2025年前十个月，港交所新上市公司共81家 (80家主板上市、1家GEM上市)， 当中包括1家介绍上市、1家借壳SPAC上市，1家GEM转板 上市。 Ryanben汇总统计了这81家新上市公司 (按募资额从高到低)： | 64 | 沪上阿姨 | 02589.HK | 2025.05.08 | 3.14 | | --- | --- | --- | --- | --- | | 65 | 新吉奥房车 | 00805.HK | 2025.01.13 | 3.05 | | 66 | 派格生物医药-B | 02565.HK | 2025.05.27 | 3.01 | | 67 | MetaLight 元光科 02605.HK | | 2025.06.10 | 2.42 | | 68 | 博雷顿 | 01333.HK | 2025.05.07 | 2.34 | | ୧୪ | 大众口腔 | 02651.HK | 2025.07.09 | 2.17 | | 70 | 药捷安康-B | 02617.HK | 2025.06.23 | 2.01 | | 71 | 新琪安 | 02573.HK | 2025.06.10 | 2.0 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next 6 to 12 months [2][14]. Core Insights - The company reported a revenue of 231.8 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 14.9%. The net profit attributable to shareholders was 57.5 billion yuan, up 24.5% year-on-year [4][5]. - The third quarter of 2025 saw a revenue of 74.3 billion yuan, a 12.7% increase, with a net profit of 13.0 billion yuan, marking a 9.5% growth [4][5]. - The company is expected to confirm a collaboration payment from GSK in Q4, which is anticipated to contribute to revenue growth [5]. Financial Performance Summary - The gross profit margin for the first three quarters of 2025 was 86.2%, with a net profit margin of 24.8% [6]. - The company’s net profit margin for Q3 2025 was 17.6%, with a slight decrease of 0.5 percentage points compared to the previous quarter [6]. - The projected revenues for 2025, 2026, and 2027 are 344.4 billion yuan, 390.5 billion yuan, and 438.8 billion yuan, respectively, with corresponding net profits of 91.8 billion yuan, 107.0 billion yuan, and 117.7 billion yuan [7][10]. Earnings Forecast and Valuation Metrics - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.38 yuan, 1.61 yuan, and 1.77 yuan, respectively [10][13]. - The price-to-earnings (P/E) ratios for the same years are projected to be 45, 39, and 35 times [7][10]. - The company is recognized as a leading innovative pharmaceutical enterprise in China, with a highly differentiated product matrix [7].

Group 1 - The Hong Kong Stock Connect innovative drug sector experienced a significant rebound on November 3, with the innovative drug ETF (520880) showing a volatility of over 4.4% and a trading volume exceeding 500 million yuan, indicating strong bullish sentiment [1] - Key stocks such as Kangfang Biotech, Xiansheng Pharmaceutical, and Kangnuo Ya-B saw increases of nearly 6%, while other companies like Yuanda Pharmaceutical and Rongchang Biotech also experienced substantial gains [1] - The National Medical Insurance negotiation, which began on October 30, is expected to conclude with results announced in early December, introducing a new "commercial insurance innovative drug catalog" mechanism for the first time [1] Group 2 - Fund manager Feng Chen indicated that the innovative drug market could see a resurgence, suggesting that now may be a high-probability period for medium to long-term investments in innovative drugs [2] - The recent meeting between US and Chinese leaders has alleviated previous risks that suppressed the sector's performance, potentially allowing previously withdrawn funds to re-enter the market [2] - The current earnings season has shown strong performance from companies like Innovent Biologics and Hengrui Medicine, boosting confidence in the sector [2] Group 3 - The Hong Kong Stock Connect innovative drug ETF (520880) passively tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, which focuses entirely on innovative drug R&D companies, with over 70% of its holdings in large-cap innovative drug leaders [3] - As of the end of September, the index has seen a year-to-date increase of 108.14%, outperforming other innovative drug indices [3] - The ETF has a fund size of 1.806 billion yuan and an average daily trading volume of 493 million yuan, making it the largest and most liquid ETF tracking this index [3]

Group 1 - The core viewpoint of the news is that the Hong Kong innovative drug sector is experiencing a strong rebound, with significant capital inflow into the Hong Kong Innovative Drug ETF (520880), which saw a peak increase of over 3% during trading [1] - As of October 31, the Hong Kong Innovative Drug ETF (520880) has attracted nearly 250 million yuan in the last 10 days, indicating strong investor interest [1] - The fund manager, Feng Chen, suggests that the innovative drug market may soon see renewed momentum due to reduced geopolitical risks following a meeting between US and Chinese leaders, which could encourage previously cautious investors to re-enter the market [1] Group 2 - The Hong Kong Innovative Drug ETF (520880) passively tracks the Hang Seng Hong Kong Innovative Drug Selected Index, which exclusively includes innovative drug R&D companies and has over 70% of its holdings in large-cap innovative drug leaders [2] - As of the end of September, the index has achieved a year-to-date increase of 108.14%, outperforming other innovative drug indices [2] - The latest fund size of the Hong Kong Innovative Drug ETF (520880) is 1.967 billion yuan, with an average daily trading volume of 469 million yuan since its inception, making it the largest and most liquid ETF in its category [2]

Interest comes back, CRO names remain key focus for overseas investors We met c.40 investors in the Middle East / Europe / US during the past two weeks to provide China healthcare market updates and discuss topics including China drug out- licensing, CRO updates and outlooks. We shared with them our sector pecking order as Pharma, Contract Research Organizations (CRO), Biotech, Medical Devices, Pharmacy, Distribution, and Services, and our top stock ideas as Hengrui (600276 CH / 1276 HK, Buy), BeOne (6160 H ...

Summary of the Conference Call on Chinese Innovative Pharmaceuticals Industry Overview - The Chinese innovative pharmaceutical industry is transitioning from a follower to a leader, particularly in areas such as bispecific antibodies, multi-target therapies, antibody-drug conjugates (ADCs), and targeted therapies [1][4] - The industry benefits from population and domestic demand advantages, manufacturing and supply chain capabilities, and rapidly improving innovation capabilities, leading to increased global competitiveness and asset outflows [1][5] Key Insights from ESMO 2025 - At the 2025 European Society for Medical Oncology (ESMO) conference, Chinese scholars had 23 studies selected for breakthrough abstracts, with three entering the podium for oral presentations, marking a historical high [3] - Notable performances included: - Rongchang Biopharma's ADC data in urothelial carcinoma with a PFS of 13.1 months and HR of 0.36 [3][10] - Kanglin Jere's dual HER2 ADC JSK 003 showing a DCR exceeding 96% in colorectal cancer patients [3][11] - Lepu Biopharma's TFADC for pancreatic cancer achieving a PFS of 5.8 months and MOS of 13.2 months [3][11] - Other companies like Hengrui Medicine and Jinfang also showed promising results in the KRS field [3][12] Future Developments - In 2026, Kolun Biotechnology plans to release overseas data, while Bai Li Tianheng will continue to publish significant data in nasopharyngeal carcinoma and multiple phase III clinical results [9][13] - The industry is expected to see a shift from phase I and II clinical trials to phase III, indicating a positive development trend [10] Impact of Policy Reforms - Chinese pharmaceutical policy reforms have entered a deep-water zone, with high-quality growth becoming the norm. Anticipated catalysts for industry growth include ongoing business development activities and overseas data releases from late 2025 to 2026 [6] Competitive Landscape - Chinese pharmaceutical companies are gaining ground internationally, with significant advancements in innovative drug development. Companies like Hengrui, Jinfang, and others are noted for their competitive performance [5][12][14] - The U.S. faces challenges such as patent cliffs and potential business declines, necessitating acquisitions to compensate for these issues [5] Noteworthy Research Findings - Key targets discussed at ESMO included PD-1, PD-L1, HER2 family, CDK4/6, and VEGFR [7] - Data from various companies showed promising outcomes, such as: - CMAX overall OR of 68.8% and DCR of 93.8% from Aosaikang [12] - CDK246 from China Biopharma achieving an OR of 59.3% in first-line breast cancer treatment [12] Conclusion - The Chinese innovative pharmaceutical sector is poised for significant growth and international recognition, with numerous data releases expected in the coming months and throughout 2026, reflecting a shift from following to leading in the global market [13]

【"银发经济"酝酿新机遇！养老全产业链一站式布局】 养老ETF（516560）为目前全市场唯一跟踪中证养老产业指数的ETF，指数选取涉及酒店旅游、文化传 媒、医药卫生、人寿保险等养老相关业务的上市公司作为成份股，以反映养老全产业链整体表现，前十 大权重股包括科沃斯、长白山、海思科、东方明珠、新华保险、德昌股份、中国中免、富佳股份、恒瑞 医药、新媒股份。 提醒：近期市场波动可能较大，短期涨跌幅不预示未来表现。请投资者务必根据自身的资金状况和风险 承受能力理性投资，高度注意仓位和风险管理 11月3日，大市整体调整，全市场唯一养老ETF（516560）小幅高开后随市整理，场内价格现微跌 0.23%，成交额380万元，环比上个交易日显著放量，已超过前日全天成交额，盘中震荡区间溢价交易 持续，溢价率0.25%，值得注意的是，近期资金持续加仓养老ETF（516560），近四日累计净流入306 万元，反映买盘资金活跃进场态势。 | 养老ETF 1 | | | 516560 | | --- | --- | --- | --- | | | | -0.002 -0.23% | | | SSE CINY 10:11:35 交易中 ...

晨会纪要（2025/11/03） 编辑人 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 崔健 渤海证券研究所晨会纪要（2025.11.03） 券 研 Q3 归母净利润同环比双增，新建厂区预计提前启用——雅葆轩（920357）2025 年三季报点评 宏观及策略研究 外部因素短期扰动下，制造业景气度有所回落——2025 年 10 月 PMI 数据点 评 外部环境缓和，内部政策维稳——2025 年 11 月宏观经济月报 固定收益研究 央行将恢复国债买卖，曲线陡峭化下行——利率债周报 基金研究 权益仓位整体上升，增配电子、通信；减配银行、食品饮料——公募权益类 基金 2025 年三季报持仓分析 公司研究 究 行业研究 报 三季报顺利收官，第十一批集采开标——医药生物行业周报 证 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 9 晨会纪要（2025/11/03） 宏观及策略研究 外部因素短期扰动下，制造业景气度有所回落——2025 年 10 月 PMI 数据点评 宋亦威（证券分析师，SAC NO：S1150 ...

Group 1 - The core viewpoint is that the innovative drug market may soon restart due to reduced geopolitical risks between China and the US, positive earnings reports from companies like Innovent Biologics and Hengrui Medicine, and supportive policies for innovative drugs [1][2] - Recent quarterly reports from the pharmaceutical sector have confirmed the performance of innovative drug companies, indicating a potential recovery in the market [1][2] - The innovative drug sector has experienced a correction since August 2025, which is considered sufficient in duration, with leading stocks entering an absolute return zone [1][2] Group 2 - In the medical device sector, leading companies are showing signs of performance turning points, and attention should be paid to their issuance in the Hong Kong stock market [2] - The current environment is viewed as a high-probability zone for medium to long-term investments in the biopharmaceutical sector, with recommendations for balanced allocations across different market segments [2] - The Hong Kong Stock Connect Innovative Drug ETF (520880) and its associated funds track the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, which includes leading innovative drug companies [2][3] Group 3 - The first drug ETF (562050) launched this year focuses on leading companies in the pharmaceutical sector, including chemical drugs, biological drugs, and traditional Chinese medicine [3] - The Medical ETF (512170) is the largest in its category, focusing on medical devices and services, with significant holdings in companies like Mindray Medical and Aier Eye Hospital [3] - These ETFs are becoming effective tools for investors to capture opportunities in the pharmaceutical and medical sectors, each with its specific focus [3]

Core Insights - The macroeconomic policies have positively impacted the operating performance of companies listed on the Shanghai Stock Exchange, with both year-on-year and quarter-on-quarter growth in revenue and net profit for the third quarter of 2025 [1][2] Financial Performance - In the first three quarters of 2025, total revenue for Shanghai-listed companies reached 37.58 trillion yuan, a slight year-on-year increase, while net profit was 3.79 trillion yuan, reflecting a 4.5% year-on-year growth [1] - The third quarter saw net profit and non-recurring net profit increase by 11.4% and 14.6% year-on-year, respectively, with quarter-on-quarter growth of 16.9% and 19.2% [1] - A total of 501 companies announced dividend plans, with cash dividends exceeding 600 billion yuan, marking a 3.3% year-on-year increase [1] Industry Growth Drivers - High-tech manufacturing services saw a 9% increase in R&D investment, totaling 229.6 billion yuan, which drove revenue and net profit growth of 10% and 19%, respectively [2] - The semiconductor industry, particularly AI-driven sectors, experienced significant profit increases, with net profits for chip design and semiconductor equipment rising by 82% and 25% year-on-year [2] Sectoral Innovations - The biopharmaceutical sector achieved 26 new drug approvals, including a groundbreaking "rice-based" innovative drug [3] - High-end equipment manufacturing made strides with domestic replacements in critical areas, while infrastructure projects showcased significant technological advancements [3] - The clean energy sector reported a 5% year-on-year increase in power generation, with major companies achieving breakthroughs in high-value product lines [3][4] Consumer Demand and Market Trends - The automotive sector, particularly in smart mobility, saw over 10% quarter-on-quarter growth in electric vehicle sales among five major manufacturers [5] - The tourism sector experienced a 21% quarter-on-quarter revenue increase in the aviation industry, driven by summer travel demand [5] Structural Changes and Reforms - Traditional industries like steel and cement are optimizing supply-demand balances, with steel profits increasing by 550% year-on-year [6] - The photovoltaic and lithium battery sectors are innovating to overcome pricing challenges, with significant recovery in profitability reported [6] Export Performance - Major ports in Shanghai reported a 5% year-on-year increase in cargo throughput, with container throughput rising by 8% [7] - The export of new energy vehicles surged by 71% year-on-year, highlighting strong performance in the automotive sector [7] Regulatory Developments - The introduction of new regulations has accelerated the implementation of reforms in the Shanghai Stock Exchange, with significant increases in IPO applications and asset restructuring activities [8][9] - The number of asset restructuring cases reached 602 in the first three quarters of 2025, with a 117% year-on-year increase in major asset restructurings [9]