Group 1: Report Summary - The report analyzes the investment value of Zhang Jintao, a fund manager at Huabao Fund, with a focus on his performance in managing Huabao Pharmaceutical Biology A [1][4]. - Zhang Jintao has developed an investment methodology that combines industry cycle analysis with a multi - dimensional framework, showing strong adaptability in the current era of global opportunities for Chinese innovative drugs [5][20]. - Since Zhang Jintao took office, Huabao Pharmaceutical Biology A has achieved above - average returns among pharmaceutical theme funds, outperforming nearly 80% of its peers, with relatively strong offensive capabilities [4][16]. Group 2: Fund Manager Information 2.1 Fund Manager Introduction - Zhang Jintao has worked in multiple financial institutions, including Huatai United Securities, ABC Fortune Fund, etc. He joined Huabao Fund in April 2021 and has served as the fund manager of multiple funds since May 2021 [4][10]. 2.2 Management Product Introduction 2.2.1 Representative Product - Zhang Jintao has managed Huabao Pharmaceutical Biology A (240020.OF) since May 7, 2021, with a total scale of 629 million yuan as of September 30, 2025 [11]. 2.2.2 Representative Product Net Value Performance - After Zhang Jintao took office, excluding the 3 - month construction period, Huabao Pharmaceutical Biology A significantly outperformed the All - Index Pharmaceutical Index, achieving a cumulative positive excess return of 40.27% [12]. - In terms of performance among peers, it ranks in the upper - middle position, but its risk - control indicators such as volatility are relatively weak. Overall, it still has good cost - effectiveness [16]. Group 3: Fund Manager Investment Ability Analysis 3.1 Investment Scope - Guided by Industry Cycle and Anchored by Market Value Space - Zhang Jintao's investment system is based on a deep understanding of the "five - year cycle" of the pharmaceutical industry. He believes that the Chinese innovative drug industry has entered the stage of results realization after a long - term R & D investment period [21]. - He has constructed a "policy - industry - valuation" three - dimensional decision - making framework. The policy dimension focuses on understanding policy intentions; the industry dimension focuses on verifying industry and company fundamentals; the valuation dimension calculates the long - term target market value to evaluate risk - return ratios [21][22]. 3.2 Holding Characteristics - Portfolio Construction Highlights Industry Thinking - Zhang Jintao highly concentrates on the innovative drug sector, aiming to obtain alpha returns within the innovative drug industry by focusing on companies with upcoming blockbuster products or in the rapid - volume - growth stage [20][30]. - He also strategically allocates about 8% of the portfolio to the CXO sector as a supplement and risk - hedge. His average holding period is about 1 - 2 years, and he emphasizes dynamic adjustment [30]. 3.3 Operational Characteristics - Keeping Pace with the Times and Dynamically Optimizing - Zhang Jintao maintains a high stock position, believing that it is difficult to obtain excess returns through position timing in the pharmaceutical industry. Instead, he focuses on stock selection [35]. - The portfolio's turnover mainly comes from the optimization of non - core positions. The top ten heavy - holding stocks remain relatively stable, while the tail positions are adjusted more frequently to track new industry trends [35]. - The holding concentration is adjusted dynamically according to the industry stage, with a relatively dispersed strategy in the early stage and a gradually increasing concentration as the industry trend becomes clearer [35]. Group 4: Conclusion - Zhang Jintao's investment methodology combines industry - level strategic judgment with individual - stock tactical selection, showing strong adaptability and viability in the context of the global opportunities for Chinese innovative drugs [45][46]. - Huabao Pharmaceutical Biology A, under his management, has achieved good performance among pharmaceutical theme funds, with relatively strong offensive capabilities but slightly weaker defensiveness [44].

Core Viewpoint - The announcement from Haishike (002653.SZ) reveals the completion of a share reduction plan by a significant shareholder, indicating a strategic move in the company's equity structure and potential implications for investor sentiment [1][2]. Share Reduction Details - The significant shareholder, Shen Ping, reduced her holdings by a total of 10,373,400 shares, which represents 0.926% of the company's total share capital [1][2]. - The reduction occurred between September 1, 2025, and November 14, 2025, with share prices ranging from 50.00 to 59.83 yuan, and an average selling price of 54.202 yuan per share [1][2]. - The total cash generated from this reduction amounted to approximately 562 million yuan [1]. Shareholder Background - Shen Ping, the spouse of the controlling shareholder Wang Junmin, initially held 20.9 million shares, accounting for 1.93% of the total share capital [3]. - Since March 14, 2023, Shen Ping has cumulatively reduced her holdings by 15,371,100 shares, realizing approximately 418 million yuan in cash [3][4]. Fundraising Activities - Haishike is planning to issue A-shares to specific investors, aiming to raise up to 1.245 billion yuan, which will be allocated for new drug research and to supplement working capital [2][3]. - The number of shares to be issued will not exceed 70 million, with CITIC Securities acting as the lead underwriter [2].

（文章来源：证券日报） 证券日报网讯 11月16日晚间，海思科发布公告称，控股股东之一致行动人申萍女士通过集中竞价交易 和大宗交易方式减持公司股份合计不超过10，373，400股，减持比例为0.926%。本次减持前申萍女士 持股49，625，894股，占总股本的4.431%，减持后持股39，252，494股，占总股本的3.505%。本次减 持不会导致公司控制权发生变更，不会对公司治理结构、股权结构及持续经营产生影响。 ...

南财智讯11月16日电，海思科公告，股东申萍通过集中竞价交易方式，在2025年9月1日至2025年11月14 日期间，以减持均价54.202元/股，合计减持公司股份10,373,400股，占公司总股本的0.926%，本次减持 计划已实施完成。减持后，申萍持有公司股份39,252,494股，占总股本的3.505%。本次减持遵守相关法 律法规规定，未导致公司控制权变更，对公司治理结构及持续经营无影响。 ...

证券代码：002653 证券简称：海思科 公告编号：2025-125 海思科医药集团股份有限公司 2、本次减持主体及其一致行动人减持前后持股情况 1 关于控股股东一致行动人减持计划实施完成的公告 股东申萍保证向公司提供的信息披露内容的真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信 息一致。 海思科医药集团股份有限公司(以下简称"公司")于 2025 年 7 月 26 日披露了《关于控股股东之一致行动人股份减持计划的预披露 公告》(公告编号：2025-086)，控股股东之一致行动人申萍女士（控 股股东王俊民之配偶）计划自减持公告预披露之日起十五个交易日后 的三个月内，通过大宗交易或集中竞价方式减持公司股份合计不超过 10,373,400 股，减持比例合计不超过公司总股本的 0.926%。 近日，公司收到申萍女士出具的《关于股份减持计划实施完成的 告知函》，现将相关情况公告如下： 一、股东减持情况 1、股东减持股份情况 | 股东 | 减持 | | 减持期间 | | | 减持价格 | 减持 均价 | 减持股数 | 减持 | 减持股份 | | -- ...

Summary of Haishike's Conference Call Company Overview - **Company**: Haishike - **Focus Areas**: Anesthesia, Neuropathic Pain, Metabolism - **R&D Investment**: 17.1% of revenue in H1 2025, indicating a strong commitment to new drug development [2][4][19] Key Products and Market Position - **Ropivacaine**: - Market share increased to 8.2% from 4.7% year-over-year [2][5] - FDA accepted its New Drug Application (NDA) on July 30, 2025, with approval expected in 2026 [5][6] - Revenue from anesthesia products grew by 54% in H1 2025 [5] - **Semaglutide (Simining)**: - First approved drug in China for treating diabetic neuropathic pain and postherpetic neuralgia [2][10] - Included in the medical insurance directory, with significant market potential [2][10] - **Becaplermin**: - Non-insulin hypoglycemic agent with a two-week long-acting advantage, targeting the DPP4 inhibitor market [2][11] - **Anrikefin Injection (Sishujing)**: - Peripheral selective kappa receptor agonist with low addiction potential, enhancing market competitiveness [2][12] Pipeline and Future Developments - **Product Pipeline**: - 19 products in the pipeline, with 31,858 in Phase III clinical trials [13][16] - Focus on multiple therapeutic areas including respiratory, pain management, autoimmune, metabolism, hematology, and urological tumors [14] - **Clinical Trial Success**: - 31,858 showed significant efficacy in reducing acute exacerbation frequency in bronchiectasis patients during Phase II trials [15] - **Global R&D Progress**: - Ranked second globally in R&D progress, with a strong presence in the Chinese market [16] Financial Projections - **Revenue Forecast**: - Expected revenues of 5.5 billion, 5.6 billion, and 6.6 billion RMB for 2025, 2026, and 2027 respectively [3][19] - Net profit projections of 370 million, 630 million, and 900 million RMB for the same years [3][19] - **Market Growth**: - Anticipated steady growth in the anesthesia drug market at approximately 2% annually, with a target market size of 2.5 billion RMB by 2030 [9] Strategic Initiatives - **International Expansion**: - Establishment of subsidiaries in Singapore and the USA to support new drug development and market entry [4][20] - **Innovation and Patents**: - Over 1,000 patents filed, with a research team comprising over 900 members, more than 60% of whom hold advanced degrees [7][8] Conclusion - **Long-term Growth**: - Haishike's innovative product lines and strategic focus on R&D and international markets are expected to drive significant revenue growth and establish a robust market presence in the coming years [20]

Group 1: Company Performance - SMIC reported a revenue of 17.162 billion yuan in Q3 2025, a year-on-year increase of 9.9%, with a net profit of 1.51 billion yuan, up 43.1% year-on-year. For the first three quarters, revenue reached 49.51 billion yuan, growing 18.2%, and net profit was 3.81 billion yuan, an increase of 41.1% year-on-year [1] - BoRui Pharma's BGM1812 injection has received clinical trial approval for weight loss indications, with no similar targeted formulations approved globally [2] - Li Zhong Group's subsidiaries received project confirmations for aluminum alloy wheels from major international automotive manufacturers, with expected total sales of approximately 1.135 billion yuan [4] Group 2: Corporate Actions - Kanda New Materials announced the termination of the acquisition of equity in North One Semiconductor due to unmet progress expectations and lack of consensus among parties [3] - Lide Man plans to acquire 70% of Xiansheng Xiangrui for 1.733 billion yuan, aiming to enter the bioproducts industry [9] - Arctech's controlling shareholder CSIQ expects total revenue of 1.3 to 1.5 billion USD in Q4 2025, with a gross margin of 14% to 16% [6] Group 3: Market Activity - Taihe Technology's VC project phase two construction will be adjusted based on phase one market expansion, indicating some uncertainty [5] - Hezhong China has experienced significant stock price fluctuations, with a cumulative increase of 230.84% over 12 out of 13 trading days, leading to potential application for trading suspension if abnormal price increases continue [7][8]

证券日报网讯 11月13日晚间，海思科发布公告称，海思科医药集团股份有限公司（以下简称"公司"） 于2025年11月7日召开的第五届董事会第三十二次会议，审议通过了《关于2024年限制性股票激励计划 第一个解除限售期解除限售条件成就的议案》，公司2024年限制性股票激励计划第一个解除限售期解除 限售条件已经成就。根据公司2024年第一次临时股东大会对董事会的授权，公司办理了2024年限制性股 票激励计划第一个解除限售期股份上市流通手续，本次符合解除限售条件的激励对象共计6人，本次解 除限售的限制性股票数量为1，740，000股，占目前公司总股本的0.1554%。 （文章来源：证券日报） ...

Major Events - Guotai Group acquired 100% equity of Beikuan Baomao for 110 million yuan through public bidding [3] - People's Tongtai stock price has a risk of rapid decline after a 46.43% increase over four consecutive trading days [4] - Huasheng Lithium's revenue increased by 62% in the first three quarters, but the company still reported a loss of 102.97 million yuan [5] - Haizike received approval for clinical trials of the innovative drug HSK39297 for age-related macular degeneration [6] - Angli Education postponed its response to an asset acquisition inquiry for no more than five trading days [7] - Shuguang Co. terminated its plan to issue shares to specific targets, and the Shanghai Stock Exchange has decided to terminate the review [8] Performance Overview - JD Group reported third-quarter revenue of 299.1 billion yuan, a year-on-year increase of 14.9% [9] - SMIC's third-quarter net profit was 1.517 billion yuan, up 43.1% year-on-year [10] - Tencent Holdings achieved third-quarter revenue of 192.87 billion yuan, a 15% year-on-year growth [11] - Lu'an Huaneng's coal sales in October reached 3.78 million tons, a year-on-year increase of 3.28% [12] Shareholding Changes - Haicheng Bangda's director plans to reduce holdings by no more than 0.97% due to personal financial needs [13] - Qisheng Technology's major shareholder reduced their stake to 40% after a transaction [14] - Tianwei Electronics' major shareholder reduced their stake to below 5% [15] - Zhongzi Technology's major shareholders collectively reduced their stake by 1.35% [16] Major Contracts - Lizhong Group's subsidiary received project confirmations with an estimated total sales of approximately 1.135 billion yuan [18] - Anhui Construction's subsidiary won a project bid worth 1.753 billion yuan [19]

Company Announcements - 合富中国's stock price has significantly deviated from its fundamentals, with a cumulative increase of 230.84% over the past 13 trading days, leading to potential suspension for further investigation if abnormal price increases continue [1] - 摩尔线程 plans to conduct its initial public offering with a total of 70 million shares, representing 14.89% of the post-issue total share capital, with the initial inquiry date set for November 19 and subscription date for November 24 [2] - *ST东易's stock has risen by 241.59% since September 26, prompting a suspension for investigation starting November 14 [2] - 华蓝集团 is planning a change in company control, leading to a suspension of its stock from November 14 for up to 2 trading days [4] - 吉电股份 intends to invest 5.698 billion yuan in a coal power project with a total investment of 56.98 billion yuan, which is part of a national energy strategy [6] - 利德曼 plans to acquire 70% of 先声祥瑞 for 1.733 billion yuan, aiming to enter the bioproducts industry [6] - 佛塑科技 is collaborating with 紫金矿业 to establish a project company for a lithium sulfide pilot project with a total investment of 1.13 billion yuan [7] - 中芯国际 reported a 43% year-on-year increase in net profit for Q3, driven by increased wafer sales [8] Financing and Investments - 云南铜业 plans to increase its investment in 中铜国贸 by 640 million yuan to enhance its capital strength [11] - 德业股份 is preparing to issue H-shares and list on the Hong Kong Stock Exchange to expand its global presence [20] Shareholder Changes - 闽发铝业's second-largest shareholder, 黄天火, has reduced his stake by 938.15 million shares, representing 0.9995% of the total share capital [3] - 长联科技's shareholders plan to collectively reduce their holdings by up to 4.37% [14] Project Awards - 和顺电气 has been awarded a storage power supply service project by 中国石油集团, with a bid amount of approximately 40.003 million yuan [18] - 安徽建工's subsidiary has won two EPC projects with a total bid amount of 1.753 billion yuan [19]