Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [3][43]. Core Views - The report emphasizes the potential of innovative drugs as the main investment theme for the year, with a focus on manufacturing overseas and aging-related consumption as relatively undervalued assets [13][31]. - The Chinese pharmaceutical industry has completed the transition from old to new growth drivers, with innovative drugs significantly opening new growth avenues for Chinese pharmaceutical companies [31][32]. Summary by Sections UBT251 and Federal Pharmaceuticals - UBT251, a long-acting GLP-1/GIP/GCG agonist developed by Federal Pharmaceuticals, shows promising clinical results and potential in overseas markets [8][9]. - The global sales of Semaglutide are projected to exceed $30 billion in 2025, indicating a robust market for GLP-1 drugs [7][9]. - Federal Pharmaceuticals has signed an exclusive licensing agreement with Novo Nordisk for UBT251, which could align with the patent expiration of Semaglutide in 2032 [8][9]. Industry Performance - The pharmaceutical index rose by 2.67% from November 24 to November 28, outperforming the CSI 300 index by 1.03% [4][13]. - A total of 419 stocks in the sector increased in value, while 49 stocks declined during the same period [4][17]. Key Investment Opportunities - Recommended stocks include innovative drug companies such as Xinlitai, Zai Lab, and Federal Pharmaceuticals, as well as companies with improving performance like WuXi AppTec and Kairos Pharma [4][35]. - The report suggests focusing on sectors with stable operations and low valuations that are expected to see fundamental changes in 2026 [4][31]. Market Trends - The report highlights the increasing importance of aging populations and chronic disease management, which are driving demand in the healthcare sector [31][34]. - The ongoing development of AI technologies is expected to create new growth opportunities within the pharmaceutical industry [31][34].

Investment Rating - The report maintains an investment rating of "Outperform" [5] Core Insights - The innovative drug sector is experiencing rapid growth, with several new drugs being quickly incorporated into the medical insurance directory as of October 2025 [3][20] - The report highlights significant increases in the number of drugs entering hospitals, particularly those newly included in the insurance directory, indicating strong market demand [3][19] Weekly New Drug Market Review - From November 24 to November 30, 2025, the top five performing new drug companies were: Frontline Bio (+23.12%), Yifang Bio (+15.74%), Rongchang Bio (+15.39%), Kangfang Bio (+14.86%), and Jakes (+14.18%). The five companies with the largest declines were: Yongtai Bio (-4.11%), Nothland (-3.33%), Junshengtai (-2.78%), Boan Bio (-2.09%), and Dongyao Pharma (-1.11%) [1][14] Suggested Focus Stocks - The report suggests focusing on several companies with promising catalysts, including: 1. Companies with MNC certification and high overseas sales potential: Sanofi, Lianbang Pharma, and Kelun Biotech 2. Companies with overseas data catalysts: Betta Pharma, Hutchison China MediTech, and Yimeng Bio 3. Potential heavyweights for overseas MNC licensing: Fuhong Hanlin, Shiyao Group, and Yifang Bio 4. New innovative drug technology breakthroughs: small nucleic acids, in vivo CAR-T, fat reduction and muscle gain, autoimmune CAR-T/bispecific antibodies, and gene therapy [2][18] New Drug Industry Key Analysis - The National Healthcare Security Administration updated the data on innovative drugs included in the insurance directory as of October 2025, showing rapid hospital entry for several newly included domestic innovative drugs. Notable drugs with fast entry rates include: - Hengrui Medicine's Tazobactam - Innovent Biologics' Toripalimab - Haisco's Alogliptin and Clopidogrel - Sinopharm's Aliskiren and Amlodipine - Shanghai Yizhong's Paclitaxel polymer micelles - Kangfang Bio's Ivoris monoclonal antibody [3][19] New Drug Approval and Acceptance Status - This week, 11 new drugs or new indications received approval for market entry, while 13 new drugs or new indications were accepted for review [4][24] New Drug Clinical Application Approval and Acceptance Status - This week, 54 new drug clinical applications were approved, and 44 new drug clinical applications were accepted [8][27]

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market turnover decreased to 82.799 billion, with net inflows of 484 million in the Hong Kong Stock Connect [1][5] - The US stock market showed positive movement ahead of the Thanksgiving holiday, with the Dow Jones expected to rise for the fourth consecutive day [2] Investment Opportunities - The report emphasizes the importance of selecting undervalued sectors and companies in the current market environment, particularly in the context of the Hong Kong stock market's wide fluctuations [3] - Key sectors to focus on include artificial intelligence, semiconductors, and industrial software, which are expected to benefit from long-term growth opportunities [3] - The report suggests that companies with lower valuations and higher dividends, particularly state-owned enterprises, are also attractive investment targets [3] Company Highlights - China Unicom (0762.HK) is highlighted for its strong performance in digital services, with a projected revenue of 45.4 billion yuan for its smart network business, reflecting a year-on-year growth of 4.3% [10] - The company has shown significant growth in its cloud revenue, which reached 37.6 billion yuan, up 18.6% year-on-year, and its data center revenue increased by 9.4% to 14.4 billion yuan [10] - China Unicom's average dividend yield over the past five years has exceeded 6%, with a projected interim dividend of 0.2841 yuan per share for 2025, marking a 14.5% increase [10] Sector Developments - The report notes the Chinese government's initiatives to enhance consumer goods supply and demand compatibility, aiming for a significant optimization of the supply structure by 2027 [9] - The 5G application initiative is highlighted, with goals to achieve a base station density of 38 per 10,000 people by 2027, indicating strong growth potential in telecommunications and related sectors [9] - The report suggests monitoring companies benefiting from the AI wave, including major telecom operators and AI server suppliers [9]

Core Viewpoint - The announcement highlights that the company's wholly-owned subsidiary, Zhuhai United Pharmaceutical Co., Ltd., has received approval from the National Medical Products Administration of China for its injectable Cefoperazone Sodium and Sulbactam Sodium (2.0g), which has passed the consistency evaluation of generic drug quality and efficacy [1] Group 1: Product Approval and Specifications - The injectable Cefoperazone Sodium and Sulbactam Sodium is a third-generation cephalosporin antibiotic with broad-spectrum antibacterial activity, suitable for monotherapy or combination therapy [1] - It is indicated for the treatment of infections caused by sensitive bacteria, including respiratory, urinary, intra-abdominal, septicemia, meningitis, skin and soft tissue, bone and joint, and reproductive tract infections [1] Group 2: Market Position and Future Prospects - The product is listed as a Class B drug in the National Medical Insurance Directory (2024 edition), which may enhance its market accessibility [1] - The approval is expected to help the company strengthen its competitive position in the anti-infection field and contribute to greater returns for the company and its shareholders through ongoing product development and consistency evaluations [1]

Core Viewpoint - Federal Pharmaceutical's subsidiary has received approval for a generic injectable antibiotic, which will strengthen its position in the anti-infection market and contribute to future revenue growth [1] Group 1: Product Approval - The injectable Cefoperazone Sodium and Sulbactam Sodium (2.0g) has been approved by the National Medical Products Administration of China [1] - This antibiotic is a third-generation cephalosporin with broad-spectrum antibacterial activity, suitable for treating various infections [1] Group 2: Therapeutic Applications - The drug is effective against respiratory infections, urinary tract infections, intra-abdominal infections, sepsis, meningitis, skin and soft tissue infections, bone and joint infections, and reproductive tract infections [1] - It shows significant therapeutic effects on inflammation and infections caused by sensitive bacteria [1] Group 3: Market Position and Future Plans - The drug is listed as a Class B medication in the National Medical Insurance Directory (2024 edition) [1] - The approval will help the company consolidate its competitive advantage in the anti-infection field [1] - The company is committed to ongoing product development and consistency evaluation, which is expected to generate greater returns for the company and its shareholders [1]

Core Viewpoint - The approval of the injectable Cefoperazone Sodium and Sulbactam Sodium by the National Medical Products Administration of China enhances the company's position in the anti-infection sector and is expected to generate greater returns for the company and its shareholders [1] Group 1: Product Approval - The company's wholly-owned subsidiary, Zhuhai United Pharmaceutical Co., Ltd., has received approval for the injectable Cefoperazone Sodium and Sulbactam Sodium (specification: 2.0g) [1] - This product has passed the consistency evaluation for generic drug quality and efficacy [1] Group 2: Product Characteristics - Injectable Cefoperazone Sodium and Sulbactam Sodium is a third-generation cephalosporin antibiotic with broad-spectrum antibacterial activity [1] - It can be used alone or in combination for treating infections caused by sensitive bacteria, including respiratory, urinary, intra-abdominal infections, sepsis, meningitis, skin and soft tissue infections, bone and joint infections, and reproductive tract infections [1] Group 3: Market Position and Future Plans - The product is listed as a Class B drug in the National Medical Insurance Directory (2024 edition) [1] - The approval is expected to help the company strengthen its competitive advantage in the anti-infection field [1] - The company will continue to focus on new product development and advancing consistency evaluations to create greater value for the company and its shareholders [1]

本公告乃由聯邦制藥國際控股有限公司（「本公司」）自願發出。 本公司董事會（「董事會」）欣然公佈，本公司全資附屬公司珠海聯邦制藥股份有限公 司中山分公司申報的注射用頭孢哌酮鈉舒巴坦鈉（規格：2.0g）經中國國家藥品監督 管理局審批，通過仿製藥質量和療效一致性評價（「一致性評價」）。 注射用頭孢哌酮鈉舒巴坦鈉是第三代頭孢菌素類抗生素，具有廣譜抗菌活性，可單獨 或聯合用藥。單獨用藥時，適用於治療由敏感菌引起的呼吸道感染、泌尿道感染、腹 腔內感染、敗血症、腦膜炎、皮膚和軟組織感染、骨骼和關節感染、生殖道感染。其 對敏感細菌引起的系列炎症和感染均有顯著治療效果，可有效控制炎症。現時，注射 用頭孢哌酮鈉舒巴坦鈉為國家醫保目錄（二零二四年版）乙類藥品。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份 內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 The United Laboratories International Holdings Limited 聯邦制藥國際控股有限公司 ( 於開曼群島成立之有限公司 ...

Market Overview - The market consensus indicates a rebound from oversold conditions, with the Nasdaq rising 2.69% overnight, leading to a 0.69% increase in Hong Kong stocks at the close [1] US-China Relations - A surprising positive and constructive phone call occurred between US President Trump and Chinese President, discussing various topics including the Russia-Ukraine situation and agricultural products [2] - Trump has accepted an invitation to visit China in April next year, indicating a desire for improved relations ahead of the midterm elections [2] Lithium Industry - Longpan Technology announced a contract exceeding 450 billion yuan with subsidiaries, significantly surpassing the previous estimate of over 50 billion yuan, resulting in a nearly 23% surge in its stock [3] - Related companies such as Tianqi Lithium and Ganfeng Lithium also saw stock increases of nearly 5% and over 3%, respectively [3] AI Sector - Google aims to double its AI computing power every six months and achieve a 1000-fold increase in the next 4-5 years to meet rising demand [3] - Meta Platforms is reportedly considering a multi-billion dollar acquisition of Google's TPU for data center development, contributing to Google's stock rise of 6.31% [3] Hardware Sector - Changfei Optical Fiber's components business has become a strong growth point, benefiting from North American AI data center construction, with a stock increase of nearly 13% [4] - Baidu's revenue from Kunlun chips is expected to grow significantly, with projections showing a sixfold increase from 2025 to 2026 [4] Healthcare Sector - There has been a significant increase in flu antiviral drug purchases, with sales of certain medications rising over 14 times compared to October [6] - Companies like Alibaba Health and Shandong Xinhua Pharmaceutical saw stock increases of over 4% and 7%, respectively [6] Electric Vehicle Market - European electric vehicle sales surged, with plug-in hybrid sales up 40% and pure electric vehicles nearly 33% [7] - BYD's sales more than doubled, while other companies like NIO and XPeng are expanding into new markets [7] Huawei Product Launch - Huawei launched the Mate 80 series and Mate X7, showcasing significant performance improvements over previous models, which is expected to attract market interest [8] Zhongtong Express - Zhongtong Express reported strong growth in its parcel business, with a revenue increase of 11.1% year-on-year for Q3 2025 [9][10] - The company is expanding its operations with a new smart operations center and has implemented advanced delivery technologies to enhance efficiency [10]

Group 1 - The stock of United Pharmaceutical (03933.HK) rose over 4% in the morning session, reaching an increase of 4.08% at a price of HKD 59.95 [1] - The trading volume amounted to HKD 31.2821 million [1]

Core Viewpoint - Federal Pharmaceutical (03933) has made significant advancements in the GLP-1 treatment area, showcasing its new diabetes management products and forming strategic partnerships to enhance its global market presence [1] Group 1: Stock Performance - Federal Pharmaceutical's stock rose over 4%, reaching HKD 59.95 with a trading volume of HKD 31.28 million [1] Group 2: Product Development - The company highlighted its diabetes management product lineup at the conference, including the recently launched liraglutide injection "Federal Yuli Tai" and the upcoming semaglutide injection "Federal Youmei Tai," expected to launch next year [1] - The introduction of these products marks a significant milestone for Federal Pharmaceutical in the GLP-1 target treatment field [1] Group 3: Strategic Partnerships - Federal Pharmaceutical's subsidiary, Federal Bio, has entered into an exclusive licensing agreement with Novo Nordisk for UBT251, which underscores the global market potential of UBT251 [1] - This collaboration is expected to leverage Novo Nordisk's resources to accelerate the global development of UBT251 [1] - The partnership represents a key achievement in Federal Pharmaceutical's innovation transformation, aligning its GLP-1 innovative drugs with international standards and enhancing the international influence of domestic GLP-1 medications across nearly 80 countries and regions [1]