FF301 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12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 江蘇恒瑞醫藥股份有限公司 呈交日期: 2026年1月5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) | 01276 | 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 | | | 258,197,600 | RMB | | | 1 RMB | | 258,197,600 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 258,197,600 | RMB | | | 1 RMB | | 258,197,600 | | 2. 股份分 ...

Core Viewpoint - Heng Rui Medicine has received approval from the National Medical Products Administration for clinical trials of HRS-4357 injection and HRS-5041 tablets, aimed at treating PSMA-positive prostate cancer [1] Group 1: Clinical Trial Approval - The approval includes an open, multi-center, Phase Ib/II clinical study to evaluate the safety, tolerability, and preliminary efficacy of HRS-4357 in combination with HRS-5041 for adult patients with PSMA-positive prostate cancer [1] - HRS-4357 is an innovative Class 1 radioactive therapeutic drug independently developed by the company [1] - HRS-5041 is a new, highly efficient, selective ARPROTAC small molecule developed by the company, intended for prostate cancer treatment [1] Group 2: Financial Investment - The cumulative R&D investment for the HRS-4357 injection project is approximately 67.55 million yuan [1] - The cumulative R&D investment for the HRS-5041 tablet project is approximately 92.66 million yuan [1] Group 3: Market Context - There are currently no approved products of the same kind available in both domestic and international markets [1]

FF301 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12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 江蘇恒瑞醫藥股份有限公司 呈交日期: 2026年1月5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) | 01276 | 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 | | | 258,197,600 | RMB | | | 1 RMB | | 258,197,600 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 258,197,600 | RMB | | | 1 RMB | | 258,197,600 | | 2. 股份分 ...

Core Viewpoint - The report highlights the current AH premium rates of various stocks, indicating significant disparities between H-shares and A-shares, with some stocks showing extremely high premiums while others exhibit negative premiums [1][2][3]. Group 1: Top AH Premium Rates - Northeast Electric (00042) has the highest AH premium rate at 831.03%, followed by Zhejiang Shibao (01057) at 410.57% and Hongye Futures (03678) at 280.30% [1][2]. - The top three stocks with the highest deviation values are Zhejiang Shibao (01057) at 94.61%, Goldwind Technology (02208) at 24.92%, and Great Wall Motors (02333) at 18.99% [1][4]. Group 2: Bottom AH Premium Rates - The stocks with the lowest AH premium rates include Ningde Times (03750) at -13.21%, China Merchants Bank (03968) at -2.19%, and Heng Rui Medicine (01276) at 0.61% [1][3]. - The bottom three stocks with the lowest deviation values are Nanjing Panda Electronics (00553) at -71.12%, Northeast Electric (00042) at -54.56%, and GAC Group (02238) at -17.80% [1][6]. Group 3: Additional Insights on Premium and Deviation - The report provides a detailed ranking of the top ten and bottom ten AH stocks based on their premium rates and deviation values, showcasing the volatility and potential investment opportunities in the market [2][3][4]. - The deviation value represents the difference between the current premium rate and the average premium rate over the past 30 days, indicating potential market trends [6].

Core Viewpoint - Daiwa has released a report recommending specific pharmaceutical stocks, highlighting the preference for Innovent Biologics (01801) and Hengrui Medicine (600276.SH) while maintaining a "sell" rating on CSPC Pharmaceutical Group (01093) [1] Group 1: Stock Recommendations - Innovent Biologics' target price has been raised from HKD 95 to HKD 112 [1] - Hengrui Medicine's target price remains at RMB 80 [1] - CSPC Pharmaceutical Group's target price is maintained at HKD 6.6 with a "sell" rating [1] Group 2: Market Outlook - The Chinese biopharmaceutical sector is expected to experience a comprehensive increase in 2025 [1] - For 2026, Daiwa suggests a more selective stock-picking strategy focusing on high-quality targets [1] Group 3: Key Focus Areas for 2026 - Daiwa plans to outline key clinical data release timelines [1] - The report will identify significant stock price catalysts [1] - Key areas of analysis will include PD-(L)1/VEGF, GLP-1, and siRNA [1]

Core Viewpoint - Daiwa has released a report recommending specific pharmaceutical stocks, highlighting Innovent Biologics (01801) and Heng Rui Medicine (600276) as top picks, with target price adjustments and ratings for other companies in the sector [1] Company Recommendations - Innovent Biologics' target price has been raised from HKD 95 to HKD 112 [1] - Heng Rui Medicine's target price remains at RMB 80 [1] - CSPC Pharmaceutical Group (01093) is rated "Sell" with a target price maintained at HKD 6.6 [1] Industry Outlook - The Chinese biopharmaceutical sector is expected to experience a comprehensive increase in 2025 [1] - For 2026, Daiwa suggests a more selective stock-picking strategy focusing on high-quality targets [1] - Key clinical data release timelines and significant stock price catalysts will be outlined for 2026 [1] - Important areas of analysis include PD-(L)1/VEGF, GLP-1, and siRNA [1]

Group 1 - The A-share market is currently undergoing adjustments, with a focus on the recovery of trading activity after a period of rotation in market trends since November [1] - The trading activity has decreased from a high of 12% in October to around 10% recently, indicating a potential consolidation phase in the coming month [1] - The top five sectors with net inflows include semiconductors, new energy vehicles, pharmaceuticals, lithium batteries, and domestic software [1] Group 2 - Financial statistics indicate stable overall entity financing, with a notable divergence in credit structure; corporate loans and bond financing have improved, while household financing remains weak [3] - The central economic work conference has outlined a direction for fiscal and investment support, creating a favorable environment for banks to expand balance sheets and provide long-term loans [3] - Fourteen listed companies are entering the restructuring phase, with significant risks of stock price declines due to capital reserve transfers during the restructuring process [3] Group 3 - The domestic industrial products market shows no significant improvement in fundamentals, but low valuations present potential risks for short selling [5] - The Hong Kong stock market is viewed as a value trap due to multiple supporting factors, including policy support and valuation advantages [5] - The REITs market is expanding with innovative products across various sectors, becoming an important vehicle for capital markets to support the real economy [5] Group 4 - The Shanghai Composite Index is entering a year-end rally, with expectations for a continued upward trend despite potential short-term corrections [9] - The technology sector is experiencing downward pressure due to high valuations and corrections in U.S. AI leading stocks, impacting the A-share market [9] - The ChiNext Index is expected to reach new highs in January, but many individual stocks are only experiencing slight increases, highlighting the importance of selecting the right direction and targets [9]

Investment Rating - The report maintains an "Outperform" rating for the following A-share targets: Jiangsu Heng Rui Medicine, Sichuan Kelun Pharmaceutical, Huadong Medicine, Jiangsu Nhwa Pharmaceutical, Xiamen Amoytop Biotech, Zhejiang Jingxin Pharmaceutical, Innovent Biologics, WuXi AppTec, Hangzhou Tigermed Consulting, Lepu Medical, MicroPort EP MedTech [5][36][8] - The report also maintains an "Outperform" rating for the following H-share targets: Hansoh Pharmaceutical Group, 3SBio, PATEO Biotech, Akeso, and related targets: Innovent Biologics, WuXi AppTec [8][36] Core Insights - The report continues to recommend the innovative drug and device industry and its supply chains, indicating a positive outlook for this sector [1][36] - In December 2025, the pharmaceutical sector underperformed the market, with the SW Pharmaceutical and Biological index falling by 4.1%, while the SHCOMP rose by 2.1%, ranking 26th among Shenwan primary industries [15][37] - The report highlights that the premium level of the pharmaceutical sector relative to all A-shares is currently at a normal level, with a relative premium rate of 63.2% as of the end of December 2025 [25][37] Summary by Sections A-Share Targets - The report includes a monthly portfolio of A-share targets that outperformed the pharmaceutical index, with a monthly average decline of 1.8% compared to the overall pharmaceutical index decline of 3.9% in December 2025 [11][36] - The top three stock gains in December 2025 were Luyan Pharma (+118.8%), CareRay Digital Medical Technology Co., Ltd. (+36.6%), and Hubei Hongyuan Pharmaceutical Technology Co., Ltd. (+34.0%) [24][37] H-Share Targets - The report notes that the Hong Kong stock pharmaceutical sector also underperformed the market, with the Hang Seng Healthcare index falling by 9.5% and the Hong Kong Biological Technology index falling by 10.6% in December 2025 [26][38] U.S. Market Performance - In December 2025, the U.S. pharmaceutical sector underperformed the market, with the S&P 500 Healthcare Select Sector declining by 1.5% while the S&P 500 fell by only 0.1% [26][39]

Group 1 - The core viewpoint of the report is that the Chinese biopharmaceutical sector experienced a comprehensive increase in 2025, and for 2026, a more selective stock-picking strategy is recommended, focusing on high-quality targets [1] Group 2 - Daiwa's top picks include Innovent Biologics and Hengrui Medicine, with Innovent's target price raised from HKD 95 to HKD 112, while Hengrui's target price remains at HKD 80 [1] - The rating for CanSino Biologics has been downgraded from "Buy" to "Hold," with its target price increased from HKD 100 to HKD 116 [1] - The rating for CSPC Pharmaceutical Group is maintained at "Sell," with a target price of HKD 6.6 [1]

Core Viewpoint - The A-share market experienced a strong start in 2026, with the Shanghai Composite Index surpassing 4000 points and a notable increase in various sectors, particularly insurance, pharmaceuticals, and technology [2][6]. Group 1: Insurance Sector - The insurance sector saw significant gains, with major companies like New China Life and China Pacific Insurance reaching historical highs [4]. - Since Q3 2025, the insurance sector has been a stabilizing force in the market, benefiting from favorable policies such as the guidance on health insurance development and adjustments to risk factors for insurance companies [6]. - Looking ahead to 2026, the insurance sector is expected to maintain a competitive edge due to attractive returns on dividend insurance products and improvements in distribution channels, which may lead to positive growth in new business value (NBV) [7]. Group 2: Pharmaceutical Sector - The pharmaceutical sector experienced a broad rally, with significant increases in stocks of leading companies such as BeiGene and WuXi AppTec [9]. - In 2025, the number of approved innovative drugs reached 76, a 58.3% increase from 48 in 2024, marking a historical high [11]. - The outlook for 2026 is optimistic, with expectations that the innovative drug sector will dominate the pharmaceutical industry, supported by the integration of medical insurance and commercial insurance, which will enhance payment capabilities [13][14].