一、宏观策略 宏观新闻（何超） 1、近期，国际金价高位震荡，国内首饰金价格也居高不下，黄金消费出现了新趋势，轻克重 黄金产品、金条等受到消费者青睐。短期内黄金价格或仍将维持高位震荡。对于消费者而言， 若以投资为目的，需关注国际金价波动；若以佩戴需求为主，建议根据自身预算合理选择购 买时机。 晨 会 纪 要 [2025]第 212 号 郭怡萍 何超 李育文 李正威 别璐莎 邢维洁 马丽明 贺钰偲 汪炜 聂孟依 整理记录：贺钰偲 研究所今日晨会要点如下: 2、1-10 月，全国一般公共预算收入 186490 亿元，同比增长 0.8%；全国一般公共预算支出 225825 亿元，同比增长 2%；证券交易印花税 1629 亿元，同比增长 88.1%。 3、截至 2024 年末，我国各家城市商业银行总资产规模为 60.15 万亿元，相比 1995 年增长 134 倍，占银行业金融机构比例为 13.53%，市场份额提升 8.24 个百分点，不良贷款率 1.76%， 拨备覆盖率 188.08%。 宏观点评： 10 月美联储如期降息 25 个基点，联邦基金利率目标区间降至 3.75%-4.00%，并宣布将于 12 月 1 日结 ...

公司名称本应是企业身份的标识、品牌价值的载体，然而近期，炒作公司名称的现象却屡见不鲜，部分 公司股价接连开启涨停板，上演着一幕幕令人瞠目结舌的疯狂戏码。即使公司多次发公告提示风险，但 公司股价依然强势涨停，仿佛无视一切理性与规则，沉浸在虚幻的狂欢之中。 至于为何会出现这种荒诞的炒作现象，有分析认为，在特定背景下，投资者将公司的名称与相关概念或 相关事件强行关联起来。在网络热梗的渲染下，某些具有特殊寓意、新奇有趣的公司名称成了投资者眼 中的"香饽饽"。投资者跟风买入相关公司股票，全然不顾公司真实的经营状况和财务数据。 "炒名字、炒代码、炒生肖"在A股市场可谓是屡见不鲜，这种畸形的炒作现象就像一场场精心策划的闹 剧，不断在资本舞台上演。 这样的故事还有很多，犹如一部部警示录，不断提醒着投资者盲目炒作的巨大风险。比如，特朗普上台 时的川大智胜，2023年年末的圣龙股份、天龙股份，以及2024年末的川发龙蟒等，均因"炒名字、炒代 码、炒生肖"等荒诞理由被市场炒作。这些公司在炒作期间股价大幅飙升，吸引了众多投资者的目光。 然而，短暂炒作过后，行情很快退潮。 盲目炒作股票名称，看似是一场充满诱惑的财富盛宴，实则是一场击鼓 ...

Core Viewpoint - ST HuLuWa's stock reached the daily limit with a price of 9.89 yuan, reflecting a 4.99% increase, driven by factors such as innovative drug development, advantages from the Hainan Free Trade Port, and improving financial performance [1] Group 1: Innovative Drug Development - The company is actively advancing its innovative drug research and development, with multiple drugs under investigation in various therapeutic areas, including pediatric formulations [1] - Some innovative drugs have entered Phase II or III clinical trials, and one drug focused on mental health is currently in the approval process, which will enrich the product pipeline and enhance future competitiveness [1] Group 2: Hainan Free Trade Port Advantages - The company is leveraging the policy advantages of the Hainan Free Trade Port to accelerate innovative drug development, smart manufacturing upgrades, and market channel expansion [1] - The closure policy in Hainan has attracted market attention to local listed companies, positioning the company to benefit from policy dividends and improve operational performance [1] Group 3: Financial Performance - The company's Q3 2025 report indicated a net profit attributable to shareholders of -11.21 million yuan, showing a year-on-year improvement of 90.46%, indicating a trend of performance improvement [1] - On November 5, 2025, the pharmaceutical sector saw active performance from several stocks, contributing to a certain level of sectoral synergy [1] Group 4: Technical Analysis - Technical indicators such as MACD should be monitored for favorable patterns, which could attract more capital interest [1] - Fund flow data from Tonghuashun indicates that if there is an influx of main funds, it could drive the stock price to hit the daily limit [1]

Core Viewpoint - The company ST葫芦娃 is collaborating with Hangzhou Kanglixian Pharmaceutical Technology Co., Ltd. to develop two pharmaceutical projects: Ondansetron Oral Film and Edaravone Injection Solution, both of which have promising market prospects [1] Group 1: Project Details - The Ondansetron Oral Film is designed for the prevention and treatment of nausea and vomiting associated with chemotherapy, radiotherapy, and surgery. It is particularly suitable for individuals with swallowing difficulties as it does not require water for administration and is recommended by authoritative anti-nausea guidelines [1] - The Edaravone Injection Solution is intended for the treatment of stroke, indicating a strong market potential for this therapeutic area [1] Group 2: Collaboration and Development - The technical cooperation development contract for these projects was signed at the end of October 2025, highlighting the timeline for the collaboration [1]

Core Viewpoint - On November 3, gold-related stocks experienced significant declines, with major retail brands in Hong Kong facing sharp drops following new tax policies announced by the government [1] Group 1: Market Reaction - As of 10 AM on November 3, Chao Hong Ji hit the daily limit down [1] - Major Hong Kong gold retail brands collectively fell, with Lao Pu Gold and Chow Tai Fook dropping over 7%, and Luk Fook Group down over 6% [1] - Other companies such as Chow Sang Sang and China Gold International saw declines exceeding 5% [1] Group 2: Policy Announcement - On November 1, the Ministry of Finance and the State Taxation Administration released an announcement regarding tax policies related to gold transactions [1]

证券代码：605199 证券简称：ST 葫芦娃 公告编号：2025-085 海南葫芦娃药业集团股份有限公司 关于与关联方签署技术合作关联交易事项的进展公告 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。 海南葫芦娃药业集团股份有限公司（以下简称"公司"）于2025年10月18日披露了 《关于拟与关联方签署技术合作开发合同暨关联交易的公告》（公告编号：2025-079）， 公司拟与杭州康领先医药科技有限公司（以下简称 "康领先"）签署《技术合作开发 合同》，共同开发 "昂丹司琼口溶膜（4mg、8mg）" 及 "依达拉奉右莰醇注射用浓 溶液（5ml：依达拉奉 10mg 与右莰醇 2.5mg）" 两个项目，合同金额预估分别为910 万元和215万元，共计1,125万元。 一、关联交易进展情况 公司于近日与关联方康领先就上述两个技术合作开发项目正式签署了《技术合作开 发合同》，合同主要内容如下： 1、交易内容 甲方：海南葫芦娃药业集团股份有限公司 乙方：杭州康领先医药科技有限公司 第一条 本项目合作的内容 按现行《药品注册管理办法》及 ...

Core Viewpoint - ST HuLuWa (605199.SH) reported its Q3 2025 results, highlighting a significant institutional ownership structure with 63.01% of shares held by three institutional investors, although this represents a slight decline from the previous quarter [1] Group 1: Institutional Ownership - As of October 30, 2025, three institutional investors disclosed holding a total of 252 million shares of ST HuLuWa, which constitutes 63.01% of the company's total share capital [1] - The institutional investors include Hainan HuLuWa Investment Development Co., Ltd., Zhejiang FuWang JuDe Health Development Co., Ltd., and Hangzhou ZhongJiaRui Management Partnership (Limited Partnership) [1] - Compared to the previous quarter, the total institutional ownership percentage decreased by 0.79 percentage points [1]

Core Viewpoint - The company, Hainan Huluwa Pharmaceutical Group Co., Ltd., is under risk warning due to a negative internal control audit report for the year 2024, leading to its stock being marked with "ST" starting April 30, 2025 [24][25][23]. Financial Data - The company has not conducted an audit for the third-quarter financial report [3][10]. - The financial data for the third quarter and the first nine months of 2025 are presented in RMB, but specific figures are not disclosed in the provided documents [11][12]. Internal Control and Compliance Measures - The company has established a special rectification team led by the chairman to address issues highlighted in the internal control audit report, focusing on areas such as research and development process management and financial management [25][26]. - Continuous internal self-inspections are being conducted to strengthen internal control management, including risk assessments of newly signed contracts [26][27]. - The company is enhancing its governance structure and compliance management, responding to regulatory requirements, and improving the quality of information disclosure [27][28]. Board Meeting and Management Changes - The company held its second temporary board meeting of 2025 on October 30, where it approved the third-quarter report and appointed Liu Quanguo as the new vice president [17][20][22]. - The meeting was attended by all seven board members, and the resolutions were passed unanimously [18][19]. Investor Communication - An investor performance briefing is scheduled for November 12, 2025, to discuss the third-quarter results and address investor inquiries [30][31]. - Investors can submit questions in advance through the designated channels before the briefing [32][34].

Group 1 - ST HuLuWa announced the convening of its fourth board meeting for 2025 on October 30, 2025, in Haikou, Hainan Province, to discuss the appointment of a vice president and other documents [1] - For the year 2024, ST HuLuWa's revenue composition is entirely from the pharmaceutical manufacturing industry, accounting for 100.0% [1]

Group 1 - The company ST HuLuWa has appointed Liu Quanguo as the vice president, with a term aligned with the fourth board of directors [1] - The company's revenue structure for the year 2024 is entirely from the pharmaceutical manufacturing industry, accounting for 100.0% [1]