格隆汇11月13日｜近日，苏州信诺维医药科技股份有限公司IPO辅导状态变更为"辅导验收"。辅导券商 国泰海通证券称，经辅导，公司认为辅导对象具备成为上市公司应有的公司治理结构、会计基础工作、 内部控制制度。 ...

11月13日，港股创新药逆市爆发！恒生港股通创新药精选指数100%布局创新药研发类公司，盘中一度 涨逾4%，领跑一众恒生创新药主题指数！ 港股通创新药ETF（520880）所覆盖的37家创新药研发类公司30股上涨，龙头股领衔本轮反弹！三生制 药大涨超7%，"创新药一哥"百济神州盘初摸高8%续创三年新高，中国生物制药、信达生物均大幅跟 涨。 | 序号 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | --- | --- | | 1 | HSSCPB | 恒生港股通创新药精选 | 2562.86 | 92.04 | 3.73% | | 2 | HSIDI | 恒生创新药 | 3134.40 | 112.32 | 3.72% | | 3 | HSSCID | 恒生港股通创新药 | 3649.82 | 129.53 | 3.68% | | 4 | HSSCHI | 恒生港股通创新药及医疗保健指数 | 3577.56 | 121.49 | 3.52% | | 5 | HSSCPBI | 恒生港股通药品及生物技术(可投资 | 2454.50 | 67.43 | ...

Core Viewpoint - Kangchen Pharmaceutical's stock has shown significant growth this year, with a year-to-date increase of 105.40%, despite recent fluctuations in the short term [2]. Financial Performance - For the period from January to September 2025, Kangchen Pharmaceutical achieved a revenue of 6.92 billion yuan, representing a year-on-year growth of 7.10%. The net profit attributable to the parent company was 1.28 billion yuan, reflecting a year-on-year increase of 13.19% [2]. - The company has distributed a total of 4.37 billion yuan in dividends since its A-share listing, with 1.75 billion yuan distributed over the past three years [3]. Stock Market Activity - As of November 13, Kangchen Pharmaceutical's stock price was 47.08 yuan per share, with a market capitalization of 75.03 billion yuan. The stock experienced a 2.06% increase during the trading session [1]. - The stock has been active on the龙虎榜 (top trading list) four times this year, with the most recent appearance on September 1 [2]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 10,700, up by 7.18% from the previous period. The average number of circulating shares per shareholder decreased by 6.12% to 14,806 shares [2]. - New institutional shareholders include several funds, such as Qianhai Kaiyuan and Huatai-PineBridge, which have recently entered the top ten circulating shareholders list [3].

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].

资料显示，北京神州细胞生物技术集团股份公司位于北京市北京经济技术开发区科创七街31号院，成立 日期2007年4月23日，上市日期2020年6月22日，公司主营业务涉及恶性肿瘤、自身免疫性疾病、感染性 疾病和遗传病等多个治疗和预防领域的生物药产品研发和产业化。主营业务收入构成为：销售商品 100.00%。 神州细胞所属申万行业为：医药生物-生物制品-其他生物制品。所属概念板块包括：抗癌治癌、创新 药、细胞治疗、抗癌药物、百度概念等。 截至9月30日，神州细胞股东户数1.37万，较上期增加40.96%；人均流通股32390股，较上期减少 29.06%。2025年1月-9月，神州细胞实现营业收入13.12亿元，同比减少32.27%；归母净利润-2.51亿元， 同比减少267.17%。 机构持仓方面，截止2025年9月30日，神州细胞十大流通股东中，香港中央结算有限公司位居第六大流 通股东，持股461.68万股，为新进股东。南方中证500ETF（510500）位居第七大流通股东，持股260.91 万股，相比上期减少9.34万股。创新药（159992）位居第十大流通股东，持股178.93万股，为新进股 东。中欧医疗健康 ...

11月13日，港股整体回调，港股创新药板块逆市再度大幅走高，百济神州涨超7%续创三年新高，继昨 日盘中涨超3%后，创新药含量100%的港股通创新药ETF（520880）今日继续逆市冲高3%。近期，巨量 资金持续逆市加仓港股创新药，11月3日，港股通创新药ETF（520880）基金规模首次突破20亿元，自7 月7日上市以来猛增392%。 港股通创新药ETF（520880）及其联接基金（025221）被动跟踪恒生港股通创新药精选指数，该指数完 全不含CXO，100%布局创新药研发类公司，超7成仓位押注大市值创新药龙头，低流动性成份股也将被 强制降低权重占比，是精准表征创新药硬核力量的纯正创新药指数。今年以来，该指数在同类指数中弹 性更高，进攻力更强，截至9月底，年内累涨108.14%，领涨一众创新药指数。 港股通创新药ETF（520880）基金经理丰晨成最新重申：创新药行情可能随时开启，当下或处于高胜率 区间。二级市场方面，本轮调整在时间和空间维度都较为充分。历史上，创新药指数的回调平均时长在 30-40天，幅度在20%附近。少数几次跌破阈值的行情都伴随极端事件比如加息、疫情透支这种罕见事 件。而在创新药产业趋势 ...

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].