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10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: 2025年11月4日 I. 法定/註冊股本變動 FF301 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600276 | 說明 | | A股（於上海證券交易所上市） | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 6,379,002,274 | RMB | | 1 RMB | | 6,379,002,274 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 6,379,002,274 | RMB | | 1 RMB | | 6,379,002,274 | 本月底法 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 江蘇恒瑞醫藥股份有限公司 呈交日期： 2025年11月4日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 600276 | 說明 | | A股（於上海證券交易所上市） | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括 ...

Core Viewpoint - Heng Rui Medicine (01276.HK) announced a share buyback of 210,000 A-shares at a total cost of RMB 13.0221 million, with a buyback price range of RMB 61.6 to 62.3 per share [1] Related Events - Heng Rui Medicine (01276.HK) executed a buyback of 210,000 A-shares on November 4, 2025, costing RMB 13.0221 million [1] - Wellington Management Group LLP increased its holdings by 1,012,200 shares in Heng Rui Medicine [1]

Core Viewpoint - Heng Rui Medicine (600276)(01276) announced a share buyback plan, investing 13.02 million yuan to repurchase 210,000 A-shares on November 4, 2025 [1] Company Summary - The company is engaging in a share repurchase, indicating confidence in its own stock value and a strategy to enhance shareholder returns [1]

Core Viewpoint - Heng Rui Medicine (01276) announced a share buyback plan, intending to repurchase 210,000 A-shares at a total cost of 13.0221 million yuan [1] Group 1 - The company plans to execute the buyback on November 4, 2025 [1] - The total expenditure for the buyback is approximately 13.0221 million yuan [1] - The number of shares to be repurchased is 210,000 [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 江蘇恒瑞醫藥股份有限公司 呈交日期： 2025年11月4日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 600276 | 說明 | | A股（於上海證券交易所上市） | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括 ...

Core Viewpoint - The article highlights a trend among certain "mini funds" adopting a defensive stance by significantly reducing their stock holdings to near cash levels, missing out on the recent market rally despite an overall positive market trend for actively managed equity funds [1][4]. Fund Performance and Strategy - Some flexible allocation funds, particularly smaller ones, have drastically decreased their stock positions in Q3, with cash assets, such as bank deposits, dominating their portfolios. For instance, the Fuanda New Power fund saw its stock allocation plummet from 87.5% at the end of Q2 to just 1.35% by the end of Q3, with over 98% of its assets held in cash [2]. - The Zhongyin Zhenli fund reported a stock allocation of only 12% in Q3, with 85% of its assets in bank deposits, indicating a conservative investment approach compared to peers [2]. - The Green Fund's Green Bory also exhibited a similar trend, with a stock allocation of just 11.23% and over 60% in cash, reflecting a cautious strategy amid market fluctuations [3]. - The Galaxy Junshang fund had a mere 0.94% in stocks by the end of Q3, primarily holding cash and bonds, contrasting sharply with its previous "heavy stock, light bond" strategy [3]. Market Context and Fund Manager Sentiment - Despite the overall market strength, with indices reaching around 4000 points and a continued upward trend in technology stocks, some fund managers opted for significant cash positions, possibly due to profit-taking from previously popular sectors or a cautious outlook on future market movements [4].

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of November 4, with Northeast Electric (00042) leading with a premium rate of 900.00% [1] - The article also discusses the deviation values of these stocks, indicating significant discrepancies between their A-shares and H-shares [1] Summary of Top AH Premium Rates - Northeast Electric (00042) has the highest premium rate at 900.00%, followed by Hongye Futures (03678) at 258.42% and Zhejiang Shibao (01057) at 252.00% [1] - The top ten stocks with the highest premium rates include Sinopec Oilfield Service (01033) at 251.95% and Andeli Juice (02218) at 250.56% [1] Summary of Bottom AH Premium Rates - The stocks with the lowest AH premium rates include CATL (03750) at -17.17%, China Merchants Bank (03968) at 1.22%, and Heng Rui Pharmaceutical (01276) at 5.23% [1] - Other notable mentions in the bottom ten include Midea Group (00300) at 6.99% and Weichai Power (02338) at 11.05% [1] Summary of Deviation Values - Northeast Electric (00042) also leads in deviation value at 64.66%, indicating a significant difference from its average premium rate [1] - Other stocks with high deviation values include Changfei Optical Fiber (06869) at 27.92% and Shandong Molong (00568) at 27.79% [1] - Conversely, the stocks with the lowest deviation values include CNOOC Oilfield Services (02883) at -12.36% and Haohai Biological Technology (06826) at -9.36% [1]

Core Viewpoint - Pfizer has filed a second lawsuit against Novo Nordisk, accusing it of anti-competitive behavior in its attempt to acquire weight-loss drug manufacturer Metsera, claiming that the bid is aimed at maintaining market share rather than genuine acquisition interests [2][6]. Group 1: Legal Actions and Accusations - Pfizer has submitted a lawsuit to the U.S. District Court in Delaware, alleging that Metsera's controlling shareholders colluded with Novo Nordisk to influence the development of new drugs [3]. - Pfizer has requested a temporary restraining order to prevent Metsera from terminating its agreement with Pfizer [5]. - The lawsuit claims that Novo Nordisk offered $6.5 billion in prepayment to Metsera's shareholders before regulatory review, including restrictive clauses that could delay or obstruct new drug clinical progress [7]. Group 2: Market Dynamics and Competitive Landscape - The ongoing legal battle highlights the intense competition between Pfizer and Novo Nordisk over Metsera, which has a promising weight-loss drug pipeline projected to generate $5 billion in annual revenue [10]. - Metsera has received seven acquisition offers this year, with Novo Nordisk's final bid valuing the company at $9 billion, exceeding Pfizer's offer by over $1 billion [10]. - Novo Nordisk's market dominance in weight-loss drugs is under threat, especially with the expiration of its core product GLP-1 drug semaglutide's patent in China by 2026, which is expected to lead to the entry of numerous generics [10]. Group 3: Industry Trends and Competitor Performance - The weight-loss drug market is seeing significant investments from major players like Novo Nordisk and Eli Lilly, with Eli Lilly currently outperforming Novo Nordisk in recent data, leading to a nearly 40% drop in Novo Nordisk's stock price this year [11]. - Eli Lilly's GLP-1 drug tirzepatide generated $24.837 billion in revenue in the first three quarters, surpassing Merck's blockbuster cancer drug Keytruda [11]. - Other competitors in the weight-loss drug sector include Roche, Amgen, AstraZeneca, and Merck, all of which are entering the market through self-research and acquisition strategies [11]. Group 4: Emerging Players in China - In the Chinese market, Innovent Biologics' weight-loss drug product, mazhidutide, is in the early stages of growth, with several other companies like Heng Rui Medicine, Shijiazhuang Pharmaceutical Group, and East China Pharmaceutical actively investing in this field [12].

Core Viewpoint - The A-share market experienced a volatile correction, particularly affecting the "Innovative Drug 20CM New Species" sector, with the ETF Huatai-PineBridge (589120) declining by 3.07% over two consecutive days, despite a net inflow of over 80 million yuan in the past five days, indicating continued optimism among investors [1][4][5]. Market Performance - The Huatai-PineBridge Innovative Drug ETF (589120) saw most of its constituent stocks decline, with notable drops including Baidu Tianheng down over 5% and Bory Pharmaceutical down over 4% [3]. - The ETF's trading volume exceeded 75 million yuan, with a closing premium rate of 0.15%, suggesting strong market sentiment despite the overall downturn [1][4]. Industry Trends - As the fourth quarter progresses, the innovative drug sector faces pressure due to reduced risk appetite among investors, although the long-term growth trend remains intact [4]. - Ongoing negotiations for the 2025 medical insurance directory are expected to catalyze growth in the innovative drug sector, with a significant increase in the number of drugs being submitted for approval [4][6]. Institutional Interest - Institutional investors continue to show strong enthusiasm for innovative drugs, with the proportion of biotech holdings in all funds increasing by 2.61 percentage points in Q3 2025 [5]. - The innovative drug sector is seen as a new growth curve for Chinese pharmaceutical companies, with traditional firms successfully transitioning to innovation [6]. Global Positioning - Chinese companies are making significant strides in international academic influence, with a notable increase in presentations at major conferences like ASCO and ESMO [7]. - The number and value of license-out transactions for innovative drugs have reached new highs, indicating a robust global market presence [7]. Future Outlook - The innovative drug sector is projected to continue its upward trajectory, supported by favorable policies, technological advancements, and increasing demand driven by an aging population [6][7]. - The market for innovative drugs is expected to grow significantly, with estimates suggesting a potential market size of 1.5 trillion USD by 2030, providing substantial opportunities for investment [7].