股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 杭州泰格醫藥科技股份有限公司 呈交日期: 2025年12月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 300347 | 說明 | | 於深圳證券交易所上市 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 737,901,250 | RMB | | 1 | RMB | | 737,901,250 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 737,901,250 | RMB | | | 1 RMB | | 737,901,250 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 杭州泰格醫藥科技股份有限公司 呈交日期: 2025年12月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 300347 | 說明 | | 於深圳證券交易所上市 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 737,901,250 | RMB | | 1 | RMB | | 737,901,250 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 737,901,250 | RMB | | | 1 RMB | | 737,901,250 ...

Summary of Key Points from Conference Call Records Industry Overview - The pharmaceutical sector experienced a correction in 2025 but rebounded towards the end of the year, with the innovative drug market expected to continue its momentum into 2026, presenting investment opportunities [1][6][10]. - Current industry hotspots include the flu epidemic, policy support, and breakthroughs in innovative fields such as small nucleic acid drugs, GLP-1, and BCL-2 inhibitors [1][7][8]. Core Insights and Arguments - The overall performance of the pharmaceutical sector in November 2025 was weak, with a decline of 3.6%, underperforming the CSI 300 index by approximately 1.16 percentage points [3]. - The application of AI technology in healthcare, including AI medicine and brain-computer interfaces, is gaining attention and is expected to present opportunities in 2026 [4][12]. - The release of the medical insurance negotiation directory and commercial insurance innovation directory will significantly impact the sales of related products once they enter the insurance system [10]. - Investment recommendations for 2026 include focusing on cutting-edge technologies such as dual antibodies, multi-antibodies, ADC, PROTAC, small nucleic acids, and GLP-1, as well as large companies with strong R&D capabilities and biotech firms with best/first-in-class potential [9][11]. Notable Developments - The flu data has reached new highs, driving up the stock prices of related testing drugs and vaccines [7]. - The third-party laboratory sector is expected to see performance bottoming out in Q4 2025, with a recovery starting in Q1 2026, aided by accelerated payment collection from companies like KingMed and Dian Diagnostics [4][19]. - The PROTAC technology is highlighted for its ability to degrade target proteins, addressing issues of drug resistance, with leading companies like Pfizer, BMS, and BeiGene making significant progress [4][16][17]. Investment Opportunities - Companies such as KingMed and Dian Diagnostics are recommended for investment due to their improving cash flow and potential recovery in the IVD industry [19][20]. - Jichuan Pharmaceutical is included in the December portfolio due to its expected performance rebound driven by flu season demand and low inventory levels [21]. - The CRO industry is poised for growth, with expectations of increased outsourcing rates and improved margins due to a decrease in new entrants [22][23]. Future Trends - The medical device sector is showing positive trends, with expectations for improvement in the consumer healthcare segment in 2026 [2][11]. - The potential for significant growth in the insulin business of companies like Lianbang Pharmaceutical is anticipated, with a projected revenue of 20 billion yuan in 2025 [32][35]. - The upcoming KMR data in December is expected to act as a catalyst for the global PROTAC market, with a focus on companies with substantial technology platforms [18]. Conclusion - The pharmaceutical and healthcare sectors are navigating through a period of adjustment, with various innovative technologies and market dynamics presenting both opportunities and challenges. Investors are advised to keep a close watch on regulatory developments, clinical trial outcomes, and emerging technologies that could shape the future landscape of the industry [1][6][10].

| 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | | sz300760 | 迈瑞医疗 | 12.58% | 200.62 | -0.50% | 2432.40 | > 医药生物 | | sz000661 | 长春高新 | 4.87% | 98.98 | -1.11% | 403.78 | 医药生物 | | sz002252 | 十字典上 | 4.74% | 6.61 | -0.60% | 438.77 | 医药生物 | | sz300759 | 康龙化成 | 4.55% | 29.00 | -2.23% | 515.68 | 医药生物 | | sz300347 | 表格失药 | 4.54% | 48.80 | -3.88% | 420.18 | 医药生物 | | sz000021 | 深科技 | 4.16% | 23.98 | -2.56% | 376.89 | 电子 | | sz002714 | 牧原股份 | 3.62% | 49.13 | -1.15% | 2683.8 ...

证券之星消息，12月2日，医疗健康R（480016）指数报收于7315.52点，跌1.46%，成交161.03亿元，换 手率0.53%。当日该指数成份股中，上涨的有4家，济川药业以1.0%的涨幅领涨，下跌的有46家，泰格医 药以3.88%的跌幅领跌。 医疗健康R（480016）指数十大成份股详情如下： | 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | | sh603259 | 药明康德 | 13.66% | 89.42 | -3.12% | 2668.08 | 医药生物 | | sh600276 | 恒瑞医药 | 11.00% | 61.12 | -1.32% | 4056.66 | 医药生物 | | sz300760 | 迈瑞医疗 | 7.57% | 200.62 | -0.50% | 2432.40 | 医药生物 | | sh688271 | 联影医疗 | 4.27% | 128.71 | -1.97% | 1060.77 | 医药生物 | | sh600436 | 片 ...

截至12月2日收盘，CRO概念下跌1.78%，位居概念板块跌幅榜前列，板块内，奥浦迈、益诺思、美迪 西等跌幅居前，股价上涨的有6只，涨幅居前的有海普瑞、河化股份、东方海洋等，分别上涨0.75%、 0.52%、0.39%。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 603259 | 药明康德 | -3.12 | 1.75 | -44707.78 | | 300347 | 泰格医药 | -3.88 | 2.22 | -6978.10 | | 300759 | 康龙化成 | -2.23 | 0.80 | -4746.80 | | 688202 | 美迪西 | -5.89 | 3.47 | -3838.98 | | 600196 | 复星医药 | -0.88 | 0.46 | -2923.61 | | 301201 | 诚达药业 | -1.20 | 7.84 | -2909.05 | | 688222 | 成都先导 | -3.43 | 1.36 | -2478.58 | | 300434 | 金石亚 ...

Core Viewpoint - The medical services sector experienced a decline of 2.05% on December 2, with Yinosh leading the drop. The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1]. Group 1: Market Performance - The medical services sector saw significant individual stock movements, with ST Zhongzhu closing at 2.95, up 3.51%, and Yinosh closing at 41.58, down 7.27% [1][2]. - The total net outflow of main funds in the medical services sector was 9.53 billion yuan, while retail investors saw a net inflow of 6.87 billion yuan [2][3]. Group 2: Individual Stock Analysis - ST Zhongzhu had a trading volume of 1.27 million hands and a transaction amount of 372 million yuan, while Yinosh had a trading volume of 19,500 hands and a transaction amount of 82.48 million yuan [1][2]. - The stock performance varied, with some stocks like Innovation Medical and Dean Diagnostics showing slight declines, while others like ST Zhongzhu showed gains [1][2]. Group 3: Fund Flow Analysis - Main funds showed a net inflow in stocks like Innovation Medical (63.01 million yuan) and Dean Diagnostics (20.61 million yuan), while there were net outflows in several other stocks [3]. - Retail investors contributed to the net inflow in stocks like Innovation Medical and Dean Diagnostics, despite overall sector outflows [3].

Group 1 - The CRO index experienced a decline, with Aopumai leading the drop at 8.46% [1] - Other companies such as Medisi, Bideli Pharmaceutical, Chengdu Xian Dao, and Tigermed also saw declines of 3.72%, 3.16%, 2.74%, and 2.25% respectively [1]

Core Insights - JPMorgan has reduced its stake in Tiger Medical (300347) by selling 831,247 shares at an average price of HKD 39.8240 per share, totaling approximately HKD 33.1036 million [1] - After the reduction, JPMorgan's remaining shareholding stands at approximately 9.5093 million shares, representing a holding percentage of 7.72% [1]

Core Viewpoint - JPMorgan has reduced its stake in Tiger Medical (03347) by selling 831,247 shares at an average price of HKD 39.8240 per share, totaling approximately HKD 33.1036 million, resulting in a new holding of about 9.5093 million shares, representing 7.72% of the company [1] Summary by Category - **Share Reduction Details** - JPMorgan sold 831,247 shares of Tiger Medical [1] - The average selling price was HKD 39.8240 per share [1] - The total amount from the sale was approximately HKD 33.1036 million [1] - **Post-Transaction Holdings** - After the reduction, JPMorgan's remaining shares in Tiger Medical are approximately 9.5093 million [1] - The new holding percentage is 7.72% [1]