Core Viewpoint - The Chinese stock market experienced a slight decline, with the Shanghai Composite Index closing at 4000.14 points, down 0.07% [1] Market Performance - The Shanghai Composite Index reported a trading volume of 840.47 billion yuan - The Shenzhen Component Index closed at 13240.62 points, down 0.36%, with a trading volume of 1104.57 billion yuan - The ChiNext Index ended at 3122.03 points, down 0.39%, with a trading volume of 487.83 billion yuan [1] Sector Performance - Sectors such as brokerage, automotive, coal, semiconductor, chemical, and steel saw declines - Conversely, sectors including insurance, oil, and pharmaceuticals experienced gains - Innovative drugs, immunotherapy, and brain engineering concepts were particularly active [1]

Core Viewpoint - Kanghong Pharmaceutical's stock has shown significant volatility, with a year-to-date increase of 70.47%, but recent trends indicate a decline over the past 20 and 60 days [1][2]. Financial Performance - For the period from January to September 2025, Kanghong Pharmaceutical reported a revenue of 3.624 billion yuan, representing a year-on-year growth of 6.23%, and a net profit attributable to shareholders of 1.033 billion yuan, with a growth of 6.08% [2]. - The company has distributed a total of 2.038 billion yuan in dividends since its A-share listing, with 1.04 billion yuan distributed over the past three years [3]. Shareholder Information - As of October 20, 2025, the number of shareholders for Kanghong Pharmaceutical increased by 3.53% to 24,900, while the average circulating shares per person decreased by 3.41% to 27,592 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 28.007 million shares, an increase of 732,000 shares from the previous period [3]. Stock Market Activity - On November 13, Kanghong Pharmaceutical's stock price rose by 2.08% to 32.39 yuan per share, with a trading volume of 139 million yuan and a turnover rate of 0.63% [1]. - The stock has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on July 21 [1].

Core Viewpoint - The stock of Shenzhou Cell has shown a significant increase of 41.24% year-to-date, despite recent fluctuations in trading performance and a notable decline in revenue and net profit for the first nine months of 2025 [2][3]. Group 1: Stock Performance - As of November 13, Shenzhou Cell's stock price rose by 2.01% to 51.17 CNY per share, with a trading volume of 61.31 million CNY and a turnover rate of 0.27%, resulting in a total market capitalization of 22.79 billion CNY [1]. - Year-to-date, Shenzhou Cell's stock has increased by 41.24%, with a 1.27% rise over the last five trading days, a 6.26% decline over the last 20 days, and a 21.35% drop over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Shenzhou Cell reported a revenue of 1.31 billion CNY, representing a year-on-year decrease of 32.27%. The net profit attributable to shareholders was -251 million CNY, a significant decline of 267.17% compared to the previous year [2]. - The company has appeared on the stock market's "Dragon and Tiger List" three times this year, with the most recent appearance on July 4, where it recorded a net purchase of 87.53 million CNY [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Shenzhou Cell increased by 40.96% to 13,700, with an average of 32,390 circulating shares per shareholder, a decrease of 29.06% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the sixth largest with 4.62 million shares, while Southern CSI 500 ETF holds 2.61 million shares, a decrease of 93,400 shares from the previous period [3].

Core Viewpoint - The Hong Kong stock market experienced an overall pullback, but the innovative drug sector saw significant gains, with BeiGene rising over 7% to reach a three-year high, and the Hong Kong Stock Connect Innovative Drug ETF (520880) continuing to rise by 3% despite the market downturn [1] Group 1: Market Performance - The Hong Kong Stock Connect Innovative Drug ETF (520880) saw its fund size exceed 2 billion yuan for the first time on November 3, marking a 392% increase since its launch on July 7 [1] - The innovative drug index has historically experienced an average pullback duration of 30-40 days, with a typical decline of around 20% [1] - The current adjustment has lasted nearly a quarter, with the index down over 20%, indicating a potential high-probability entry point for investors [1] Group 2: Industry Trends - The trend of Chinese innovative drugs going global is clear, supported by ongoing drug review reforms and favorable policies [1] - The Chinese innovative drug industry has entered its 2.0 era, shifting from "importing and imitating" to "innovating and exporting" [1] - The Hong Kong Stock Connect Innovative Drug ETF (520880) and its linked fund (025221) track the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, which exclusively invests in innovative drug R&D companies, with over 70% of its holdings in large-cap innovative drug leaders [2]

Core Insights - The Hong Kong stock market opened lower on November 12, with the Hang Seng Technology Index experiencing a slight pullback [1] - The Tianhong Hong Kong Technology ETF (159128) was officially listed and traded, with a transaction volume exceeding 20 million yuan [1] - The ETF closely tracks the Guozheng Hong Kong Stock Connect Technology Index, which consists of the top 30 Hong Kong stocks related to technology themes, covering areas such as AI, smart vehicles, and innovative pharmaceuticals [1] Market Performance - Among the constituent stocks, Baijia Shenzhou rose over 6%, while other notable gainers included Xinda Bio, Kangfang Bio, and WuXi Biologics [1] - As of November 11, the top 10 constituent stocks accounted for over 75% of the index, indicating a high concentration [1] Valuation Metrics - The current TTM price-to-earnings ratio of the Guozheng Hong Kong Stock Connect Technology Index is at the 36th percentile over the past five years, suggesting a historically low valuation level [1] - The ETF also includes off-market linked funds (A: 024885, C: 024886) [1] Economic Outlook - Expectations for interest rate cuts in the U.S. are rising, with a 67.6% probability of a 25 basis point cut in December according to CME FedWatch [2] - Analysts suggest that the Hong Kong stock market could reach new highs due to the influx of capital and the gathering of quality assets, with a focus on technology stocks [2] Market Sentiment - The foundation of the Hong Kong bull market remains intact, but the evolution is likely to be characterized by "volatile upward movement" rather than rapid increases [2] - The strong fundamental drivers in November highlight the importance of high-growth sectors, with opportunities emerging amid market fluctuations [2]

2025年以来，国产创新药从技术积累阶段陆续步入价值兑现期，医药板块持续回暖，创新药成为领涨先 锋。随着中国医药产业全球化步伐加快，越来越多兼具国际视野与协同能力的企业，正寻求通过香港资 本市场开启新一轮发展周期。11月7日，维健国际控股集团有限公司（"维健国际"或"公司"）向港交所 递交上市申请，拟借助国际资本平台，加快创新产品在中国及周边市场的落地与商业化。 公开资料显示，维健国际是一家专注于肾脏病与血液疾病治疗的中国领先综合性制药企业，致力于创新 药的开发与商业化，实现产品价值的最大化。根据招股书，公司近年业绩呈现稳步增长态势。2022年至 2024年，公司营业收入分别为7.24亿元、8.87亿元和9.02亿元；2025年前六个月净利润进一步增长至 2403.6万元，盈利能力持续提升。凭借公司强劲的财务增长以及覆盖开发、注册、市场准入到推广的全 链条能力，维健国际正加速从进口药品商业化平台向综合型制药企业转型。 聚焦肾脏病与血液肿瘤领域，产品管线构筑差异化竞争壁垒 全球范围内，肾脏病与血液疾病患者数量持续上升，而现有治疗方案仍难以满足临床需求。以CKD药 物为例，根据灼识咨询的资料中国CKD药物市场预计 ...

Core Viewpoint - Huahai Pharmaceutical's stock has shown fluctuations in recent trading, with a year-to-date increase of 7.20% and a recent decline over the past 20 and 60 days [1][2]. Financial Performance - For the period from January to September 2025, Huahai Pharmaceutical reported a revenue of 6.409 billion yuan, a year-on-year decrease of 11.57%, and a net profit attributable to shareholders of 380 million yuan, down 63.12% year-on-year [2]. - The company has cumulatively distributed 2.989 billion yuan in dividends since its A-share listing, with 1.016 billion yuan distributed in the last three years [3]. Stock Market Activity - As of November 13, Huahai Pharmaceutical's stock price was 18.89 yuan per share, with a market capitalization of 28.283 billion yuan [1]. - The stock experienced a net inflow of 6.4475 million yuan from main funds, with significant buying and selling activity noted [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 68,400, with an average of 21,889 circulating shares per person [2]. - Notable changes in institutional holdings include a decrease in shares held by China Europe Medical Health Mixed A and an increase by Hong Kong Central Clearing Limited [3].

港股创新药板块连续第二日上涨，百济神州涨7%，创2021年11月以来新高，映恩生物、信达生物、三 生制药分别涨7%、6.07%和5%，带动港股通创新药ETF南方(159297)上涨3.37%，录得两连阳。 消息面上，百济神州第三季度营收100.77亿元，同比增长41.1%；归属于上市公司股东的净利润6.89亿 元，同比扭亏为盈。前三季度营收275.95亿元，同比增长44.2%；归属于上市公司股东的净利润11.39亿 元，同比扭亏为盈。 国泰海通证券最新研报指出，全链条鼓励创新政策将进一步改善医保支付，商保创新药目录即将落地， 创新品种仍将是医药板块业绩最强劲的领域。外需方面，大品种专利悬崖的大背景下，MNC的BD交易 活跃，中国已成为全球TOP 20 MNC第二大项目来源地，2026年BD有望再创新高。 港股通创新药ETF南方(159297)跟踪国证港股通创新药指数，重仓百济神州、信达生物、康方生物等研 发实力强劲的中国创新药龙头，该ETF自9月22日上市以来的33日个交易日获资金"只进不出"，合计净 流入10.53亿元，份额新增11.62亿份，增长率高达285.91%，且产品管理费率+托管费率合计为0.2% ...

君实生物所属申万行业为：医药生物-生物制品-其他生物制品。所属概念板块包括：抗癌药物、抗癌治 癌、创新药、生物医药、精准医疗等。 截至9月30日，君实生物股东户数3.59万，较上期增加15.17%；人均流通股21361股，较上期减少 12.96%。2025年1月-9月，君实生物实现营业收入18.06亿元，同比增长42.06%；归母净利润-5.96亿元， 同比增长35.72%。 资金流向方面，主力资金净流入842.99万元，特大单买入384.09万元，占比4.73%，卖出119.26万元，占 比1.47%；大单买入1736.34万元，占比21.37%，卖出1158.19万元，占比14.25%。 君实生物今年以来股价涨42.92%，近5个交易日涨1.38%，近20日涨0.46%，近60日跌10.12%。 资料显示，上海君实生物医药科技股份有限公司位于上海市浦东新区平家桥路100弄6号7幢16层,香港铜 锣湾希慎道33号利园1期19楼1918室，成立日期2012年12月27日，上市日期2020年7月15日，公司主营业 务涉及单克隆抗体药物和其他治疗型蛋白药物的研发与产业化,单克隆抗体药物研发的技术服务与技术 转让等 ...

Core Insights - The stock price of Hotgen Biotech increased by 2.47% on November 13, reaching 156.56 CNY per share, with a total market capitalization of 14.514 billion CNY [1] Financial Performance - For the first nine months of 2025, Hotgen Biotech reported a revenue of 310 million CNY, a year-on-year decrease of 19.80%, and a net profit attributable to shareholders of -109 million CNY, a significant decline of 168.12% [2] - The company has distributed a total of 440 million CNY in dividends since its A-share listing, with 17.344 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 12.90% to 7,833, while the average circulating shares per person decreased by 11.43% to 11,835 shares [2] - Among the top ten circulating shareholders, notable changes include a decrease of 12.53% in holdings by Huatai-PineBridge Innovation Medicine Mixed Fund and an increase of 50.00% in holdings by ICBC Frontier Medical Stock A [3] Stock Market Activity - Hotgen Biotech's stock has seen a year-to-date increase of 153.17%, with a recent five-day increase of 11.99%, but a decline of 11.71% over the past 20 days and 32.69% over the past 60 days [1] - The company has appeared on the "Dragon and Tiger List" five times this year, with the most recent appearance on July 4, where it recorded a net purchase of 47.8269 million CNY [1] Business Overview - Hotgen Biotech, established on June 23, 2005, specializes in the research, production, and sales of in vitro diagnostic reagents and instruments, with a revenue composition of 70.87% from testing reagents, 19.79% from testing instruments, and 1.17% from biological raw materials [2] - The company operates within the pharmaceutical and biotechnology sector, specifically in medical devices and in vitro diagnostics, and is associated with concepts such as Alzheimer's, innovative drugs, and antigen testing [2]