格隆汇12月9日丨益方生物(688382.SH)公布，为进一步提高公司的资本实力和综合竞争力，深入推进公 司发展战略，更好利用国际资本市场的多元化融资渠道，公司拟于境外发行股份（H股），并申请在香 港联合交易所有限公司主板挂牌上市。 ...

Group 1 - The A-share market experienced fluctuations with the innovative drug sector showing a rebound before retreating, as evidenced by the performance of the Science and Technology Innovation Drug ETF Huatai (589120) which was flat after initially rising over 1% [1] - The Science and Technology Innovation Drug ETF Huatai (589120) has seen net inflows exceeding 9.39 million yuan over the past five days, with funds entering the market intermittently [1] - The component stocks of the ETF showed mixed performance, with stocks like Ailisi and Baili Tianheng rising over 1%, while others like Maiwei Biology fell over 2% [3][4] Group 2 - The 2025 National Basic Medical Insurance Drug Directory has been adjusted, adding 114 new drugs, including 50 first-class innovative drugs, which reflects ongoing support for innovation in the pharmaceutical sector [5][6] - The adjustment of the drug directory aims to encourage innovation while ensuring basic healthcare needs, with a focus on "true innovation" and "differentiated innovation" [6] - The commercial insurance directory has included 19 drugs, including CAR-T and treatments for Alzheimer's disease, indicating a significant step towards expanding commercial medical insurance in China [6] Group 3 - The innovative drug sector is expected to maintain a high level of activity, with a focus on "data validation" and "value reassessment" as key investment themes [6][7] - The industry is entering an internationalization phase, with business development (BD) becoming a regular practice, and the verification of global product value being crucial for future growth [7] - The Science and Technology Innovation Drug ETF Huatai (589120) focuses on leading innovative drug companies, providing a higher degree of exposure to the opportunities presented by the rise of innovative drugs in China [7]

Core Insights - The pharmaceutical sector is experiencing a rise, with the Shanghai Stock Exchange Sci-Tech Innovation Board Biomedicine Index increasing by 1.03% as of December 4, 2025, with notable gains from companies like Zai Lab (up 4.47%) and Rongchang Bio (up 4.14%) [1] Industry Overview - The pharmaceutical industry has undergone eleven rounds of national drug centralized procurement and multiple rounds of medical insurance negotiations, leading to an inevitable decline in the generic drug sector, which impacts the overall pharmaceutical industry [1] - From January to September 2025, the pharmaceutical manufacturing industry's revenue remained relatively stable, but the outlook for generic drugs is bleak, indicating a need for innovative drugs to drive future growth [1] Investment Perspective - According to Everbright Securities, future investments in the pharmaceutical sector should focus on the clinical value of drugs, addressing clinical needs of patients, as both domestic medical insurance policies and global expansion strategies increasingly emphasize clinical value [1] - The innovative drug industry chain and innovative medical devices are viewed positively based on the clinical value framework [1] Market Data - As of November 28, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Biomedicine Index include companies like United Imaging Healthcare and BeiGene, collectively accounting for 49.75% of the index [1]

Quantitative Models and Construction Methods 1. Model Name: Liquidity Impact Coefficient Model - **Model Construction Idea**: This model measures the liquidity impact of index adjustments on individual stocks by calculating the ratio of net fund flows to the stock's recent average daily trading volume[12][13] - **Model Construction Process**: The liquidity impact coefficient for a stock is calculated as follows: $$ impact_{i} = \sum_{k=1}^{N} \frac{\Delta weight_{k,i} \times AUM_{k}}{amt\_avg_{i,20}} $$ - \( \Delta weight_{k,i} \): Estimated weight change of stock \( i \) in index \( k \) - \( AUM_{k} \): Total assets under management of passive products tracking index \( k \) as of the end of November - \( amt\_avg_{i,20} \): Average daily trading volume of stock \( i \) over the past 20 trading days as of the end of November[12][13] - **Model Evaluation**: The model provides a quantitative framework to estimate short-term liquidity shocks caused by index adjustments, but it is subject to data discrepancies and assumptions, which may lead to deviations from actual results[13] --- Model Backtesting Results Liquidity Impact Coefficient Model - **Top 5 Stocks with Highest Positive Impact Coefficients**: - Zhangjiagang Bank (002839 CH): 11.55[15] - Jiangzhong Pharmaceutical (600750 CH): 11.44[15] - Tower Group (002233 CH): 11.04[15] - Jichuan Pharmaceutical (600566 CH): 10.14[15] - Zhengbang Technology (002157 CH): 9.99[15] - **Top 5 Stocks with Highest Negative Impact Coefficients**: - Shenzhen Expressway (600548 CH): -24.95[16] - Vanward Electric (002543 CH): -20.90[16] - Aviation Materials (688563 CH): -14.06[16] - Huaxi Biology (688363 CH): -10.81[16] - Ninghu Expressway (600377 CH): -10.54[16] --- Quantitative Factors and Construction Methods 1. Factor Name: Net Fund Flow Factor - **Factor Construction Idea**: This factor estimates the net fund inflow or outflow for stocks due to index adjustments, based on changes in index weights and the total AUM of passive products tracking the index[9][10] - **Factor Construction Process**: - Outflow Amount: Total AUM of linked products multiplied by the stock's actual weight in the index as of the end of November - Inflow Amount: Total AUM of linked products multiplied by the estimated weight of the stock in the index post-adjustment - Weight estimation is based on free-float market capitalization and index-specific weighting rules, such as dividend yield weighting or market capitalization weighting[9][10] - **Factor Evaluation**: The factor provides a transparent and systematic approach to estimate fund flows, but it is sensitive to assumptions about future index weights and AUM changes[9][10] --- Factor Backtesting Results Net Fund Flow Factor - **Top 5 Stocks with Highest Net Fund Inflows**: - Victory Precision (300476 CH): 112.61 billion CNY[10] - Dongshan Precision (002384 CH): 99.32 billion CNY[10] - Guangqi Technology (002625 CH): 77.81 billion CNY[10] - Sugon Information (603019 CH): 65.44 billion CNY[10] - Top Group (601689 CH): 53.07 billion CNY[10] - **Top 5 Stocks with Highest Net Fund Outflows**: - China Mobile (600941 CH): -40.02 billion CNY[11] - CRRC Corporation (601766 CH): -36.40 billion CNY[11] - Aluminum Corporation of China (601600 CH): -34.29 billion CNY[11] - TCL Zhonghuan (002129 CH): -30.07 billion CNY[11] - Huagong Tech (000988 CH): -27.44 billion CNY[11]

Market Overview - The chemical pharmaceutical sector increased by 0.02% on November 28, with Yifang Bio leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Top Gainers in Chemical Pharmaceutical Sector - Yifang Bio (688382) closed at 29.48, up 5.93% with a trading volume of 206,700 shares and a transaction value of 590 million [1] - Bibet (688759) closed at 34.88, up 5.47% with a trading volume of 115,300 shares [1] - Weier Pharmaceutical (603351) closed at 28.83, up 5.45% with a trading volume of 19,400 shares and a transaction value of 54.88 million [1] - Other notable gainers include Tingjian (002653) up 4.43% and Dongcheng Pharmaceutical (002675) up 3.53% [1] Top Losers in Chemical Pharmaceutical Sector - Guangji Pharmaceutical (000952) saw a significant decline of 9.98%, closing at 9.38 with a trading volume of 1,153,700 shares [2] - New Ganjing (920367) decreased by 5.73%, closing at 21.57 with a trading volume of 37,700 shares [2] - Hendi Pharmaceutical (301211) fell by 5.24%, closing at 15.19 with a trading volume of 310,700 shares [2] - Other notable losers include Beida Pharmaceutical (000788) down 3.80% and Fuyuan Pharmaceutical (6801089) down 3.71% [2] Fund Flow Analysis - The chemical pharmaceutical sector experienced a net outflow of 599 million from institutional investors, while retail investors saw a net inflow of 377 million [2] - Notable net inflows from retail investors were observed in stocks like Yifang Bio and Bibet, despite overall net outflows from institutional and speculative funds [3] Individual Stock Fund Flow - Yifang Bio had a net inflow of 57.86 million from institutional investors, but a net outflow from speculative and retail investors [3] - Huadong Pharmaceutical (000963) also saw a significant net inflow of 56.40 million from institutional investors, with outflows from speculative and retail investors [3] - Other stocks like Bibet and Dongcheng Pharmaceutical showed mixed fund flows, indicating varied investor sentiment [3]

Group 1 - Yifang Biotechnology's stock increased by 5.93%, reaching 29.48 CNY per share, with a trading volume of 388 million CNY and a turnover rate of 3.32%, resulting in a total market capitalization of 17.05 billion CNY [1] - Yifang Biotechnology was established on January 11, 2013, and went public on July 25, 2022. The company is located in the China (Shanghai) Pilot Free Trade Zone and focuses on the research, production, and sales of innovative drugs [1] - The company's main business revenue is entirely derived from technology licensing and cooperation, accounting for 100% of its income [1] Group 2 - According to data, one fund under ICBC Credit Suisse holds a significant position in Yifang Biotechnology, with the Science and Technology Innovation 200 ETF (ICBC) holding 32,800 shares, representing 1.19% of the fund's net value, making it the fourth-largest holding [2] - The Science and Technology Innovation 200 ETF (ICBC) was established on July 23, 2025, with a latest scale of 86.1 million CNY and has achieved a return of 8.47% since inception [2] - The fund manager, He Shun, has been in position for 2 years and 41 days, managing assets totaling 8.558 billion CNY, with the best fund return during his tenure being 56.4% and the worst being 7.83% [2]

（文章来源：证券日报） 证券日报网讯益方生物11月25日在互动平台回答投资者提问时表示，根据公司2025年第三季度报告， 2025年9月30日，公司股东总数为12，352户。 ...

Core Viewpoint - The A-share market, particularly in the AI and chip sectors, experienced a strong rebound due to the dual catalysts of the Federal Reserve's interest rate cut expectations and the launch of the "Genesis Plan" aimed at transforming scientific research through AI [1][7]. Market Performance - As of 10:13 AM, the AI-focused ETF (589560) surged over 2.5%, while the chip-focused ETF (588750) rose more than 2% [1]. - Notable stocks included: - Chip Yuan Co. increased by over 7% - SourceJet Technology rose by over 6% - Hengxuan Technology gained over 4% [4]. Key Stocks in ETFs - For the Chip ETF (588750), the top ten stocks included: - Haiguang Information: 0.15% increase, 11.11% weight - Zhongben International: 1.34% increase, 9.05% weight - Cambrian-U: -0.09% decrease, 8.78% weight - SourceJet Technology: 6.64% increase, 2.42% weight [5]. - For the AI ETF (589560), the top ten stocks included: - Cambrian-U: 0.16% increase, 13.90% weight - Kingsoft Office: -0.60% decrease, 10.67% weight - SourceJet Technology: 3.38% increase, 10.66% weight [6]. Economic Indicators - The market's optimism was fueled by comments from the San Francisco Fed President, who supported a potential rate cut in December, raising expectations from 40% to 80% for a 25 basis point cut [7]. - The "Genesis Plan" aims to leverage AI for scientific advancements, further boosting market sentiment [7]. Semiconductor Market Insights - Analysts noted a "fully sold out" market condition for storage chip suppliers, with DDR5 DRAM experiencing the most significant tightness [7]. - The semiconductor cycle is expected to continue its upward trend, driven by AI demand, with the global AI-driven storage market projected to grow from $28.7 billion in 2024 to $255.2 billion by 2034, reflecting a compound annual growth rate of 24% [9]. Investment Strategy - The focus on AI and domestic substitution in the semiconductor sector presents a compelling investment opportunity, particularly through the Sci-Tech Chip ETF (588750), which emphasizes high-quality chip companies [10][13]. - The ETF's index is expected to show a net profit growth rate of 94% for the first three quarters of 2025, with an anticipated 100% growth for the entire year [14].

Group 1 - The report highlights the "engineer dividend" period for China's innovative drug industry, indicating that local innovations have gained full recognition from multinational corporations (MNCs) [4][5][53] - The report emphasizes the strong performance of various Chinese biotech stocks, with notable price increases observed in companies like Rongchang Biopharmaceutical (+199%) and Mawei Biopharmaceutical (+124%) in the A-share market [4][16] - The report identifies a significant increase in the number of first-in-class (FIC) drugs entering clinical trials in China, from only 9 in 2015 to an expected 120 in 2024, with China's global share of FIC drugs exceeding 30% [4][22] Group 2 - The report discusses the leading position of Chinese companies in the antibody-drug conjugate (ADC) sector, with over 50% global pipeline share in key targets such as HER2 and TROP2 [25][32] - It notes that two Chinese ADC drugs have entered the top ten global upfront payment rankings, indicating strong valuation potential for local innovations [30][31] - The report highlights the anticipated growth in bispecific antibodies (bsAbs), with Chinese companies dominating the top five global upfront payments for related assets [37][41] Group 3 - The report recommends several companies with significant global single product potential, including Kolon Biotech and Innovent Biologics, while also highlighting others like 3SBio and BeiGene as companies to watch [6][52] - It emphasizes the potential for substantial global pricing power for assets, particularly for companies like Rongchang Biopharmaceutical and Zai Lab, which are expected to see continued clinical data readouts [6][52] - The report suggests that companies like Innovent Biologics and Rongchang Biopharmaceutical are likely to turn profitable, with expectations of improved financial performance in the coming years [6][52]

Group 1 - Yifang Biotechnology experienced a decline of 5.02% on November 21, with a stock price of 25.52 yuan per share and a trading volume of 172 million yuan, resulting in a total market capitalization of 14.759 billion yuan [1] - The company, established on January 11, 2013, and listed on July 25, 2022, is located in the Shanghai Free Trade Zone and focuses on the research, production, and sales of innovative drugs, with 100% of its revenue derived from technology licensing and cooperation [1] Group 2 - Guolian Fund has one fund heavily invested in Yifang Biotechnology, specifically the Guolian Medical Consumption Mixed A (015032), which reduced its holdings by 56,100 shares in the third quarter, now holding 96,100 shares, representing 5.66% of the fund's net value [2] - The fund has a total scale of 29.6304 million yuan and has achieved a year-to-date return of 42.87%, ranking 1202 out of 8136 in its category, with a one-year return of 31.69%, ranking 1858 out of 8056 [2]