Core Viewpoint - Changchun Gaoxin's subsidiary, Changchun Jinsai Pharmaceutical Co., Ltd., has received approval from the National Medical Products Administration for the clinical trial application of GenSci098 injection, which shows potential for treating diffuse toxic goiter [1] Group 1 - The clinical trial approval for GenSci098 injection is a significant step towards its clinical development for the target population suffering from diffuse toxic goiter [1]

获得批准的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 近日，长春高新技术产业（集团）股份有限公司（以下简称"公司"）子公 司——长春金赛药业有限责任公司（以下简称"金赛药业"）收到国家药品监督 管理局核准签发的《药物临床试验批准通知书》，金赛药业 GenSci098 注射液的 境内生产药品注册临床试验申请获得批准，现将相关情况公告如下： 一、药品的基本情况 证券代码：000661 证券简称：长春高新 公告编号：2025-138 长春高新技术产业（集团）股份有限公司 关于子公司 GenSci098 注射液境内生产药品注册临床试验申请 GenSci098 注射液在 2024 年 8 月已获批开展用于甲状腺相关眼病的临床试 验，具体内容详见公司分别于 2024 年 8 月 6 日、2024 年 8 月 27 日在巨潮资讯 网披露的《关于子公司 GenSci098 注射液临床试验申请获得批准的公告》（公告 编号 2024-083）、《关于子公司 GenSci098 注射液获得美国食品药品监督管理局 新药临床试验申请默示许可的公告》（公告编号 2024-093 ...

Core Viewpoint - Changchun High-tech's stock price has shown a mixed performance in recent trading sessions, with a year-to-date increase of 24.07% but a slight decline in the last five and twenty trading days [1] Group 1: Stock Performance - As of October 27, Changchun High-tech's stock price rose by 2.00% to 120.20 CNY per share, with a trading volume of 2.09 billion CNY and a turnover rate of 0.44%, resulting in a total market capitalization of 49.034 billion CNY [1] - Year-to-date, the stock has increased by 24.07%, but it has decreased by 0.76% over the last five trading days and by 4.01% over the last twenty trading days [1] - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on September 2, where it recorded a net purchase of 275 million CNY [1] Group 2: Company Overview - Changchun High-tech was established on June 10, 1993, and listed on December 18, 1996. Its main business includes research, production, and sales of biopharmaceuticals and traditional Chinese medicine, along with real estate development and property management [2] - The revenue composition of the company is 92.83% from pharmaceuticals, 6.81% from real estate, and 0.36% from services [2] - As of June 30, the number of shareholders was 109,100, a decrease of 12.78% from the previous period, with an average of 3,662 circulating shares per shareholder, an increase of 14.66% [2] Group 3: Financial Performance - For the first half of 2025, Changchun High-tech reported a revenue of 6.603 billion CNY, a year-on-year decrease of 0.54%, and a net profit attributable to shareholders of 983 million CNY, down 42.85% year-on-year [2] - The company has distributed a total of 4.791 billion CNY in dividends since its A-share listing, with 3.259 billion CNY distributed in the last three years [3] Group 4: Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the third-largest shareholder, holding 8.4381 million shares, a decrease of 3.4502 million shares from the previous period [3] - Other notable shareholders include Huatai-PB CSI 300 ETF and E Fund CSI 300 Pharmaceutical ETF, with varying changes in their holdings [3]

Group 1 - The core point of the article is the performance and changes in the top holdings of the Yinhua CSI Innovation Drug Industry ETF, which reported a net value growth rate of 24.54% over the past year [1] - The fund has added new top holdings including Kanglong Chemical and Baile Tianheng, while increasing its stake in WuXi AppTec by 64.87 million shares, making it the largest holding [1] - The fund has exited from its previous top holdings, including Tigermed and Tonghua Golden Horse [1] Group 2 - The detailed data shows the number of shares held and market value for each of the top holdings, with WuXi AppTec holding 15.52 million shares valued at 1.74 billion and Kanglong Chemical holding 8.56 million shares valued at 306 million [1] - Other significant holdings include Hengrui Medicine, Changchun High-tech, and Kelun Pharmaceutical, with respective increases in shareholding [1] - The report indicates a strategic shift in the fund's portfolio, reflecting a focus on companies with strong growth potential in the pharmaceutical sector [1]

Investment Rating - The report maintains a positive outlook on the pharmaceutical sector, indicating an "Overweight" rating for the industry, suggesting it is expected to outperform the overall market [32]. Core Insights - The report highlights that the Shenwan Pharmaceutical and Biological Index increased by 0.6% this week, while the Shanghai Composite Index rose by 2.9% and the Wind All A (excluding financials and petrochemicals) increased by 3.7% [4][6]. - The pharmaceutical sector's overall valuation stands at 30.4 times earnings, ranking 9th among 31 Shenwan primary industries [4][8]. - Significant collaborations and clinical trial results were reported, including a $11.4 billion global strategic partnership between Innovent Biologics and Takeda Pharmaceutical, which includes a $1.2 billion upfront payment [5][13]. - Key clinical trial results presented at the 2025 ESMO conference showed promising outcomes for several drugs, indicating advancements in treatment efficacy for various cancers [14][18][19]. Market Performance - The report details the performance of various sub-sectors within the pharmaceutical industry, with notable increases in medical devices (+0.2%), medical consumables (+1.7%), and medical research outsourcing (+5.5%), while traditional Chinese medicine and other biological products saw declines [4][8]. - The report also notes that 99 A-share pharmaceutical companies released their Q3 2025 earnings, with a total revenue of 94.15 billion yuan, reflecting a 1.3% year-on-year increase [20][22]. Key Events - The report mentions that Bairui Tianheng has passed the Hong Kong Stock Exchange hearing and is in the process of listing its H-shares [12]. - The report emphasizes the importance of the 2025 ESMO conference, where several companies presented significant clinical data, enhancing their market visibility and potential investment attractiveness [14][17][18]. Company Recommendations - The report recommends focusing on innovative drug sectors and companies with improving performance in medical devices and upstream sectors, including companies like Hengrui Medicine, Changchun High-tech, and Mindray Medical [5][20].

Core Points - The Shenzhen State-Owned Enterprises Shareholder Return Index (470064) closed at 2305.1 points, down 0.29%, with a trading volume of 34.285 billion yuan and a turnover rate of 1.32% [1] - Among the index constituents, 20 stocks rose while 28 stocks fell, with China National Materials Technology leading the gainers at 5.67% and Shenzhen Properties A leading the decliners at 8.41% [1] Index Constituents Summary - The top ten constituents of the Shenzhen State-Owned Enterprises Shareholder Return Index include: - BOE Technology Group (sz000725) with a weight of 9.64%, latest price at 4.05, and total market value of 151.26 billion yuan [1] - Wuliangye Yibin (sz000858) with a weight of 7.95%, latest price at 120.29, and total market value of 466.92 billion yuan [1] - Hikvision (sz002415) with a weight of 7.72%, latest price at 33.29, and total market value of 305.10 billion yuan [1] - Luzhou Laojiao (sz000568) with a weight of 6.53%, latest price at 130.24, and total market value of 191.71 billion yuan [1] - XCMG Machinery (sz000425) with a weight of 6.28%, latest price at 11.37, and total market value of 133.63 billion yuan [1] - Changan Automobile (sz000625) with a weight of 3.87%, latest price at 12.72, and total market value of 126.11 billion yuan [1] - Shenwan Hongyuan (sz000166) with a weight of 3.78%, latest price at 5.46, and total market value of 136.72 billion yuan [1] - Yunnan Aluminum (sz000807) with a weight of 3.45%, latest price at 23.18, and total market value of 80.39 billion yuan [1] - Yanghe Brewery (sz002304) with a weight of 3.27%, latest price at 69.22, and total market value of 104.28 billion yuan [1] - Changchun High & New Technology (sz000661) with a weight of 3.17%, latest price at 117.84, and total market value of 48.07 billion yuan [1] Capital Flow Summary - The net outflow of main funds from the index constituents totaled 0.881 billion yuan, while speculative funds saw a net inflow of 0.65 billion yuan and retail funds a net inflow of 0.231 billion yuan [3] - Notable capital flows include: - Changan Automobile (000625) with a net inflow of 204 million yuan from main funds [3] - Yunnan Copper (000878) with a net inflow of 71.86 million yuan from main funds [3] - Hubei Energy (000883) with a significant net inflow of 44.39 million yuan from main funds [3]

Core Viewpoint - The Shenzhen State-owned Enterprise ESG Index (970055) closed at 1402.3 points on October 24, with a gain of 0.39% and a trading volume of 35.566 billion yuan, indicating a stable performance in the market [1]. Group 1: Index Performance - On the same day, 24 constituent stocks of the index rose, with Deep Technology leading at a 6.01% increase, while 25 stocks declined, with China National Chemical leading the decline at 4.16% [1]. - The turnover rate of the index was 1.02%, reflecting moderate trading activity [1]. Group 2: Constituent Stocks Details - The top ten constituent stocks of the Shenzhen State-owned Enterprise ESG Index are as follows: - Hikvision (sz002415) with a weight of 9.64% and a latest price of 33.29 yuan, down 0.42% [1]. - BOE Technology Group (sz000725) with a weight of 9.31% and a latest price of 4.05 yuan, unchanged [1]. - Wuliangye Yibin (sz000858) with a weight of 8.62% and a latest price of 120.29 yuan, down 0.86% [1]. - Inspur Information (sz000977) with a weight of 7.30% and a latest price of 67.80 yuan, up 3.23% [1]. - Weichai Power (sz000338) with a weight of 6.78% and a latest price of 14.20 yuan, up 0.14% [1]. - AVIC Optoelectronics (sz002179) with a weight of 4.48% and a latest price of 37.45 yuan, up 1.22% [1]. - Shenwan Hongyuan (sz000166) with a weight of 4.14% and a latest price of 5.46 yuan, up 0.55% [1]. - Yunnan Aluminum (sz000807) with a weight of 4.08% and a latest price of 23.18 yuan, up 1.09% [1]. - Changchun High-tech (sz000661) with a weight of 3.73% and a latest price of 117.84 yuan, up 0.16% [1]. - China Merchants Shekou (sz001979) with a weight of 3.31% and a latest price of 9.50 yuan, down 2.56% [1]. Group 3: Capital Flow - The net inflow of main funds into the constituent stocks of the Shenzhen State-owned Enterprise ESG Index totaled 86.5205 million yuan, while the net outflow of speculative funds was 306 million yuan, and the net inflow of retail funds was 21.9 million yuan [1]. - Detailed capital flow for specific stocks shows that Inspur Information had a net inflow of 34.2 million yuan from main funds, while Deep Technology experienced a net outflow of 12.26 million yuan from speculative funds [2].

Core Insights - The company is transitioning from a "growth hormone monoclonal drive" to a "children's health platform enterprise," showcasing its commitment to continuous innovation in pediatric healthcare [1][10] - The founder and CEO, Dr. Jin Lei, highlighted the importance of enhancing the medication experience for children, which directly impacts treatment adherence and outcomes [3][10] R&D Achievements - The company launched the world's first long-acting growth hormone in 2014, reducing injection frequency from daily to weekly, and has invested 300 million RMB in direct costs from 2015 to 2025 to improve production processes [3] - The serious adverse reaction rate for the long-acting growth hormone, JinSaiZeng, is maintained below 0.01%, demonstrating superior product quality compared to international counterparts [3] Technological Advancements - The long-acting protein technology platform is a cornerstone for the company's strategic transformation, with ongoing development of monthly formulations like GenSci134 [4] - The unique "U-shaped PEG" technology addresses common industry challenges such as immunogenicity and pharmacokinetic instability, showcasing the platform's adaptability and industrial stability [4] Diversification Strategy - The company is expanding its pipeline to include various therapeutic areas such as endocrine metabolism, allergies, and neurological disorders, aligning with the trend of comprehensive health management for children [6][7] - Collaborative efforts with hospitals to establish pediatric chronic disease management centers reflect the company's commitment to addressing multiple chronic conditions in children [7] Strategic Product Focus - Three key strategic products are highlighted: - GenSci073, an oral growth hormone secretagogue, which could revolutionize treatment by eliminating the need for injections [8] - JinBeiXin, targeting systemic juvenile idiopathic arthritis, addressing unmet clinical needs in rare diseases [8] - AnTuoDa, a sublingual desensitization tablet for allergic diseases, combining professional medical attributes with consumer convenience [8] Investment and Global Expansion - The company has achieved continuous growth in R&D investment for 12 years and is constructing a global innovation R&D center in Shanghai, expected to be operational by 2026 [9] - The shift from a "China market capability" focus to a "global innovation + China market" dual-driven development model indicates the company's ambition to enhance its international competitiveness [9] Industry Implications - The company's strategic approach illustrates a pathway for Chinese pharmaceutical companies to evolve from "product companies" to "platform-based healthcare enterprises," emphasizing the need for a sustainable medical ecosystem that meets clinical demands [10]

Core Viewpoint - The Medical Health Index (980016) closed at 6646.6 points, down 0.3%, with a trading volume of 19.922 billion yuan and a turnover rate of 0.75% on October 23 [1] Group 1: Index Performance - Among the constituent stocks of the Medical Health Index, 16 stocks rose while 31 stocks fell, with Kanglong Chemical leading the gainers at 1.55% and Te Bao Biological leading the decliners at 6.07% [1] - The top ten constituent stocks of the Medical Health Index include: - WuXi AppTec (14.37% weight, latest price 101.90, market cap 304.045 billion yuan) - Hengrui Medicine (11.45% weight, latest price 65.14, market cap 432.347 billion yuan) - Mindray Medical (8.07% weight, latest price 221.80, market cap 268.920 billion yuan) [1] Group 2: Capital Flow - The net outflow of main funds from the constituent stocks of the Medical Health Index totaled 1.072 billion yuan, while retail investors saw a net inflow of 955 million yuan [3] - Detailed capital flow for key stocks includes: - Mindray Medical: Main net inflow of 66.9479 million yuan, retail net inflow of 3.6088 million yuan - Te Bao Biological: Main net inflow of 29.0966 million yuan, retail net outflow of 41.3737 million yuan [3]

Core Viewpoint - The Biotech Index (970038) closed at 2259.94 points, down 0.06%, with a trading volume of 17.182 billion yuan and a turnover rate of 1.24% on October 23 [1] Group 1: Index Performance - The Biotech Index had 26 stocks rising and 22 stocks falling on the day, with Huace Testing leading the gainers at a 3.03% increase, while Jingxin Pharmaceutical led the decliners with a 4.17% drop [1] - The top ten constituent stocks of the Biotech Index include: - Mindray Medical (13.81% weight, latest price 221.80, market cap 268.92 billion yuan) [1] - Changchun High-tech (5.41% weight, latest price 117.65, market cap 47.994 billion yuan) [1] - Kanglong Chemical (4.66% weight, latest price 31.44, market cap 55.906 billion yuan) [1] - Others include Shishi Yushang, Biao Ge Pharmaceutical, and more, all within the biotech and related sectors [1] Group 2: Capital Flow - The Biotech Index constituents experienced a net outflow of 502 million yuan from main funds, while retail investors saw a net inflow of 354 million yuan [3] - Detailed capital flow for key stocks includes: - Deep Technology: Main fund net inflow of 82.5949 million yuan, retail net inflow of 21.4 million yuan [3] - Mindray Medical: Main fund net inflow of 66.9479 million yuan, retail net outflow of 3.6088 million yuan [3] - Other stocks like Muyuan Foods and Kanglong Chemical also showed varying levels of net inflow and outflow from different investor categories [3]