Core Viewpoint - The healthcare stocks in mainland China have experienced a significant pullback since early last month, with the Hang Seng Healthcare Index and the CSI 300 Healthcare Index declining by 12% and 9% respectively, compared to a 2% drop in the Hang Seng Index and a 1% increase in the CSI 300 Index [1] Group 1: Market Influences - The decline in healthcare stocks is influenced by multiple factors, including heightened US-China tensions and increased geopolitical risk premiums prompting profit-taking by investors [1] - The inclusion of a milder version of the US "Biosecurity Act" in next year's National Defense Authorization Act has raised uncertainties regarding pharmaceutical outsourcing services [1] - Concerns persist regarding potential increased US regulations that may restrict authorized transactions with China or limit clinical data from Chinese sources, impacting the biotech and pharmaceutical sectors [1] Group 2: Market Sentiment and Valuation - Recent authorized transactions have failed to boost market sentiment, and the lack of strong industry-level positive catalysts for the remainder of the year may limit stock price momentum [1] - The anticipated results of national medical insurance drug price negotiations and the legislative progress of the "Biosecurity Act" are expected to influence market sentiment [1] - Despite the pullback, industry valuations and market expectations for business development transactions are returning to more reasonable levels, with no substantial deterioration in the industry's solid fundamentals observed [1] Group 3: Investment Recommendations - The recent stock price decline is viewed as providing favorable conditions for performance in the upcoming year [1] - Preferred stocks identified by the company include CanSino Biologics (09926), Hansoh Pharmaceutical (03692), and WuXi AppTec (02359), with additional positive outlooks for Innovent Biologics (01801) and Hengrui Medicine (01276) [1]

今日看点 11月4日重点关注的财经要闻与资本市场大事： 1、美国9月贸易帐将公布 10月28日，央行开展了4753亿元7天期逆回购操作，操作利率为1.4%，今日到期。 2、17.4亿元市值限售股今日解禁 11月4日，共有9家公司限售股解禁，合计解禁量为3224.5万股，按最新收盘价计算，合计解禁市值为17.4亿元。 从解禁量来看，2家公司解禁股数超千万股。瑞迈特、亿能电力、英搏尔解禁量居前，解禁股数分别为1350.69万股、1263.86万股、315.34万股。从解禁市值 来看，2家公司解禁股数超亿元。瑞迈特、强达电路、亿能电力解禁市值居前，解禁市值分别为11.87亿元、2.21亿元、1.85亿元。 3、124家公司披露回购进展 11月4日，124家公司共发布129个股票回购相关进展。其中，2家公司回购方案获股东大会通过，111家公司披露股票回购实施进展，11家公司回购方案已实 施完毕。 从股东大会通过回购预案来看，当日共1家公司回购预案超千万。大商股份、新奥股份、新奥股份回购金额最高，分别拟回购不超3729.3万元、469.92万元、 176.08万元。从回购实施进展来看，歌尔股份、京东方A、恒瑞医药回购金 ...

Summary of Key Points Core Viewpoint - On November 4th, a total of 124 companies announced 129 stock repurchase updates, indicating a significant activity in stock buybacks within the market [1] Group 1: Stock Repurchase Approvals - Two companies had their stock repurchase plans approved by shareholders' meetings, highlighting ongoing corporate strategies to enhance shareholder value [1] - Among the approved repurchase plans, one company proposed a buyback exceeding 10 million [1] Group 2: Stock Repurchase Implementation Progress - 111 companies disclosed their stock repurchase implementation progress, showcasing a robust engagement in buyback activities [1] - The companies with the highest repurchase amounts included: - GoerTek Inc. with 940 million - BOE Technology Group with 704 million - Hengrui Medicine with 535 million [1] Group 3: Completed Stock Repurchases - Eleven companies completed their stock repurchase plans, with seven companies reporting buybacks exceeding 10 million [1] - The companies with the highest completed repurchase amounts were: - Decai Co. with 69.99 million - Langjin Technology with 50.00 million - New City with 40.00 million [1]

Group 1: Market Overview - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index rose 0.19% to 13404.06 [5][9] - The ChiNext Index increased by 0.29% to 3196.87, whereas the Sci-Tech 50 Index fell by 1.04% to 1400.86 [5][9] - The total market saw over 3500 stocks rise, with a total trading volume of 21329.04 billion, down by 2169.1 billion from the previous trading day [10][12] Group 2: Industry Dynamics - The China Securities Regulatory Commission (CSRC) released a draft guideline for the performance comparison benchmarks of publicly raised securities investment funds [26][27] - Liaoning Province initiated a bidding mechanism for new energy incremental project electricity prices, with prices ranging from 0.18 to 0.33 yuan per kilowatt-hour [29][30] - A breakthrough in thorium-based molten salt reactor research was achieved, marking the first successful thorium-uranium fuel conversion in an operational molten salt reactor [31][32] Group 3: Company Updates - Heng Rui Medicine (600276.SH) announced that its HRS-5965 capsule is proposed for priority review, targeting treatment for adults with paroxysmal nocturnal hemoglobinuria [33][34] - The total R&D investment for HRS-5965 capsule has reached approximately 209.94 million yuan, with a projected global sales figure of about 129 million USD for 2024 [34]

格隆汇11月4日丨根据联交所最新权益披露资料显示，2025年10月30日，恒瑞医药(01276.HK)获Wellington Management Group LLP在场内以每股均价73.65港 元增持101.22万股，涉资约7455.08万港元。 增持后，Wellington Management Group LLP最新持股数目为16,282,567股，持股比例由5.91%上升至6.31%。 | 股份代號: | 01276 | | --- | --- | | 上市法國名稱: | 江蘇恒瑞醫藥股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 04/10/2025 - 04/11/2025 | | 表格序號 | 大股東/董事/最高行政人員名稱作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | --- | --- | --- | --- | --- | --- | --- | | | | | 设计算 | | | ( 語參與 有投票權股 (日 / 月 / 年) | | | | | | | | 178 - 177 11 | | ...

Group 1 - Company Pigeon BioPharma has voluntarily applied for the dissolution of its non-wholly-owned subsidiary, Shanghai Maiji BioPharmaceutical Technology Co., Ltd, which was established on June 26, 2017, focusing on the research and development of GLP-2 [1] - The move reflects a strategic contraction by Pigeon BioPharma, indicating a focus on core pipelines and optimization of resource allocation [1] Group 2 - Hengrui Medicine's subsidiary Chengdu Shengdi Pharmaceutical Co., Ltd has had its HRS-5965 capsule proposed for inclusion in the priority review list by the National Medical Products Administration, aimed at treating adult patients with paroxysmal nocturnal hemoglobinuria who have not previously received complement inhibitors [2] - This recognition highlights Hengrui Medicine's innovative capabilities, and if approved, the drug will address a significant treatment gap for first-line patients [2] Group 3 - Renfu Pharmaceutical's subsidiary Yichang Renfu Pharmaceutical Co., Ltd has received the Drug Clinical Trial Approval Notice from the National Medical Products Administration for its pregabalin sustained-release tablets, which are intended for treating diabetic peripheral neuropathy-related neuropathic pain and postherpetic neuralgia [3] - The approval is expected to expand the market for neuropathic pain treatment, with a broad market potential for the two indications targeted by the drug [3] - The sustained-release formulation may enhance patient compliance, and successful development will enrich the company's pain management product line, although ongoing clinical progress and competition from original research drugs should be monitored [3]

| 股份代號: | 01276 | | --- | --- | | 上市法國名稱: | 江蘇恒瑞醫藥股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 04/10/2025 - 04/11/2025 | 格隆汇11月4日丨根据联交所最新权益披露资料显示，2025年10月30日，恒瑞医药(01276.HK)获GIC Private Limited在场内以每股均价73.4253港元增持43万 股，涉资约3157.29万港元。 增持后，GIC Private Limited最新持股数目为5442.26万股，持股比例由20.91%上升至21.08%。 | 表格序號 | 大股東/董事/最高行政人員名稱作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | 股份數目 | | | ( 請參閱上述 * 註 | | | | | | | | | 份百分比 | | | | | | | | | 96 | | | CS202511 ...

Group 1 - Jiangsu Hengrui Medicine Co., Ltd. announced that its subsidiary Chengdu Shengdi Pharmaceutical Co., Ltd.'s HRS-5965 capsules have been proposed for inclusion in the priority review list by the National Medical Products Administration (NMPA) [1][2] - HRS-5965 capsules are intended for the treatment of adult patients with paroxysmal nocturnal hemoglobinuria (PNH) who have not previously received complement inhibitor therapy [1][2] - PNH is a rare acquired hemolytic disease characterized by the lack of CD55 and CD59, leading to complement-mediated intravascular hemolysis, and has been included in the national rare disease directory [2] Group 2 - The company has received approval from the NMPA for the clinical trial of Ruvelimab tablets, which are second-generation androgen receptor (AR) inhibitors, with a stronger AR inhibition effect compared to first-generation inhibitors [7][8] - Ruvelimab tablets were approved for the treatment of high-burden metastatic hormone-sensitive prostate cancer (mHSPC) in 2022, and similar products are projected to have a combined global sales of approximately $11.037 billion in 2024 [8] - The company has invested approximately 693.09 million yuan in the development of Ruvelimab tablets [8] Group 3 - The company has initiated a share repurchase program, with a total repurchase amount between 1 billion and 2 billion yuan, at a maximum price of 90.85 yuan per share [11][12] - As of October 31, 2025, the company has repurchased a total of 7.9188 million shares, accounting for 0.12% of the total share capital, with a total expenditure of approximately 535.43 million yuan [13] - The repurchase is in accordance with relevant laws and regulations and the company's established repurchase plan [14]

Group 1 - Minglue Technology from Sichuan Province has successfully listed on the Hong Kong stock market, becoming the second company from the province to do so this year [1] - The Hong Kong stock market has become a popular listing destination due to policy support and a recovering funding environment, with over HKD 210 billion raised in the first ten months of the year, ranking first globally [1] - The total IPO financing amount in Hong Kong has reached HKD 216.47 billion this year, representing a year-on-year increase of 203.5%, with 81 companies listed, a 50% increase compared to last year [1] Group 2 - Strategic emerging industries, particularly in healthcare and information technology, have become the mainstay of the Hong Kong IPO market this year [2] - The pharmaceutical and biotechnology sector has seen the highest number of listings, with 17 companies raising HKD 24.23 billion, including major IPOs from companies like Hengrui Medicine and Jinfang Pharmaceutical [2] - A record 58 pharmaceutical companies have submitted applications for IPOs in Hong Kong this year, with nearly 70% focusing on innovative drug development in oncology and autoimmune diseases [2] Group 3 - In the industrial engineering and software service sectors, 11 and 7 companies have gone public this year, raising HKD 77.92 billion and HKD 12.03 billion respectively [3] - The industrial engineering sector has fewer IPOs but larger individual fundraising amounts, with SANY Heavy Industry raising over HKD 10 billion [3] - In the software service sector, companies like Hesai Technology and Cambridge Technology have each raised over HKD 4 billion [3] Group 4 - Shanghai, Guangdong, Jiangsu, and Zhejiang lead in the number of companies listed on the Hong Kong stock market this year, with Shanghai having 14 listings [4] - Notable companies from Shanghai include Cambridge Technology and Hohhot Aunt, covering various sectors such as hard technology and consumer upgrades [4] - Shenzhen has also seen significant listings, with companies like Guanghetong and Xipuni focusing on high-end manufacturing and smart technology [4] Group 5 - Local governments are prioritizing support for companies going public in Hong Kong, offering services such as financial subsidies and one-stop consulting to reduce compliance and financing costs [5] - Initiatives like Chengdu's "Rongqi Outbound" program and Shenzhen's comprehensive support mechanism are designed to facilitate the listing process for companies [5]

Core Insights - Heng Rui Medicine has received approval from the National Medical Products Administration for clinical trials of Rivolumab tablets, a second-generation AR inhibitor, which is expected to enhance treatment for metastatic hormone-sensitive prostate cancer [1][2] - The company’s subsidiary, Chengdu Shengdi Pharmaceutical Co., has its HRS-5965 capsules listed for priority review, targeting adult patients with paroxysmal nocturnal hemoglobinuria (PNH) [1][2] Group 1: Rivolumab Tablets - Rivolumab tablets are a second-generation AR inhibitor with stronger AR suppression and no agonistic effects compared to first-generation inhibitors [1] - The global sales of similar products are projected to reach approximately $11.037 billion in 2024 [1] - Cumulative R&D investment for Rivolumab tablets has reached about 693 million yuan [1] Group 2: HRS-5965 Capsules - HRS-5965 capsules are a complement factor B inhibitor designed to treat PNH, a rare acquired hemolytic disease [2] - The global sales for HRS-5965 are estimated to be around $12.9 million in 2024 [2] - Cumulative R&D investment for HRS-5965 has reached approximately 210 million yuan [2] Group 3: Share Buyback Program - Heng Rui Medicine has repurchased 7.9188 million shares, accounting for 0.12% of the total share capital, with a total expenditure of 535 million yuan [2][3] - The buyback program was approved in August, with a maximum purchase price of 90.85 yuan per share and a total budget between 1 billion and 2 billion yuan [3] - The buyback period is set for 12 months from the board's approval date [3]