's immediate impact on current operations [4]. - However, long-term risks remain as the dynamic list created by the OMB may still include Chinese companies, which would prevent them from participating in federal direct procurement contracts [4]. - The core aim of the act is to "cut off federal funding to identified 'biotechnology companies of concern'," which could still affect Chinese firms due to potential associations with foreign adversaries [4]. - The act may trigger a ripple effect, leading to restrictions on Chinese companies in other sectors, such as medical IT and biological data [4].

Core Viewpoint - WuXi AppTec announced the completion of the equity transfer of its subsidiary, with an initial payment of 1.54 billion yuan, resulting in a significant impact on the company's financials [1] Group 1: Transaction Details - The equity transfer agreement has been fulfilled, and the transaction has been completed, leading to the target company being excluded from the consolidated financial statements of WuXi AppTec [1] - The expected after-tax net profit from this transaction is approximately 960 million yuan, which represents over 10% of the company's latest audited net profit attributable to shareholders for the fiscal year 2024 [1] Group 2: Future Actions - The target company and related parties will proceed with the registration changes as stipulated in the agreement, with an expected completion date before December 31, 2025 [1]

Investment Rating - The report maintains an "Outperform" rating for several companies in the innovative drug and medical device industry, including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [5][6][25]. Core Insights - The report emphasizes the high prosperity in innovative drugs and continues to recommend companies with innovative pipelines that are entering a volume increase phase, maintaining "Outperform" ratings for various Biopharma/Biotech companies [5][25]. - The National Healthcare Security Administration announced the 2025 insurance drug list, which added 114 drugs, including 50 innovative drugs, further validating insurance support for innovation and indicating promising domestic demand [26][27]. Summary by Sections 1. Continuous Recommendation of Innovative Drugs and Industry Chain - The report highlights the ongoing recommendation of innovative drugs and the industry chain, with a focus on companies expected to see a revaluation due to their innovative pipelines [5][25]. - Specific companies mentioned include WuXi AppTec, WuXi XDC Cayman, Hangzhou Tigermed Consulting, and leading medical equipment companies like Beijing Chunlizhengda Medical Instruments and Lepu Medical, all rated "Outperform" [5][25]. 2. Performance of A-Shares Pharmaceutical Sector - In the second week of December 2025, the A-Shares pharmaceutical sector underperformed the market, with the SW Pharma and Biotech index falling by 1.0% compared to a 0.3% decline in the SHCOMP [8][27]. - The report notes that the premium level of the pharmaceutical sector relative to all A-Shares is at a normal level, with a current relative premium rate of 69.8% [16][27]. 3. Performance of Hong Kong and U.S. Pharmaceutical Sectors - The Hong Kong stock pharmaceutical sector underperformed the market, with the Hang Seng Healthcare index falling by 2.3%, while the U.S. stock pharmaceutical sector outperformed, with the S&P 500 Healthcare Select Sector Index rising by 0.4% [28][27].

Core Viewpoint - The Shanghai Stock Exchange 180 Index shows a slight increase, with notable gains in key constituent stocks, reflecting a stable market environment amid industrial growth and potential policy changes [1][2]. Group 1: Market Performance - As of December 15, 2025, the Shanghai 180 Index rose by 0.13%, with significant increases in stocks such as China Merchants Energy (up 4.77%) and Ping An Insurance (up 4.62%) [1]. - The Shanghai 180 ETF Index Fund increased by 0.17%, with the latest price reported at 1.2 yuan [1]. Group 2: Industrial Growth - In November, the industrial added value for large-scale enterprises increased by 4.8% year-on-year, driven by advancements in the equipment manufacturing sector [1]. - The equipment manufacturing industry saw a robust growth of 7.7% in added value year-on-year, contributing 56.4% to the overall industrial growth [1]. Group 3: Investment Insights - According to AVIC Securities, the market may remain stable towards the end of the year, with a focus on the impact of potential interest rate hikes by the Bank of Japan on global liquidity [1]. - Recommendations include a balanced allocation between dividend and technology styles, with attention to industries that may experience marginal catalysts, anticipating a "spring rally" [1]. Group 4: ETF Composition - The Shanghai 180 Index consists of 180 securities selected for their large market capitalization and liquidity, reflecting the overall performance of core listed companies in the Shanghai market [2]. - As of November 28, 2025, the top ten weighted stocks in the Shanghai 180 Index account for 26.13% of the index, including major companies like Kweichow Moutai and Ping An Insurance [2].

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, recommending a focus on innovative drugs and sectors with improving performance, such as medical devices and upstream segments [3][4]. Core Insights - The pharmaceutical sector experienced a decline of 1.0% this week, ranking 17th among 31 sub-industries. The overall valuation of the pharmaceutical sector stands at 29.2 times earnings, placing it 10th among the primary industries [2][4][7]. - Key events include Fosun Pharma granting exclusive global rights for its oral GLP-1 drug to Pfizer, with potential total payments reaching $2.085 billion. Additionally, Eli Lilly's GLP-1/GIP/GCGR agonist Retatrutide showed promising Phase III clinical data, achieving a weight loss of 28.7% over 68 weeks [3][14][17]. - The report highlights significant mergers and acquisitions, such as Sobi's acquisition of Arthrosi for $950 million upfront and $550 million in milestone payments, and Zhaoli Pharmaceutical's planned acquisition of a multi-trace element injection asset group for approximately RMB 356 million [3][15][22]. Market Performance - The pharmaceutical index decreased by 1.0% this week, while the Shanghai Composite Index fell by 0.3%. The overall performance of the pharmaceutical sector was ranked 17th among 31 sub-industries [2][4][6]. - The report details the performance of various sub-sectors, with notable declines in medical circulation (-4.2%), offline pharmacies (-4.3%), and blood products (-4.1%), while medical R&D outsourcing saw an increase of 3.7% [7][11]. Recent Key Events - The report discusses recent business developments, including the approval of Shanghai Pharma's new drug, and the change of control at Tailong Pharmaceutical, which will now be under Jiang Pharmaceutical Holdings [20][22]. - It also notes the IPO application of Shiyao Innovation, which was accepted with a market value of RMB 47.9 billion, focusing on health-related sectors and innovative drugs [23]. Company Valuation - The report provides a valuation table for key companies in the pharmaceutical sector, indicating projected earnings per share (EPS) and price-to-earnings (PE) ratios for 2025 to 2027. For instance, Mindray Medical is projected to have a PE of 23 in 2025, while Hengrui Medicine is expected to have a PE of 48 [29].

Investment Rating - The report maintains an "Overweight" rating for the innovative pharmaceutical and medical device industry chain [3][5][6]. Core Insights - The report emphasizes the continuous recommendation of innovative drugs and medical devices, highlighting the high growth potential in the innovative pharmaceutical sector. It maintains "Overweight" ratings for companies such as Heng Rui Medicine, Hansoh Pharmaceutical, and others, indicating a potential for value re-evaluation [3][5]. - The report notes that the National Medical Insurance Administration has officially announced the 2025 medical insurance drug catalog, which includes 114 new drugs, 50 of which are first-class innovative drugs. This adjustment is seen as a validation of the support for innovation in the healthcare sector [3][5]. - The A-share pharmaceutical sector underperformed the broader market in the second week of December 2025, with the SW Pharmaceutical Biotechnology index declining by 1.0% compared to a 0.3% drop in the Shanghai Composite Index [7][18]. Summary by Sections Section 1: Continuous Recommendation of Innovative Drugs and Medical Devices - The report highlights the sustained recommendation of innovative drugs and medical devices, with a focus on companies that are expected to see performance growth and value re-evaluation [5][6]. Section 2: A-share Pharmaceutical Sector Performance - In the second week of December 2025, the A-share pharmaceutical sector's performance was weaker than the overall market, ranking 16th among the primary industries [7][18]. Section 3: Hong Kong and US Market Performance - The report indicates that the Hong Kong pharmaceutical sector also underperformed, while the US pharmaceutical sector showed stronger performance compared to the broader market [18].