Core Viewpoint - Heng Rui Medicine (600276.SH) has received conditional approval from the National Medical Products Administration for its independently developed innovative drug, Zemeituosita Tablets (SHR2554), which is intended for adult patients with relapsed or refractory peripheral T-cell lymphoma (R/RPTCL) who have previously undergone at least one line of systemic therapy [1] Company Summary - Zemeituosita Tablets is the first EZH2 inhibitor independently developed in China [1]

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.60% to 25,343.43 points, the Hang Seng Tech Index down by 0.78% to 5,683.74 points, and the National Enterprises Index decreasing by 0.64% to 9,050.02 points [1] - The Hang Seng Index opened lower at 25,660.65 points, dropped significantly before stabilizing around 25,374 points in the afternoon session, ultimately closing down by 153.12 points with a total turnover exceeding 267.6 billion HKD [1] Stock Performance - A total of 935 stocks rose, while 1,248 stocks fell, and 985 stocks remained unchanged [1] - Notable gainers included: - Haotian International Construction Investment up by 5.77% - Fuyao Glass up by 4.36% - Changfei Optical Fiber Cable up by 12.61% - Heng Rui Medicine up by 8.32% [1] - Significant decliners included: - XPeng Motors down by 2.23% - China Resources Land down by 0.65% - Longfor Group down by 1.99% - China Pacific Insurance down by 2.49% - China Merchants Securities down by 2.55% [1] Top Traded Stocks - The top three traded stocks were: - Alibaba down by 0.45% with a turnover exceeding 14.1 billion HKD - Tencent Holdings down by 0.33% with a turnover exceeding 9.3 billion HKD - Xiaomi Group down by 2.06% with a turnover exceeding 7.4 billion HKD [2]

Core Viewpoint - Tianxing Medical is a rapidly advancing company in the sports medicine sector, recently submitting an IPO application to the Hong Kong Stock Exchange after a previous attempt in the STAR Market was terminated. The company faces both opportunities for growth and challenges from centralized procurement policies in the medical device industry [2][5][20]. Group 1: Company Overview - Tianxing Medical was established in 2017 and is headquartered in Beijing. The company focuses on innovative medical devices in the sports medicine field, providing solutions for soft tissue injuries and rehabilitation [7][11]. - The company has undergone significant changes in its ownership structure, with major shareholders including OrbiMed, Junlian Capital, and others. As of August 2023, the post-investment valuation was approximately 3.5 billion RMB [8][7]. - The founder and current chairman, Dong Wenxing, has a background in medical device regulation, which may provide strategic advantages in navigating the industry [9][10]. Group 2: Financial Performance - Tianxing Medical's revenue has shown consistent growth, with figures of 147 million RMB in 2022, 239 million RMB in 2023, and projected 327 million RMB in 2024. Net profits have also increased, reaching 57 million RMB in 2023 [16][17]. - The company has a diverse product matrix, with over 52 approved products and more than 35 in development. The product sales have penetrated over 3,000 hospitals in China [13][16]. - The gross profit margin has fluctuated, with a notable decline in 2024 due to the inclusion of certain products in centralized procurement programs, leading to price reductions [20][19]. Group 3: Market Position and Competition - The sports medicine market in China is still developing, with a market size of approximately 5.4 billion RMB in 2024, compared to a global market size of 6.1 billion USD. The domestic market has significant growth potential [30][33]. - Tianxing Medical holds a market share of about 6.5% in the Chinese sports medicine sector, ranking fourth among all brands and first among domestic brands [33][35]. - The company faces competition from both international players like Smith & Nephew and Johnson & Johnson, as well as domestic companies such as TeliFu and Shanghai Ligetai [33][35]. Group 4: Industry Trends and Challenges - The sports medicine industry is characterized by high concentration, with the top five players accounting for approximately 67.5% of the market share [33]. - The company is under pressure from centralized procurement policies, which may impact pricing and profitability if more products are included in such programs [20][21]. - Continuous innovation and R&D investment are crucial for maintaining competitiveness in the rapidly evolving medical device landscape [22][23].

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所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Jiangsu Hengrui Pharmaceuticals Co., Ltd. 江蘇恒瑞醫藥股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1276） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，江蘇恒瑞醫藥股份有限公司（「本公司」）在 上海證券交易所網站( www.sse.com.cn )刊發了以下公告。茲載列如下，僅供參閱。 承董事會命 江蘇恒瑞醫藥股份有限公司 董事長 孫飄揚先生 中國上海 2025年9月3日 於本公告日期，董事會成員包括(i)執行董事孫飄揚先生、戴洪斌先生、馮佶女 士、張連山先生、江寧軍先生及孫杰平先生；(ii)非執行董事郭叢照女士；及(iii) 獨立非執行董事董家鴻先生、曾慶生先生、孫金雲先生及周紀恩先生。 江苏恒瑞医药股份有限公司 2025 年第一次临时股东会会议资料 江苏恒瑞医 ...

江苏恒瑞医药股份有限公司 2025 年第一次临时股东会会议资料 江苏恒瑞医药股份有限公司 2025 年第一次临时股东会 会议资料 二〇二五年九月 上海 江苏恒瑞医药股份有限公司 2025 年第一次临时股东会会议资料 江苏恒瑞医药股份有限公司 2025 年第一次临时股东会文件目录 | 2025 | 年第一次临时股东会会议议程 | | | 1 | | --- | --- | --- | --- | --- | | 议案一、公司 2025 | 年 A | | 股员工持股计划（草案） | 2 | | 议案二、公司 2025 | 年 | A | 股员工持股计划管理办法 | 29 | | | | 议案三、关于提请股东会授权董事会办理公司 | 2025 年 A 股员工持股计划相关事宜 | | | 的议案 | | | | 49 | | 议案四、关于聘请 | 2025 | | 年度境外审计机构的议案 | 51 | 江苏恒瑞医药股份有限公司 2025 年第一次临时股东会会议资料 江苏恒瑞医药股份有限公司 2025 年第一次临时股东会会议议程 1 一、董事长致欢迎词，并介绍本次会议事项； 二、审议以下事项： 1、关于《江苏恒瑞医药 ...

Quantitative Models and Construction Methods Model Name: Quantitative Market Trend Analysis Framework - **Model Construction Idea**: The model aims to solve the systematic rotation problem of styles by conducting a bottom-up quantitative market trend analysis. It identifies the dominant asset characteristics that represent the future market's mainstream style through a comprehensive comparison of assets[1][5] - **Model Construction Process**: - The model considers five style stages based on the asset's industry lifecycle: external growth, quality growth, quality dividend, value dividend, and bankruptcy value[1][5] - The priority for asset comparison is based on the sequence: growth (g) > return on equity (ROE) > dividend (D)[1][5] - The model uses the spread of asset advantage differences to capture the trend changes of top assets, similar to factor timing[20] - **Model Evaluation**: The framework has shown good explanatory power for past A-share style rotations, achieving an annualized return of 27.25% since 2009[15] Model Backtesting Results - **Quantitative Market Trend Analysis Framework**: - 2009: Asset Comparison Strategy 133%, Wind All A 82%, Excess Return 51%[18] - 2010: Asset Comparison Strategy 7%, Wind All A -7%, Excess Return 14%[18] - 2011: Asset Comparison Strategy -33%, Wind All A -22%, Excess Return -11%[18] - 2012: Asset Comparison Strategy 5%, Wind All A 5%, Excess Return 0%[18] - 2013: Asset Comparison Strategy 41%, Wind All A 5%, Excess Return 36%[18] - 2014: Asset Comparison Strategy 48%, Wind All A 52%, Excess Return -4%[18] - 2015: Asset Comparison Strategy 55%, Wind All A 38%, Excess Return 16%[18] - 2016: Asset Comparison Strategy -14%, Wind All A -13%, Excess Return -1%[18] - 2017: Asset Comparison Strategy 32%, Wind All A 5%, Excess Return 27%[18] - 2018: Asset Comparison Strategy -21%, Wind All A -28%, Excess Return 7%[18] - 2019: Asset Comparison Strategy 41%, Wind All A 33%, Excess Return 8%[18] - 2020: Asset Comparison Strategy 69%, Wind All A 26%, Excess Return 44%[18] - 2021: Asset Comparison Strategy 47%, Wind All A 9%, Excess Return 38%[18] - 2022: Asset Comparison Strategy 44%, Wind All A -19%, Excess Return 62%[18] - 2023: Asset Comparison Strategy 5%, Wind All A -5%, Excess Return 10%[18] - 2024: Asset Comparison Strategy 62%, Wind All A 10%, Excess Return 52%[18] - 2025 (Aug): Asset Comparison Strategy 27%, Wind All A 23%, Excess Return 4%[18] Quantitative Factors and Construction Methods Factor Name: Expected Growth (gf) - **Factor Construction Idea**: The factor focuses on the highest analyst forecasted growth rates, regardless of the cycle stage[6] - **Factor Construction Process**: - The factor is constructed by selecting industries with the highest expected growth rates as forecasted by analysts[6] - The spread of expected growth advantage differences (Δgf) is used to capture the trend changes in top assets[20] - **Factor Evaluation**: The factor has shown significant excess returns since 2019, with notable performance in 2014-2015[34] Factor Name: Actual Growth (g) - **Factor Construction Idea**: The factor focuses on industries with the highest actual growth rates, particularly during transition and growth periods[6] - **Factor Construction Process**: - The factor is constructed by selecting industries with the highest actual growth rates (Δg)[6] - The spread of actual growth advantage differences (Δg) is used to capture the trend changes in top assets[24] - **Factor Evaluation**: The factor has shown significant excess returns in growth-dominant environments[36] Factor Name: Profitability (ROE) - **Factor Construction Idea**: The factor focuses on industries with high ROE and low valuation under the PB-ROE framework, concentrated in mature periods[6] - **Factor Construction Process**: - The factor is constructed by selecting industries with high ROE and low PB-ROE residuals[6] - The spread of ROE advantage differences is used to capture the trend changes in top assets[26] - **Factor Evaluation**: The factor has shown significant excess returns from 2016 to 2020, with weaker performance since 2021[39] Factor Name: Quality Dividend (DP+ROE) - **Factor Construction Idea**: The factor focuses on industries with the highest DP+ROE scores, concentrated in mature periods[6] - **Factor Construction Process**: - The factor is constructed by selecting industries with the highest DP+ROE scores[6] - The spread of DP+ROE advantage differences is used to capture the trend changes in top assets[42] - **Factor Evaluation**: The factor has shown significant excess returns in 2016, 2017, and 2023[43] Factor Name: Value Dividend (DP+BP) - **Factor Construction Idea**: The factor focuses on industries with the highest DP+BP scores, concentrated in mature periods[6] - **Factor Construction Process**: - The factor is constructed by selecting industries with the highest DP+BP scores[6] - The spread of DP+BP advantage differences is used to capture the trend changes in top assets[45] - **Factor Evaluation**: The factor has shown significant excess returns in 2009, 2017, and 2021-2023[46] Factor Name: Bankruptcy Value (PB+SIZE) - **Factor Construction Idea**: The factor focuses on industries with the lowest PB+SIZE scores, concentrated in stagnation and recession periods[6] - **Factor Construction Process**: - The factor is constructed by selecting industries with the lowest PB+SIZE scores[6] - The spread of PB+SIZE advantage differences is used to capture the trend changes in top assets[48] - **Factor Evaluation**: The factor has shown significant excess returns in 2015-2016 and 2021-2023[49] Factor Backtesting Results - **Expected Growth (gf)**: - Cable: 12 stocks, largest weight stock Zhongtian Technology, average market cap 21.791 billion yuan, 3-month performance 49.62%[34] - Cement: 19 stocks, largest weight stock Conch Cement, average market cap 17.929 billion yuan, 3-month performance 12.71%[34] - Glass Fiber: 6 stocks, largest weight stock China Jushi, average market cap 26.657 billion yuan, 3-month performance 63.67%[34] - Rare Earth and Magnetic Materials: 17 stocks, largest weight stock Northern Rare Earth, average market cap 31.018 billion yuan, 3-month performance 98.77%[34] - White Goods III: 10 stocks, largest weight stock Midea Group, average market cap 113.675 billion yuan, 3-month performance -1.21%[34] - **Actual Growth (g)**: - Integrated Circuits: 104 stocks, largest weight stock Cambricon-U, average market cap 45.058 billion yuan, 3-month performance 42.93%[37] - PCB: 38 stocks, largest weight stock Shenghong Technology, average market cap 27.163 billion yuan, 3-month performance 112.10%[37] - Tungsten: 4 stocks, largest weight stock Xiamen Tungsten, average market cap 30.523 billion yuan, 3-month performance 69.26%[37] - Lithium Battery Equipment: 12 stocks, largest weight stock Lead Intelligent, average market cap 11.731 billion yuan, 3-month performance 60.15%[37] - Weapons and Equipment III: 12 stocks, largest weight stock Great Wall Military Industry, average market cap 21.307 billion yuan, 3-month performance 80.22%[37] - **Profitability (ROE)**: - Beer: 7 stocks, largest weight stock Tsingtao Brewery, average market cap 26.758 billion yuan, 3-month performance -3.94%[39] - Liquor: 20 stocks, largest weight stock Kweichow Moutai, average market cap 162.722 billion yuan, 3-month performance 4.12%[39] - Non-dairy Beverages: 7 stocks, largest weight stock Eastroc Beverage, average market cap 32.754 billion yuan, 3-month performance -4.45%[39] - Network Connection and Tower Setup: 19 stocks, largest weight stock Zhongji Xuchuang, average market cap 64.299 billion yuan, 3-month performance 202.29%[39] - Building Decoration III: 28 stocks, largest weight stock Gold Mantis, average market cap 3.436 billion yuan, 3-month performance 4.42%[39] - **Quality Dividend (DP+ROE)**: - Automotive Motor Control: 15

Market Overview - The Hong Kong stock market indices experienced a collective decline, with the Hang Seng Index down by 0.6%, the Hang Seng China Enterprises Index down by 0.64%, and the Hang Seng Tech Index down by 0.78% [2] Sector Performance - Chinese brokerage stocks led the declines, with notable drops including Guotai Junan down 5.02%, Zhongzhou Securities down 3.9%, and CICC down 3.26% [2] - The consumer sector also faced downward pressure, with companies like China Southern Airlines down 2.37% and BYD down 2.53% [2] - Real estate, property management, and building materials sectors showed weakness, with Shimao Group down 7.69% and Yuexiu Property down 2.46% [2] Emerging Trends - The robotics, Tesla, and brain-computer interface sectors also performed poorly, with Lijiang Technology down 7% and Nanjing Panda Electronics down 4.17% [3] - Conversely, the pharmaceutical sector saw gains, with companies like Chuangsheng Group-B up 33.25% and Sanleaf Biotech-B up 29.75% [3] Catalysts for Market Movements - Recent comments from the State-owned Assets Supervision and Administration Commission emphasized the need to accelerate the development of the biopharmaceutical industry, which has positively influenced related stocks [4] - The upcoming World Lung Cancer Conference is expected to showcase significant clinical data from domestic new drugs, further boosting investor sentiment in the biopharmaceutical sector [4] Commodity and Other Sectors - Gold and precious metals stocks rose due to increasing international gold prices, with Lingbao Gold up 6.09% and Zhaojin Mining up 4.03% [4] - The solar energy sector also showed positive momentum, alongside certain consumer stocks, including luxury goods and dairy products [5]

Market Overview - The Hong Kong stock market opened high but closed lower, with the Hang Seng Index down 0.6% to 25,343.43 points and a total turnover of HKD 2,676.47 million [1] - The Hang Seng Tech Index fell 0.78% to 5,683.74 points, indicating a weak market sentiment despite improved funding conditions and a focus on industrial policies [1] Blue Chip Performance - Alibaba Health (00241) led blue-chip stocks, rising 4.58% to HKD 6.39, contributing 2.8 points to the Hang Seng Index [2] - Other notable gainers included CSPC Pharmaceutical (01093) up 4.47% and Zhongsheng Group (00881) up 3.1%, while BYD Electronic (00285) fell 4.99% [2] Sector Highlights - Large tech stocks showed mixed results, with Baidu up 2.79% and JD.com nearly 1% higher, while Alibaba fell 0.45% [3] - The innovative drug sector continued its upward trend, with WuXi AppTec (02268) up 9.3% and HAPO (02142) up 9.16% [3][4] - Gold stocks were active, benefiting from rising gold prices, with Lingbao Gold (03330) up 6.09% and Shandong Gold (01787) up 2.07% [5] Foreign Investment in Innovative Drugs - Foreign investments in Chinese innovative drug companies have increased, with GIC acquiring 40.22 million shares of HAPO at an average price of HKD 12.7133, totaling approximately HKD 5.11 billion [4] - The domestic innovative drug sector has seen significant growth, with 83 licensing agreements worth USD 84.53 billion this year [4] Robotics Sector Developments - The robotics sector is experiencing renewed interest, with Tesla emphasizing the importance of its robotics business [6] - MicroPort Robotics (02252) surged 13.28%, reflecting positive sentiment in the robotics industry [5] Notable Stock Movements - Changfei Optical Fiber (06869) rose 12.61% amid speculation about the demand for hollow-core optical fibers [7] - Huya Technology (01860) reported a 47% revenue increase to USD 938 million, with significant growth in its gaming segment [8] - China Tobacco Hong Kong (06055) reached a historical high, reporting an 18.52% revenue increase to HKD 10.316 billion [9] - Neway Group (01686) saw a decline of 13.81% despite a 10% revenue increase to HKD 2.938 billion [10]

Market Overview - The Hong Kong stock market opened high but closed lower, with the Hang Seng Index down 0.6% to 25,343.43 points and a total turnover of HKD 26.76 billion [1] - The market fundamentals remain weak, but there is an improvement in the funding environment and a focus on industrial policies [1] Blue Chip Performance - Alibaba Health (00241) led blue-chip gains, rising 4.58% to HKD 6.39, contributing 2.8 points to the Hang Seng Index [2] - Other notable blue-chip performers include CSPC Pharmaceutical (01093) up 4.47% and Zhongsheng Group (00881) up 3.1% [2] Sector Highlights - Large tech stocks showed mixed results, with Baidu up 2.79% and JD.com nearly 1% higher, while Alibaba fell 0.45% [3] - The innovative drug sector continued its upward trend, with WuXi AppTec (02268) up 9.3% and HAPO (02142) up 9.16% [3][4] Foreign Investment in Innovative Drugs - Foreign investments in Chinese innovative drug companies have increased, with GIC acquiring 40.22 million shares of HAPO at an average price of HKD 12.7133, totaling approximately HKD 5.11 billion [4] - The domestic innovative drug sector has seen significant growth, with 83 licensing agreements worth USD 84.53 billion this year [4] Gold Stocks Activity - Gold stocks were active, with Lingbao Gold (03330) up 6.09% and Shandong Gold (01787) up 2.07%, driven by rising gold prices amid increased risk aversion [5] - International gold prices reached new highs, with NY gold futures surpassing USD 3,600 per ounce [5] Robotics Sector Developments - The robotics sector showed mixed performance, with MicroPort Robotics (02252) up 13.28% and some stocks like Sanhua Intelligent Control (02050) down [6][5] - Tesla emphasized the strategic importance of its robotics business, indicating significant future value [6] Notable Stock Movements - Changfei Optical Fiber (06869) surged 12.61% due to market interest in hollow-core fiber optics, with a projected compound growth rate of 56.52% over the next six years [7] - Huya Technology (01860) reported a 47% year-on-year revenue increase, reaching USD 938 million [8] - China Tobacco Hong Kong (06055) reached a historical high, with a revenue increase of 18.52% to HKD 10.316 billion [9] - Neway Group (01686) saw a significant drop of 13.81% despite a 10% revenue increase to HKD 2.938 billion [10]

证券之星消息，9月3日化学制药板块较上一交易日上涨1.39%，百利天恒领涨。当日上证指数报收于 3813.56，下跌1.16%。深证成指报收于12472.0，下跌0.65%。化学制药板块个股涨跌见下表： 从资金流向上来看，当日化学制药板块主力资金净流入9.41亿元，游资资金净流出8.69亿元，散户资金净 流出7145.32万元。化学制药板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 688506 | 百利天恒 | 410.00 | 13.39% | 2.17万 | | 8.12亿 | | 603367 | 辰欣药业 | 26.90 | 10.02% | 27.01万 | | 6.96亿 | | 600079 | 人福医药 | 22.57 | 9.99% | 142.47万 | | 31.61亿 | | 002020 | 京新药业 | 20.45 | 6.45% | 42.72万 | | 8.61亿 | | 688658 | 倪康药业 | 29.70 | ...