恒瑞医药公告，子公司上海盛迪医药有限公司收到国家药监局核准签发的SHR-4610注射液《药物临床 试验批准通知书》，将于近期开展临床试验。SHR-4610注射液是公司自主研发的创新型抗肿瘤药物， 拟用于治疗晚期实体瘤。截至目前，SHR-4610注射液相关项目累计研发投入约736万元。 ...

【策略】 Q3 主动基金动向：大幅加仓 AI 硬件 主动基金大幅加仓 AI 硬件。 2025Q3 主动偏股基金和股票 ETF 重仓市值合计环比 +21.7% 至 7.23 万亿元，创历史新高。主动偏股基金股票仓位环比升至 85.6% ，持仓集中度 CR20 环比 +6.3% 。板块上，主动基金大幅增配创业板和科创板，继续减配主板，港股实配比例小幅下滑。风格上，主动基金加仓行 为较极致，增配沪深 300 ，减配上证 50 和中小盘；大幅增配成长，减配消费和金融居前。三季度全球 AI 产业催化众多，主动基金大幅增配 TMT 产业链， 电子、通信实配比例均创下历史新高，其中电子行业实配比例升至 25.5% ，已经超过 2021 年牛市主线电力设备实配比例高点（ 20.3% ），加仓风格较为 极致。随着基金回本效应持续显现，叠加宽基指数突破关键整数点位，主动基金规模仍有上行空间，仓位偏低且业绩偏强的电新 / 计算机 / 传媒，以及增速 显著改善的周期行业或受到资金青睐。 行业配置：增配 TMT/ 中游制造，减仓消费 / 大金融。 三季度基金主要增配电子 / 通信 / 电新 / 有色，减配银行 / 食饮 / 家电 / ...

Investment Rating - The report maintains a "Market Weight" rating for the pharmaceutical and biotechnology industry, indicating that the industry is expected to perform within ±10% of the market index over the next six months [3][29]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, declining by 0.61% from October 24 to November 6, 2025, which is approximately 2.50 percentage points lower than the index [10][23]. - Most sub-sectors within the industry recorded negative returns during the same period, with the vaccine and pharmaceutical distribution sectors showing the highest gains of 2.87% and 2.33%, respectively, while offline pharmacies and medical research outsourcing experienced declines of 3.95% and 3.11% [11][12]. - Approximately 57% of stocks in the industry recorded positive returns, with notable performers including Hezhong China, which saw a weekly increase of 115.96% [15][12]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry lagged behind the CSI 300 index, with a decline of 0.61% from October 24 to November 6, 2025 [10]. - Most sub-sectors recorded negative returns, with vaccines and pharmaceutical distribution leading in gains [11]. - About 57% of stocks in the industry had positive returns, with significant fluctuations among individual stocks [15]. 2. Industry News - The 11th batch of national drug centralized procurement results was announced, involving 55 varieties and 445 companies, with a selection rate of 57% [21]. - The new procurement rules emphasize clinical stability, quality assurance, and higher standards for bidding companies [21]. 3. Company Announcements - Yekang Pharmaceutical announced that its subsidiary received approval for clinical trials of YKYY013 injection for chronic hepatitis B treatment [22]. 4. Industry Outlook - The report suggests focusing on investment opportunities in innovative drugs and sectors with expected business development catalysts, including medical devices and traditional Chinese medicine [25]. - Key companies to watch include Mindray Medical, Yifeng Pharmacy, and Aier Eye Hospital, among others [26].

Core Insights - The rapid development of China's biopharmaceutical sector has prompted multinational pharmaceutical companies (MNCs) to adjust their strategies, focusing on increased investment in the Chinese market and accelerating the introduction of global innovative products into China [1][2] - MNCs are adopting a dual strategy of enhancing local market engagement while leveraging Chinese innovations to expand globally [1][2] Group 1: MNC Strategies in China - GSK's strategy emphasizes China as a source of innovation and aims to establish it as a global innovation center [1][4] - The CEO of Kelsey Group highlighted three strategic focuses: increasing investment in China, accelerating the introduction of global innovations, and integrating Chinese innovations into the global system [1][2] - The collaboration between Hengrui Medicine and GSK aims to develop up to 12 innovative drugs, with GSK committing a total of $500 million in upfront payments and potential milestone payments of approximately $12 billion [2][3] Group 2: Market Dynamics and Collaborations - China has become the second-largest source of projects for the top 20 MNCs, with a total of $39.4 billion in innovative drug assets introduced from January to August 2025, accounting for 37.4% of global transaction volume [2] - The license-out total for Chinese innovative drugs reached $92.03 billion in the first three quarters of 2025, indicating a surge in BD transactions [2] - Kelsey Group's partnership with Haisco for the innovative drug HSK31858 represents a significant step in pushing Chinese innovations to a global audience [4][5] Group 3: Investment and Growth in China - Kelsey Group reported a 22% revenue growth in the Chinese market for the 2024 fiscal year, with a 30% increase in local staff over the past two years [7][9] - The company aims to include China in early-stage global clinical trials to expedite the launch of innovative drugs [7] - Boehringer Ingelheim plans to invest over 5 billion RMB in R&D in China over the next five years, focusing on metabolic, inflammatory, eye health, and oncology areas [9] Group 4: Importance of Trade Shows - The China International Import Expo (CIIE) serves as a crucial platform for MNCs to showcase innovations and foster partnerships [8][9] - GSK and Boehringer Ingelheim utilize CIIE to launch new products and enhance their visibility in the Chinese market [9][10] - GSK's innovative drug, New Kela, exemplifies the successful transition from exhibition to market, receiving regulatory approval shortly after its debut at CIIE [10]

Core Insights - The rapid development of China's biopharmaceutical sector is prompting multinational pharmaceutical companies (MNCs) to adjust their strategies, focusing on increasing investment in the Chinese market and accelerating the introduction of global innovative products into China [1][2] - MNCs are adopting a dual strategy of enhancing local market engagement while leveraging Chinese innovations to expand globally, as highlighted by GSK and Kelsey Group's approaches [1][2][3] Group 1: Investment and Collaboration - The top 20 MNCs have steadily increased the number and value of assets introduced from China since 2021, with a total of $39.4 billion in innovative drug assets introduced in the first eight months of 2025, accounting for 37.4% of global transaction totals [2] - In the first three quarters of 2025, the total amount for Chinese license-out transactions reached $92.03 billion, indicating a vibrant BD transaction environment for domestic innovative drugs [2] - GSK's strategic partnership with Heng Rui Pharmaceutical involves the joint development of up to 12 innovative drugs, with GSK committing a total of $500 million in upfront payments and potential milestone payments of approximately $12 billion [2][3] Group 2: Market Dynamics and Growth - Kelsey Group's strategy includes three pillars: China to China, Global to China, and China to Global, emphasizing increased investment in the Chinese market and the integration of Chinese innovations into its global system [1][2] - Kelsey Group's recent collaboration with Haisco on the innovative drug HSK31858 represents a significant step in bringing Chinese innovations to global markets, particularly in treating chronic airway diseases [3] - The Chinese market is becoming a key growth engine for GSK, with expectations that approximately 18 new products and indications will be approved in China over the next three years [9] Group 3: Strategic Initiatives and Future Outlook - MNCs are increasingly focusing on enhancing their R&D presence in China, with Kelsey Group planning to increase its R&D personnel and strengthen its engagement with the local innovation ecosystem [4][6] - Boehringer Ingelheim's strategy includes a planned investment of over 5 billion RMB in R&D in China over the next five years, focusing on areas such as metabolism, inflammation, eye health, and oncology [8] - The China International Import Expo (CIIE) is recognized as a vital platform for MNCs to showcase innovations and deepen collaborations, with Boehringer Ingelheim highlighting its commitment to open innovation through this event [7][8]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of November 7, with Northeast Electric (00042) leading with a premium rate of 881.82% [1] - The article also provides a detailed ranking of stocks based on their deviation values, indicating significant discrepancies between H-shares and A-shares [1] AH Premium Rate Rankings - The top three stocks with the highest AH premium rates are: - Northeast Electric (00042): H-share at 0.275 HKD, A-share at 2.25 CNY, premium rate of 881.82%, deviation value of 47.50% [1] - Hongye Futures (03678): H-share at 3.600 HKD, A-share at 10.95 CNY, premium rate of 264.44%, deviation value of 26.95% [1] - Sinopec Oilfield Service (01033): H-share at 0.770 HKD, A-share at 2.31 CNY, premium rate of 259.74%, deviation value of 23.17% [1] - The bottom three stocks with the lowest AH premium rates are: - CATL (03750): H-share at 558.500 HKD, A-share at 395.37 CNY, premium rate of -15.21%, deviation value of 1.62% [1] - China Merchants Bank (03968): H-share at 51.250 HKD, A-share at 42.51 CNY, premium rate of -0.64%, deviation value of -2.86% [1] - Heng Rui Medicine (01276): H-share at 69.950 HKD, A-share at 61.74 CNY, premium rate of 5.72%, deviation value of 7.04% [1] Deviation Value Rankings - The top three stocks with the highest deviation values are: - Northeast Electric (00042): premium rate of 881.82%, deviation value of 47.50% [1] - Hongye Futures (03678): premium rate of 264.44%, deviation value of 26.95% [1] - Changfei Optical Fiber (06869): premium rate of 189.56%, deviation value of 26.59% [1] - The bottom three stocks with the lowest deviation values are: - COSCO Shipping Energy (01138): premium rate of 41.17%, deviation value of -13.87% [2] - China Eastern Airlines (00670): premium rate of 37.91%, deviation value of -11.53% [2] - China Life Insurance (02628): premium rate of 103.35%, deviation value of -11.12% [2]

中国经济网北京11月7日讯 截至今年10月31日收盘，宝盈优势产业混合A/C在今年前10月分别下跌 了10.8%和11.1%。 该基金目前由姚艺管理，其2011年6月至2017年6月在华泰证券股份有限公司担任高级研究员，2017 年6月加入宝盈基金管理有限公司，历任高级研究员、基金经理助理，基金经理。但姚艺是从今年8月份 刚刚接任宝盈优势产业混合，此前2年多时间，该基金一直由杨思亮管理。 | | 区间复权单位净值增长率 | | | | --- | --- | --- | --- | | 名称 ⇒ | [起始交易日期] 20250101 , | | 累计单位净值 | | | [截止交易日期] 20251031 | | 校易日期] 最新 | | | [是否年化] 否 | | | | 宝盈优势产业混合C | | -11.0977 | 2.8839 | | 宝盈优势产业混合A | | -10.7972 | 3.0841 | 来源：同花顺 （责任编辑：康博） 根据此前媒体报道，杨思亮已在8月底离开宝盈基金。据悉，杨思亮从2015年4月加入宝盈基金管理 有限公司，在10年的光阴中，杨思亮先后担任研究部研究员、专户投资部投 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 日前，瑞士制药巨头诺华公司迎来好消息。该公司首个放射配体疗法药物（RLT）镥[177Lu]特昔维匹 肽注射液（商品名：派威妥）双适应症同时获得国家药监局批准上市，这也是国内首个获批的RLT药 物，为中国晚期前列腺患者带来新的治疗选择。 放射配体疗法药物也被称为核药，是一种精准靶向癌症治疗的方法。但由于其复杂的研发和生产供应链 体系，RLT疗法也是肿瘤治疗中价格最为高昂的类别之一。诺华公司的两款核药总计收入去年首次突破 20亿美元大关。目前，最新获批的RLT疗法在中国的定价尚不明确。 诺华也在全球范围内推动核药生产的战略部署。该公司位于浙江海盐的中国放射性药品生产项目总投资 额达6亿元人民币，预计将在2026年底前投产。未来，该基地将有能力规模化生产创新放射配体疗法药 物，较大地提升对中国患者临床需求的响应速度。 中国科学院上海药物研究所分子影像中心研究员程震对第一财经记者表示："现在很多大公司布局放射 性配体疗法，主要是因为这种药物的研发周期比较短，近几年来疗效也有很大的突破，是一个具有前景 的赛道。" 加拿大皇家银行资本市场（RBC ...

Core Insights - Novartis has received approval for its first radioligand therapy (RLT) drug, Lutetium [177Lu] oxodotreotide injection (brand name: Pluvicto), for dual indications in China, marking it as the first RLT drug approved in the country, providing new treatment options for advanced prostate cancer patients [3][4] - The RLT drugs are known for their high costs due to complex development and supply chain processes, with Novartis's two nuclear drugs surpassing $2 billion in revenue last year [3][5] - To promote the application of RLT therapy in China, Novartis has signed a strategic cooperation agreement with Siemens Healthineers to focus on integrated diagnostic and therapeutic solutions for major diseases like prostate cancer [3][4] Industry Trends - The integration of molecular imaging systems with RLT is crucial for the entire treatment cycle, enhancing the precision and targeting of cancer therapies [4] - The shift in medical paradigms from "one-size-fits-all" to "personalized treatment" is a significant trend in modern medical technology [4] - The demand for innovative treatment options for late-stage metastatic prostate cancer is increasing, highlighting the urgent need for effective therapies [4] Market Potential - The global market for radioligand therapy is projected to reach $25 billion, indicating a promising growth trajectory for this sector [5] - Novartis is investing 600 million RMB in a radiopharmaceutical production project in Zhejiang, China, expected to be operational by the end of 2026, which will enhance the company's ability to meet clinical demands in China [5] - Other companies, including Bayer and Bristol-Myers Squibb, are also focusing on the development of nuclear drugs, indicating a competitive landscape in the RLT market [4][5]

Core Insights - The expansion of the pension financial management market is anticipated following the release of the notice by the National Financial Supervision Administration, which allows the pilot areas for pension financial products to extend nationwide [1] - The notice encourages the issuance of long-term pension financial products, specifically those with a duration of 10 years or more, to align with the investment cycles of the pension industry [2][3] - The overall design aims to enhance the long-term capital allocation function and promote a stable pension asset allocation system, thereby increasing investor confidence [2][3] Group 1: Market Expansion and Product Design - The number of existing pension financial products stands at 51, with no new products launched in 2023, but the expansion of the pilot program is expected to restart issuance [1] - The notice emphasizes the need for diverse product forms, encouraging the issuance of long-term pension financial products with a minimum holding period of 5 years [2] - Regulatory incentives will be provided to companies with a higher proportion of long-term products in their portfolios, promoting a shift from short-term financial management to lifelong wealth management [3] Group 2: Liquidity and Risk Management - The establishment of transfer and pledge mechanisms for pension financial products is proposed to address liquidity needs in emergencies, such as serious illnesses [2][4] - This design reflects a regulatory consideration for a more humane approach to pension finance, balancing the need for long-term returns with risk management [4] - The focus on long-term products aims to mitigate the mismatch risk of short-term funds being invested in long-term projects [3] Group 3: Performance and Asset Allocation - In the third quarter, many pension financial products increased their allocation to equity assets, resulting in net value growth, showcasing effective active management [5] - Specific products, such as "BlackRock Jianxin Pension 2032 Phase 1," reported a cumulative net value growth rate of 21.84%, with a quarterly increase of 4.16% [5][7] - The report indicates that while some companies reduced their bond allocations, others, like ICBC Wealth Management, opted to increase bond investments, achieving annualized returns of 14.35% and 12.97% for their pension products [9][10] Group 4: Future Outlook - The pension financial management market is poised for significant development opportunities as the pilot policies are fully implemented and product issuance resumes [10] - Companies are encouraged to adopt scientific asset allocation models to dynamically adjust the equity-bond ratio and utilize derivatives for risk hedging [10][11] - Emphasis is placed on designing mechanisms for smoothing returns and enhancing liquidity through regular dividends and periodic redemption options [11]