Core Viewpoint - Invesco Great Wall Fund announced the liquidation of its Invesco Great Wall Industry Selection One-Year Holding Mixed Fund, with the last operational day being November 11, 2025, and the liquidation process commencing on November 12, 2025 [2] Fund Details - Fund Name: Invesco Great Wall Industry Selection One-Year Holding Mixed Securities Investment Fund [3] - Fund Abbreviation: Invesco Great Wall Industry Selection One-Year Holding Mixed [3] - Fund Main Code: 014790 [3] - Fund Code: Class A Share 014790 / Class C Share 014791 [3] - Fund Operation Type: Contractual open-end [3] - Fund Contract Effective Date: May 4, 2023 [3] - Fund Manager: Invesco Great Wall Fund Management Co., Ltd. [3] Fund Performance - The fund's initial fundraising period was from February 20 to March 10, 2023, with the final fundraising deadline extended to April 27, 2023, achieving a net subscription amount of approximately 209 million yuan [4] - As of the end of Q3 2025, the fund's asset net value was approximately 40.5141 million yuan, having experienced a decline since its establishment [4] - The fund's unit net value increased by 32.78% since inception, with a 37.54% increase over the past year and a 33.82% increase over the last three months [4] - As of Q3 2025, the fund held 84.05% in stocks and did not hold any bonds, with top ten holdings including Alibaba-W, CATL, Tencent Holdings, and others [4] Fund Management - The fund manager is Zhan Cheng, who entered the hundred billion fund manager tier in Q1 2021, but by the end of Q1 the following year, the managed scale was below one hundred billion [4]

深圳高速公路股份(00548.HK)：10月，梅观高速、机荷东段、机荷西段、沿江项目及外环项目路费收入 分别为人民币1068.8万元、4875万元、3984.8万元、5531.2万元及8906.7万元。 12月2日，港股早盘冲高回落，午后低位窄幅震荡，截止收盘，恒生指数涨0.24%报26095.05点，恒生科 技指数跌0.37%报5624.04点，国企指数涨0.11%报9182.65点，红筹指数涨0.76%报4277.86点。 盘面上，大型科技股走势分化，阿里巴巴涨1.36%，腾讯控股跌0.4%，京东集团跌0.94%，小米集团涨 0.99%，网易涨0.9%，美团跌3.06%，快手涨0.88%，哔哩哔哩跌1.83%；黄金股走高，珠峰黄金涨超 7%，博彩股普涨，银河娱乐涨超2%；石油股涨幅居前，中石化涨超2%；新能源汽车股下跌，蔚来跌超 6%，小鹏汽车跌超5%；医药股走弱，派格生物医药跌超10%，歌礼制药跌超6%；芯片股走弱，中兴通 讯跌超5%，华虹半导体跌近3%。万科企业尾盘拉升涨超3%。 企业新闻 比亚迪股份(01211.HK)：前11月新能源汽车产量约411.76万辆，同比增长7.29%；销量约418.2万 ...

12月2日，港股早盘高开高走冲高回落，截止午盘，恒生指数涨0.11%报26060.63点，恒生科技指数跌 0.53%报5614.77点，国企指数跌0.02%报9170.69点，红筹指数涨0.41%报4263.02点。 盘面上，大型科技股走势分化，阿里巴巴涨1.55%，腾讯控股跌0.4%，京东集团跌1.02%，小米集团涨 0.65%，网易涨0.54%，美团跌2.91%，快手涨0.95%，哔哩哔哩跌1.25%；石油股涨幅居前，中海油涨超 2%；苹果概念活跃，瑞声科技涨超4%；濠赌股齐涨，煤炭股、保险股、军工股多数活跃。另外，半导 体芯片股走低，龙头中芯国际跌超1%，医药类股集体弱势，三大航空股齐跌。新能源汽车股普跌，蔚 来跌超6%，小鹏汽车跌逾5%。 企业新闻 比亚迪股份(01211.HK)：前11月新能源汽车产量约411.76万辆，同比增长7.29%；销量约418.2万辆，同 比增长11.3%。 吉利汽车(00175.HK)：前11个月的汽车总销量为278.78万辆，同比增长42%。11月的汽车总销量为31.04 万辆，较去年同期增长约24%。 蔚来-SW(09866.HK)：前11月交付27.79万辆汽车，同 ...

Market Overview - The Hong Kong stock market opened higher on December 2, with the Hang Seng Index rising by 0.6% to 26,188.55 points, the Hang Seng Tech Index increasing by 0.76% to 5,687.49 points, and the National Enterprises Index up by 0.56% to 9,224.1 points. The Red Chip Index slightly decreased by 0.02% to 4,244.75 points [1] Automotive Industry - BYD Company (01211.HK) produced approximately 4.1176 million new energy vehicles in the first 11 months, representing a year-on-year increase of 7.29%. The sales volume reached about 4.182 million, up by 11.3% year-on-year [2] - Geely Automobile (00175.HK) reported total vehicle sales of 2.7878 million units in the first 11 months, a significant year-on-year increase of 42%. In November alone, sales were 310,400 units, reflecting a growth of approximately 24% compared to the same month last year [2] - NIO Inc. (09866.HK) delivered 277,900 vehicles in the first 11 months, marking a year-on-year increase of 45.6%. In November, deliveries reached 36,300 units, up by 76.3% year-on-year [2] - XPeng Motors (09868.HK) achieved cumulative deliveries of 391,900 vehicles in the first 11 months, a remarkable year-on-year growth of 156%. November deliveries were 36,700 units, showing a 19% increase compared to the same month last year [2] - Li Auto (02015.HK) delivered 33,181 new vehicles in November [3] Infrastructure and Transportation - Shenzhen Expressway Company (00548.HK) reported toll revenue for October from various projects, including RMB 10.688 million from Meiguan Expressway and RMB 89.067 million from the Outer Ring project [3] Financial Sector - Agricultural Bank of China (01288.HK) successfully issued non-capital bonds with a total loss-absorbing capacity of RMB 20 billion [4] Pharmaceutical Sector - China Biologic Products (01177.HK) completed the first patient enrollment in Phase I clinical trials for its self-developed innovative drug TRD208 in China [4] - Valiant Pharmaceuticals (09887.HK) received IND approval from NMPA for LBL-047 [6] - HeYue-B (02256.HK) obtained FDA approval for its oral small molecule KRAS G12D inhibitor ABSK141 [7] - Junshi Biosciences (02696.HK) received NMPA approval for its HLX37 in a Phase I clinical trial for patients with advanced/metastatic solid tumors [7] Investment Insights - Huatai Securities indicated that the market is nearing a "bad news fully priced" state, with core risk points such as US-China trade friction and the impact of the "takeout war" on internet sector profitability being sufficiently released. The current market level has limited downside potential, suggesting opportunities for left-side layout [10] - Huachuang Securities projected that the shipping industry investment logic will continue to focus on supply-demand gaps, with low supply growth and potential marginal changes in demand. The tanker sector is expected to benefit from global crude oil production cycles and trade structure improvements [11] - CITIC Securities highlighted a stable outlook for heavy truck domestic sales and continued export growth, emphasizing the importance of domestic subsidy continuity and opportunities for leading companies exceeding expectations [11]

Core Insights - The pharmaceutical industry has seen a significant increase in merger and acquisition (M&A) activities since 2025, with 64 disclosed M&A events in A-shares, totaling approximately 110.38 billion yuan [1] - The trend indicates a dual-driven strategy of M&A and business development (BD) collaborations, focusing on enhancing innovation and filling gaps in capabilities [1][3] - The primary focus of M&A activities is on innovative drug research and development, medical services, and medical devices, reflecting a shift towards high-value sectors [1][2] M&A Trends - Pharmaceutical companies are increasingly acquiring near-commercial or mature technology platforms as a shortcut to catch up with technological advancements and address R&D shortcomings [2] - Notable M&A examples include Shijiazhuang Pharmaceutical's acquisition of a 29% stake in a biotech firm for 1.1 billion yuan and China Biologic's planned acquisition of 95.09% of a Shanghai-based company for 951 million USD [2] BD Collaborations - BD collaborations are also crucial for supplementing innovative drug pipelines, as seen in Changchun High-tech's partnership with ALK for allergy immunotherapy products [3] - Experts indicate that the current M&A and BD collaboration landscape is reshaping the industry, with a focus on building barriers in cutting-edge technologies like dual antibodies and ADCs [3] Industry Integration - The pharmaceutical industry is undergoing deeper integration, aiming to create a comprehensive closed-loop system encompassing R&D, production, and sales [4] - External collaborative M&A is a key pathway to achieving this closed-loop, as demonstrated by Chengdu Kanghua's acquisition aimed at enhancing its vaccine ecosystem [4] Capital Dynamics - The M&A landscape in 2025 is characterized by a multi-faceted capital structure, with leading companies taking the lead, supported by industry funds and flexible participation from social capital [6] - Leading firms are playing a stabilizing role, as seen in Beijing Tiantan's acquisition to enhance its plasma collection capabilities [6] Investment Strategies - Industry funds are exploring a "capital + BD" light asset model, with companies like Shanghai Fosun investing in innovative drug and medical device sectors [7] - Social capital is adopting a structured investment approach to empower innovation, focusing on AI medical applications and innovative drugs [7] Future Outlook - There is an expectation of continued capital investment in gene therapy, ADCs, and dual antibody platforms, indicating a sustained focus on high-value innovation areas [8]

Major Events - 加科思-B (01167) published data on KRAS G12C and SHP2 combination therapy in The Lancet Respiratory Medicine [1] - 励晶太平洋 (00575) announced strategic entry into the US market by Deep Longevity in Q1 2026 [1] - 和誉-B (02256) received FDA approval for IND application of oral small molecule KRAS G12D inhibitor ABSK141 [1] - 中国生物制药 (01177) completed the first patient enrollment in Phase I clinical trial for its self-developed innovative drug TRD208 in China [1] - 天图投资 (01973) plans to sell 45.22% stake in 优诺中国 for HKD 814 million [1] - 万国黄金集团 (03939) donated HKD 7 million to support victims of the Hong Kong fire [1] - 和谐汽车 (03836) donated HKD 5 million for fire rescue efforts in Hong Kong [1] - 博雅互动 (00434) donated HKD 1 million for post-disaster reconstruction in Hong Kong [1] - 粤港湾控股 (01396) launched a self-developed quantum computing cloud service scheduling platform [1] - 中基长寿科学 (00767) plans to acquire 25% stake in 综合细胞库有限公司 for HKD 300 million [1] - 众安集团 (00672) plans to place approximately 7.15% of its shares at a premium of about 1.96%, raising approximately HKD 74.96 million [1] - 江苏宏信 (02625) plans to increase investment in 海科宏信 by HKD 53.21 million [1] Share Buybacks/Reductions - 百融云-W (06608) plans to repurchase up to HKD 450 million of Class B shares [2] - 锦欣生殖 (01951) intends to repurchase shares for no less than HKD 100 million [2] - 小米集团-W (01810) repurchased 10 million shares for HKD 402 million on December 1 [2] - 腾讯控股 (00700) repurchased 102.9 million shares for HKD 636 million on December 1 [2] - 美的集团 (00300) repurchased 125.48 million A shares for HKD 9.9971 million on December 1 [2] - 中远海控 (01919) repurchased 94.5 million shares for HKD 12.76 million on December 1 [2] - 美丽田园医疗健康 (02373) saw non-executive director 李方雨 increase holdings by 41,500 shares [2] Operating Performance - 比亚迪股份 (01211) reported approximately 4.182 million electric vehicle sales in the first 11 months, a year-on-year increase of 11.3% [2] - 吉利汽车 (00175) achieved total vehicle sales of 2.78775 million units in the first 11 months, a year-on-year increase of 42% [2] - 长城汽车 (02333) reported approximately 1.19965 million vehicle sales in the first 11 months, a year-on-year increase of 9.26% [2] - 赛力斯 (09927) recorded total vehicle sales of 58,100 units in November, a year-on-year increase of 36.34% [2] - 蔚来-SW (09866) delivered approximately 36,300 vehicles in November, a year-on-year increase of 76.3% [2] - 小鹏汽车-W (09868) delivered 36,728 smart electric vehicles in November, a year-on-year increase of 19% [2] - 奇瑞汽车 (09973) reported total sales of 255,800 vehicles across five brands in November, a year-on-year decrease of approximately 2% [3] - 理想汽车-W (02015) delivered 33,181 new vehicles in November [3]

恒生银行高开低走后探底回升，截至收盘上涨0.36%。其中重庆农村商业银行大涨3.18%，青岛银行上 涨2.27%，重庆银行、渣打银行、浙商银行等近10只个股涨幅在1%上方；光大银行逆势大跌3.16%，邮 储银行下跌2.55%。 恒生医疗相对偏弱，深V反转后小涨0.06%。其中京东健康大涨3.93%，药明生物、三生制药、药明康德 等股涨幅均在1%上方；康方生物、中国生物、石药集团等股逆势收跌。 内容只是个人观点，仅供参考，不作为投资依据！欢迎关注交流，互相学习、共同探讨！ 恒生指数冲高回落后全天维持在中轴上方窄幅盘整，截止收盘上涨0.67%。互联网涨幅居前，科技、银 行紧随其后；医疗、大消费相对偏弱。 互联网小幅低开后直线拉升，随后全天维持在中轴上方窄幅盘整，截止收盘上涨0.75%。其中网易大涨 3.93%，阿里巴巴上涨2.24%，地平线机器人、百度集团、腾讯控股等多股涨幅均在1%上方。 ...

集团自主研发的国家1类创新药TRD208在中国开展的I期临床试验已顺利完成首例患者入组。TRD208是 一款全球首创的非阿片类多靶点多模式镇痛创新药，有望成为急性疼痛领域的重磅药物。 临床前数据表明，TRD208在术后痛模型中表现出快速起效、强效镇痛、时间持久的优势。作为具有多 靶点协同作用的非阿片类药物，TRD208有望首次实现单一药物达到多模式镇痛的效果，进而替代目前 临床主流的联合用药方案，满足镇痛全过程的临床需求，具有简化治疗方案、提升患者用药依从性、规 避阿片类药物成瘾与依赖风险的核心优势。 智通财经APP讯，中国生物制药(01177)公布，该集团自主研发的国家1类创新药TRD208在中国开展的I 期临床试验已顺利完成首例患者入组。TRD208是一款全球首创的非阿片类多靶点多模式镇痛创新药， 有望成为急性疼痛领域的重磅药物。 ...

中国生物制药(01177)公布，该集团自主研发的国家1类创新药TRD208在中国开展的I期临床试验已顺利 完成首例患者入组。TRD208是一款全球首创的非阿片类多靶点多模式镇痛创新药，有望成为急性疼痛 领域的重磅药物。 集团自主研发的国家1类创新药TRD208在中国开展的I期临床试验已顺利完成首例患者入组。TRD208是 一款全球首创的非阿片类多靶点多模式镇痛创新药，有望成为急性疼痛领域的重磅药物。 临床前数据表明，TRD208在术后痛模型中表现出快速起效、强效镇痛、时间持久的优势。作为具有多 靶点协同作用的非阿片类药物，TRD208有望首次实现单一药物达到多模式镇痛的效果，进而替代目前 临床主流的联合用药方案，满足镇痛全过程的临床需求，具有简化治疗方案、提升患者用药依从性、规 避阿片类药物成瘾与依赖风险的核心优势。 ...

格隆汇12月1日丨中国生物制药(01177.HK)宣布，集团自主研发的国家1类创新药TRD208在中国开展的I 期临床试验已顺利完成首例患者入组。TRD208是一款全球首创的非阿片类多靶点多模式镇痛创新药， 有望成为急性疼痛领域的重磅药物。 临床前数据表明，TRD208在术后痛模型中表现出快速起效、强效镇痛、时间持久的优势。作为具有多 靶点协同作用的非阿片类药物，TRD208有望首次实现单一药物达到多模式镇痛的效果，进而替代目前 临床主流的联合用药方案，满足镇痛全过程的临床需求，具有简化治疗方案、提升患者用药依从性、规 避阿片类药物成瘾与依赖风险的核心优势。 TRD208具有独特的多靶点作用机制，可以阻滞中枢神经的NaV1.7、NaV1.8等多个与疼痛相关的传导通 路，同时还具有非甾体类抗炎药(NSAID)外周抗炎镇痛的作用。此外，TRD208具有抑制中枢敏化的作 用，有望降低由于急性疼痛诱发神经病理性疼痛的风险。 ...