智通财经APP获悉，香港联交所最新数据显示，11月21日，摩根大通增持药明康德(02359)73.6509万 股，每股作价102.4881港元，总金额约为7548.34万港元。增持后最新持股数目约为2572.02万股，持股 比例为5.03%。 ...

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之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致之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） 海外監管公告 本海外監管公告乃由本公司根據香港聯合交易所有限公司證券上市規則第 13.10B條作出。 茲載列本公司在上海證券交易所網站刊登的以下資料中文全文，僅供參閱。 承董事會命 無錫藥明康德新藥開發股份有限公司 董事長 李革博士 香港，2025年11月26日 截至本公告日期，本公司董事會包括執行董事李革博士、陳民章博士、楊青博士及張朝暉先生； 非執行董事童小幪先生及吳亦兵博士；以及獨立非執行董事盧韶華女士、俞衛博士、張新博士、 詹智玲女士及冷雪松先生。 * 僅供識別 证券代码：603259 证券简称：药明康德 公告编号：临 2025-072 关于股东权益变动触及 1%刻度的提示性公告 相关股东保证向公司提供的信息真实、准确、完整，没有虚假记载、误导性陈 ...

Group 1 - JPMorgan's long position in Wuxi AppTec's H-shares increased from 4.89% to 5.03% on November 21, 2025 [1]

证券代码：603259 证券简称：药明康德 公告编号：临 2025-072 关于股东权益变动触及 1%刻度的提示性公告 相关股东保证向公司提供的信息真实、准确、完整，没有虚假记载、误导性陈述或 重大遗漏。 公司董事会及全体董事保证公告内容与相关股东提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少√ | | --- | --- | --- | --- | | 权益变动前合计比例 | 18.46% | | | | 权益变动后合计比例 | 17.95% | | | | 本次变动是否违反已作出的承 诺、意向、计划 | 是□ | 否√ | | | 是否触发强制要约收购义务 | 是□ | 否√ | | 一、 信息披露义务人及其一致行动人的基本信息 1、身份类别 投资者及其一致行动人的身份 √控股股东/实际控制人及其一致行动人 □其他 5%以上大股东及其一致行动人 □合并口径第一大股东及其一致行动人（仅适用 于无控股股东、实际控制人） □其他______________（请注明） 2、信息披露义务人信息 | 信息披露义务人名称 | | | | | 投资者身份 | | 统一社会信用代码 | ...

Core Viewpoint - The overall market sentiment remains cautiously optimistic, with no significant negative trends observed in the fundamental performance of key sectors, particularly in technology and growth stocks [1] Group 1: Market Performance - As of November 26, 2025, the Shanghai 180 Index rose by 0.30%, with notable increases in stocks such as Haiguang Information (3.95%) and Zhongke Shuguang (3.53%) [1] - The Shanghai 180 ETF Index Fund also saw a slight increase of 0.17%, marking its third consecutive rise [1] Group 2: Sector Analysis - The technology growth sector, including communications and semiconductors, continues to show strong performance, suggesting that recent market adjustments may be positioning for future gains [1] - Despite a slowdown in policy support compared to the first half of the year, the overall market remains in a loose monetary environment, which is expected to support recovery in the technology sector [1] Group 3: Investment Strategy - A "barbell strategy" is recommended for investment, suggesting to maintain positions in growth sectors like communications, semiconductors, and innovative pharmaceuticals while being cautious with short-term operations [1] - Defensive investments in dividend-paying sectors are advised to mitigate risks during market fluctuations [1] Group 4: Index Composition - The Shanghai 180 Index comprises 180 large-cap stocks selected for their market capitalization and liquidity, reflecting the overall performance of core listed companies in the Shanghai securities market [2] - As of October 31, 2025, the top ten weighted stocks in the index account for 26.29% of the total index, with notable companies including Kweichow Moutai and China Ping An [2]

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 ...

Core Insights - The precision medicine sector experienced a 1.92% increase on November 24, with Guomai Technology leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Stock Performance - Guomai Technology (002093) closed at 12.19, up 10.02% with a trading volume of 446,600 shares and a transaction value of 536 million [1] - Zhongyuan Xiehe (600645) also rose by 10.02% to 28.23, with a trading volume of 169,100 shares and a transaction value of 468 million [1] - Other notable performers include: - Toukeng Life (300642) at 19.51, up 3.34% [1] - Beirui Gene (000710) at 11.97, up 3.28% [1] - Yangjin Medical (300030) at 7.90, up 3.27% [1] Capital Flow - The precision medicine sector saw a net inflow of 526 million from institutional investors, while retail investors experienced a net outflow of 143 million [2] - The main capital inflow and outflow for key stocks include: - WuXi AppTec (603259) with a net inflow of 251 million [3] - Guomai Technology (002093) with a net inflow of 241 million [3] - Zhongyuan Xiehe (600645) with a net inflow of 102 million [3]

Core Viewpoint - Morgan Stanley's research report indicates that WuXi AppTec's valuation levels are becoming more attractive amid a stable fundamental backdrop, with a particular focus on WuXi AppTec as a preferred stock due to its robust performance and growth potential [1] Group 1: Company Performance - WuXi AppTec has raised its earnings guidance and is undergoing significant capacity expansion, particularly in the next-generation GLP-1 sector [1] - The earnings forecasts for WuXi AppTec for the years 2025 to 2027 have been increased by 3% to 4% [1] - WuXi Biologics' earnings estimates for 2025 to 2027 have been raised by 6% to 13% [1] - WuXi AppTec's subsidiary, WuXi STA, has seen its earnings projections adjusted upward by 7% to 8% [1] Group 2: Growth Projections - The compound annual growth rates (CAGR) for the three companies from 2024 to 2027 are projected to be 24%, 23%, and 37% respectively [1]