Group 1 - TaiLong Pharmaceutical's controlling shareholder has made significant progress in planning the transfer of company shares, with an agreement reached to transfer 8.73% of the company's total shares to Jiangyao Holdings at a price of 11.043 yuan per share, totaling 553 million yuan [1] - The transfer of control to Jiangyao Holdings is expected to inject resources into TaiLong Pharmaceutical's core business, although it is subject to government approval and subsequent integration actions [1] Group 2 - Minsheng Health announced its first share buyback of 82,900 shares at a maximum price of 15.67 yuan per share, totaling 1.29 million yuan, signaling recognition of the company's value and stability in stock price [2] - If Minsheng Health increases the buyback scale, it may further boost market confidence and solidify its long-term development foundation [2] Group 3 - Gaoguang Pharmaceutical has submitted its listing application to the Hong Kong Stock Exchange, with a post-C round financing valuation exceeding 2.462 billion yuan after raising 162 million yuan [3] - The company aims to accelerate research and development with capital support, although details on its core pipeline remain undisclosed [3] Group 4 - Yuekang Pharmaceutical plans to issue shares overseas (H shares) and list on the Hong Kong Stock Exchange to enhance its comprehensive competitiveness and international brand image [4] - This move aligns with the trend of globalization for pharmaceutical companies, and attention should be paid to the timing of the issuance and market feedback [4]

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry [1] Core Insights - The 2025 National Medical Insurance and Commercial Health Insurance Innovation Drug Catalogs were released, adding 114 new drugs to the national insurance list, with a success rate of 88%, significantly higher than the previous year's 76% [2] - The first three quarters of 2025 saw a notable recovery in domestic innovative drug financing, with 324 financing events totaling $5.51 billion, a 67.6% increase year-on-year [3] - The flu positivity rate has not peaked yet, with a significant increase in flu cases, indicating a growing market for flu medications [4] - The report highlights breakthroughs in dual-target and new-target opportunities in the autoimmune field, with several companies making significant advancements [5] - There is a focus on inhalation formulations in respiratory diseases, with new drugs showing promising results [6] - Progress in liver-targeted small nucleic acids is noted, with companies like Arrowhead Pharmaceuticals making strides in this area [7] Summary by Sections 1. National Medical Insurance and Commercial Insurance Innovation Drug Catalogs - The 2025 catalog added 114 new drugs, including 50 innovative drugs, with a success rate of 88% [2] 2. Financing Trends and CXO Order Changes - Innovative drug financing events increased by 5.2% year-on-year, with total financing amounting to $5.51 billion [3] 3. Flu Positivity Rates - The flu positivity rate reached 51.1%, indicating a rising demand for flu medications [4] 4. Autoimmune Field Developments - Significant partnerships and advancements in dual-target drugs for autoimmune diseases were reported [5] 5. Inhalation Formulations in Respiratory Diseases - New inhalation drugs are showing positive clinical results, indicating a shift in treatment approaches [6] 6. Progress in Liver-Targeted Small Nucleic Acids - Arrowhead Pharmaceuticals achieved a milestone payment for its innovative RNA therapy, expanding its research pipeline [7] 7. Stock Recommendations - The report recommends stocks in various sectors, including inhalation formulations, small nucleic acids, and innovative drugs, highlighting specific companies for investment [8]

Group 1: Market Overview - The Hong Kong stock market showed a collective rebound with the Hang Seng Index rising approximately 0.6%, the Hang Seng China Enterprises Index increasing about 1%, and the Hang Seng Tech Index up around 0.8% [2][3] - Market sentiment improved significantly compared to previous days, with total market turnover rising to approximately 210.4 billion HKD and the short-selling amount on the main board decreasing to about 15.74% of total turnover [2] - Southbound capital flows remained weak, with net inflows from northbound trading at around 1.3 billion HKD on Friday [2] Group 2: Sector Performance - Resource and cyclical stocks led the market rally, with rare earth, non-ferrous metals, and gold stocks performing well due to the implementation of export licenses and increased copper stockpiling by global commodity traders [3] - The financial sector also played a crucial role in driving the market upward, with insurance stocks, Chinese brokerage firms, and domestic banks generally showing strong performance [3] - Energy-related sectors, including electric power equipment, wind power, and nuclear power, were active, reflecting ongoing interest in energy transition and equipment investment opportunities [3] Group 3: Economic Indicators - The U.S. core PCE year-on-year growth rate fell to 2.8%, providing strong support for the Federal Reserve's potential interest rate cut [4] - Personal consumption expenditures in the U.S. showed almost no growth in September, indicating a cooling consumer market, with significant declines in spending on durable and non-durable goods [5] - The income distribution in the U.S. is becoming polarized, with lower-income households reducing spending while high-income groups maintain purchasing power due to asset appreciation [5] Group 4: Industry Insights - The small nucleic acid drug sector is emerging as a significant investment theme for 2026, characterized by rapid global market growth and advantages such as broad target coverage and high clinical trial success rates [7] - The global small nucleic acid drug market is projected to grow from 2.7 billion USD in 2019 to 5.7 billion USD in 2024, with a compound annual growth rate of 16.2% [7] - The market for siRNA drugs is expected to increase its share from 6.2% in 2019 to 44.5% in 2024, driven by advancements in delivery technologies and expanding indications [7] Group 5: Collaboration and Market Dynamics - The small nucleic acid field is becoming a hub for business development collaborations, with nearly 100 deals in the past three years and increasing transaction values [8] - Leading companies in the small nucleic acid market, such as Alnylam and Ionis, are setting the pace for global technological development, with Alnylam reporting a 149% year-on-year revenue increase in Q3 2025 [9] - Domestic pharmaceutical companies are also focusing on small nucleic acid drugs, with several candidates in clinical trials targeting conditions like high cholesterol [9] Group 6: Investment Recommendations - The report suggests that small nucleic acid drugs may become a major investment theme next year, with opportunities in both domestic and international markets [10] - Key companies to watch include overseas leaders like Alnylam, Arrowhead, and Ionis, as well as domestic firms like CSPC Pharmaceutical Group and Hengrui Medicine [10]

悦康药业，成立于2001年，是一家集新药研发、药品生产、流通销售及国际贸易于一体的医药集团企 业，目前已形成核酸药物靶点发现平台、多肽药物开发平台、缓控释制剂技术平台等九大核心研发平 台，涵盖核酸药、多肽药、中药创新药以及高端化药等领域，并相继组建了头孢药物晶型研究国家地方 联合工程实验室、心脑血管北京市工程研究中心等，建立了悦康集团院士专家工作站、博士后科研工作 站、博导工作站等完善的研发体系。2023年7月，完成国内首家自主知识产权LNP阳离子脂质辅料 （YK-009）的备案登记，是国内外少数可规模化生产自主知识产权阳离子脂质辅料的药企。 (截图来自雪球) 悦康药业表示，公司将充分考虑现有股东的利益和境内外资本市场的情况，在股东会决议有效期内选择 适当的时机和发行窗口完成本次发行H股并上市。 悦康药业指，截至本公告披露日，公司正积极与相关中介机构就本次发行H股并上市的相关工作进行商 讨，除本次董事会审议通过的相关议案外，其他关于本次发行H股并上市的具体细节尚未确定。 ...

Group 1 - The company announced the appointment of Rongcheng (Hong Kong) CPA Limited as the special auditing firm for its H-share issuance and listing [2] - This appointment is subject to approval by the company's shareholders' meeting and will take effect from the date of approval [2]

悦康药业集团股份有限公司 独立董事工作制度 悦康药业集团股份有限公司 独立董事工作制度 （草案） （H股发行上市后适用） 1 悦康药业集团股份有限公司 独立董事工作制度 第一章 总则 独立董事应当独立履行职责，不受公司主要股东、实际控制人等 单位或个人的影响。 本制度中"独立董事"的含义与《香港联交所上市规则》中"独 立非执行董事"的含义一致，独立董事须同时符合《香港联交所 上市规则》要求的独立性。 以会计专业人士身份被提名为独立董事候选人的，应具备较丰富 的会计专业知识和经验，符合《上市公司独立董事管理办法》《香 港联交所上市规则》等规定的相关专业资格要求，并至少符合下 2 第一条 为进一步完善悦康药业集团股份有限公司（以下简称"公司"）法 人治理结构建设，为独立董事创造良好的工作环境，促进公司规 范运行，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 中国证券监督管理委员会（以下简称"中国证监会"）《上市公司 独立董事管理办法》（以下简称"《管理办法》"）、《上市公司治理 准则》、《上海证券交易所科创板股票上市规则》（以下简称"《上 市规则》"）、《上海证券交易所科创板上市公司自律监管指引第 1 ...

Core Viewpoint - Yuyuan Pharmaceutical plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its competitive edge and international brand image while diversifying its financing channels [1] Summary by Relevant Sections - **Company Strategy** - The company aims to improve its overall competitiveness and international brand image through the planned listing [1] - The move is intended to better utilize international capital markets [1] - **Financial Activities** - The company is actively discussing the issuance of H-shares and the listing process with relevant intermediaries [1] - Specific details regarding the H-share issuance and listing have not yet been finalized [1]

Group 1 - Shareholder of Xidiwei plans to reduce holdings by up to 3% of total shares, amounting to 12.37 million shares [2] - Minsheng Bank successfully issued 6 billion yuan of 3-year floating rate financial bonds to optimize its liability structure [3] - Baisheng Intelligent intends to acquire 51% stake in Zhongke Shengu for 100 million yuan, with a preliminary valuation of up to 200 million yuan [4] Group 2 - Junshi Biosciences received acceptance for the new drug application of Rocaqi monoclonal antibody injection for treating moderate to severe plaque psoriasis [5] - Ganneng Co. announced the successful commissioning of its clean coal power project, achieving national performance standards [6] - Yuekang Pharmaceutical plans to issue H-shares and list on the Hong Kong Stock Exchange [7][8] Group 3 - Qingtang City received notice of expropriation for Huaneng Mall, which will be shut down pending approval processes [9] - Meilixin's controlling shareholder plans to increase holdings by 50 million to 100 million yuan, with a maximum price of 52 yuan per share [10] - Zhenghong Technology reported a 20.43% year-on-year decline in November pig sales revenue [11][12] Group 4 - GAC Group reported a 9.72% year-on-year decline in November automobile sales, totaling 179,700 units [16] - Oupokangshi received approval for clinical trials of a new eye drop for treating presbyopia [17] - Kang En Bei announced the resignation of its chairman and legal representative due to work adjustments [18] Group 5 - Jiangxi Changyun is set to receive 15.7 million yuan in compensation for the expropriation of part of its properties [28] - Tianrun Dairy reported a 2.99% month-on-month increase in November pig sales revenue [29] - New Point Software won a 54 million yuan contract for a digital smart community construction project [31]

Core Viewpoint - The company plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its competitive edge and international brand image while diversifying its financing channels [1] Group 1 - The third meeting of the company's third board of directors will be held on December 4, 2025, to review the proposal for issuing H-shares [1] - The company aims to utilize international capital markets more effectively through this listing [1] - The move is expected to improve the company's overall competitiveness [1]

悦康药业集团股份有限公司 独立董事候选人声明与承诺 本人何敬丰，已充分了解并同意由提名人悦康药业集团股份有限公司董事会 提名为悦康药业集团股份有限公司第三届董事会独立董事候选人。本人公开声明， 本人具备独立董事任职资格，保证不存在任何影响本人担任悦康药业集团股份有 限公司独立董事独立性的关系，具体声明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行政法规、部门规 章及其他规范性文件，具有五年以上法律、经济会计、财务、管理等履行独立董 事职责所必需的工作经验。 二、本人任职资格符合下列法律、行政法规和部门规章以及公司规章的要求： （一）《中华人民共和国公司法》等关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的规定； （三）中国证监会《上市公司独立董事管理办法》和上海证券交易所自律监 管规则有关独立董事任职资格和条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部辞去公职或者退 （离）休后担任上市公司、基金管理公司独立董事、独立监事的通知》的规定； （五）中共中央组织部《关于进一步规范党政领导干部在企业兼职（任职） 问题的意见》的相关规定； （六） ...