2025年12月港股金股推荐：关注创新管线确定性强的创新药龙头和基本面强劲的CXO龙头、互联网医疗龙头

Investment Rating - The report recommends an "Outperform" rating for leading pharmaceutical and biotech companies with robust pipelines, as well as high-quality CXOs and internet healthcare firms [1]. Core Insights - The report highlights the strong performance of innovative drug leaders such as BeiGene and Innovent Biologics, which have shown significant revenue growth in Q3 2025, with BeiGene achieving USD 1.41 billion in revenue (up 41% year-on-year) and Innovent exceeding CNY 3.3 billion (up 40% year-on-year) [39][40]. - The CXO sector experienced a pullback in November, with notable declines in stocks like WuXi AppTec and Tigermed, attributed to profit-taking after strong performance in the first three quarters of 2025 and concerns over geopolitical risks [42]. - The report emphasizes the importance of upcoming clinical data readouts from major conferences such as ESMO Asia and ASH, which could serve as catalysts for stock performance [10]. Summary by Sections Top Picks - The report lists top picks including Hansoh Pharma, 3SBio, Kelun-Biotech, Innovent, Akeso, JD Health, and WuXi AppTec, all rated as "Outperform" [1][4][35]. Performance Overview - The Hong Kong stock picks portfolio gained an average of 5.2% in November 2025, outperforming the Hang Seng Healthcare Index, which declined by 0.1% [5][36]. - The top three performers in the portfolio were Hansoh Pharma (+12.9%), BeiGene (+10.2%), and Innovent (+10.0%) [5][36]. Market Trends - The innovative drug sector has shown resilience, benefiting from previous corrections and strong earnings catalysts from leading companies [39]. - The report notes that the recent implementation of key industry policies, including the 11th National Centralized Drug Procurement, has led to significant price reductions for selected products, impacting market dynamics [38]. Clinical Developments - Significant clinical progress is noted for companies like 3SBio, which is advancing its SSGJ707 (PD-1/VEGF) with Pfizer, planning to initiate multiple clinical trials [41]. - The report also highlights the potential of innovative therapies in oncology, with companies like BeiGene and Innovent expanding their product pipelines and market presence [32][40].