Group 1: Market Performance - The CRO concept index declined by 1.78%, ranking among the top declines in the concept sector, with notable declines from companies such as Aopumai, Yinos, and Medisi [1] - Among the CRO concept stocks, six companies experienced price increases, with Haipruy, Hehua Co., and Dongfang Ocean rising by 0.75%, 0.52%, and 0.39% respectively [1] Group 2: Capital Flow - The CRO concept sector saw a net outflow of 907 million yuan, with 53 stocks experiencing net outflows, and 16 stocks seeing outflows exceeding 10 million yuan [3] - WuXi AppTec had the highest net outflow of 447 million yuan, followed by Tigermed, Kanglong Chemical, and Medisi with net outflows of 69.78 million yuan, 47.47 million yuan, and 38.39 million yuan respectively [3] - The stocks with the highest net inflows included Dian Diagnostics, Hanyu Pharmaceutical, and Dongfang Ocean, with net inflows of 19.93 million yuan, 17.26 million yuan, and 13.49 million yuan respectively [3][5]

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: 康龍化成（北京）新藥技術股份有限公司 (於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2025年12月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03759 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 301,537,125 | RMB | | 1 | RMB | | 301,537,125 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 301,537,125 | RMB | | 1 | RMB ...

Market Overview - On December 1, the medical services sector rose by 0.68% compared to the previous trading day, with ST Zhongzhu leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Top Gainers in Medical Services Sector - ST Zhongzhu (600568) closed at 2.85, up 5.17% with a trading volume of 230,800 shares and a turnover of 64.91 million yuan [1] - Haoyuan Pharmaceutical (688131) closed at 78.45, up 3.21% with a trading volume of 30,400 shares and a turnover of 238 million yuan [1] - Kanglong Chemical (300759) closed at 29.66, up 2.45% with a trading volume of 189,900 shares and a turnover of 563 million yuan [1] Top Losers in Medical Services Sector - Bid Pharma (688073) closed at 69.33, down 4.70% with a trading volume of 10,800 shares and a turnover of 75.39 million yuan [2] - Chengda Pharmaceutical (301201) closed at 45.90, down 4.26% with a trading volume of 116,700 shares [2] - Yaokang Bio (688046) closed at 16.40, down 4.21% with a trading volume of 36,600 shares and a turnover of 60.80 million yuan [2] Capital Flow Analysis - The medical services sector experienced a net outflow of 152 million yuan from institutional investors, while retail investors saw a net inflow of 88.82 million yuan [2] - Notable stocks with significant capital inflow include Innovation Medical (002173) with a net inflow of 29.99 million yuan from institutional investors [3] - Conversely, stocks like Bid Pharma (688073) faced a net outflow of 63.70 million yuan from institutional investors [3]

Core Insights - The article highlights the positive performance of the pharmaceutical sector in the stock market, with specific stocks like Huatai Medical and Te Bao Bio showing significant gains [1] - The State Council meeting on November 27, 2025, emphasized the importance of provincial-level coordination in basic medical insurance as a key measure to improve the national healthcare system [1][2] - The upgrade of medical insurance coordination is expected to enhance the risk resistance of funds, improve fairness in the system, and facilitate easier access for insured individuals [2] Industry Summary - The medical insurance provincial coordination aims to balance fund income and expenditure across regions, addressing the disparity between economically developed and underdeveloped areas [2] - The initiative is expected to create structural opportunities in the pharmaceutical industry, particularly benefiting sectors such as innovative drugs, medical information technology, and medical devices [2] - The Medical Innovation ETF has seen a net inflow of 12.13 million yuan recently, indicating strong investor interest in the pharmaceutical sector [2] Company Summary - The Medical Innovation ETF (516820) includes 30 leading pharmaceutical stocks, with a focus on innovative drugs (34%), CXO (17%), medical devices (13%), and consumer healthcare (11%) [2] - The current market shows significant differentiation within the pharmaceutical sector, with high valuations in innovative drugs, while CXO, medical devices, and consumer healthcare sectors have potential for upward movement [2]

Investment Strategy Overview - The core investment strategy for the pharmaceutical sector in 2026 emphasizes innovation and the recovery of profitability within the industry, as the sector has shown signs of stabilization after a period of volatility [4][30]. Innovative Drug Industry Chain - The domestic innovative drug sector is gaining global recognition, with a significant increase in the attention from multinational corporations (MNCs) towards domestic assets. The demand for new products is strong, driven by the approaching patent cliffs for MNCs and favorable policies for domestic drugs entering international markets [5][44]. - The market for PD-(L)1/VEGF bispecific antibodies is experiencing heightened interest, with complementary mechanisms to antibody-drug conjugates (ADCs) expected to drive synergy and growth [5][51]. - The demand for new therapeutic modalities such as peptides, ADCs, small nucleic acids, and cell and gene therapies (CGT) is projected to maintain high growth rates, supported by a recovering outsourcing demand during the overseas interest rate decline [6][43]. Non-Pharmaceutical Sector - The medical device sector is showing signs of recovery, with some companies reporting improved performance in Q3 2025. The bidding for medical equipment is expected to continue recovering, leading to better performance in 2026 [6][7]. - The traditional Chinese medicine sector is anticipated to benefit from ongoing adjustments to the essential drug list, with opportunities for price increases and improved profit margins for leading companies [6][7]. Retail Pharmacy Sector - The retail pharmacy industry is undergoing accelerated consolidation, with leading pharmacies optimizing their store structures to alleviate profit pressures. This is expected to result in a noticeable improvement in profit margins in 2026 [7]. Market Performance and Valuation - The pharmaceutical sector has shown a rebound since early 2025, with a notable increase in the market index, outperforming the broader market indices. As of November 21, 2025, the CITIC Pharmaceutical Index had risen by 14.68% [15][30]. - The valuation of the pharmaceutical sector is at a historical median since 2010, with a price-to-earnings (PE) ratio of 48.38X, indicating a high premium compared to the broader market [17][30]. - The scale of pharmaceutical funds reached a record high of 226 billion yuan by Q3 2025, although the market capitalization of pharmaceutical stocks remains below historical peaks, suggesting potential for growth [20][24]. Financial Performance - The pharmaceutical sector's revenue for the first three quarters of 2025 was 185.46 billion yuan, reflecting a year-on-year decline of 1.34%. However, Q3 2025 showed a revenue increase of 1.18% compared to the previous quarter, indicating signs of recovery [30][31]. - The net profit attributable to shareholders for the pharmaceutical sector in the first three quarters of 2025 was 14.06 billion yuan, down 1.69% year-on-year, but with a positive growth of 3.61% in Q3 2025 compared to the previous quarter [30][31].

Core Points - The Biotech Index (970038) closed at 2134.66 points, down 0.06%, with a trading volume of 13.045 billion yuan and a turnover rate of 0.95% [1] - Among the index constituents, 22 stocks rose while 27 fell, with Hualan Vaccine leading the gainers at 2.57% and Jingxin Pharmaceutical leading the decliners at 5.97% [1] Index Constituents Summary - The top ten constituents of the Biotech Index include: - Mindray Medical (12.58% weight, latest price 196.30 yuan, market cap 238 billion yuan) [1] - Changchun High-tech (4.87% weight, latest price 99.66 yuan, market cap 40.655 billion yuan) [1] - Shimi Aoshi (4.74% weight, latest price 6.60 yuan, market cap 4.3811 billion yuan) [1] - Kanglong Chemical (4.55% weight, latest price 28.87 yuan, market cap 51.337 billion yuan) [1] - Tigermed (4.54% weight, latest price 51.20 yuan, market cap 44.085 billion yuan) [1] - Deep Technology (4.16% weight, latest price 23.42 yuan, market cap 36.809 billion yuan) [1] - Muyuan Food (3.62% weight, latest price 49.90 yuan, market cap 272.592 billion yuan) [1] - Lepu Medical (3.19% weight, latest price 15.87 yuan, market cap 29.255 billion yuan) [1] - Aimeike (3.16% weight, latest price 146.26 yuan, market cap 44.257 billion yuan) [1] - Seeyou Medical (3.07% weight, latest price 35.70 yuan, market cap 35.788 billion yuan) [1] Capital Flow Analysis - The Biotech Index constituents experienced a net outflow of 84.2481 million yuan from institutional investors, while retail investors saw a net inflow of 67.1618 million yuan [1] - Notable capital flows include: - Muyuan Food: 104 million yuan net inflow from institutional investors, but net outflows from retail and speculative investors [2] - Aimeike: 46.9918 million yuan net inflow from institutional investors, with outflows from retail and speculative investors [2] - Mindray Medical: 33.0761 million yuan net inflow from institutional investors, with outflows from retail and speculative investors [2]

证券代码：300759 证券简称：康龙化成 公告编号：2025-065 康龙化成（北京）新药技术股份有限公司 关于召开 2025 年第一次临时股东大会的通知 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 经康龙化成（北京）新药技术股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日召开的第三届董事会第十六次会议审议通过，决定召开公司 2025 年第一次临时股东大会（以下简称"本次股东大会"）。现将 A 股股东参与本 次股东大会相关事项通知如下： 一、召开会议的基本情况 1、股东大会届次：2025 年第一次临时股东大会 2、股东大会的召集人：公司董事会。 3、会议召开的合法、合规性：本次股东大会的召集、召开程序符合有关法 律、行政法规、部门规章、规范性文件和《公司章程》的规定。 4、会议召开的时间： （1）现场会议召开时间：2025 年 12 月 18 日（星期四）14:30； （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为 2025 年 12 月 18 日的交易时间，即 9:15-9:25，9:30-11:30 和 ...

Pharmaron Beijing Co., Ltd. 康龍化成（北京）新藥技術股份有限公司 By order of the Board Pharmaron Beijing Co., Ltd. Dr. Lou Boliang Chairman Dear Non-registered holder(1) , Pharmaron Beijing Co., Ltd. (the "Company") November 27, 2025 – Notification of publication of (1) Circular of the First Extraordinary General Meeting of 2025 and (2) Notice of the First Extraordinary General Meeting of 2025 (the "Current Corporate Communication") on the website of the Company The English version of the Company's Current Corporate Communic ...

Pharmaron Beijing Co., Ltd. 康龍化成（北京）新藥技術股份有限公司 (a joint stock company incorporated in the People's Republic of China with limited liability) （於中華人民共和國註冊成立的股份有限公司） (Stock Code 股份代號：3759) NOTIFICATION LETTER 通知信函 Dear H Shareholder, November 27, 2025 Pharmaron Beijing Co., Ltd. (the "Company") – Notification of publication of (1) Circular of the First Extraordinary General Meeting of 2025, (2) Notice of the First Extraordinary General Meeting of 2025 and (3) Form of Proxy for the First Extraordinary General M ...

（於中華人民共和國註冊成立的股份有限公司） （股份代號：3759） 2025年第一次臨時股東大會的代表委任表格 （H股股東適用） 與本代表委任表格有關的 H股股份數目 （附註1） 本人╱吾等 （附註2） 地址為 Pharmaron Beijing Co., Ltd. 康 龍 化 成（ 北 京 ）新 藥 技 術 股 份 有 限 公 司 代表本人╱吾等出席本公司於2025年12月18日（星期四）下午2時30分在中國北京市經濟技術開發區泰河路6號召開 的2025年第一次臨時股東大會（「臨時股東大會」）或其任何續會，並於會上代表本人╱吾等依照下列指示投票，如無 該等指示，則由本人╱吾等的代表酌情投票。 | | （附註A） 普通決議案 | （附註5） 同意 | （附註5） 反對 | （附註5） 棄權 | | --- | --- | --- | --- | --- | | 1. | 建議補選第三屆董事會獨立非執行董事。 | | | | | 2. | 建議修訂《關聯╱關連交易管理制度》。 | | | | | 3. | 建議修訂《對外擔保管理制度》。 | | | | | 4. | 建議修訂《獨立非執行董事工作制度》。 | | ...