今年以来，港股市场IPO募资总额超1900亿港元，位居全球交易所首位。宁德时代、恒瑞医药、海天味业等一批A股龙头公司相继登陆港交所，成为A+H上 市热潮中的主力军。截至10月21日，今年以来共有11家A股上市公司成功登陆港股市场，78家A股上市公司已在港交所排队，还有多家A股上市公司已公告 拟在港交所上市，但目前尚未递表。从市值构成上看，在已排队港交所的A股上市公司中，不乏立讯精密、阳光电源、牧原股份等千亿市值龙头公司。机构 人士认为，A股公司赴港上市热潮的背后有政策支持、资本市场回暖等因素共同推动，A+H模式正进入新一轮上行周期，A+H上市浪潮将长期改善港股市场 结构。 从医药行业三季度业绩前瞻看，CRO（合同研究组织）、CDMO（合同研发与生产组织）等上游细分领域有望延续上半年业绩向好趋势，继续表现亮眼； 中药、医疗器械、原料药、药店等板块部分个股也有较为不错的业绩表现。同时，伴随近期2025年欧洲肿瘤内科学会（ESMO）大会的数据披露以及BD （商务拓展）交易的持续落地，相关创新主线值得继续看好。 动力煤供需利好叠加，产地煤价预计延续上涨。近期主产区受降雨天气及大秦线检修影响，煤炭生产和运输受限，煤炭供 ...

湿疹制剂是指专门用于预防、缓解或治疗湿疹的各类药物或护理产品的统称。其核心作用是通过抗炎、止痒、修复皮肤屏障或调节免疫等机制，改善湿疹患 者的皮肤症状、减少复发并提升皮肤耐受性。 从患者年龄结构来看，皮炎湿疹的患病人群展现出覆盖全生命周期的广泛特征但核心群体高度集中。其中，18至60岁的青壮年构成了患者基数的绝对核心， 占比高达51.6%，这部分人群社会活动频繁，对生活质量和治疗效率的要求更高。同时，2至12岁的学龄前及学龄儿童是另一大主要患病群体，合计占比 20.7%。 湿疹发病率逐年上升及健康意识增强:环境恶化、精神压力增加等推动湿疹发病率持续攀升，加之消费者对皮肤健康的关注度不断提升，将促使湿疹患者主 动寻求专业治疗和优质用药。2019-2024年，中国湿疹制剂市场规模由40.3亿元增长至52.8亿元，期间复合增长率为5.5%。 湿疹制剂行业的主要企业包括外资药企和国内药企，外资药企在高端市场占据主导地位，国内药企则凭借价格优势和渠道覆盖能力在中低端市场有较强竞争 力。目前行业中主要企业为：恒瑞医药、信达生物、康诺亚、仙琚制药等。 华经产业研究院研究团队使用桌面研究与定量调查、定性分析相结合的方式，全面 ...

Group 1 - The A-share market experienced fluctuations, with the A500 ETF fund seeing a net subscription of 1.377 billion yuan in the last 10 days and 2.398 billion yuan in the last 20 days, indicating strong capital inflow [1] - Key sectors such as banking, pharmaceuticals, and consumer goods showed resilience, with Agricultural Bank's market value reaching a new high of over 3 trillion yuan [1] - The Shanghai Stock Exchange's International Investor Conference emphasized the importance of guiding capital towards advanced technologies and industries, enhancing corporate governance, and promoting long-term investment strategies [1] Group 2 - CITIC Securities maintains a positive outlook on A-shares and Hong Kong stocks, identifying four driving forces: capital inflow, technological innovation, institutional reform, and consumption upgrade [2] - The market is expected to focus on themes such as technological self-reliance, industrial upgrades, and resource security, with opportunities identified in AI, semiconductors, and high-end manufacturing [2]

【导读】A股半日震荡走低，超4000只个股下跌；电力设备、通信板块领跌，金融、石化逆市走强 全市场半日成交额达1.27万亿元，较上日同期基本持平；全市场超4000只个股下跌。 盘面上，上午电力设备、通信、计算机等板块走低，半导体、光伏、储能等概念股回调；大金融板块整体走强，石油天然气、家电、纺织服装等板块逆市 走强。 港股市场上午同步冲高回落，截至午间收盘，恒生指数涨0.62%；恒生科技指数跌0.42%，恒生国企指数涨0.59%。信义光能大跌6%，领跌恒指成份股。 来看详情—— 电力设备板块大跌 磷化工概念股回调 11月12日，A股电力设备板块整体走低，光伏、储能赛道集体回调。 阿斯特大跌17%，艾罗能源跌近12%，海陆重工（002255）、弘元绿能（603185）、双良节能（600481）等多股接近跌停。 | and the control of the may be any and 3 603185 弘元绿能 32.65 -3.57 -9.86% | | --- | | 4 002255 海陆重工 12.45 -1.35 -9.78% | | 5 | | 6 002121 科陆电子 8.79 -0.94 ...

11月12早盘，创新药强势上攻，医疗创新ETF(516820.SH) 现涨1.06%。成分股三生国健(688336)上涨 7.75%，百利天恒(688506)上涨3.83%，新产业(300832)上涨3.09%，科伦药业(002422)，恒瑞医药 (600276)等个股跟涨。 从资金净流入方面来看，医疗创新ETF近7天获得连续资金净流入，最高单日获得4427.89万元净流入， 合计"吸金"7869.92万元，日均净流入达1124.28万元。 上周，2025年国家基本医保药品目录谈判竞价和商保创新药目录价格协商工作完成，120家内外资企业 现场参与，其中参与基本医保药品目录谈判竞价的目录外药品127个，参与商保创新药目录价格协商的 药品24个。 兴业证券指出，近期创新药BD持续落地，已BD品种海外3期临床快速推进，创新药板块情绪回升，当 前产业趋势不变，短期调整后板块弹性进一步提升。同时，可继续重点关注景气度已复苏的创新药产业 链，当前在投融资数据、订单和业绩层面均看到向好趋势。此外，左侧角度出发，考虑行业逐步复苏， 我们认为可逐步关注医疗器械及中药等领域。 美国降息预期提升，将强化全球流动性与科技股的趋势，对 ...

市场短期震荡，但不改变股市长期慢牛趋势。长期来看，红利类资产和科技类资产有望长期有超额收益，杠铃策略有望再受关注。一方面随着居民资产配置 逐渐加大权益市场的配置，红利类资产有望最先受益；另一方面，科技类资产代表经济发展趋势，长期发展确定性强。上证180指数自带杠铃型策略：90% 红利+10%科技，是配置权益市场的良好品种。不同于纯红利投资，上证180指数还配置了一定比例的科技类资产，有望受益于科技的快速发展，在红利的基 础上增加了弹性。 数据显示，截至2025年10月31日，上证180指数(000010)前十大权重股分别为贵州茅台(600519)、紫金矿业(601899)、恒瑞医药(600276)、中国平安(601318)、 药明康德(603259)、寒武纪(688256)、工业富联(601138)、中芯国际(688981)、招商银行(600036)、长江电力(600900)，前十大权重股合计占比26.29%。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 200519 | 贵州茅台 | 1.02% | 4.21% | | 201899 | 紫雯 ...

替尔凭借更高的有效性和更好的耐受性，在美国市场占据主导地位，但 未来竞争将更加激烈，提高有效性、耐受性、依从性以及增肌将是主要 发展方向，口服减肥药也将占据重要地位。 口服多肽药物虽然有先发优势，但生物利用度低，对 API 需求大，产能 和成本受限。OFE 预计将占据优势，但在二代多肽上市前，该领域仍有 发展空间。未来两三年将是减肥药领域 BD 的重要窗口期，诺和诺德、 辉瑞、礼来等大药企是主要力量。 大药企在减肥领域布局广泛，包括 GLP-1 核心疗法、多点布局、长效及 新靶点等。联邦制药的 UBT251 产品已授权给诺和诺德，后续里程碑付 款及商业化分成值得关注。礼来通过 Elora 项目探索更好的 GIAE 控制， 并与 KeyBioscience 合作开发非偏向性靶点。 减肥药物开发的技术路线包括降钙素与艾米琳协同、SIRA 等。辉瑞收购 Metsara，看重其月制剂 GLP-1 和 Emily，并计划开发周制剂或月制剂。 预计到 2030 年全球目标患者约为 15 亿人，市场空间巨大，但目前渗 透率仍低，主要依赖商业保险和自费支付。 减重专题：GLP-1 有望成为慢病基石药物，1.0 时代到 2.0 ...

资金流向方面，主力资金净流入9341.89万元，特大单买入1.08亿元，占比14.36%，卖出5898.20万元， 占比7.83%；大单买入2.11亿元，占比27.97%，卖出1.66亿元，占比22.09%。 11月12日，恒瑞医药盘中上涨2.01%，截至09:50，报62.29元/股，成交7.53亿元，换手率0.19%，总市值 4134.31亿元。 截至9月30日，恒瑞医药股东户数39.73万，较上期增加8.94%；人均流通股16058股，较上期减少 8.21%。2025年1月-9月，恒瑞医药实现营业收入231.88亿元，同比增长14.85%；归母净利润57.51亿元， 同比增长24.50%。 分红方面，恒瑞医药A股上市后累计派现93.03亿元。近三年，累计派现35.68亿元。 机构持仓方面，截止2025年9月30日，恒瑞医药十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股4.87亿股，相比上期减少4817.92万股。中国证券金融股份有限公司位居第八大流通股东， 持股9539.98万股，持股数量较上期不变。华夏上证50ETF（510050）位居第九大流通股东，持股 8529.34万股，相比上期 ...

Group 1: Hong Kong IPO Market - The Hong Kong stock market has seen 87 IPOs this year, raising over 240 billion HKD, making it the top global exchange for IPO fundraising [1] - Major A-share companies like CATL, Hansoh Pharmaceutical, and Seres have led the A+H listing trend, with 16 A-share companies successfully listing in Hong Kong this year [1] - Over 300 companies have applied to list on the Hong Kong Stock Exchange this year, marking a historical high, indicating a significant recovery in the IPO scale [1] Group 2: Monetary Policy - The People's Bank of China has proposed a moderately loose monetary policy, utilizing various tools to maintain relatively loose social financing conditions [2] - The report emphasizes the need to improve the monetary policy framework and enhance the execution and transmission of monetary policy [2] Group 3: Private Fund Governance - The China Securities Investment Fund Industry Association has revised guidelines for private fund management, marking a new phase in risk disposal through self-regulation and judicial practice [3] - The new regulations provide a clear institutional path to address issues like "lost" or "ineffective" fund managers, enhancing the governance framework for the private fund industry [3] Group 4: Mid-Year Dividends - As of November 11, 1,083 companies have announced mid-year dividends totaling 766.17 billion CNY, surpassing last year's mid-year dividend amount [4] - Over 300 companies are making their first mid-year dividend announcements, indicating a growing trend towards mid-year dividends in the market [4] Group 5: 2026 Market Outlook - Securities firms are preparing for 2026, with expectations of stable macroeconomic performance and a continued upward trend in the A-share market [5][11] - The market's driving force is shifting from valuation recovery to profit fundamentals, indicating a more balanced approach to investment [5] Group 6: New Energy Vehicles - In October, the penetration rate of new energy vehicles in China exceeded 50% for the first time, reflecting significant growth in the sector [6][7] - The growth is attributed to effective government policies and consumer behavior influenced by tax incentives [7] Group 7: Financing Trends - Since October, financing funds have increasingly favored high-growth sectors such as electric equipment, electronics, and non-ferrous metals, with net purchases exceeding 100 billion CNY in these industries [8] - Notable stocks with significant net purchases have shown strong performance in the first three quarters, indicating investor confidence in their growth potential [8] Group 8: Foldable Smartphone Market - The foldable smartphone market in China showed signs of recovery in Q3 2025, with shipments reaching 2.63 million units, a year-on-year increase of 17.8% [9] - The recovery is driven by stable performances from major manufacturers and the launch of new products [9] Group 9: Insurance Products - Major insurance companies are launching "opening red" products, focusing on floating dividend insurance amid a declining interest rate environment [10] - The preset interest rates for insurance products have reached their lowest levels in nearly 20 years, prompting a shift towards more flexible, dividend-based products [10] Group 10: ETF Market Growth - A total of 317 ETFs have been launched this year, marking a year-on-year increase of 136.57% [14] - The rapid expansion of the ETF market is attributed to the ongoing development of index-based investment strategies in the capital market [14]

Group 1 - The Hong Kong IPO market has seen 87 new listings this year, raising over 240 billion HKD, making it the leading exchange globally for IPO fundraising [1][2] - A total of 16 A-share companies have successfully listed on the Hong Kong Stock Exchange this year, with over 80 more in the pipeline, indicating a significant trend of A+H listings [1][3] - The successful listings are predominantly from leading companies in their respective industries, with most having a market capitalization exceeding 20 billion HKD [3][4] Group 2 - Notable companies like CATL, Heng Rui Pharmaceutical, and Sai Lisi have raised substantial funds, with CATL alone accounting for over 30% of the total fundraising from A+H listed companies [4][5] - The majority of the A+H listed companies are concentrated in the technology and consumer sectors, reflecting a strategic focus on these core areas [4][9] - The performance of newly listed companies has been strong, with 12 out of 16 stocks rising or remaining stable on their first trading day [4][10] Group 3 - There has been a notable trend of H-shares trading at a premium over A-shares for some leading companies, indicating strong international investor confidence [5][9] - A record 302 companies have submitted IPO applications to the Hong Kong Stock Exchange this year, highlighting a robust interest in the market [6][8] - The influx of A-share companies seeking to list in Hong Kong is expected to enhance the quality and liquidity of the Hong Kong market [9][11]