Group 1 - The core point of the news is that Baihua Pharmaceutical's controlling shareholder and actual controllers have their agreement to act in concert expire, which will not adversely affect the company's management or change its controlling shareholder [1] - The expiration of the agreement is a routine corporate governance action, and the company confirms that it will not impact daily operations [1] - Such agreements not being renewed after expiration is common in the A-share market [1] Group 2 - YKYY018 aerosol inhalation agent from Yuyuan Pharmaceutical has received clinical trial approval from both Chinese and U.S. regulatory authorities for the prevention and treatment of respiratory syncytial virus (RSV) infections [2] - This product addresses a significant clinical need, particularly in high-risk populations, and utilizes an innovative aerosol inhalation delivery method [2] Group 3 - HeYu Pharmaceutical's oral small molecule KRAS G12D inhibitor, ABSK141, has received IND approval from the U.S. FDA for treating patients with advanced solid tumors carrying the KRAS G12D mutation [3] - This drug targets a common oncogenic mutation associated with several cancers, including pancreatic and colorectal cancer, indicating a pressing clinical demand [3] Group 4 - The China Drug Price Registration System has been officially launched, aimed at providing authoritative and accurate drug price information to support the internationalization of pharmaceutical companies [4] - This system is a key step towards establishing a scientific and transparent pricing system for innovative drugs in China, facilitating high-quality development in the pharmaceutical industry [4]

证券代码：688658 证券简称：悦康药业 公告编号：2025-050 悦康药业集团股份有限公司 关于自愿披露子公司 YKYY018 雾化吸入剂获得国家 药品监督管理局临床试验批准的公告 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、准确性和完整性依法承担法律责任。 悦康药业集团股份有限公司（以下简称"公司"）全资子公司北京悦康科创 医药科技股份有限公司（以下简称"悦康科创"）于近日获得国家药品监督管理 局（以下简称"NMPA"）核准签发的关于同意 YKYY018 雾化吸入剂用于与呼 吸道合胞病毒患者接触后的暴露后预防和用于 RSV 感染的治疗的两份《药物临 床试验批准通知书》，公司将开展本品 I 期临床试验。现将相关情况公告如下： 3、申请适应症分别为： （1）与呼吸道合胞病毒患者接触后的暴露后预防 （2）RSV 感染的治疗 4、申请人：北京悦康科创医药科技股份有限公司 5、申报阶段：临床试验 6、审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查， 分别于 2025 年 10 月 28 日和 2025 年 10 月 27 日受理的 YKYY ...

Core Viewpoint - Yuyuan Pharmaceutical (688658.SH) has received approval from the National Medical Products Administration (NMPA) for its YKYY018 aerosol inhalation agent, which is intended for post-exposure prophylaxis and treatment of respiratory syncytial virus (RSV) infections, and will initiate Phase I clinical trials [1] Group 1 - YKYY018 is developed by Yuyuan's subsidiary, Beijing Yuyuan Kechuang Pharmaceutical Technology Co., Ltd., utilizing a full-process AI platform [1] - The drug is an international original membrane fusion inhibitor with a novel mechanism of action, specifically binding to the F protein of the respiratory syncytial virus [1] - YKYY018 has dual functions for both treatment and prevention of RSV infections, and the company holds core patent rights with global exclusivity [1]

Core Viewpoint - Yuyuan Pharmaceutical (688658.SH) announced that its wholly-owned subsidiary, Beijing Yuyuan Ketech Pharmaceutical Technology Co., Ltd. (referred to as "Yuyuan Ketech"), has received approval from the National Medical Products Administration (NMPA) for two clinical trial approval notices regarding the YKYY018 aerosol inhalation agent for post-exposure prophylaxis in patients exposed to respiratory syncytial virus (RSV) and for the treatment of RSV infections [1] Group 1 - The company has obtained two clinical trial approval notices from NMPA for YKYY018 [1] - The clinical trials will focus on post-exposure prophylaxis and treatment of RSV infections [1] - The company plans to initiate Phase I clinical trials for the product [1]

悦康药业(688658.SH)发布公告，公司全资子公司北京悦康科创医药科技股份有限公司(简称"悦康科创") 于近日获得国家药品监督管理局(简称"NMPA")核准签发的关于同意YKYY018雾化吸入剂用于与呼吸道 合胞病毒患者接触后的暴露后预防和用于RSV感染的治疗的两份《药物临床试验批准通知书》，公司将 开展本品I期临床试验。 ...

Core Viewpoint - Yuyuan Pharmaceutical announced that its wholly-owned subsidiary, Yuyuan Kechuang, has received approval from the National Medical Products Administration for two clinical trial approval notices for the YKYY018 aerosol inhalation agent, aimed at post-exposure prevention and treatment of RSV infection [1] Group 1 - The product is an internationally original membrane fusion inhibitor drug, which has obtained core patent authorization and global exclusive rights [1] - The company will initiate Phase I clinical trials for the YKYY018 aerosol inhalation agent [1] - The product has also received clinical trial approval from the U.S. FDA [1] Group 2 - The company highlights the long development cycle, multiple stages, and high risks associated with drug research and development [1] - Investors are reminded to be cautious regarding the inherent risks in the pharmaceutical development process [1]

人民财讯12月2日电，悦康药业(688658)12月2日公告，公司全资子公司北京悦康科创医药科技股份有限 公司近日获得国家药监局核准签发的关于同意YKYY018雾化吸入剂用于与呼吸道合胞病毒患者接触后 的暴露后预防和用于RSV感染的治疗的两份《药物临床试验批准通知书》，公司将开展本品I期临床试 验。 ...

Macro Economic Overview - Manufacturing and construction sectors show signs of low-level recovery, while the service sector is weakening, as indicated by the November PMI data [3][5] - The PMI for manufacturing increased by 0.3 percentage points to 50.0%, with improvements in new orders and export orders [3][4] - The construction PMI improved by 0.5 percentage points to 49.6%, supported by the acceleration of special bond issuance [5][6] Corporate Profit Trends - In the first ten months of 2025, the cumulative profit of large-scale industrial enterprises increased by 1.9% year-on-year, down from 3.2% [8][9] - October saw a significant decline in profits, with a year-on-year drop of 5.5%, attributed to a high base effect and rising costs [9][10] - The profit structure indicates a shift, with midstream profits increasing while upstream profits are declining [11][41] Investment Strategies - The report suggests early positioning for the upcoming spring market rally, with December being a crucial macroeconomic window [14][15] - Growth style is expected to continue, with a focus on technology and cyclical sectors [19][27] - The report highlights the potential of small-cap stocks, particularly in a liquidity-rich environment [18][22] Sector-Specific Insights - The real estate sector is seeing a shift towards infrastructure REITs, with a notable performance in affordable housing REITs [3][5] - The coal mining sector is experiencing price stability, with coal prices expected to remain firm [3][5] - The pharmaceutical sector is advancing rapidly in clinical trials for PD-1/VEGF dual antibodies, with four candidates entering registration trials [3][5] ETF and Index Performance - The report discusses the core investment value of the China Securities 2000 Enhanced Strategy ETF, emphasizing its growth potential and resilience [20][21] - The index is characterized by high growth and elasticity, particularly benefiting from liquidity easing and stimulus policies [21][22] Financial Engineering and Asset Allocation - The report recommends a multi-asset allocation strategy favoring short-term bonds, undervalued convertible bonds, and gold assets [55][56] - The bond market is expected to experience upward pressure on yields, with a shift in asset allocation from safe-haven assets to risk assets [43][48]

Investment Rating - The report maintains a rating of "Buy" for the pharmaceutical and biotechnology industry [1]. Core Insights - The overseas small nucleic acid market is entering a harvest period, with a focus on domestic companies such as Yuyuan, Frontier, and Fuyuan [1][16]. - The A-share pharmaceutical index has increased by 2.67% this week and 16.72% year-to-date, outperforming the CSI 300 by 1.03% and 1.68% respectively [4][9]. - The report highlights significant advancements in small nucleic acid drug technologies, expanding their application beyond rare diseases to chronic conditions such as cardiovascular diseases and metabolic disorders [16][18]. Summary by Sections Industry Trends - The report notes that various pharmaceutical sectors, including raw materials (+4.27%), chemical pharmaceuticals (+4.19%), and medical devices (+2.30%), have seen stock price increases [4][9]. - Key companies with notable stock performance include Haiwang Biological (+38.2%) and Guangdong Wannianqing (+36.2%) [4][9]. Research and Development Progress - Significant drug approvals include the self-immune new drug "Pikangqibai" by Innovent Biologics and the BCL2 inhibitor "Sotokura" by BeiGene, both of which have received regulatory approval [4]. - The report emphasizes the importance of delivery systems in the development of small nucleic acid drugs, with a focus on companies like Yuyuan Pharmaceutical and Frontier Biotech [16][18]. Market Insights and Regulatory Dynamics - The report ranks promising sub-industries as follows: innovative drugs > research services > CXO > traditional Chinese medicine > medical devices > pharmacies [10][12]. - Specific stock recommendations include Yuyuan Pharmaceutical, Frontier Biotech, and Heng Rui Medicine among others, based on their innovative drug pipelines and market potential [12][18].

Group 1 - The report suggests that after the recent market adjustment, growth stocks are expected to continue to outperform, with a focus on sectors such as military, media (gaming), AI applications, Hong Kong internet, and power equipment [3][12] - The financial engineering team has developed a sector rotation model, recommending a December industry portfolio that includes beauty care, social services, home appliances, oil and petrochemicals, retail, communication, transportation, automotive, media, and food and beverage [4][15] - Alibaba (9988.HK) is highlighted for its significant investment in AI infrastructure, which is expected to accelerate cloud business growth, alongside increased user traffic and revenue from e-commerce technology services [4][17] Group 2 - Zhongji Xuchuang (300308.SZ) is recognized as a global leader in optical modules, with a strong focus on cutting-edge research and commercial applications, gaining wide recognition from clients [4][20] - Yuekang Pharmaceutical (688658.SH) has several innovative drugs entering critical clinical or approval stages, indicating potential breakthroughs from research to commercialization [4][22] - Ximai Co., Ltd. (002956.SZ) continues to focus on the oat category, driving high growth through product structure adjustments and category innovations, benefiting from falling raw material prices [4][24] Group 3 - China Life Insurance (601628.SH) is expected to exceed expectations in its life insurance segment, with ongoing high growth in the bancassurance channel and improved investment returns [4][27] - Shangmei Co., Ltd. (2145.HK) is leveraging a multi-brand strategy and strong operational capabilities, with promising performance during the Double Eleven shopping festival [4][30] - Giant Network (002558.SZ) is anticipated to achieve new highs in key metrics due to seasonal events and successful game titles, indicating strong growth potential [4][33] Group 4 - Northern Huachuang (002371.SZ) is positioned to benefit from the growth of domestic semiconductor equipment and is expected to see significant order growth in 2026 [4][35] - Zhuoyi Information (688258.SH) is focusing on AI programming and related trends, with promising commercial prospects for its new products [4][37] - Midea Group (000333.SZ) is experiencing high growth in its ToB business and significant retail sales increases in its high-end brand strategy, contributing to sustained performance [4][40]