Core Insights - The top short-selling stocks include New World Development Co. Ltd. (80016), China Resources Beer (80291), and Tencent Holdings Ltd. (80700), all with a short-selling ratio of 100% [1][2] - Alibaba (09988), Xiaomi (01810), and Tencent (00700) lead in short-selling amounts, with respective values of 1.872 billion, 977 million, and 831 million [1][3] - The highest deviation values are recorded for Bank of China Hong Kong (82388), Shenzhou Holdings (00861), and Jianxi Technology (09877), with deviations of 45.36%, 43.94%, and 40.98% respectively [1][3] Short-Selling Ratio Rankings - New World Development Co. Ltd. (80016) has a short-selling amount of 44,700 with a 100% short-selling ratio and a deviation of 24.05% [2] - China Resources Beer (80291) shows a short-selling amount of 24,700 with a 100% short-selling ratio and a deviation of 37.48% [2] - Tencent Holdings Ltd. (80700) has a short-selling amount of 1.2686 million with a 100% short-selling ratio and a deviation of 37.41% [2] Short-Selling Amount Rankings - Alibaba (09988) leads with a short-selling amount of 1.872 billion, a short-selling ratio of 21.34%, and a deviation of 4.76% [3] - Xiaomi (01810) follows with a short-selling amount of 977 million, a short-selling ratio of 12.64%, and a deviation of -3.24% [3] - Tencent (00700) has a short-selling amount of 831 million, a short-selling ratio of 8.90%, and a deviation of -6.11% [3] Deviation Value Rankings - Bank of China Hong Kong (82388) has a short-selling amount of 1.5519 million, a short-selling ratio of 82.36%, and a deviation of 45.36% [3] - Shenzhou Holdings (00861) shows a short-selling amount of 1.2769 million, a short-selling ratio of 56.97%, and a deviation of 43.94% [3] - Jianxi Technology (09877) has a short-selling amount of 280,600, a short-selling ratio of 52.61%, and a deviation of 40.98% [3]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09877 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 310,306,209 | RMB | | 1 RMB | | 310,306,209 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 310,306,209 | RMB | | 1 RMB | | 310,306,209 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- ...

Group 1: Style Rotation Insights - The Q4 style rotation model indicates signals for small-cap and growth stocks [2][3] - The dual-driven rotation strategy for Q4 has a composite score of -1, predicting a focus on small-cap stocks [3] - The value-growth style rotation model shows a composite score of -3, suggesting a preference for growth stocks [4] Group 2: Industry Rotation Analysis - In November, the composite factor strategy yielded an excess return of -0.58%, while the single-factor long strategy had an excess return of -0.83% [4] - For December, the recommended long industries based on single-factor strategies include banking, construction, non-bank financials, and electric equipment & new energy [4] - The composite factor strategy recommends long positions in telecommunications, comprehensive finance, computers, electric equipment & new energy, and utilities [4] Group 3: Pharmaceutical Sector Performance - In November 2025, the pharmaceutical sector underperformed the broader market, with the SW pharmaceutical and biological index declining by 3.6% compared to a 1.7% drop in the Shanghai Composite Index [7] - The relative premium level of the pharmaceutical sector is currently at 72.6%, indicating a normal valuation level compared to all A-shares [7] - In the Hong Kong market, the pharmaceutical sector performed similarly to the market, with the Hang Seng Medical Care index at -0.1% and the biotechnology sector at +0.4% [7] Group 4: U.S. Pharmaceutical Market Trends - In November 2025, the U.S. pharmaceutical sector outperformed the broader market, with the S&P Healthcare Select Sector Index rising by 9.1% compared to a 0.1% increase in the S&P 500 [8] - Notable gainers in the S&P 500 healthcare component included Eli Lilly (+25%) and Solventum (+23%) [8]

Major Events - Sanofi Pharmaceutical (01530) proposes to spin off Mandi International and independently list it on the main board of the Hong Kong Stock Exchange [1] - Youbao Online (02429) signs a trusted asset management platform service agreement with Ant Chain Technology [1] - Jianxi Technology-B (09877) reports 6-month clinical follow-up results for LuX-Valve Plus TRINITY study on patients with large valve rings [1] - Fuhong Hanlin (02696) announces that Hanshu® (Sru Li monoclonal antibody injection) combined with chemotherapy for gastric cancer neoadjuvant/adjuvant treatment has been officially included in the breakthrough therapy drug program by the National Medical Products Administration [1] - Kaizhile International (02122) partners with globally renowned toy company Jazwares to launch HELLO KITTY AND FRIENDS toys [1] Operating Performance - ZTO Express-W (02057) reports third-quarter net profit attributable to shareholders of 2.524 billion yuan, an increase of 5.32% year-on-year [1] - Lenovo Group (00992) announces interim results with a profit attributable to shareholders of 846 million USD, a year-on-year growth of 40% [1] - CSPC Pharmaceutical Group (01093) releases third-quarter results showing a profit attributable to shareholders of 3.511 billion yuan, a decrease of 7.06% year-on-year [1] - NetEase-S (09999) reports third-quarter net profit attributable to shareholders of approximately 8.616 billion yuan, a year-on-year increase of 31.77%, with a dividend of 0.114 USD per share [1] - Jingyou Pharmaceutical (00858) issues a profit warning, expecting a mid-term loss of approximately 450 million to 480 million HKD, transitioning from profit to loss year-on-year [1]

Core Viewpoint - The recent clinical trial results for LuX-Valve Plus and Ken-Valve demonstrate significant safety and efficacy in treating patients with large annuli, addressing a substantial unmet clinical need in severe tricuspid regurgitation and aortic regurgitation patients. Group 1: LuX-Valve Plus TRINITY Study - The TRINITY study is a global, prospective, multi-center, single-arm clinical trial assessing the safety and efficacy of LuX-Valve Plus in patients with severe tricuspid regurgitation and high surgical risk, involving 161 patients across 20 centers [1] - Over 75% of patients in the TRINITY study used valve sizes of 55mm, 60mm, 65mm, and 70mm, with an average age of 77 years and a Tri-Score of 13.5% [2] - The 6-month follow-up results indicate excellent efficacy and safety of LuX-Valve Plus in large annuli patients, with significant improvements in tricuspid regurgitation levels and quality of life [3] Group 2: Ken-Valve Study - The Ken-Valve study is a prospective, multi-center, single-arm clinical trial evaluating the safety and efficacy of Ken-Valve in symptomatic aortic regurgitation (or combined stenosis) patients, including 142 patients from 15 centers in China [4] - More than 45% of patients used valve sizes of 29mm, 31mm, and 33mm, with an average age of 72 years and an average STS score of 5.60% [4] - The 1-year follow-up results show that Ken-Valve maintains excellent safety and efficacy in large annuli patients, with significant improvements in aortic regurgitation levels and quality of life, addressing a considerable unmet clinical need [4]

Core Insights - The company has announced promising clinical trial results for its products, LuX-Valve Plus and Ken-Valve, which address significant unmet clinical needs in patients with large annuli [1][2][4] Group 1: LuX-Valve Plus TRINITY Study - The TRINITY study is a global, prospective, multi-center, single-arm clinical trial assessing the safety and efficacy of LuX-Valve Plus in patients with severe tricuspid regurgitation and high surgical risk [2] - The study included 161 patients from 20 centers, primarily in France, Germany, Spain, Denmark, and the UK, with over 75% using valve sizes of 55mm, 60mm, 65mm, and 70mm [2] - The 6-month follow-up results demonstrated excellent efficacy and safety of LuX-Valve Plus in large annulus patients, with significant improvements in tricuspid regurgitation levels and quality of life [3] Group 2: Ken-Valve Study - The Ken-Valve study is a prospective, multi-center, single-arm clinical trial evaluating the safety and efficacy of Ken-Valve in symptomatic aortic regurgitation (or combined stenosis) patients at high surgical risk [4] - The study involved 142 patients from 15 centers in China, with over 45% using valve sizes of 29mm, 31mm, and 33mm [4] - The 1-year follow-up results indicated that Ken-Valve showed excellent safety and efficacy in large annulus patients, with significant improvements in aortic regurgitation levels and quality of life [4]

Core Viewpoint - The announcement highlights the positive clinical trial results for LuX-Valve Plus and Ken-Valve, indicating the potential of these products to meet significant unmet clinical needs in the market [1] Group 1: Clinical Trial Results - The global multicenter clinical trial ("TRINITY") for LuX-Valve Plus has shown promising 6-month follow-up results for patients with large annuli [1] - Ken-Valve has demonstrated 1-year follow-up results in large annuli patients, further supporting the efficacy of the company's products [1] Group 2: Market Implications - The results are expected to showcase the advantages of the company's products in addressing a wide range of unmet clinical needs, potentially expanding their market reach [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 就 因 本 公 告 全 部或任何部分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。 Jenscare Scientific Co., Ltd. 寧波健世科技股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：9877） 自願公告 LuX-Valve Plus TRINITY研究大瓣環患者6個月期 臨床隨訪結果及Ken-Valve大瓣環患者臨床應用效果 於2025年 倫 敦 瓣 膜 會 發 佈，展 現 產 品 獨 特 大 尺 寸 優 勢 LuX-Valve Plus TRINITY研 究：大 瓣 環 患 者6個月期臨床隨訪結果 －由 來 自 法 國 波 爾 多 大 學 醫 院 的Thomas Modine教授發佈 TRINITY是 一 項 全 球 前 瞻 性、多 中 心、單 臂 臨 床 試 驗，主 要 用 於 評 估LuX-Valve Plus於 重 度 三 尖 瓣 反 流 ...

Core Insights - The top short-selling ratios are recorded for Kuaishou-WR, BYD Company-R, and AIA Group-R, all at 100% [1] - The highest short-selling amounts are for Alibaba-SW at 5.25 billion, Tencent Holdings at 1.228 billion, and Xiaomi Group-W at 1.003 billion [1][2] - The highest deviation values are for Aoki Technology, Zhongyuan Bank, and BYD Company-R, with deviations of 50.67%, 50.33%, and 44.90% respectively [1][2] Short-Selling Ratio Rankings - Kuaishou-WR has a short-selling amount of 274,300 with a ratio of 100% and a deviation of 42.44% [2] - BYD Company-R shows a short-selling amount of 486,600 with a ratio of 100% and a deviation of 44.90% [2] - AIA Group-R has a short-selling amount of 312,900 with a ratio of 100% and a deviation of 36.96% [2] Short-Selling Amount Rankings - Alibaba-SW leads with a short-selling amount of 5.25 billion, a ratio of 29.76%, and a deviation of 15.22% [2] - Tencent Holdings follows with a short-selling amount of 1.228 billion, a ratio of 13.98%, and a deviation of -2.80% [2] - Xiaomi Group-W has a short-selling amount of 1.003 billion, a ratio of 18.20%, and a deviation of 1.43% [2] Short-Selling Deviation Rankings - Aoki Technology has a short-selling amount of 102,200, a ratio of 56.16%, and the highest deviation of 50.67% [2][3] - Zhongyuan Bank shows a short-selling amount of 96,900, a ratio of 58.59%, and a deviation of 50.33% [2][3] - BYD Company-R has a short-selling amount of 486,600, a ratio of 100%, and a deviation of 44.90% [2][3]

Core Viewpoint - Recently, JianShi Technology (09877) has been awarded the "2025 Excellent Domestic Medical Device Consumables Selection" for its transcatheter aortic valve replacement system, highlighting its recognition in the medical device industry [1] Group 1: Product Features - The Ken-Valve transcatheter intervention replacement system is designed for severe aortic regurgitation (or combined stenosis), featuring an original design that adapts to a wide range of complex anatomical structures [1] - The device enhances operational safety and flexibility during procedures, significantly reducing instrument operation time, which has gained broad recognition from practitioners and the market [1] - The availability of large sizes (29mm, 31mm, and 33mm) addresses the treatment needs of patients with large annuli that are currently unmet in the market [1] Group 2: Market Position and Strategy - The device is also applicable for patients with complex anatomical challenges, such as those with extreme angulation [1] - The company is actively promoting the commercialization of this product, aiming to meet the urgent clinical needs of a wide range of underserved patients [1]