Summary of Key Points Core Viewpoint - On October 10, 37 Hong Kong-listed companies conducted share buybacks, totaling 50.79 million shares and an amount of 803 million HKD [1][2]. Group 1: Buyback Details - Tencent Holdings repurchased 839,000 shares for 550 million HKD, with a highest price of 669.00 HKD and a lowest price of 648.00 HKD, bringing its total buyback amount for the year to 60.97 billion HKD [1][2]. - Xiaomi Group-W repurchased 1.92 million shares for 10 million HKD, with a highest price of 52.35 HKD and a lowest price of 51.95 HKD, totaling 361 million HKD in buybacks for the year [1][2]. - First Journey Holdings repurchased 25.45 million shares for 58.28 million HKD, with a highest price of 2.31 HKD and a lowest price of 2.25 HKD, accumulating 131 million HKD in buybacks for the year [1][2]. Group 2: Buyback Rankings - The highest buyback amount on October 10 was from Tencent Holdings at 550 million HKD, followed by Xiaomi Group-W at 10 million HKD [1][2]. - In terms of share quantity, First Journey Holdings had the most significant buyback with 25.45 million shares, followed by China Electric Power Technology and First Jia Technology with 4 million and 3.08 million shares, respectively [1][2].

Investment Rating - The report does not explicitly state an investment rating for the industry [2]. Core Insights - The pharmaceutical and biotechnology sector experienced a slight increase of 0.4% from September 29 to October 10, underperforming compared to the Wind All A index (1.63%) and the CSI 300 index (1.47%) [3][8]. - Key segments leading the gains include hospitals (2.29%), medical devices (2.29%), and vaccines (2.08%), while chemical preparations (-1.41%), offline pharmacies (-0.68%), and raw materials (-0.38%) lagged behind [3][8]. - The report highlights the upcoming ESMO conference from October 17 to 21, 2025, in Berlin, emphasizing the importance of domestic innovative drug companies such as Kangfang Biotech, Kelun-Botai, and others, particularly in the dual antibody and ADC technology platforms [3][8]. - A significant outbreak of Chikungunya fever was reported in Guangdong Province, with 3,181 new local cases from September 28 to October 4, 2025, indicating a need for effective diagnostic tools [3][8]. Market Weekly Review - The pharmaceutical and biotechnology sector rose by 0.4% from September 29 to October 10, underperforming the Wind All A index (1.63%) and the CSI 300 index (1.47%) [8]. - The best-performing sub-sectors included hospitals (2.29%), medical devices (2.29%), and vaccines (2.08%), while the worst performers were chemical preparations (-1.41%), offline pharmacies (-0.68%), and raw materials (-0.38%) [8][9]. - Notable individual stock performances included Zhendemedical (31.82%), Wanbangde (21.2%), and Changshan Pharmaceutical (12.88%) for gains, while Nanjing Pharmaceutical (-28.67%), Fudan-Zhangjiang (-13.64%), and Nuocheng Jianhua-U (-12.94%) faced significant declines [11]. Industry News and Key Company Announcements - The report mentions significant events such as the agreement between the U.S. government and AstraZeneca to reduce drug prices in exchange for tariff relief [12]. - The announcement of the 2025 Nobel Prize in Physiology or Medicine awarded for discoveries related to peripheral immune tolerance, which may lead to new therapies for autoimmune diseases and cancer [12]. - The report also covers various company announcements, including Novo Nordisk's acquisition of Akero Therapeutics for $5.2 billion, and the approval of clinical trials for several new drugs [15][17].

Core Viewpoint - The Hong Kong innovative drug sector experienced significant declines post-National Day holiday, with many popular stocks dropping over 7% in a single day, attributed to overseas disturbances and short-term profit-taking effects from the holiday [1][2] Market Performance - The Hong Kong innovative drug index fell by 5.84% and 3.13% on October 9 and 10, contrasting sharply with the gains made during the holiday period [2] - Despite the recent downturn, the index has doubled in value year-to-date, although it has seen a decline of over 7% in the past month [2] Fund Manager Insights - Fund managers believe the recent market fluctuations are primarily due to short-term capital movements rather than a deterioration in the industry's fundamentals [2][3] - The market's reaction aligns with historical patterns where significant gains during holidays are often followed by corrections [2] Future Catalysts - Upcoming events such as the European Society for Medical Oncology (ESMO) annual meeting and quarterly earnings reports are expected to act as catalysts for the fourth-quarter market performance [5] - The ESMO meeting will feature 23 studies from China, which could enhance market sentiment [5] Long-term Outlook - The innovative drug market is anticipated to shift from emotion-driven recovery to fundamental-driven growth, with a focus on companies that demonstrate commercial viability and international expansion capabilities [1][4] - The total amount of out-licensing deals (BD) for Chinese innovative drugs is projected to reach $66 billion in the first half of 2025, indicating a peak in BD activity driven by multinational corporations seeking innovative pipelines [7] Investment Strategy - The investment landscape is moving towards a focus on companies with clinical value and proven performance, as the market becomes more selective [6][7] - Companies that successfully translate scientific innovation into commercial success are expected to emerge as future winners in the sector [7]

Core Viewpoint - The Hong Kong innovative drug sector experienced significant declines after the National Day holiday, with many popular stocks dropping over 7% in a single day, despite the underlying industry fundamentals remaining strong [1][2]. Market Performance - The Hong Kong innovative drug index fell by 5.84% and 3.13% on October 9 and 10, respectively, contrasting sharply with the gains seen during the holiday period [2]. - Notable stocks such as WuXi Biologics and Zai Lab saw declines exceeding 7%, while Rongchang Biopharmaceutical and Nuo Cheng Jianhua dropped over 10% [2]. - Despite the recent downturn, the index has doubled in value year-to-date, indicating a strong overall performance for the year [2]. Fund Manager Insights - Fund managers attribute the recent volatility to a combination of "holiday effect" and short-term capital movements rather than a deterioration in industry fundamentals [2]. - The market's reaction aligns with historical patterns where significant gains during holidays are often followed by corrections [2]. - The recent U.S. drug pricing policies have had minimal short-term impact on large pharmaceutical companies, with potential long-term benefits for Chinese innovative drug firms [3]. Future Catalysts - Upcoming events such as the European Society for Medical Oncology (ESMO) annual meeting and quarterly earnings reports are expected to serve as catalysts for the fourth-quarter market [5]. - The ESMO meeting will feature 23 studies from China, which could enhance market sentiment [5]. - The release of quarterly earnings will help solidify the value foundation of innovative drug stocks, especially as many are included in medical insurance [5]. Long-term Outlook - The innovative drug sector is transitioning from emotion-driven recovery to growth driven by fundamental performance [4]. - Companies with established products and strong clinical data are likely to regain market attention [4]. - The investment landscape is shifting towards firms that can effectively translate scientific innovation into commercial success, with a focus on clinical data and financial performance [7].

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry [1] Core Insights - The trend of Chinese innovative drugs going overseas is a long-term phenomenon, with external environmental changes having limited impact. In the first half of 2025, there were 72 License-out transactions, exceeding half of the total for 2024, with a total transaction amount 16% higher than in 2024. Notably, there were 16 transactions exceeding $1 billion each [2] - The small nucleic acid drug sector has seen significant breakthroughs, particularly in the treatment of chronic diseases such as hypertension and hyperlipidemia, with major collaborations and potential milestone payments indicating a robust commercial outlook [3] - The trend towards oral autoimmune drugs is gaining attention, with significant partnerships and clinical advancements in this area, highlighting the importance of oral formulations in autoimmune therapies [4] - Recent clinical data on long-acting insulin analogs shows promising weight loss results, with ongoing developments in combination therapies for metabolic diseases, indicating a growing market potential [5] - The CXO sector is gradually recovering, with an increase in License-out transactions serving as a vital funding source for biotech companies, leading to a resurgence in innovation and clinical development [6] - The 2025 national medical insurance negotiations and the commercial insurance innovative drug directory are crucial for companies involved, with a focus on orphan drugs and imported PD-1/L-1 products [7] Summary by Sections Industry Tracking - The pharmaceutical sector has underperformed compared to the CSI 300 index, with a recent weekly decline of 1.20% and a monthly decline of 3.38%, ranking 25th among 31 industry indices [22][26] Industry Trends and Valuation - The pharmaceutical industry index currently has a PE ratio of 39.05, above the five-year historical average of 31.36, indicating a higher valuation compared to historical trends [48][50] Recent Research Achievements - The research team has published several in-depth reports on various pharmaceutical topics, including the growth of the blood products industry and the potential of GLP-1 drugs in chronic disease management [53] Important Policies and News - Recent regulations have been introduced to standardize clinical research and ensure drug traceability, which will impact the pharmaceutical landscape significantly [55][56]

Investment Rating - The report maintains an investment rating of "Outperform" with a target of "A" [5] Core Insights - The report highlights the upcoming ESMO conference as a significant catalyst for the innovative drug sector, with multiple domestic companies expected to disclose important data [3][21] - The report suggests focusing on several key companies and products that are likely to benefit from upcoming catalysts, including academic conferences, business development (BD) realizations, and negotiations for medical insurance [20] Summary by Sections Weekly New Drug Market Review - From October 6 to October 12, 2025, the top five gainers in the new drug sector were Yongtai Bio (+13.47%), Fuhong Hanlin (+3.06%), Keji Pharma (+2.77%), Betta Pharma (+1.57%), and Aidi Pharma (+0.83%). The top five losers were Rongchang Bio (-20.97%), Nuocheng Jianhua (-14.83%), Chuangsheng Group (-11.23%), Yifang Bio (-9.77%), and Kelun Botai (-9.08%) [16][17] Recommended Focus Stocks - The report recommends attention on products with high overseas market potential, including: 1. PD-1 upgraded products: Sanofi Pharma 2. GLP-1 assets: Lianbang Pharma 3. ADC assets: Kelun Botai, Baile Tianheng - Potential heavyweights for overseas licensing include: 1. PD-1 upgraded products: Kangfang Bio, Innovent Biologics 2. Breakthroughs in autoimmune fields: Yifang Bio, China Antibody 3. Innovative target ADCs: Fuhong Hanlin, Shiyao Group - Products likely to benefit from medical insurance negotiations include: Hengrui Medicine, Kangnuo Pharma, Maiwei Bio, Zhixiang Jintai, and Haichuang Pharma [20] New Drug Approval and Acceptance Status - No new drug or new indication applications were approved this week, but one new drug application was accepted [25] - A total of 117 new drug clinical applications were approved, and 22 new drug clinical applications were accepted this week [10][27]

Group 1 - Debon Logistics has launched a logistics line connecting China to six Middle Eastern countries, including the UAE and Saudi Arabia, with tailored customs and delivery solutions for various product categories [5][6] - Temu has partnered with e-commerce platform Base.com to enhance operational efficiency for cross-border sellers in markets like the UK and the US, offering streamlined order fulfillment and inventory management [5][6] - SHEIN plans to open its first physical stores in France in November, marking its first foray into brick-and-mortar retail after focusing primarily on online sales [6] Group 2 - TikTok is testing a self-operated e-commerce feature called "Trendy Beat" in the UK, aiming to sell products directly sourced by TikTok, enhancing its e-commerce strategy [6] - Xiaomi is accelerating its European expansion by opening flagship stores in Germany and Spain, with plans to sell electric vehicles by 2027 [7] - BYD has officially rolled out its 14 millionth new energy vehicle in Brazil, with the Brazilian president becoming a car owner, highlighting BYD's dominance in the Brazilian market [8] Group 3 - Hesai Technology has become the first company globally to produce over one million lidar units annually, maintaining a leading market share in the ADAS sector [8] - Natural堂 has completed a new financing round, raising 300 million RMB, with a valuation exceeding 7 billion RMB, and plans for an IPO in Hong Kong [9] - Anlan Power has secured angel funding to develop electric smart jet skis, targeting markets in North America, Europe, and emerging regions [9] Group 4 - Dap Bio has completed a Series B financing round to accelerate the global commercialization of its high-end life science instruments, focusing on drug discovery and synthetic biology [9] - Saudi Arabia will implement new freight regulations requiring advance declaration of cargo through the FASAH platform, effective October 29, 2025, to enhance logistics efficiency [11] - The trend of Chinese innovative drugs going global continues, with notable partnerships and licensing agreements, reflecting the global recognition of China's R&D capabilities [12]

Core Viewpoint - The A-share and Hong Kong stock markets experienced significant fluctuations, with the A-share medical sector facing downward pressure, particularly in the CXO segment, while the innovative drug sector remains a focal point for investors despite recent adjustments [1][5][7]. Group 1: A-share Market Performance - The A-share medical sector opened lower and continued to decline, with major player WuXi AppTec leading the drop at 7.2%, and the largest medical ETF (512170) falling by 2.03% [1]. - The overall trend for the medical sector has been a recent upward movement, indicating potential for rebound despite short-term corrections [1]. Group 2: Hong Kong Market Performance - The Hong Kong medical sector initially showed signs of recovery but faced renewed selling pressure, with innovative drug stocks like Rongchang Bio and Innovent Biologics dropping over 11% [1][5]. - The Hong Kong innovative drug ETF (520880) experienced a decline of 2.25%, losing all moving averages, with a trading volume of 3.69 billion [1][5]. Group 3: Innovative Drug Sector Insights - The innovative drug sector, despite entering a phase of adjustment since September, continues to attract significant investor interest, with the Hong Kong innovative drug ETF (520880) raising over 675 million in the last 20 days [5][7]. - Analysts suggest that the innovative drug sector may see renewed opportunities in Q4, driven by upcoming academic conferences and policy implementations that could support domestic innovation [7]. Group 4: Investment Strategies - Investment strategies in the medical sector are focusing on two main lines: identifying companies with strong Q3 performance and exploring opportunities in innovative drugs for potential rebounds [7]. - The fund manager of the Hong Kong innovative drug ETF (520880) emphasizes the importance of balancing investments within the sector, including medical devices and services that may gain market attention [7].

Investment Rating - The report maintains a positive outlook on the innovative drug sector, suggesting it will continue to show high revenue growth and reduce losses [4][16]. Core Insights - The pharmaceutical sector experienced a decline of 1.2% this week, ranking 25th among 31 sub-industries [5][7]. - The overall valuation of the pharmaceutical sector is at 30.9 times earnings, placing it 10th among 31 primary industries [8][15]. - Notable transactions include the licensing agreement between Innovent Biologics and Zenas BioPharma, valued at over $2 billion, which includes a $100 million upfront payment [4][14]. - The report highlights the importance of monitoring the performance of innovative drug companies in the upcoming quarterly reports, particularly those showing consistent high growth [4][16]. Market Performance - The pharmaceutical index decreased by 1.2%, while the Shanghai Composite Index increased by 0.4% during the same period [5][7]. - The performance of various sub-sectors includes: - Raw materials: -0.7% - Chemical preparations: -2.5% - Traditional Chinese medicine: +1.5% - Blood products: +1.4% - Vaccines: +0.7% - Other biological products: -1.7% - Medical devices: -0.2% - Medical consumables: +0.2% - In vitro diagnostics: -0.6% - Pharmaceutical distribution: +0.8% - Offline pharmacies: +0.3% - Medical R&D outsourcing: -5.3% - Hospitals: +1.8% [8][12]. Key Events - The National Medical Products Administration released a draft for further promoting post-marketing research and evaluation of traditional Chinese medicine injections [4][16]. - The report notes the upcoming IPOs in the sector, including He Yuan Biology and Biotech [19].

公司名稱： 諾誠健華醫藥有限公司（於開曼群島註冊成立的有限公司） 呈交日期： 2025年10月10日 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 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 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09969 | 說明 | | | | | | | 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 ...