Core Viewpoint - Heng Rui Medicine's subsidiary, Ruishi Biopharmaceutical Co., Ltd., has received approval from the National Medical Products Administration for clinical trials of the RSS0393 ointment, which is a PDE4 small molecule inhibitor designed to alleviate tissue damage and inflammation [1] Group 1: Product Development - RSS0393 ointment is independently developed by the company and targets atopic dermatitis [1] - The ointment works by inhibiting PDE4 activity in various cells, which helps in reducing inflammation [1] - The total R&D investment for the RSS0393 ointment project has reached approximately 28.5 million yuan [1] Group 2: Market Context - Competing products in the market include ARCUTIS's roflumilast cream (ZORYVE®), Pfizer's crisaborole ointment (EUCRISA®), and Otsuka's difamilast ointment (MOIZERTO®) [1] - Roflumilast cream and difamilast ointment are projected to have a combined global sales of approximately 254 million USD in 2024 [1] - Crisaborole ointment has already been approved for sale in the domestic market [1]

Company News - Sun Hung Kai Properties (00016.HK) reported a revenue of HKD 79.721 billion for the fiscal year 2025, an increase of 11.5% year-on-year; net profit reached HKD 19.277 billion, up 1.2% year-on-year [2] - Sincere Watch International (00732.HK) recorded a net operating revenue of approximately HKD 11.011 billion for the first eight months, a decrease of 5.5% year-on-year; in August, the net operating revenue was about HKD 1.445 billion, down 6.5% year-on-year [2] Financial Activities - China Construction Bank (00939.HK) announced that CCB Financial Leasing plans to increase its capital by HKD 3 billion to CCB Shipping and Aviation [3] Pharmaceutical Developments - Heng Rui Medicine (01276.HK) received approval to conduct clinical trials for RSS0393 ointment, which can alleviate tissue damage and inflammation related to atopic dermatitis [4] - Heng Rui Medicine (01276.HK) also received approval for clinical trials of HRS-4729 injection, a tri-agonist for GLP-1R/GIPR/GCGR [4] Real Estate Sales Performance - China Overseas Land & Investment (00688.HK) reported a contracted sales amount of HKD 150.331 billion for the first eight months, a decline of 16.5% year-on-year; August contracted sales were HKD 18.33 billion, down 0.7% year-on-year [5] - Sunac China (01918.HK) recorded a contracted sales amount of approximately HKD 30.47 billion for the first eight months, a decrease of 13% year-on-year; August contracted sales were HKD 5.39 billion, down 26.7% year-on-year [5] - China Overseas Grand Oceans Group (00081.HK) reported a contracted sales amount of HKD 20.783 billion for the first eight months, a decline of 10.6% year-on-year; August contracted sales were HKD 2.133 billion, an increase of 6.1% year-on-year [5] - Gemdale Corporation (00535.HK) reported a total contracted sales of approximately HKD 7.588 billion for the first eight months, a decrease of 39% year-on-year; August contracted sales were HKD 608 million, down 52.9% year-on-year [5] - Hongyang Real Estate (01996.HK) reported a contracted sales amount of HKD 3.506 billion for the first eight months, a decrease of 42.2% year-on-year; August contracted sales were HKD 299 million, down 48.5% year-on-year [5] - Ronshine China Holdings (03301.HK) reported a contracted sales amount of approximately HKD 2.7 billion for the first eight months, a decline of 46.4% year-on-year; August contracted sales were about HKD 130 million, down 87.9% year-on-year [5] Share Buyback Activities - HSBC Holdings (00005.HK) repurchased 2.01 million shares at a cost of approximately HKD 200 million, with prices ranging from HKD 98.75 to HKD 100.3 [6] - Midea Group (00300.HK) repurchased 310,000 shares at a cost of approximately HKD 25.849 million, with prices ranging from HKD 83.3 to HKD 83.5 [6] - Hang Seng Bank (00011.HK) repurchased 210,000 shares at a cost of approximately HKD 23.799 million, with prices ranging from HKD 112.9 to HKD 113.7 [6] - MGM China Holdings (02282.HK) repurchased 1 million shares at a cost of approximately HKD 15.687 million, with prices ranging from HKD 15.58 to HKD 15.97 [6] Shareholding Changes - Kanglong Chemical (03759.HK) completed a share reduction plan, with a total of 26.6729 million shares reduced [6] - Sinopec Limited (00386.HK) canceled 67.624 million shares that had been repurchased [6]

Group 1 - Junsheng Electronics collaborates with leading clients such as Zhiyuan Robotics, achieving mass supply of customized main control boards and various sensors [1] - Beijing Lier signs a strategic cooperation agreement with SenseTime and Xiwang Technology to explore AI computing power collaboration and related applications [2] - Jimin Health announces that its shareholder, Shuangge Group, plans to reduce its stake by up to 3% due to funding needs [3] - Changfei Fiber announces that shareholder Changjiang Communication intends to reduce its stake by up to 0.15% for operational needs [4] Group 2 - China Shipbuilding plans to absorb and merge with China Shipbuilding Industry Corporation through a share exchange, with the exchange ratio set at 1:0.1339 [4] - Heng Rui Medicine receives clinical trial approval for HRS-4729 injection, a novel GLP-1R/GIPR/GCGR triple agonist aimed at improving metabolic regulation [5] - Guoguang Chain's controlling shareholder plans to reduce its stake by up to 2.99% [6][7] - Guoxin Technology successfully tests a new high-performance chip for automotive BLDC motor control, addressing the semiconductor shortage in the automotive industry [8] Group 3 - Ningbo Construction's subsidiary wins construction projects totaling 1.117 billion yuan [9] - Wen's Holdings reports August sales revenue of 4.825 billion yuan for live pigs, a decrease of 1.07% month-on-month [8] - Yutong Bus achieves August sales of 4,260 units, a year-on-year increase of 16.78% [8] - Jiangling Motors reports August sales of 30,003 vehicles, a year-on-year increase of 8.92%, with cumulative sales of 226,500 vehicles from January to August, up 5.67% year-on-year [8]

证券日报网讯9月4日晚间，恒瑞医药（600276）发布公告称，2025年9月4日，公司通过集中竞价交易方 式首次回购A股股份270，000股，占公司总股本的比例为0.004%。 ...

Group 1: Stock Suspension and Resumption - Zhonghuan Hailu has terminated the planning of a change in company control, and its stock has resumed trading [1] Group 2: Mergers and Acquisitions - China Shipbuilding Industry Corporation will conduct a share swap to absorb China Shipbuilding Heavy Industry Company, with the latter's A-shares set to be delisted on September 5 [2] - Kebo Da plans to acquire 60% equity of Kebo Da Intelligent Technology from Shanghai Keshishi for 345 million yuan, which constitutes a related party transaction. The target company focuses on providing high-performance automotive intelligent central computing platforms and related domain controllers [2] Group 3: Investment Cooperation and Operational Status - Junsheng Electronics has collaborated with leading clients such as Zhiyuan Robotics and Galaxy General, achieving mass supply of customized main control boards and various sensors, as well as developing customized battery packs and high-power wireless charging products [3] - Beijing Lier has signed strategic cooperation agreements with SenseTime and Xiwang Technology to explore AI computing power collaboration [4] - Guoxin Technology has successfully tested a new generation of high-performance chips for automotive electronic BLDC motor drive control [5] - Jifeng Technology plans to establish a wholly-owned subsidiary, Jifeng Aviation Technology (Sichuan) Co., Ltd., with an investment of 50 million yuan to support its low-altitude economy business [5] - Chunguang Technology has signed an investment development regulatory agreement for a project in Suzhou, with an expected initial investment of approximately 289 million yuan [5] - Fuliwang has begun shipping metal components such as robot reducers [6] - Xinyuren has successfully trial-produced halide solid electrolyte samples and completed the first round of electrochemical testing [7] - Southeast Network Frame has won the bid for the "Puyang Street Five Villages Joint Planning and Development Project," with a total bid amount of 1.686 billion yuan, accounting for 15% of the company's audited revenue for 2024 [7] - Heng Rui Medicine has received a clinical trial approval notice for HRS-4729 injection [8]

智通财经记者 | 陈杨 智通财经编辑 | 谢欣 四五年前，买司美格鲁肽还得靠海外代购；四五年后，申报上市的国产司美格鲁肽类似药就快要两只手都数不过来了。 智通财经注意到，国家药审中心（CED）官网显示，其9月3日受理了成都倍特的司美格鲁肽注射液上市申请。智通财经 查询摩熵·医药数据库发现，这也是国内第八个处于上市申请阶段的司美格鲁肽类似药。诺和诺德原研产品在国内的化 合物专利则将于2026年到期。 这也意味着，在2026年后的一段时间，国内有很大可能出出现大批国产司美格鲁肽密集获批上市的局面。 此前，司美格鲁肽的2型糖尿病、减重适应证分别于2017年、2021年先后在美获批，从此销售额开启了每年几乎翻一倍 的高增长。其2024年销售额达293亿美元，2025年起更是超越默沙东的抗肿瘤药帕博利珠单抗（K药），成为新的全 球"药王"。巨大的降糖减重市场无疑早早引得众多药企跟进该药及其靶向的GLP-1受体。 数据来源：诺和诺德财报。智通财经记者陈杨制图 不过智通财经查询摩熵·医药数据库发现，前述司美格鲁肽生物类似药当下首先申报的适应证均为2型糖尿病，大多数公 司的减重适应证正处于临床3期阶段。换而言之，将国产司美格 ...

格隆汇9月4日丨恒瑞医药(600276.SH)公布，子公司瑞石生物医药有限公司收到国家药品监督管理局核 准签发关于RSS0393软膏的《药物临床试验批准通知书》，将于近期开展临床试验。RSS0393软膏是公 司自主研发的含PDE4小分子抑制剂的软膏，涂抹后可通过抑制多种细胞内的PDE4活性，缓解组织损伤 和炎症。 ...

Core Viewpoint - The AI Fund, Invesco Great Wall Growth Opportunity Mixed A, reported a profit of 396,500 yuan for the first half of 2025, with a net asset value growth rate of 2.03% [3] Fund Performance - As of September 3, the fund's unit net value was 1.297 yuan, with a three-month net value growth rate of 24.72%, ranking 187 out of 615 comparable funds [5] - The fund's six-month net value growth rate was 20.46%, ranking 244 out of 615, and the one-year growth rate was 29.55%, ranking 440 out of 601 [5] Fund Holdings and Valuation - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 24.9 times, slightly below the industry average of 25.34 times [11] - The weighted average price-to-book (P/B) ratio was about 2.67 times, compared to the industry average of 2.34 times, and the weighted average price-to-sales (P/S) ratio was approximately 1.73 times, lower than the industry average of 2.09 times [11] Growth Metrics - For the first half of 2025, the weighted revenue growth rate of the fund's stock holdings was 0.08%, and the weighted net profit growth rate was 0.12% [18] Fund Management and Strategy - The fund manager indicated a focus on high-quality companies capable of integrating into the global supply chain, with limited exposure to U.S. business operations despite tariff impacts [3] Fund Size and Shareholder Information - As of June 30, 2025, the fund's total size was 16.1349 million yuan, with 185 holders owning a total of 15.1762 million shares [33][36] - The fund's maximum drawdown since inception was 12.19%, with the largest quarterly drawdown occurring in Q2 2025 at 10.37% [29] Top Holdings - The top ten holdings of the fund included companies such as Yipinhong, Midea Group, and Baofeng Energy [41]

Core Viewpoint - The company has received approval from the National Medical Products Administration for clinical trials of HRS-4729 injection, a novel triple receptor agonist aimed at improving metabolic regulation and weight loss [1] Group 1: Product Development - HRS-4729 injection is a self-developed peptide drug targeting GLP-1R, GIPR, and GCGR receptors, which enhances energy expenditure and lipid metabolism compared to dual-target drugs [1] - The drug aims to suppress appetite and promote fat oxidation, potentially leading to better weight loss and reduced liver fat [1] - As of now, there are no similar products approved for market release domestically or internationally [1] Group 2: Financial Investment - The cumulative research and development investment for HRS-4729 injection has reached approximately 39.62 million yuan [1]

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 格隆汇9月4日丨恒瑞医药(600276.SH)公布，2025年9月4日，公司通过集中竞价交易方式首次回购A股股 份270,000股，已回购股份占公司总股本的比例为0.004%，成交的最高价为67.97元/股，最低价为67.75 元/股，已支付的总金额为18,313,920元(不含交易费用)。上述回购符合相关法律法规的规定及公司既定 的回购股份方案。 ...