资金流入方面，港股创新药精选ETF最新资金流入流出持平。拉长时间看，近5个交易日内，合计"吸金"1070.71万元。 港股创新药精选ETF紧密跟踪恒生港股通创新药精选指数，恒生港股通创新药精选指数旨在反映可经港股通买卖，业务与创新药研究、开发及生产相关的香 港上市公司之表现。 数据显示，截至2025年10月8日，恒生港股通创新药精选指数前十大权重股分别为百济神州、中国生物制药、信达生物、石药集团、康方生物、三生制药、 翰森制药、科伦博泰生物-B、再鼎医药、诺诚健华，前十大权重股合计占比72.15%。 （文中个股仅作示例，不构成实际投资建议。基金有风险，投资需谨慎。） 截至2025年11月12日 09:51，恒生港股通创新药精选指数强势上涨3.17%，成分股百济神州上涨7.29%，映恩生物-B上涨4.74%，康方生物上涨4.63%，药捷安 康-B，三生制药等个股跟涨。港股创新药精选ETF(520690)上涨2.90%，最新价报0.92元。拉长时间看，截至2025年11月11日，港股创新药精选ETF近2周累计 上涨0.56%，涨幅排名可比基金1/2。 流动性方面，港股创新药精选ETF盘中换手8.57%，成交485 ...

每经AI快讯，百济神州(06160.HK)再涨超4%，截至发稿，涨4.15%，报205.6港元，成交额2.23亿港元。 ...

Core Viewpoint - BeiGene's stock has risen over 4% following the announcement of its third-quarter earnings, which showed significant revenue growth and profitability [1] Financial Performance - Third-quarter revenue reached 10.077 billion yuan, marking a year-on-year increase of 41.1% [1] - Operating profit for the quarter was 746 million yuan, with net profit attributable to shareholders at 689 million yuan and adjusted net profit at 708 million yuan [1] Product Performance - The growth in performance is primarily driven by the strong sales of BTK inhibitor Brukinsa (Zebutinib) and PD-1 inhibitor Tislelizumab, which continued to show rapid growth [1] - The sales growth was further supported by the increase in sales of Amgen's licensed products [1] Analyst Insights - CMB International reported that BeiGene's product revenue for the third quarter was $1.41 billion, reflecting a 41% year-on-year increase [1] - Based on the third-quarter performance, net profit forecasts for the company have been raised by 3% to 52%, indicating a more optimistic outlook on operating expense ratios [1] - Haitong International has adjusted its revenue forecasts for BeiGene for 2025-2027 to $5.3 billion, $6.4 billion, and $7.1 billion, respectively, corresponding to a compound annual growth rate of 23% [1]

Core Viewpoint - BeiGene's stock rose over 4%, reaching HKD 205.6, following the announcement of its third-quarter earnings, which showed significant revenue growth and profitability [1] Financial Performance - Third-quarter revenue surpassed RMB 10 billion for the first time, reaching RMB 10.077 billion, a year-on-year increase of 41.1% [1] - Operating profit for the quarter was RMB 746 million, with net profit attributable to shareholders at RMB 689 million and adjusted net profit at RMB 708 million [1] Product Performance - The revenue growth was primarily driven by the strong sales of BTK inhibitor Brukinsa (Zebutinib) and PD-1 inhibitor Tislelizumab, alongside increased sales from Amgen's licensed products [1] - According to CMB International, product revenue for the third quarter was USD 1.41 billion, reflecting a 41% year-on-year increase [1] Future Outlook - CMB International raised its net profit forecast for the company by 3% to 52%, based on more optimistic expectations regarding operating expense ratios [1] - Haitong International adjusted its revenue forecasts for Zebutinib in the U.S. and European markets, projecting revenues of USD 5.3 billion, USD 6.4 billion, and USD 7.1 billion for 2025-2027, corresponding to a compound annual growth rate of 23% [1]

Group 1 - On November 11, BeiGene's stock fell by 0.77%, with a trading volume of 734 million yuan [1] - The financing data for BeiGene on that day showed a financing purchase amount of 75.14 million yuan and a financing repayment of 80.40 million yuan, resulting in a net financing outflow of 5.25 million yuan [1] - As of November 11, the total margin balance for BeiGene was 1.36 billion yuan, with a financing balance of 1.34 billion yuan, accounting for 4.20% of the circulating market value, indicating a high level compared to the past year [1] Group 2 - As of June 30, the number of BeiGene shareholders was 23,300, a decrease of 3.90% from the previous period, while the average circulating shares per person increased by 4.11% to 4,976 shares [2] - For the first half of 2025, BeiGene reported a revenue of 17.52 billion yuan, representing a year-on-year growth of 46.03%, and a net profit attributable to shareholders of 450 million yuan, up 115.63% year-on-year [2] - Among the top ten circulating shareholders as of June 30, 2025, China Europe Medical Health Mixed A ranked fourth with 4.83 million shares, an increase of 1.24 million shares from the previous period [2]

Core Viewpoint - Haitong International has raised its revenue forecasts for BeiGene (06160) for FY25-27 due to stronger-than-expected sales of Zebrutinib in the US and European markets, projecting revenues of $5.3 billion, $6.4 billion, and $7.1 billion respectively, with a CAGR of 23% over three years [2][3] Financial Performance - In Q3 2025, BeiGene reported revenues of $1.41 billion, a year-on-year increase of 41% and a quarter-on-quarter increase of 7.7%, with product revenues of $1.4 billion [3] - The company achieved a gross margin of 86.1%, up 3.1 percentage points year-on-year [3] - R&D expenses were $520 million (up 5.5% YoY), while sales expenses were $530 million (up 16.2% YoY), resulting in an operating profit of $160 million [3] - Net profit for the quarter was $120 million, and management raised the full-year revenue guidance for 2025 to $5.1-5.3 billion [3] Product Performance - Zebrutinib's global revenue is expected to approach $3.9 billion in 2025, with Q3 revenues of $1.04 billion, reflecting a 50.8% YoY increase and a 9.6% QoQ increase [4] - In the US, Zebrutinib generated $740 million (up 46.7% YoY), while in Europe, it reached $160 million (up 67.7% YoY) [4] - The global revenue for Tislelizumab (PD-1) was $190 million, marking a 16.7% increase YoY [4] Pipeline Developments - In the hematological malignancies segment, the company is focusing on BCL-2 inhibitors and BTK CDAC, with plans for various clinical trials and regulatory submissions in the coming years [5] - In the solid tumors segment, the company is advancing CDK4 inhibitors and B7-H4 ADC, with plans to initiate Phase III trials for HR+/HER2- breast cancer in 1H26 [6][7] - Management noted the competitive landscape in the second-line treatment market due to the emergence of multiple new drugs [7]

Core Viewpoint - Haitong International has raised its revenue forecasts for BeiGene (06160) for FY25-27, expecting revenues of $5.3 billion, $6.4 billion, and $7.1 billion respectively, reflecting a CAGR of 23% over three years, due to better-than-expected sales and R&D expenses [1] Group 1: Financial Performance - In Q3 2025, BeiGene achieved revenues of $1.41 billion, a year-on-year increase of 41% and a quarter-on-quarter increase of 7.7%, with product revenues of $1.4 billion [2] - The company reported a gross margin of 86.1%, up 3.1 percentage points year-on-year [2] - R&D expenses were $520 million, up 5.5% year-on-year, while sales expenses were $530 million, up 16.2% year-on-year, resulting in an operating profit of $160 million [2] - The net profit for the quarter was $120 million, and management raised the full-year revenue guidance for 2025 to $5.1-5.3 billion [2] Group 2: Product Performance - The global revenue for Zebrutinib is expected to approach $3.9 billion in 2025, with Q3 revenues of $1.04 billion, a year-on-year increase of 50.8% and a quarter-on-quarter increase of 9.6% [3] - In the U.S., Zebrutinib generated $740 million, a year-on-year increase of 46.7%, while in Europe, it reached $160 million, a year-on-year increase of 67.7% [3] - The global revenue for Tislelizumab (PD-1) was $190 million, reflecting a year-on-year increase of 16.7% [3] Group 3: Clinical Development - In the hematological malignancies area, the company is focusing on the BCL-2 inhibitor and BTK CDAC, with plans to submit a U.S. market application for Zebrutinib in R/R MCL [4] - The management plans to initiate a Phase III clinical trial for multiple myeloma in 2026, using a regimen based on the BCL-2 inhibitor [4] - For the solid tumor area, the company is advancing the CDK4 inhibitor and B7-H4 ADC, with plans to start a Phase III trial for HR+/HER2- breast cancer in 1H26 [5]

Market Overview - The average daily trading volume in the A-share market decreased to 2.0 trillion CNY, with the turnover rate declining, indicating reduced market activity[5] - The proportion of stocks rising increased to 54.77%, with the median weekly return for A-share stocks rising to 0.6%[5] Fund Flows - New issuance of equity funds decreased to 21.84 billion CNY, while foreign capital inflow accelerated, with a net inflow of 8.0 million USD as of November 5[6] - The net buying amount of financing decreased to 11.63 billion CNY, accounting for 10.8% of total trading volume[6] Sector Performance - Foreign capital primarily flowed into the electronics sector, with a net inflow of 63.2 million USD, while financing capital mainly flowed into the power equipment sector, with a net inflow of 68.3 billion CNY[7] - The healthcare equipment sector is expected to benefit from policy-driven market recovery, with significant growth in bidding volumes for new medical equipment[17][20] Economic Indicators - The average price of Brent crude oil was 68.17 USD per barrel in Q3 2025, reflecting a year-on-year decrease of 13.40%[44] - The construction sector showed signs of recovery, with new home transaction areas in major cities decreasing by 40.6% week-on-week, indicating ongoing challenges in the real estate market[33] Investment Recommendations - The company recommends an overweight position in A/H shares and industrial commodities, suggesting an equity allocation of 45% and a commodity allocation of 10%[9][10]

Core Insights - The report from Ping An Securities indicates that BeiGene achieved a profit of $125 million in Q3 2025, with a total profit of $220 million for the first three quarters of 2025, compared to a loss of $493 million in the same period last year [1] - The global sales of the BTK inhibitor, Zebrutinib, reached $1 billion in Q3 2025, with total revenue of $2.78 billion for the first three quarters [1] - The company is making comprehensive advancements in the hematological oncology field, with rapid global rollout of Zebrutinib and steady progress in the development of BCL2 inhibitors and BTK CDAC [1] - BeiGene is continuously enriching its R&D pipeline through rapid concept validation, achieving progress in solid tumors and immune-inflammatory areas [1] - The revenue forecasts for 2025-2027 have been adjusted to 37.068 billion, 44.536 billion, and 52.231 billion yuan, respectively, from the previous forecasts of 36.407 billion and 43.954 billion yuan for 2025-2026 [1] - The company maintains a "recommended" rating [1]

Core Insights - A total of 83 stocks received buy ratings from institutions today, with 10 stocks receiving first-time attention from institutions [1][2] - The stock with the highest attention was BeiGene (百济神州-U), which received three buy ratings [1] - Among the rated stocks, 10 have an upside potential exceeding 20%, with Zhuhai Smelter Group (株冶集团) showing the highest potential at 34.74% [1] Institutional Ratings - 87 buy rating records were published today, covering 83 stocks, with 11 records providing future target prices [1] - The stocks with significant upside potential include: - Zhuhai Smelter Group (株冶集团) with a target price of 20.40 CNY, indicating a 34.74% upside - Neway CNC (纽威数控) with a 32.61% upside - Industrial Fulian (工业富联) with a 32.22% upside [1] - 10 stocks received first-time buy ratings, including Artis (阿特斯) and Guotai Haitong (国泰海通) [1] Market Performance - The average performance of stocks with buy ratings was a decline of 0.14%, which was better than the Shanghai Composite Index [1] - Notable gainers included: - Artis (阿特斯) with an increase of 8.65% - Sunshine Nuohua (阳光诺和) with an increase of 4.13% - Kaisa Biotech (凯赛生物) with an increase of 2.63% [1] - Significant decliners included: - Jinpan Technology (金盘科技) with a decrease of 7.92% - Industrial Fulian (工业富联) with a decrease of 4.85% - Huali Group (华利集团) with a decrease of 3.71% [1] Industry Focus - The power equipment industry was the most favored, with 17 stocks including Yiwei Lithium Energy (亿纬锂能) and Terui De (特锐德) receiving buy ratings [2] - The pharmaceutical and biotechnology sectors also attracted attention, with 14 and 9 stocks respectively receiving buy ratings [2]