Core Viewpoint - New Horizon announced that its subsidiary, Shiyao Group Jushi Biopharmaceutical Co., Ltd., has received the acceptance notice from the National Medical Products Administration for the marketing application of Pertuzumab injection, targeting HER2-positive breast cancer [1]. Group 1 - The marketing application for Pertuzumab injection has been accepted, indicating progress in the drug's approval process [1]. - Pertuzumab injection is a recombinant humanized anti-HER2 monoclonal antibody that specifically binds to the extracellular dimerization domain II of HER2, blocking the dimerization of HER2 with itself or other HER family members [1]. - The mechanism of action involves blocking the cell cycle and inducing apoptosis, which is crucial for treating HER2-positive breast cancer [1].

Group 1 - Longjian Co., Ltd. won a bid for a highway maintenance project in Heilongjiang with a contract value of 483 million yuan, accounting for 2.64% of the company's expected revenue for 2024 [1] - Transsion Holdings plans to issue H-shares and list on the main board of the Hong Kong Stock Exchange [1] - Good Home's controlling shareholder intends to reduce its stake by up to 2.7%, equivalent to no more than 39.4468 million shares [1][2] Group 2 - Xinhua Insurance reported a cumulative premium income of 181.973 billion yuan from January to October, representing a year-on-year growth of 17% [2][4] - Zhejiang Jiaokao is part of a consortium that plans to bid for a new urbanization project with an estimated total investment of 11.103 billion yuan [4] Group 3 - Changchun High-tech received approval for clinical trials of a vaccine for adolescents and adults [6] - XinNuoWei's application for the listing of Pertuzumab injection has been accepted, targeting HER2-positive breast cancer [8] - Dash Smart won a bid for an intelligent project at the new Huanggang Port inspection building, valued at 55.056 million yuan, which is 1.74% of its expected revenue for 2024 [8] Group 4 - Electronic City is involved in a lawsuit for debt recovery, with the amount in dispute estimated at 777 million yuan [9] - Haibo Technology signed a strategic cooperation agreement with CATL for a cumulative procurement of no less than 200 GWh of electricity from 2026 to 2028 [10] Group 5 - Renfu Pharmaceutical's HW231019 tablets have entered the second phase of clinical trials for postoperative pain relief [11] - Tonghua Dongbao received a drug registration certificate for Aspart Insulin injection from the Dominican Republic [11] Group 6 - Shaanxi Construction reported winning major projects worth a total of 1.016 billion yuan in October [12] - Fuzhou Environmental Protection plans to change its stock name to "Fuzhou Technology" [12] Group 7 - Panlong Pharmaceutical's gel patch for knee osteoarthritis has received approval for clinical trials [15] - Zhongyida's application for a specific stock issuance has been terminated by the Shanghai Stock Exchange [16] Group 8 - Zhizhong Home's controlling shareholder reduced its holdings of convertible bonds by 905,000 units, accounting for 13.51% of the total issued [19] - Haibo Co., Ltd. plans to establish a subsidiary with an investment of 1 billion yuan for high-end component projects [21] Group 9 - Caina Co. plans to use 57 million yuan of idle funds to purchase structured deposits [23] - Zhendong Pharmaceutical's new drug for acute ischemic stroke has entered the IIa phase of clinical trials [25] Group 10 - Weiman Sealing's overseas subsidiary plans to lease a factory in Saudi Arabia for 5 years at a total rent of approximately 54.039 million yuan [26] - Yiling Pharmaceutical's application for Memantine Hydrochloride has been approved for market entry [28] Group 11 - Dongfang Zhizao plans to acquire 70% of Saifu Machinery for 27.4887 million yuan [30] - JianKai Technology's actual controller intends to transfer 3% of the company's shares through inquiry [31] Group 12 - Rejing Bio plans to repurchase shares worth between 100 million and 200 million yuan [32] - Bangji Technology has decided to terminate a major asset restructuring project due to failure to reach an agreement [34] Group 13 - Huadong Pharmaceutical's application for the marketing license of a new drug has been accepted [36] - Zhonggu Logistics' shareholder plans to reduce its stake by up to 3% [38] Group 14 - Bohui Innovation's subsidiary received approval for a clinical trial of a vaccine for invasive infections [40] - Shannon Chip's shareholder pledged 0.27% of the company's shares for financing [42] Group 15 - Shanghai Petrochemical appointed a new general manager [44] - Jiaojian Co. plans to reduce the holdings of some directors and executives by up to 0.35% [46] Group 16 - Weiting Electric plans to raise no more than 300 million yuan through a private placement [47] - Zhongjin Irradiation plans to invest approximately 200 million yuan in an electronic accelerator manufacturing project [49] Group 17 - Tongxing Technology signed a framework agreement to invest 3.2 billion yuan in a sodium battery project [50] - Hongri Da plans to establish a subsidiary focused on semiconductor packaging [51] Group 18 - Shanghai Kaibao's new drug for acute ischemic stroke has received approval for clinical trials [53] - Yitong Century announced a change in its control structure, becoming a company without a controlling shareholder [55]

Core Viewpoint - The announcement indicates that the company's subsidiary, Giant Biopharmaceutical Co., Ltd., has received the acceptance notice from the National Medical Products Administration for the marketing application of Pertuzumab injection, marking a significant step in the company's oncology product pipeline [1] Group 1: Product Details - Pertuzumab injection is a recombinant humanized anti-HER2 monoclonal antibody administered every three weeks [1] - The product works by specifically binding to the extracellular dimerization domain II of HER2, blocking the dimerization of HER2 with itself or other HER family members, thereby inhibiting the cell cycle and inducing apoptosis [1] - The application is based on a Phase III equivalence clinical trial involving patients with early or locally advanced HER2-positive breast cancer, demonstrating that the product is equivalent to the reference drug for neoadjuvant treatment [1] Group 2: Clinical Trial Results - Clinical trial results indicate that the safety and tolerability of the product are good and similar to the reference drug [1]

帕妥珠单抗注射液是一款重组人源化抗HER2单克隆抗体注射液，患者每3周需使用一次。该产品通过特 异性结合HER2的细胞外二聚化结构域II，阻断HER2与HER2或其他HER家族成员之间的配体之间的二 聚化作用，从而阻断细胞周期并诱导凋亡。该产品还可介导抗体依赖细胞介导的细胞毒作用。本次申请 主要是基于一项III期等效性临床试验，入组患者为早期或局部晚期HER2阳性乳腺癌患者。临床试验结 果显示，该产品用于早期或局部晚期HER2阳性乳腺癌的新辅助治疗与原研参照药等效。同时，该产品 的安全性和耐受性良好，与原研参照药类似。 智通财经APP讯，新诺威(300765.SZ)发布公告，公司控股子公司石药集团巨石生物制药有限公司(简 称"巨石生物")于近日收到国家药品监督管理局核准签发的《受理通知书》，帕妥珠单抗注射液的上市 申请获得受理。 ...

格隆汇11月12日丨新诺威(300765.SZ)公布，控股子公司石药集团巨石生物制药有限公司（简称"巨石生 物"）于近日收到国家药品监督管理局核准签发的《受理通知书》，帕妥珠单抗注射液的上市申请获得 受理。帕妥珠单抗注射液是一款重组人源化抗HER2单克隆抗体注射液，患者每3周需使用一次。该产品 通过特异性结合HER2的细胞外二聚化结构域II，阻断HER2与HER2或其他HER家族成员之间的配体之 间的二聚化作用，从而阻断细胞周期并诱导凋亡。该产品还可介导抗体依赖细胞介导的细胞毒作用。 ...

关于控股子公司帕妥珠单抗注射液上市申请 获得受理的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、概述 石药创新制药股份有限公司（以下简称"公司"）的控股子公司石药集团巨石 生物制药有限公司（以下简称"巨石生物"）于近日收到国家药品监督管理局（以 下简称"国家药监局"）核准签发的《受理通知书》，帕妥珠单抗注射液的上市申 请获得受理。现将相关情况公告如下： 二、药品的基本信息 药品名称：帕妥珠单抗注射液 剂 型：注射剂 注册分类：治疗用生物制品 3.3 类 证券代码：300765 证券简称：新诺威 公告编号：2025-086 石药创新制药股份有限公司 受 理 号：CXSS2500123 申 请 人：石药集团巨石生物制药有限公司 审批结论：根据《中华人民共和国行政许可法》第三十二条的规定，经审查， 决定予以受理。 三、药品的其他相关情况 帕妥珠单抗注射液是一款重组人源化抗 HER2 单克隆抗体注射液，患者每 3 周需使用一次。该产品通过特异性结合 HER2 的细胞外二聚化结构域 II，阻断 HER2 与 HER2 或其他 HER 家族成员之间的配体之间的 ...

Core Viewpoint - The article discusses the insider trading scandal involving Shiyao Group and its executive director Pan Weidong, who was fined 5 million yuan by the China Securities Regulatory Commission (CSRC) for insider trading related to a restructuring deal of its subsidiary, Xin Nuo Wei [4][5][39]. Group 1: Insider Trading Incident - Pan Weidong was fined 5 million yuan for insider trading, with a transaction amount close to 100 million yuan, which met the criteria for criminal prosecution [4][5]. - The insider trading was linked to a restructuring deal of Xin Nuo Wei, where Pan was aware of the insider information before it was publicly disclosed [5][11]. - The CSRC's investigation revealed that Pan had contact with other individuals involved in the insider trading, leading to additional penalties for them [11][12]. Group 2: Company Operations and Financial Performance - Despite the insider trading incident, Shiyao Group stated that its business operations remain normal and the penalty will not negatively impact its overall business [4][39]. - Shiyao Group's financial performance has shown a decline, with revenue in 2024 dropping to 29.01 billion yuan, a decrease of 9.56% year-on-year, and net profit falling by 25.9% [36]. - The company has been actively involved in mergers and acquisitions, including a failed 7.6 billion yuan acquisition of Shiyao Baike, which was terminated due to high valuation and performance uncertainties [17][22][39]. Group 3: Strategic Direction and Market Position - Shiyao Group is focusing on transitioning towards innovative drug development, with significant investments in research and development, amounting to 2.683 billion yuan in the first half of 2025 [37]. - The company has a pipeline of nearly 90 products in various clinical trial stages, indicating a commitment to expanding its innovative drug portfolio [37]. - The market remains skeptical about the company's ability to successfully transition to innovative drugs, especially in light of recent financial performance and insider trading issues [39].

1. Report Industry Investment Ratings - Index Futures: Neutral [24] - Precious Metals: Cautiously Bullish [7][47] 2. Core Views - Index Futures: The market is at a critical point, with cautious trading volume. It is expected to oscillate around the integer point in the short - term, which helps consolidate the long - term pattern. Short - term fluctuations may be intensified by the US dollar liquidity risk [3][24]. - Precious Metals: Despite the uncertain interest - rate cut rhythm and the recovery of US economic data, the record - breaking government shutdown in the US may intensify market risk - aversion sentiment, supporting the safe - haven premium of precious metals [3][5] 3. Summary by Relevant Catalogs Market Analysis Index Futures - US economic data: The preliminary value of the University of Michigan Consumer Sentiment Index in November 2025 was 50.3, the lowest since June 2022. The one - year inflation rate expectation was 4.7%. The US government shutdown led to a rapid decline in the three major US stock indexes [4]. - Domestic situation: External relations have eased, and the macro - level driving force has weakened. Institutional pressure has eased, and it is the portfolio rebalancing window. The stock position is oscillating, and the risk appetite is decreasing. The margin trading balance has increased weekly but has not exceeded the previous high, and the daily average trading volume is less than 2 trillion yuan. The Shanghai Composite Index is likely to oscillate around 4000 points [4]. Precious Metals - Price performance: In the week of 2025 - 11 - 07, gold and silver prices continued to oscillate, showing signs of stabilization after a high - point correction [5]. - Interest rate situation: The Fed's "hawkish interest - rate cut" in October was implemented. There are significant differences within the FOMC on whether to cut interest rates again in December, and the future interest - rate cut path is highly uncertain [5]. - Economic data: The US ADP employment in October increased by 42,000, exceeding expectations, but overall labor demand is slowing, and wage growth is stagnant. The US ISM Services PMI in October rose to 52.4, a new eight - month high, with multiple sub - indexes performing well, but core data such as non - farm payrolls are still missing due to the government shutdown [3][5]. Strategy Index Futures - Unilateral strategy: Bullish on IH and IF; Neutral on IC and IM [7]. Precious Metals - Strategy: Cautiously bullish; Suspend arbitrage [7]. Index Futures Logic and Strategy Table - Economic environment: Neutral. China's service trade import and export in the first three quarters increased by 7.6% year - on - year, with a shrinking trade deficit [24]. - Valuation: Neutral. The price - to - earnings ratio of index futures has recovered, while the price - to - book ratio is still low, and the stock - bond ratio has decreased [24]. - Liquidity: Neutral. The central bank's net reverse - repurchase withdrawal last week was 157.22 billion yuan [24]. - Monetary policy: Upward. The central bank will maintain a supportive and moderately loose monetary policy [24]. - RMB trend: Upward. The RMB exchange rate is expected to strengthen with the Fed's substantial interest - rate cut and the consolidation of domestic demand [24]. - Incremental funds: Upward. The government encourages the entry of long - term funds, and institutional incremental funds are expected to drive market stability [24]. - Restricted stock unlocking: Neutral. There will be 1.407 billion restricted shares of 34 companies unlocking this week, with a market value of 24.733 billion yuan, an increase of 742 million yuan from the previous week [24]. - Overall evaluation: Neutral. The market is in a game around 4000 points, with cautious trading volume. It is expected to oscillate in the short - term, and investors are advised to use index futures for risk hedging [24]. Commodity Strategy View Table - Interest rates: Upward. The yields of US Treasury bonds of different maturities changed in different directions. Doubts about the Fed's independence and expectations of a September interest - rate cut are the main trading themes. If Trump successfully removes a Fed governor, it may boost precious metal prices [44]. - Inflation: Upward. The 10 - year Breakeven inflation rate remained stable at 2.41%. US core PCE inflation data was in line with expectations, and the impact of tariffs on inflation is emerging. The market expects a September interest - rate cut [44]. - Exchange rate: Upward. The US dollar index rose slightly. The market expects a 25 - basis - point Fed interest - rate cut in September, which may suppress the US dollar [47]. - Safe - haven: Neutral. Geopolitical factors such as the situation in Ukraine are in a state of balance [47]. - Position: Neutral. Gold SPDR ETF holdings increased, while silver SLV ETF holdings decreased. Gold speculative net long positions increased, while silver net long positions decreased [47]. - Gold - silver ratio: Short at high levels. The trading logic of silver is similar to that of gold, and silver may have upward potential with the implementation of easing policies and the repair of the gold - silver ratio [46][47].

Group 1: Semiconductor Industry - The Chinese Ministry of Commerce responded to the European Union's statement regarding Nexperia, emphasizing that the source of the global semiconductor supply chain disruption lies with the Netherlands, and urging the EU to work towards correcting the situation to ensure normal supply of Nexperia's products [1] Group 2: Aviation Industry - On November 9, over 2,000 flights were canceled in the U.S., marking a record high since the government began reducing flights due to a shutdown, with more than 7,000 flights delayed [2] Group 3: Agriculture and Animal Health - Japan confirmed an outbreak of highly pathogenic avian influenza, leading to the culling of approximately 280,000 infected chickens, with over 1.5 million birds affected since the start of the avian flu season [3] Group 4: Economic Indicators - In October, the Consumer Price Index (CPI) rose by 0.2% month-on-month and year-on-year, while the core CPI, excluding food and energy, increased by 1.2%, marking the sixth consecutive month of growth. The Producer Price Index (PPI) also saw a month-on-month increase of 0.1%, the first rise this year, with a year-on-year decline of 2.1%, narrowing by 0.2 percentage points from the previous month [5] Group 5: Tax and Trade - During the China International Import Expo, a new "immediate refund" tax point was established in Shanghai, allowing international customers to receive tax refunds instantly upon purchase, supported by a multilingual service team [6] Group 6: Natural Disasters - The Ministry of Natural Resources initiated a Level 4 emergency response due to Typhoon "Phoenix," predicting hazardous sea wave conditions in the East China Sea and South China Sea from November 9 to 13 [7] Group 7: Gaming Industry - A collaborative mechanism for intellectual property protection in the online gaming sector was established in Shanghai, involving major gaming companies and associations, aimed at enhancing IP protection in the industry [8] Group 8: E-sports - The KPL annual finals held at the Bird's Nest saw ticket sales sell out in 12 seconds, with over 62,000 attendees, setting a Guinness World Record for the largest audience at a single e-sports event [9] Group 9: Airline Industry - The first passenger flight operated by a domestic airline on the China-India route in five years took off on November 9, with a passenger load factor exceeding 95% [10] Group 10: Aviation Safety - The FAA suspended all MD-11 cargo flights pending safety inspections following a crash that resulted in at least 14 fatalities [12] Group 11: International Relations - Bolivia announced the full restoration of diplomatic relations with the U.S., including the exchange of ambassadors, as part of a pragmatic foreign policy shift [15] Group 12: Currency Reform - Iran's constitutional watchdog approved a plan to remove the last four zeros from its currency, a structural reform expected to be completed over five years [16] Group 13: Automotive Industry - The price for the AION UT super electric vehicle was announced at 49,900 yuan for battery rental, with potential subsidies bringing the price down to 45,400 yuan [17] Group 14: Technology and Innovation - Honor plans to launch a Robot Phone integrating AI and high-definition imaging technology next year, as part of its five-year strategy to invest $10 billion in AI terminal ecosystems [18] Group 15: Stock Market - This week, over 24.7 billion yuan worth of restricted shares will be unlocked, with the peak unlocking date on November 10, including significant amounts from companies like Youyan Silicon and Xinnoway [19][20] Group 16: New Stock Offerings - Two new stocks are set to be issued this week, with Nantet Technology on November 11 and Hai'an Group on November 14 [22][23]

Economic Indicators - In October, the Consumer Price Index (CPI) turned from a decline to an increase, rising by 0.2% month-on-month and year-on-year, with the core CPI (excluding food and energy) increasing by 1.2%, marking the sixth consecutive month of growth [2] - The Producer Price Index (PPI) saw a month-on-month increase of 0.1%, the first rise this year, while the year-on-year decline narrowed to 2.1%, a reduction of 0.2 percentage points from the previous month [2] - Industrial production is expected to show a year-on-year growth rate of 5.3% for October, while retail sales are projected to grow by 2.8%, a slight decrease of 0.2 percentage points [3] Financial Data - New financial data for October, including new loans and M2 money supply, is anticipated to be released soon, with expectations of a decrease in social financing growth to approximately 8.6% [4] - The People's Bank of China has resumed open market operations for government bonds, which may indicate a shift in monetary policy, with expectations for significant easing measures potentially being reserved for early 2026 [4] Industry Events - The 2025 6G Development Conference will be held in Beijing, focusing on the innovation ecosystem for 6G technology, with projections indicating a growth of over 30 times in terminal connections by 2040 compared to 2022 [9] - The 12th China (Suzhou) Battery New Energy Industry International Summit Forum will take place, discussing the restructuring and resilience of the battery new energy industry [11] Corporate Actions - Ying Tang Intelligent Control plans to acquire 100% of Guilin Guanglong Integrated Technology and 80% of Shanghai Aojian Microelectronics, focusing on optical switches and analog chips [15] - Guocheng Mining intends to purchase 60% of Guocheng Industrial for 3.168 billion yuan, expanding its control over the mining sector [16] - Fangzheng Technology is investing 1.364 billion yuan in an AI expansion project at its Chongqing production base [17] Stock Unlocking - A total of 33 companies will have their restricted shares unlocked this week, amounting to 1.407 billion shares with a total market value of 24.715 billion yuan based on the closing price on November 7 [21] - The peak unlocking day is November 10, with 14 companies unlocking shares worth a total of 12.564 billion yuan, accounting for 50.84% of the week's total unlocking [21] Market Outlook - Huatai Securities anticipates a deeper revaluation of Chinese assets, with a shift towards consumption-driven growth and a focus on cyclical sectors such as energy, consumption, and real estate [29] - Guojin Securities expresses optimism for the lithium battery industry chain, driven by technological breakthroughs and market demand, particularly in solid-state battery technology [33]