11月14日，天士力盘中上涨2.06%，截至13:24，报15.86元/股，成交2.32亿元，换手率0.99%，总市值 236.94亿元。 资金流向方面，主力资金净流入719.20万元，特大单买入1224.57万元，占比5.27%，卖出1069.18万元， 占比4.60%；大单买入6499.90万元，占比27.99%，卖出5936.09万元，占比25.56%。 截至9月30日，天士力股东户数8.13万，较上期增加34.45%；人均流通股18383股，较上期减少25.62%。 2025年1月-9月，天士力实现营业收入63.11亿元，同比减少2.35%；归母净利润9.84亿元，同比增长 16.88%。 分红方面，天士力A股上市后累计派现80.53亿元。近三年，累计派现20.92亿元。 机构持仓方面，截止2025年9月30日，天士力十大流通股东中，香港中央结算有限公司位居第四大流通 股东，持股4710.82万股，相比上期增加1193.00万股。南方中证500ETF（510500）位居第六大流通股 东，持股1096.18万股，相比上期减少11.24万股。创新药（159992）位居第八大流通股东，持股738.23 万股 ...

Market Overview - The Hong Kong stock market experienced a collective decline in its three major indices on November 14, with technology stocks suffering significant losses while innovative drug concepts saw gains [1] - The largest ETF tracking the A-share sector, the Hang Seng Tech Index ETF (513180), followed the index's sharp drop, with major holdings like JD Health rising against the trend, while Baidu, JD Group, Xpeng Motors, NIO, Alibaba, and Kuaishou all fell, with Baidu dropping over 7% in the afternoon [1] Influencing Factors - Overnight, U.S. tech stocks faced substantial adjustments, with leading AI technology companies like Nvidia experiencing heavy sell-offs, which may have impacted market sentiment in Hong Kong [1] - Recent cautious signals from Federal Reserve officials have heightened market concerns, with an increasing number of officials showing hesitation regarding further interest rate cuts. Cleveland Fed's Harker emphasized the need for a restrictive monetary policy, while San Francisco Fed's Daly stated it is too early to determine if a rate cut will occur in December [1] - As of the time of reporting, the probability of a rate cut in December had decreased from nearly 70% a week prior to around 50% according to the CME FedWatch Tool [1]

2025 年 11 月 14 日 星期五 ➢ 每日大市点评 周四港股开市后一度调整，但是午后回复涨势，恒生指数更突破并维持在 27,000 点水平。恒生指数及国企指数分别收报 27,073 点及 9,599 点，皆分别上升 0.6%。港股成交合共 2,707 亿港元，相比周三的 2,364 亿港元，增长 14.5%。这可反 映乐观情绪扩大。分类指数方面，原材料、医疗保健、非必需性消费业指数分别上升 4.2%、3.8%、1.6%，能源、电讯、 公用事业则分别下跌 1.6%、1.1%、0.6%。蓝筹个股方面，中国生物制药(1177 HK)及翰森制药(3692 HK)领涨，分别上升 6.5%及 4.8%；华润万象生活(1209 HK)及中国神华(1088 HK)领跌，分别下跌 3.5%及 2.7%。 特朗普签署国会两院通过的临时拨款法案，让大部分政府机构可运作至 2026 年 1 月底。美国政府停摆暂时结束，符合近 日市场预期，但是预计一些股市投资者趁利好消息减持获利。另一方面，OPEC 修改原油供应紧张的预测，转为预计 2026 年供应轻微过剩，主因生产增长较快。WTI 原油价格失守 60 美元水平。预料港股石油 ...

消息面上，三生制药在2025年STIC会议上公布707联合化疗治疗1LNSCLC的临床2期研究数据。此外， 辉瑞公布707全球临床策略，辉瑞与三生制药达成协议后，积极推进707的临床开发，并将707管线列为 其核心管线，目前已经提交5个新的临床申请，辉瑞的第二波开发计划预计在2026年底前将新增10个适 应症的临床试验和10种以上新型组合方案。 三生制药(01530)再涨近5%，截至发稿，涨4.03%，报35.14港元，成交额11.29亿港元。 华泰证券此前发布研报称，10月30日，根据Clinicaltrials披露，辉瑞注册了PF-08634404（SSGJ-707）的 两项全球三期临床试验（NSCLC和CRC），正式启动海外临床。该行认为辉瑞707全球临床开展速度超 市场预期，充分体现了FDA对中国创新药的认可，随着ADC联用等后续临床的逐步开展，有望持续催 化公司估值提升。 ...

Group 1: A-Share Market Performance - The A-share market experienced overall low-level fluctuations on November 14, with major indices declining. The Shanghai Composite Index fell by 0.16%, the Shenzhen Component Index decreased by 1.10%, and the ChiNext Index dropped by 1.74% [4] - The real estate sector showed resilience, with stocks like Rongsheng Development and Huaxia Happiness hitting the daily limit [9] - The pharmaceutical sector saw significant gains, with multiple stocks such as Shuyupingmin, Kangzhi Pharmaceutical, and Haichen Pharmaceutical reaching the daily limit of 20% [6][9] Group 2: Pharmaceutical Sector Insights - The pharmaceutical and biotechnology sector was notably active, with several stocks hitting the daily limit. Specific stocks included Shuyupingmin (+20.03%), Kangzhi Pharmaceutical (+20.00%), and Haichen Pharmaceutical (+19.99%) [6][7] - A report from CITIC Securities highlighted a positive outlook for the pharmaceutical industry through 2026, driven by innovation and supportive policies. The report suggests that the industry is expected to return to a market pricing system based on clinical value and demand [9] Group 3: Hong Kong Market Performance - The Hong Kong market also faced declines, with the Hang Seng Index dropping over 1%. Notable declines were seen in tech stocks, including Baidu and JD.com [12] - However, hydrogen energy-related stocks surged, with Reshape Energy experiencing a peak increase of over 60% during trading [11][12] - Other hydrogen energy stocks, such as Guofu Hydrogen Energy and Guohong Hydrogen Energy, also saw significant gains, with increases of over 26% and 10%, respectively [15]

Group 1: Pharmaceutical Sector Performance - The pharmaceutical stocks in the A-share market experienced a significant surge despite the overall market downturn, with multiple stocks hitting the daily limit up [1][6][9] - Notable performers included Shuyupingmin (涨幅 +20.03%), Kangzhi Pharmaceutical (涨幅 +20.00%), and Haichen Pharmaceutical (涨幅 +19.99%) [7][6] - The medical and health industry is expected to maintain a stable growth trend, driven by innovation and supportive policies, with a focus on clinical value and demand-oriented pricing [9] Group 2: Real Estate Sector Insights - The real estate sector showed resilience, with several stocks such as Rongsheng Development and Huaxia Happiness hitting the daily limit up, despite a broader market decline [1][10] - National statistics indicated a 14.7% year-on-year decline in real estate development investment for the first ten months of 2025, with residential investment down by 13.8% [10] Group 3: Hydrogen Energy Stocks in Hong Kong - In the Hong Kong market, hydrogen-related stocks saw substantial gains, with Reshape Energy rising over 60% during trading [3][11] - The surge in hydrogen stocks is attributed to recent government policies promoting the integration of coal and new energy, which emphasizes technological innovation and development in the hydrogen sector [14]

华泰证券此前发布研报称，10月30日，根据Clinicaltrials披露，辉瑞注册了PF-08634404(SSGJ-707)的两 项全球三期临床试验(NSCLC和CRC)，正式启动海外临床。该行认为辉瑞707全球临床开展速度超市场 预期，充分体现了FDA对中国创新药的认可，随着ADC联用等后续临床的逐步开展，有望持续催化公 司估值提升。 消息面上，三生制药在2025年STIC会议上公布707联合化疗治疗1LNSCLC的临床2期研究数据。此外， 辉瑞公布707全球临床策略，辉瑞与三生制药达成协议后，积极推进707的临床开发，并将707管线列为 其核心管线，目前已经提交5个新的临床申请，辉瑞的第二波开发计划预计在2026年底前将新增10个适 应症的临床试验和10种以上新型组合方案。 三生制药(01530)再涨近5%，截至发稿，涨4.03%，报35.14港元，成交额11.29亿港元。 ...

Market Overview - The Shanghai Composite Index experienced a slight decline of 0.16%, closing at 4022.89 points, while the Shenzhen Component Index fell by 1.1%, the ChiNext Index dropped by 1.74%, and the STAR Market 50 Index decreased by 1.5% [1] - The total trading volume across the Shanghai and Shenzhen markets reached 12,469 billion [1] Sector Performance - Sectors such as semiconductors, food and beverage, and liquor showed weakness, while gas, oil, pharmaceuticals, real estate, and banking sectors saw gains [1] - The Hainan Free Trade Zone and innovative drug concepts were particularly active [1] Investment Insights - Pacific Securities noted that the current absorption rate for technology stocks has fallen below 25%, indicating a release in chip congestion, although the time frame remains insufficient [1] - It is expected that technology stocks will exhibit differentiated performance moving forward, with those lacking earnings support likely to experience significant corrections, while those with earnings support, such as storage, will maintain upward momentum [1] - The non-ferrous metals sector is benefiting from constrained supply and demand growth narratives driven by AI, making it a technically stronger sector at present [1] - The chemical sector is also showing upward movement due to narratives surrounding new energy and AI, presenting both safety margins and upside potential, warranting active attention [1]

Core Viewpoint - Hong Kong pharmaceutical stocks are showing resilience, with the Hang Seng Hong Kong Stock Connect Innovative Drug Index rising by 1.12%, indicating a strong performance in the sector [1] Industry Performance - The Hang Seng Hong Kong Stock Connect Innovative Drug Index has experienced a three-day upward trend, with leading stocks such as Cloudtop New Drug, 3SBio, and InnoCare Pharma driving the gains [1] - The Hang Seng Innovative Drug ETF (159316) has seen trading volumes exceed 500 million yuan, reflecting increased investor interest and market activity [1] - The A-share pharmaceutical commercial sector is also performing well, with the E Fund Innovative Drug ETF (516080) index rising nearly 1% in early trading [1] Industry Trends - According to CICC, there is a clear trend of innovation going global, with ongoing benefits from drug review reforms and supportive policies in China [1] - The Chinese innovative drug industry is transitioning into its 2.0 era, moving from "importing and imitating" to "innovating and exporting" [1] - The industry is increasingly internationalizing through models such as License-out and New-Co, showcasing the global ambitions of Chinese innovative drug companies [1] Investment Opportunities - The Hang Seng Hong Kong Stock Connect Innovative Drug Index is the first index with 100% "purity" in tracking innovative drugs, providing a precise reflection of the overall performance of Chinese innovative drug companies [1] - The Hang Seng Innovative Drug ETF (159316) is currently the only product tracking this index, offering investors a convenient way to capitalize on industry development opportunities [1]

睿智医药所属申万行业为：医药生物-医疗服务-医疗研发外包。所属概念板块包括：创新药、抗癌治 癌、AI医药、CRO概念、阿尔茨海默等。 11月14日，睿智医药盘中上涨2.40%，截至10:48，报11.52元/股，成交1.04亿元，换手率1.94%，总市值 57.37亿元。 资金流向方面，主力资金净流入182.84万元，特大单买入378.07万元，占比3.62%，卖出343.06万元，占 比3.29%；大单买入2199.10万元，占比21.06%，卖出2051.27万元，占比19.65%。 睿智医药今年以来股价涨79.44%，近5个交易日涨6.47%，近20日涨2.58%，近60日跌10.70%。 今年以来睿智医药已经2次登上龙虎榜，最近一次登上龙虎榜为7月29日，当日龙虎榜净买入1.65亿元； 买入总计2.56亿元 ，占总成交额比16.71%；卖出总计9095.17万元 ，占总成交额比5.93%。 资料显示，睿智医药科技股份有限公司位于广东省广州市越秀区东风中路268号交易广场28楼，成立日 期2000年1月26日，上市日期2010年12月22日，公司主营业务涉及医药研发与生产外包服务、微生态营 养、微生态医 ...