Core Viewpoint - InnoCare Pharma (02577) announced that from November 10 to November 21, 2025, the trustee of the 2025 Share Award Plan will purchase a total of 357,300 H-shares from the market and hold these shares in trust for the benefit of eligible participants [1] Group 1 - The trustee will acquire shares according to the terms and conditions of the 2025 Share Award Plan [1] - The total number of H-shares to be purchased is 357,300 [1]

Group 1 - The company InnoCare Pharma (02577) announced that from November 10 to November 21, 2025, the trustee of the 2025 share award plan has purchased a total of 357,300 H-shares from the market [1]

Core Viewpoint - InnoCare Pharma (02577.HK) announced the purchase of 357,300 H-shares from the market by the trustee of its plan, which will hold these shares in trust for eligible participants from November 10 to November 21, 2025 [1] Summary by Relevant Sections - **Company Actions** - The trustee has acquired a total of 357,300 H-shares of InnoCare Pharma [1] - The shares are held in trust for the benefit of eligible participants as defined in the plan [1] - **Timeline** - The acquisition period is set from November 10 to November 21, 2025 [1]

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倚 賴該等內容而引致的任何損失承擔任何責任。 InnoScience (Suzhou) Technology Holding Co., Ltd. 英諾賽科 ( 蘇 州 ) 科技股份有限公司 1 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2577） 自願公告 根據2025年股份獎勵計劃從市場購買股份 茲提述英諾賽科（蘇州）科技股份有限公司（「本公司」）日期為2025年3月28日、 2025年7月9日、2025年11月5日的公告（「該等公告」）以及日期為2025年6月19日 的通函（「該通函」），內容有關本公司採納的2025年股份獎勵計劃（「該計劃」），以 及根據該計劃從市場購買本公司H股（「H股」）。除非文義另有所指，本公告所用 詞彙與該等公告及該通函所界定者具有相同涵義。 董事會宣佈，於2025年11月10日至2025年11月21日，該計劃的受託人（「受託 人」）已根據該計劃的條款及條件，從市場進一步合共購買本公司357,300股H股 ...

Market Overview - The Hang Seng Index opened high but closed slightly up by 0.02%, indicating potential risks in the current market environment [1] - The U.S. Labor Department will not release the October non-farm payroll report due to data collection issues during the government shutdown, but will publish September's data on Thursday [1] - The Federal Reserve's October meeting minutes revealed significant divisions among members regarding interest rate cuts, leading to decreased expectations for rate reductions [1] - The People's Bank of China announced that the 5-year LPR remains at 3.5% and the 1-year LPR at 3%, indicating no signs of easing monetary policy [1] - Japan's stock market is rebounding with expectations of a substantial economic stimulus plan from the government [1] Real Estate Sector - A rumor about measures to stimulate the real estate market led to a surge in stocks like Sunac China, which rose over 6% [2] - Vanke's chairman mentioned efforts to mitigate risks, resulting in a nearly 4% increase in the stock price [2] - Other real estate stocks, including China Overseas Land and Investment, also saw gains of over 2% [2] NVIDIA and Related Stocks - NVIDIA reported record third-quarter revenue of $57 billion, exceeding analyst expectations and showing a year-over-year growth rate of 62% [2] - The company plans to use 12-inch silicon carbide substrates in its next-generation GPU packaging by 2027, benefiting suppliers like Tianyue Advanced [3] - Other NVIDIA-related stocks, such as Hongteng Precision Technology and Huiju Technology, also experienced gains of over 3% [3] Securities Industry - China International Capital Corporation (CICC) is set to merge with Dongxing Securities and Xinda Securities, which will enhance CICC's capital scale and operational capacity [4] - Xinda Securities' parent company, China Xinda, saw its stock rise over 6% following the merger announcement [4] Consumer Sector - Consumer stocks showed mixed performance, with companies like China Duty Free Group and sports brands Li Ning and Anta rising over 3% [5] - CATL's stock fell over 5% due to the unlocking of restricted shares for cornerstone investors [5] PCB Industry - The demand for high-end PCBs is surging due to AI, leading to price increases for key materials like copper-clad laminates [6] - Companies like Kingboard Laminates have raised product prices multiple times this year, driven by cost pressures and demand [6] Pharmaceutical Sector - Hansoh Pharmaceutical announced a global licensing agreement for its ADC drug, HS-20110, with Roche, indicating strong growth in its innovative drug sales [8] - The company's total revenue for the first half of 2025 reached 7.434 billion yuan, a year-on-year increase of 14.3% [8] - The sales of Amatinib, a third-generation EGFR TKI, have grown significantly, with a compound annual growth rate of 214% from 2020 to 2024 [9]

Market Overview - The Hong Kong stock market opened high but experienced a decline, with the Hang Seng Index closing at 25,835.57 points, up 0.02% or 4.92 points, and a total turnover of HKD 245.136 billion [1] - The Hang Seng China Enterprises Index fell by 0.08% to 9,143.34 points, while the Hang Seng Tech Index decreased by 0.58% to 5,574.59 points [1] Sector Performance - Citic Securities predicts a rebound in the Hong Kong stock market by 2026, driven by a recovery in fundamentals and significant valuation discounts. They recommend focusing on five long-term sectors: technology, healthcare, resource products benefiting from inflation and de-dollarization, essential consumer goods, and sectors benefiting from RMB appreciation [1] - Blue-chip stocks showed mixed results, with Link REIT leading the decline, down 6.42% to HKD 38.8, while Techtronic Industries rose 5.36% to HKD 88.5 [2] Real Estate Sector - The real estate sector is highlighted as crucial for household asset allocation in China, with policies aimed at stabilizing housing prices to support economic circulation. High-quality residential properties are expected to see growth due to favorable policy changes [4] - Major real estate stocks like Sunac China and Vanke saw significant gains, with Sunac up 6.02% to HKD 1.41 [3] Technology Sector - Nvidia reported strong Q3 earnings, with revenue of USD 57 billion, a 62% year-on-year increase, and a net profit of USD 31.9 billion, up 65%. The data center business reached a record revenue of USD 51.2 billion, reflecting the ongoing AI trend [5] - Nvidia-related stocks were active, with companies like GigaDevice and Hongteng Precision seeing gains [4] Lithium Sector - Lithium stocks experienced volatility, with Tianqi Lithium and Ganfeng Lithium both closing down nearly 2%. Despite a strong demand outlook, market sentiment remains cautious due to high prices and supply concerns [6] Gold Sector - Gold stocks faced declines, with companies like Jinhai Resources and Lingbao Gold dropping over 2% [6] Notable Company Performances - Kingsoft saw a significant drop of 7.03% after reporting a 17% decline in revenue for Q3 [8] - CATL faced pressure, down 5.66%, as a large portion of its H-share IPO lock-up period ended [9] - WanGuo Data reported a 10.2% increase in net revenue for Q3, leading to a rise of 6.21% in its stock price [10] - Kingsoft Cloud's stock rose by 4.87% after reporting a 31.4% increase in total revenue for Q3 [11]

Market Overview - The Hong Kong stock market opened higher but experienced a decline in the afternoon, with the Hang Seng Index closing up 0.02% at 25,835.57 points and a total turnover of HKD 245.136 billion [1] - The Hang Seng China Enterprises Index fell 0.08% to 9,143.34 points, while the Hang Seng Tech Index decreased by 0.58% to 5,574.59 points [1] Sector Performance - Citic Securities predicts a rebound in the Hong Kong stock market by 2026, driven by a recovery in fundamentals and significant valuation discounts. They recommend focusing on five long-term sectors: technology, healthcare, resource products benefiting from inflation and de-dollarization, essential consumer goods, and sectors benefiting from RMB appreciation [1] - Blue-chip stocks showed mixed results, with Link REIT leading the decline, down 6.42% to HKD 38.8, while Techtronic Industries rose 5.36% to HKD 88.5 [2] Real Estate Sector - Chinese property stocks saw a rally, with Sunac China rising 6.02% to HKD 1.41 and Vanke Enterprises up 3.69% to HKD 4.21. Analysts suggest that stable housing prices are crucial for economic circulation, and high-quality housing may see a development wave due to recent policy directions [3] Technology Sector - Nvidia's strong quarterly results, with revenue of USD 57 billion and a 62% year-on-year increase, have positively impacted related stocks. Nvidia's data center revenue reached a record USD 51.2 billion, up 66% year-on-year [4] - Kingsoft Corporation fell 7.03% after reporting a 17% decline in revenue for Q3 2025, while its gaming segment saw a significant drop of 47% [8] Lithium Sector - Lithium stocks experienced a pullback, with Tianqi Lithium down 1.83% to HKD 53.55 and Ganfeng Lithium down 1.94% to HKD 58.15. The lithium carbonate contract price briefly exceeded CNY 100,000 per ton but faced selling pressure later in the day [6] Other Notable Stocks - Ningde Times fell 5.66% amid concerns over the unlocking of shares for its cornerstone investors, with Morgan Stanley lowering its target price from HKD 600 to HKD 575 [9] - Data center operator GDS Holdings reported a 10.2% increase in net revenue to CNY 2.887 billion, with a net profit of CNY 729 million, marking a return to profitability [10]

Core Insights - Nvidia's stock performance has positively influenced related stocks, with significant increases in companies like 汇聚科技 (6.99%), 英诺赛科 (5.36%), 鸿腾精密 (4.28%), and 嘉利国际 (4.74%) following Nvidia's strong quarterly report [1] Financial Performance - Nvidia reported third-quarter revenue of $57 billion, a 62% year-over-year increase, surpassing market expectations [1] - The net profit for the same period was $31.9 billion, reflecting a 65% year-over-year growth [1] - The GAAP gross margin stood at 73.4% [1] - The data center business, a core revenue source for Nvidia, achieved record revenue of $51.2 billion, up 66% year-over-year, exceeding market forecasts [1] CEO Commentary - Nvidia's CEO Jensen Huang addressed concerns about an AI bubble, stating that the current situation is fundamentally different from the internet bubble era, emphasizing that AI is transforming existing workloads without signs of a bubble [1] - Huang revealed that sales of the Blackwell chip exceeded expectations and that cloud GPUs are sold out, indicating a significant acceleration in demand for computing power for both training and inference [1] - The company is experiencing a "virtuous cycle" in AI demand, with exponential growth in computing needs [1]

Core Viewpoint - Nvidia's stock performance has positively influenced related stocks, with significant gains observed in companies like 汇聚科技, 英诺赛科, 鸿腾精密, and 嘉利国际 following Nvidia's strong quarterly earnings report [1] Financial Performance - Nvidia reported third-quarter revenue of $57 billion, a 62% year-over-year increase, surpassing market expectations [1] - Net profit for the same period reached $31.9 billion, reflecting a 65% year-over-year growth [1] - The gross margin (GAAP) stood at 73.4% [1] Business Segments - The data center business generated record revenue of $51.2 billion in the third quarter, marking a 66% year-over-year increase and exceeding market forecasts [1] CEO Insights - Nvidia's CEO Jensen Huang commented on the AI bubble, stating that the current situation is fundamentally different from the internet bubble era, emphasizing that AI is transforming existing workloads without signs of a bubble [1] - Huang also noted that sales of the Blackwell chip exceeded expectations, and cloud GPUs are sold out, indicating a significant and accelerating demand for computing power in both training and inference [1] - The company is entering a "virtuous cycle" in AI development, with exponential growth in computing needs [1]

Group 1 - The Hong Kong stock market opened higher on November 20, with the technology sector showing active performance [1] - The Hong Kong Technology 30 ETF (513160) rose by 1.3%, with a trading volume exceeding 50 million yuan, and notable gains in constituent stocks such as InnoCare Pharma (over 6%) and Kingsoft Cloud (over 4%) [1] - The Hong Kong Technology 30 ETF closely tracks the Hang Seng Hong Kong Stock Connect China Technology Index, which includes mainland companies engaged in technology business and listed in Hong Kong [1] Group 2 - Nvidia reported third-quarter revenue of $57.01 billion, exceeding market expectations of $54.92 billion, with a net profit of $31.91 billion, a year-on-year increase of 65% [1] - Nvidia's data center business, its most important segment, generated $51.2 billion in revenue, significantly surpassing analyst predictions of $49.09 billion, with a year-on-year growth of 66% [1] - The "computing" (GPU) business contributed $43 billion in revenue, while the networking business contributed $8.2 billion [1] Group 3 - CITIC Securities predicts that the Hong Kong stock market will experience a second round of valuation recovery and performance revival by 2026, driven by a rebound in fundamentals and significant valuation discounts [2] - The report suggests focusing on the technology sector, including AI-related sub-sectors and consumer electronics [2] Group 4 - Dongwu Securities indicates that the Hong Kong stock market is likely to experience short-term fluctuations, with a potential slowdown in upward momentum [3] - However, from a medium to long-term perspective, the current position is considered attractive for investment [3]