Core Viewpoint - The significant stock price movements in A-shares on September 19 were primarily driven by the adjustments in the FTSE China A50 Index, which took effect after the market closed on that day [1][6]. Group 1: Stock Movements - Several stocks, including Xinyi Technology, Zhongji Xuchuang, WuXi AppTec, and BeiGene, experienced notable price increases during the closing auction period [2][1]. - Conversely, stocks such as China Nuclear Power, China Unicom, and Wanhua Chemical saw substantial declines, with China Nuclear Power dropping nearly 2 percentage points [4][1]. Group 2: Index Adjustments - The FTSE Russell announced changes to the FTSE China A50 Index, which included the addition of stocks like Xinyi Technology and WuXi AppTec, while removing China Nuclear Power and China Unicom [6][1]. - The FTSE China A50 Index consists of the 50 largest stocks listed on the Shanghai and Shenzhen exchanges and undergoes quarterly reviews [6][1]. Group 3: Market Reactions - The adjustments in the FTSE indices prompted index funds and institutional investors to rebalance their portfolios, leading to the observed stock price volatility [1][6]. - The market showed a clear divergence in performance, with sectors like photolithography, lithium mining, and engineering machinery gaining strength, while others faced significant corrections [2][1]. Group 4: Broader Market Context - The overall A-share market experienced a mixed performance, with the Shanghai Composite Index down by 0.30% and the Shenzhen Component down by 0.04% [2][1]. - In the Hong Kong market, stocks such as Fourth Paradigm and SF Holding also exhibited significant movements, influenced by similar index adjustments [7][1]. Group 5: Future Outlook - Analysts suggest that the Chinese stock market may see further prosperity driven by valuation and liquidity factors, maintaining a positive outlook on both A-shares and H-shares [7][8]. - Focus areas include core growth sectors in Hong Kong, particularly in internet, innovative pharmaceuticals, new consumption, and technology [8][1].

无锡药明康德新药开发股份有限公司发布2025年半年度A股权益分派实施公告。本次利润分配方案经 2024年年度股东大会授权及第三届董事会第二十二次会议审议通过。以总股本2,951,506,736股为基数， 每股派发现金红利0.35元（含税），A股共派发现金红利865,648,086.10元（含税）。股权登记日为2025 年9月25日，除权（息）日和现金红利发放日为9月26日。不同类型股东扣税政策有别，如自然人股东和 证券投资基金暂不扣缴，QFII股东和沪股通投资者按10%税率代扣。如有疑问可联系董事会办公室，电 话021 - 20663091。 ...

Group 1 - The core point of the article highlights significant stock movements in the A-share market, with several companies experiencing sharp fluctuations during the closing auction [1] - New companies such as Baijiazhenshou-U, New Yisheng, WuXi AppTec, and Zhongji Xuchuang are being added to the FTSE China A50 Index, while companies like China Nuclear Power, China Unicom, Guodian Nari, and Wanhua Chemical are being removed [1] - The changes announced by FTSE Russell on September 3 will take effect after the market closes on September 19 [1]

Company Overview - WuXi AppTec, established on December 1, 2000, is located in Shanghai and Hong Kong, and was listed on May 8, 2018. The company provides a comprehensive platform for the discovery, development, and manufacturing of small molecule chemical drugs, serving global pharmaceutical companies [1][2]. Financial Performance - For the first half of 2025, WuXi AppTec achieved a revenue of 20.799 billion yuan, representing a year-on-year growth of 20.64%. The net profit attributable to shareholders was 8.561 billion yuan, showing a significant increase of 101.92% year-on-year [2]. - The company has distributed a total of 13.027 billion yuan in dividends since its A-share listing, with 9.373 billion yuan distributed over the past three years [2]. Stock Performance - As of September 19, WuXi AppTec's stock price was 105.22 yuan per share, with a market capitalization of 310.558 billion yuan. The stock has increased by 95.90% year-to-date, with a slight decline of 0.24% over the past five trading days [1]. - The trading volume on September 19 was 3.397 billion yuan, with a turnover rate of 1.28% [1]. Shareholder Structure - As of June 30, 2025, the second-largest shareholder is Hong Kong Central Clearing Limited, holding 302 million shares, an increase of 56.0239 million shares from the previous period. Other notable shareholders include Huaxia SSE 50 ETF and China Europe Medical Health Mixed A [3]. Industry Classification - WuXi AppTec is classified under the pharmaceutical and biotechnology sector, specifically in medical services and contract research organization (CRO) services. The company is associated with concepts such as cell therapy, precision medicine, innovative drugs, and overseas expansion [2].

Group 1 - The core transaction of WuXi AppTec occurred on September 18, with a volume of 50,000 shares and a transaction amount of 5.3715 million yuan, at a price of 107.43 yuan per share [2] - In the last three months, WuXi AppTec has had a total of four block trades, amounting to 38.301 million yuan [3] - The closing price of WuXi AppTec on the same day was 107.43 yuan, reflecting a decrease of 1.70%, with a turnover rate of 2.20% and a total trading volume of 5.895 billion yuan [3] Group 2 - The latest margin financing balance for WuXi AppTec is 5.966 billion yuan, which has decreased by 162 million yuan over the past five days, representing a decline of 2.65% [4] - The net outflow of main funds for WuXi AppTec on that day was 207 million yuan, while the stock has seen a cumulative increase of 2.66% over the past five days, with a total net inflow of 32.3834 million yuan [3]

Group 1 - WuXi AppTec's stock closed down 1.70% on September 18, with a closing price of 107.43 yuan [1] - A block trade occurred with a total volume of 50,000 shares and a transaction amount of 5.3715 million yuan, with a premium rate of 0.00% [1] - The buyer was Huatai Securities Co., Ltd., and the seller was Guotai Junan Securities Co., Ltd. [1] Group 2 - In the last three months, WuXi AppTec has had a total of four block trades, with a cumulative transaction amount of 38.301 million yuan [1] - Over the past five trading days, the stock has increased by 2.66%, with a net inflow of main funds totaling 12.6333 million yuan [1]

Investment Rating - The report maintains an investment rating of "Outperform" for the pharmaceutical and biotechnology industry, indicating a positive outlook compared to the broader market [4]. Core Insights - The pharmaceutical and biotechnology industry is experiencing a recovery in Q2 2025, with innovative drugs poised for significant development opportunities [1][10]. - The overall revenue for 461 A-share pharmaceutical companies in H1 2025 was CNY 11,939.5 billion, a year-on-year decrease of 3.21%, while net profit attributable to shareholders was CNY 1,016.2 billion, down 8.55% [8][24]. - The medical services sector showed positive growth, with revenue increasing by 3.92% year-on-year, while other segments like raw materials, chemical preparations, traditional Chinese medicine, and medical devices faced declines [8][24]. Summary by Sections 1. Market Review - The pharmaceutical and biotechnology index rose by 7.36% in H1 2025, outperforming the CSI 300 index by 7.33 percentage points, with the chemical preparation sector leading with a 20.09% increase [15][21]. 2. Industry Performance - In H1 2025, the chemical preparation sector reported a revenue of CNY 2,044.3 billion, down 5.77%, and a net profit of CNY 223.1 billion, down 22.92% [43]. - The medical services sector achieved a revenue of CNY 890.2 billion, with a significant net profit increase of 40.22% [8][24]. - The report highlights a trend of improving performance in Q2 compared to Q1, with several sectors showing signs of recovery [30]. 3. Subsector Analysis Raw Materials - The raw materials sector generated CNY 459.1 billion in revenue, a decrease of 6.74%, with a net profit of CNY 45.4 billion, down 2.71% [32][38]. - The report suggests a long-term growth outlook for the raw materials sector, driven by increasing demand and regulatory changes [38]. Chemical Preparations - The chemical preparations sector is expected to benefit from new policies supporting innovative drugs, with a focus on balancing price and clinical needs [48][49]. - The sector's revenue and profit are under pressure but are anticipated to recover as innovation and reform take hold [43][48]. Traditional Chinese Medicine - The traditional Chinese medicine sector reported a revenue of CNY 1,731.95 billion, with a slight profit increase of 0.24% [52]. - The sector is seen as having structural opportunities despite overall revenue declines [52]. Medical Services - The medical services sector is highlighted for its robust growth, with a focus on integrated service platforms [30][31]. Medical Devices - The medical devices sector is expected to recover as demand for equipment updates increases, with a revenue of CNY 1,155.6 billion, down 4.47% [8][30]. 4. Recommendations - The report recommends focusing on leading companies in various sectors, such as Tianyu Co. in raw materials, BeiGene in innovative drugs, and Yifeng Pharmacy in medical commerce [8][42][50].

Core Insights - The Medical Health Index (980016) closed at 7114.13 points on September 17, with a slight increase of 0.22% and a trading volume of 34.146 billion yuan, indicating a turnover rate of 1.06% [1] Group 1: Index Performance - Among the constituent stocks of the Medical Health Index, 18 stocks rose while 30 stocks fell on the same day [1] - Bai Li Tian Heng led the gains with a rise of 4.08%, while Junshi Biosciences recorded the largest decline at 2.52% [1] Group 2: Top Constituents - The top ten constituents of the Medical Health Index are as follows: - WuXi AppTec (603259) with a weight of 13.58%, latest price at 109.29 yuan, and a market cap of 322.57 billion yuan, increased by 2.09% [1] - Hengrui Medicine (600276) with a weight of 10.87%, latest price at 70.13 yuan, and a market cap of 465.47 billion yuan, increased by 1.42% [1] - Mindray Medical (300760) with a weight of 8.17%, latest price at 66.66 yuan, and a market cap of 290.25 billion yuan, decreased by 0.09% [1] - United Imaging Healthcare (688271) with a weight of 4.14%, latest price at 151.60 yuan, and a market cap of 124.94 billion yuan, decreased by 0.90% [1] - Other notable constituents include Pianzai Shou (600436), Aier Eye Hospital (300015), and Fosun Pharma (600196) [1] Group 3: Capital Flow - The Medical Health Index constituents experienced a net outflow of 601 million yuan from major funds, while retail investors saw a net inflow of 615 million yuan [1] - Detailed capital flow for major stocks indicates that WuXi AppTec had a net inflow of 4.28 million yuan from major funds, while Hengrui Medicine saw a net outflow of 3.43 million yuan [2]

Market Overview - On September 17, the medical services sector rose by 0.02% compared to the previous trading day, with Yinos leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Top Gainers in Medical Services Sector - Yinos (688710) closed at 46.85, with an increase of 8.65% and a trading volume of 46,200 lots, amounting to a transaction value of 207 million [1] - New Mileage (002219) closed at 2.49, up 4.18%, with a trading volume of 2,568,500 lots and a transaction value of 638 million [1] - Prasis (301257) closed at 50.33, increasing by 3.52% with a trading volume of 50,700 lots, totaling 249 million [1] Top Losers in Medical Services Sector - Medisi (688202) closed at 76.00, down 5.41%, with a trading volume of 91,400 lots and a transaction value of 700 million [2] - Yaoshi Technology (300725) closed at 44.74, decreasing by 5.11%, with a trading volume of 262,900 lots and a transaction value of 1.18 billion [2] - Zhaoyan New Drug (603127) closed at 40.40, down 4.27%, with a trading volume of 444,300 lots and a transaction value of 1.806 billion [2] Fund Flow Analysis - On the same day, the medical services sector experienced a net outflow of 626 million from institutional investors, while retail investors saw a net inflow of 482 million [2] - The top stocks by net inflow from institutional investors included Yinos (688710) with a net inflow of 26.06 million, and New Mileage (002219) with 38.30 million [3] - Conversely, the top stocks with net outflow from institutional investors included Yao Ming Kande (603259) with a net outflow of 428 million [3]

Market Overview - The Shanghai Composite Index rose by 0.37% on September 17, with 20 industries experiencing gains, led by the power equipment and automotive sectors, which increased by 2.55% and 2.05% respectively [1] - Conversely, the agriculture, forestry, animal husbandry, and fishery sectors, along with retail, saw declines of 1.02% and 0.98% respectively [1] - The pharmaceutical and biotechnology sector fell by 0.23% [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 38.306 billion yuan, with five industries seeing net inflows [1] - The power equipment sector led the net inflow with 1.835 billion yuan, followed by the automotive sector with 1.142 billion yuan [1] - The non-bank financial sector experienced the largest net outflow, totaling 5.229 billion yuan, followed by the computer sector with a net outflow of 4.455 billion yuan [1] Pharmaceutical and Biotechnology Sector - The pharmaceutical and biotechnology sector saw a net outflow of 3.977 billion yuan, with 474 stocks in the sector; 135 stocks rose while 327 fell [2] - The top net inflow stocks included WuXi AppTec with 352 million yuan, followed by Hengrui Medicine and Boteng Co., with inflows of 312 million yuan and 55.426 million yuan respectively [2] - Nine stocks in the sector experienced net outflows exceeding 100 million yuan, with the largest outflows from Guangsheng Tang, Sino Medical, and Ganli Pharmaceutical, amounting to 253 million yuan, 164 million yuan, and 140 million yuan respectively [2] Top Gainers in Pharmaceutical Sector - WuXi AppTec: +2.09%, turnover rate 2.01%, net inflow 351.585 million yuan [2] - Hengrui Medicine: +1.42%, turnover rate 0.92%, net inflow 312.024 million yuan [2] - Boteng Co.: -0.93%, turnover rate 6.09%, net inflow 55.426 million yuan [2] Top Losers in Pharmaceutical Sector - Guangsheng Tang: -4.40%, turnover rate 9.74%, net outflow -252.737 million yuan [3] - Sino Medical: -1.74%, turnover rate 5.85%, net outflow -164.152 million yuan [3] - Ganli Pharmaceutical: -1.74%, turnover rate 2.88%, net outflow -139.861 million yuan [3]