Group 1 - The Shanghai Composite Index surpassed 4000 points, reaching a nearly ten-year high, indicating a significant recovery in the A-share market [1] - A total of 8 IPOs were launched on October 28, with all new stocks experiencing an increase by the end of the trading day [1] - The A-share market has seen 87 new listings in 2025, raising over 901 billion yuan, surpassing the total fundraising amount of the previous year [1] Group 2 - The Hong Kong IPO market has also rebounded, with 78 companies listed in 2025, raising over 1991 million HKD, more than double the total from the previous year [1] - Major IPOs from companies like CATL, Zijin Mining, and others have driven the Hong Kong Stock Exchange to lead global IPO financing in the first three quarters of 2025 [1][4] - Hundreds of companies are currently in the IPO queue, indicating a robust pipeline for future listings [1] Group 3 - The Beijing Stock Exchange focuses on serving innovative small and medium-sized enterprises, particularly in specialized and innovative sectors, with lower entry barriers and shorter review periods [2] - The first three quarters of 2025 saw 286 new applications for IPOs in Hong Kong, with many companies from new economy sectors such as electric vehicles and biotechnology [3] Group 4 - The majority of companies going public in Hong Kong are from mainland China, with 234 mainland enterprises having filed for IPOs as of October 24, 2025 [4] - Regulatory support, including lowered listing thresholds for specialized technology companies and improved approval processes, has contributed to the vibrant IPO market in Hong Kong [4]

Market Overview - The chemical pharmaceutical sector experienced a decline of 1.54% on October 28, with Chengyi Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - Notable gainers included: - N Baitete (688759) with a closing price of 31.01, up 74.41% and a trading volume of 340,300 shares, totaling 1.11 billion yuan [1] - Hongyuan Pharmaceutical (301246) closed at 17.98, up 6.33% with a trading volume of 351,700 shares, totaling 626 million yuan [1] - Major decliners included: - Chengyi Pharmaceutical (603811) closed at 12.23, down 8.39% with a trading volume of 314,700 shares, totaling 387 million yuan [2] - Chenxin Pharmaceutical (603367) closed at 20.54, down 7.89% with a trading volume of 421,800 shares, totaling 885 million yuan [2] Capital Flow - The chemical pharmaceutical sector saw a net outflow of 2.077 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.337 billion yuan [2] - The capital flow for individual stocks indicated that N Baitete had a net inflow of 445.16 million yuan from institutional investors, representing 40.17% of its total trading [3] - Chengyi Pharmaceutical experienced a net outflow of 516.61 million yuan from retail investors, accounting for 13.34% of its trading [3]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of October 28, with Northeast Electric (00042) leading with a premium rate of 900.00% [1] - The article also provides a detailed ranking of stocks based on their deviation values, indicating significant discrepancies between H-shares and A-shares [1] AH Premium Rate Rankings - The top three stocks with the highest AH premium rates are: - Northeast Electric (00042) with a premium rate of 900.00% and a deviation value of 75.55% [1] - Sinopec Oilfield Service (01033) with a premium rate of 243.75% and a deviation value of 15.37% [1] - Hongye Futures (03678) with a premium rate of 237.50% and a deviation value of 6.12% [1] - The bottom three stocks with the lowest AH premium rates are: - CATL (03750) with a premium rate of -17.41% and a deviation value of -1.72% [1] - China Merchants Bank (03968) with a premium rate of 0.06% and a deviation value of -3.65% [1] - Heng Rui Medicine (01276) with a premium rate of 1.24% and a deviation value of 4.09% [1] Deviation Value Rankings - The top three stocks with the highest deviation values are: - Northeast Electric (00042) with a deviation value of 75.55% [1] - Cambridge Technology (06166) with a deviation value of 54.96% [1] - Shandong Molong (00568) with a deviation value of 41.55% [1] - The bottom three stocks with the lowest deviation values are: - Shanghai Electric (02727) with a deviation value of -17.88% [1] - First Tractor Company (00038) with a deviation value of -17.04% [1] - Tianjin Chuangye Environmental Protection (01065) with a deviation value of -15.23% [1]

Core Insights - The report emphasizes the significant role of phosphoramidite monomers in the small nucleic acid industry chain, highlighting their impact on the development of small nucleic acid drugs, which are considered promising candidates for treating various diseases due to their unique molecular structures and therapeutic mechanisms [1][6][10] - The report predicts robust growth in the demand for phosphoramidite monomers, with multinational pharmaceutical companies likely to benefit from this trend, as the global nucleotide market is projected to reach USD 730 million in 2023, with China being the largest production market [10][11] Section Summaries Phosphoramidite Monomer's Role - Phosphoramidite monomers are crucial raw materials for synthesizing small nucleic acid drugs, enhancing their stability and biological activity, and driving innovation in drug development [6][9] - The solid-phase phosphoramidite method is the mainstream technique for synthesizing oligonucleotides, which are a major cost component in nucleic acid drug production [9] Market Dynamics - The report notes that 90% of global nucleotides are used for nucleic acid drug production, with only about 10% allocated to health foods and agriculture [10] - The small nucleic acid drug market is primarily dependent on major multinational pharmaceutical companies, indicating potential benefits for companies within their supply chains [11] Investment Recommendations - The report suggests focusing on innovative drug companies such as Furuya Co., OncoOne, and others, as well as raw material suppliers like WuXi AppTec and others, indicating a diverse range of investment opportunities in the sector [10]

Core Viewpoint - The ongoing trend of A-share companies listing in Hong Kong continues, with Junsheng Electronics being the latest to initiate its IPO, aiming to join the "A+H" market strategy [2][4]. Group 1: Company Overview - Junsheng Electronics plans to globally issue approximately 155 million H-shares, with 15.51 million shares available for public offering in Hong Kong and around 140 million shares for international placement [2]. - The company specializes in intelligent automotive technology solutions, focusing on the research, manufacturing, and sales of automotive components, particularly in automotive electronics and safety [4]. - Junsheng Electronics ranks 41st in the global automotive parts industry and is the second-largest supplier of passive safety products in China and globally, based on revenue [4]. Group 2: Financial Details - The expected maximum offer price for Junsheng Electronics is HKD 23.60 per share, with anticipated net proceeds from the global offering of approximately HKD 3.4585 billion [3]. - The allocation of net proceeds includes approximately 35% for R&D and commercialization of automotive intelligent solutions, 35% for improving manufacturing capabilities and supply chain management, 10% for expanding overseas market share, 10% for potential investments and acquisitions, and the remaining 10% for working capital and general corporate purposes [3]. Group 3: Timeline and Market Impact - The subscription period for Junsheng Electronics runs from October 28 to November 3, with H-shares expected to begin trading on the Hong Kong Stock Exchange on November 6 [4]. - The company has established cornerstone investment agreements with several investors, committing to a total of approximately USD 107.1 million for the shares being offered [2].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company reported a revenue of 23.188 billion, net profit attributable to shareholders of 5.751 billion, and net profit excluding non-recurring items of 5.589 billion for the first three quarters of 2025, representing year-on-year growth of 14.85%, 24.50%, and 21.08% respectively [2] - In Q3 2025, the company achieved revenue of 7.427 billion, net profit attributable to shareholders of 1.301 billion, and net profit excluding non-recurring items of 1.317 billion, with year-on-year growth of 12.72%, 9.53%, and 16.89% respectively [2] - The company has enhanced its innovation momentum with multiple new drug approvals in Q3 2025, including China's first self-developed EZH2 inhibitor and a unique eye drop for treating meibomian gland dysfunction-related dry eye [3] - The internationalization process has accelerated, with three overseas business development agreements reached in Q3 2025, including collaborations with GSK and Braveheart Bio, indicating a normalization of external licensing for innovative drugs [4] - R&D investment has increased, with R&D expenses reaching 4.945 billion in the first three quarters of 2025, a year-on-year increase of 8.72%, and cumulative R&D investment exceeding 50 billion [4] Summary by Sections Performance Review - For Q1-Q3 2025, the company achieved revenues of 23.188 billion, net profit of 5.751 billion, and net profit excluding non-recurring items of 5.589 billion, with respective year-on-year growth rates of 14.85%, 24.50%, and 21.08% [2] - In Q3 2025, the company reported revenues of 7.427 billion, net profit of 1.301 billion, and net profit excluding non-recurring items of 1.317 billion, with year-on-year growth rates of 12.72%, 9.53%, and 16.89% [2] Business Analysis - The company has seen a continuous enhancement in innovation, with several new drugs approved for market entry in Q3 2025 [3] - The internationalization process has been expedited, with significant overseas collaborations established [4] - R&D expenses have increased, reflecting a commitment to innovation and operational efficiency [4] Profit Forecast, Valuation, and Rating - The company is expected to see rapid growth in innovative drug revenues, with projected revenues of 33.8 billion, 38 billion, and 42.6 billion for 2025, 2026, and 2027 respectively, and net profits of 9 billion, 10.5 billion, and 12.1 billion for the same years [5]

Group 1 - The A-share market experienced a decline in the afternoon session on October 28, with the MSCI China A50 Connect Index dropping approximately 0.45%, while leading stocks such as Industrial Fulian, Zhongji Xuchuang, and Shanxi Fenjiu showed gains [1] - CITIC Securities noted a cooling in market sentiment since October, with a slowdown in the inflow of incremental funds; however, the overall market has not lost momentum, and recent sentiment has stabilized [1] - The "14th Five-Year" plan is expected to enhance market risk appetite in the short term, while providing a clear growth path for A-shares through technological breakthroughs and industrial upgrades in the medium to long term [1] Group 2 - A50 ETF (159601) closely tracks the MSCI China A50 Connect Index, offering a packaged investment in 50 leading interconnected assets, providing balanced coverage of core A-share market performance [1] - The sector distribution of the A50 ETF's constituent stocks includes electronics, banking, food and beverage, and power equipment [1] - The top ten holdings of the A50 ETF include Ningde Times, Zijin Mining, Industrial Fulian, Kweichow Moutai, Cambrian, Haiguang Information, Zhongji Xuchuang, BYD, Luxshare Precision, and Heng Rui Medicine [1]

2025胡润百富榜揭晓。 10月28日，胡润研究院发布2025胡润百富榜，1434位个人财富50亿元（人民币，下同）以上的企业家登上今年胡润百 富榜，比去年增加了340位；上榜企业家的总财富接近30万亿元，比去年增长42%。 其中，农夫山泉创始人钟睒睒以5300亿元第四次成为中国首富，并刷新了中国首富的财富纪录。字节跳动创始人张一 鸣以4700亿元退居第二，让出去年首富头衔。小米创始人雷军以3260亿元排名第五，这是他自2015年后时隔十年第二 次闯进前五。 从上榜情况来看，北京、上海和深圳仍然是最多上榜企业家居住的前三大城市。其中，有147位上榜企业家居住在深 圳，财富总和2.9万亿元，占总额9.6%。 钟睒睒再次登顶 字节跳动创始人张一鸣财富增长1200亿元，增幅为34%，以4700亿元退居第二，让出去年首富头衔。胡润研究院表 示，今年上半年字节跳动营收超6500亿元，同比增25%；中国市场贡献75%，TikTok占海外收入超60%。根据第三方机 构QuestMobile的数据，截至2025年8月，字节跳动旗下AI助手"豆包"月活跃用户达到1.57亿，位居国内第一位。据胡润 全球独角兽榜，字节跳动是中国第 ...

从基金十大重仓股角度 10月28日，恒瑞医药跌5.13%，截至发稿，报63.57元/股，成交49.84亿元，换手率1.22%，总市值 4219.27亿元。 资料显示，江苏恒瑞医药股份有限公司位于江苏连云港市经济技术开发区昆仑山路7号,中国香港铜锣湾 希慎道33号利园1期19楼1920室，成立日期1997年4月28日，上市日期2000年10月18日，公司主营业务涉 及江苏恒瑞医药股份有限公司是一家主要从事药品的研发、生产和销售的中国公司。该公司专注于肿瘤 领域，覆盖激酶抑制剂、抗体偶联药物（ADC）、肿瘤免疫、激素受体调控、脱氧核糖核酸（DNA） 修复及表观遗传、支持治疗等研究领域。该公司的产品包括抗肿瘤、镇痛麻醉和造影剂，应用于自身免 疫疾病、代谢性疾病、心血管疾病、感染疾病、呼吸系统疾病、血液疾病、疼痛管理、神经系统疾病、 眼科、肾病等领域。该公司主要在国内外市场开展其业务。主营业务收入构成为：销售商品86.88%， 许可收入12.63%，其他0.49%。 数据显示，财通证券资管旗下1只基金重仓恒瑞医药。财通资管宸瑞一年持有期混合A（010413）二季 度持有股数36.2万股，占基金净值比例为3.27%，位 ...

Core Viewpoint - Heng Rui Medicine experienced a 5.13% decline in stock price, closing at 63.57 yuan per share, with a total market capitalization of 421.93 billion yuan [1]. Company Overview - Jiangsu Heng Rui Medicine Co., Ltd. is located in Lianyungang, Jiangsu, and was established on April 28, 1997, with its stock listed on October 18, 2000. The company focuses on the research, production, and sales of pharmaceuticals, particularly in the oncology field, covering areas such as kinase inhibitors, antibody-drug conjugates (ADC), tumor immunology, hormone receptor regulation, DNA repair, and supportive therapies [1]. - The company's product portfolio includes anti-tumor drugs, analgesics, and contrast agents, which are used in various medical fields including autoimmune diseases, metabolic diseases, cardiovascular diseases, infectious diseases, respiratory diseases, hematological diseases, pain management, neurological diseases, ophthalmology, and nephrology [1]. - The main revenue composition of the company is as follows: 86.88% from product sales, 12.63% from licensing income, and 0.49% from other sources [1]. Fund Holdings - According to data from major fund holdings, Shangzheng Fund has one fund heavily invested in Heng Rui Medicine. The Shangzheng Zhengtai Balanced Allocation Mixed Fund A (020848) held 40,000 shares in the second quarter, accounting for 7.53% of the fund's net value, making it the third-largest holding. The estimated floating loss today is approximately 137,600 yuan [2]. - The Shangzheng Zhengtai Balanced Allocation Mixed Fund A was established on November 5, 2024, with a latest scale of 27.43 million yuan. Year-to-date returns are 16.7%, ranking 5022 out of 8155 in its category, while cumulative returns since inception are 17.67% [2]. Fund Manager Information - The fund manager of Shangzheng Zhengtai Balanced Allocation Mixed Fund A is Chen Liejiang, who has been in the position for 3 years and 236 days. The total asset size of the fund is 124 million yuan, with the best fund return during his tenure being 121.21% and the worst being 5.47% [3].