Core Viewpoint - The stock of Hotgen Biotech experienced a decline of 2.01% on November 7, with a current price of 136.99 CNY per share and a total market capitalization of 12.7 billion CNY. The company has seen a significant increase in stock price of 121.52% year-to-date, but has faced recent declines over various time frames [1][2]. Financial Performance - For the period from January to September 2025, Hotgen Biotech reported a revenue of 310 million CNY, representing a year-on-year decrease of 19.80%. The net profit attributable to shareholders was -109 million CNY, a significant decline of 168.12% compared to the previous year [2]. - Cumulative cash dividends since the A-share listing amount to 440 million CNY, with 17.34 million CNY distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Hotgen Biotech increased by 12.90% to 7,833, while the average circulating shares per person decreased by 11.43% to 11,835 shares [2]. - The top ten circulating shareholders include various funds, with notable changes in holdings: Huatai-PineBridge Innovation Medicine Mixed Fund reduced its holdings by 12.53%, while ICBC Frontier Medical Stock A increased its holdings by 50.00% [3]. Market Activity - The stock has been active on the trading board, appearing five times this year, with the most recent net purchase on July 4 amounting to 47.83 million CNY, accounting for 25.69% of total trading volume [1]. - The stock has experienced a decline of 14.38% over the last five trading days, 15.44% over the last 20 days, and 42.20% over the last 60 days [1]. Business Overview - Hotgen Biotech, established on June 23, 2005, and listed on September 30, 2019, specializes in the research, development, production, and sales of in vitro diagnostic reagents and instruments. The revenue composition includes 70.87% from testing reagents, 19.79% from testing instruments, 8.17% from other sources, and 1.17% from biological raw materials [1]. - The company operates within the pharmaceutical and biotechnology sector, specifically in medical devices and in vitro diagnostics, with involvement in concepts such as Alzheimer's, innovative drugs, antigen testing, and monkeypox [2].

Core Viewpoint - Eddie Pharmaceuticals experienced a stock price decline of 2.04% on November 7, 2023, with a current price of 14.37 CNY per share and a market capitalization of 6.047 billion CNY [1] Financial Performance - For the period from January to September 2025, Eddie Pharmaceuticals achieved a revenue of 552 million CNY, representing a year-on-year growth of 84.83% [2] - The company reported a net profit attributable to shareholders of -6.8405 million CNY, showing an increase of 88.78% year-on-year [2] Stock and Shareholder Information - As of September 30, 2025, the number of shareholders for Eddie Pharmaceuticals was 12,100, an increase of 1.55% from the previous period [2] - The average circulating shares per shareholder decreased by 1.53% to 34,709 shares [2] - Since its A-share listing, the company has distributed a total of 20.16 million CNY in dividends, with no dividends paid in the last three years [3] Institutional Holdings - As of September 30, 2025, notable institutional shareholders include: - Xingquan Commercial Model Mixed Fund (LOF) A, holding 6.229 million shares, ranked as the fifth largest circulating shareholder and a new entrant [3] - Huatai-PineBridge Healthcare Mixed Fund, holding 4.6607 million shares, ranked seventh and also a new entrant [3] - Penghua Medical Technology Stock A, holding 4.1255 million shares, ranked ninth, with a reduction of 2.68 million shares compared to the previous period [3] - Two funds,招商行业精选股票 and 广发价值核心混合 A, have exited the top ten circulating shareholders list [3] Business Overview - Eddie Pharmaceuticals, established on December 15, 2009, and listed on July 20, 2020, is based in Yangzhou, Jiangsu Province [1] - The company's main business involves the exploration, research, and sales of innovative chemical drugs and human-derived protein products, with revenue composition as follows: - Human-derived protein: 41.11% - New drugs: 35.69% - Diagnostic equipment, reagents, and others: 13.62% - Generic drugs: 9.47% - Others (supplementary): 0.11% [1]

【产品亮点】 创新药成果密集落地，生物医药景气上行，生物医药ETF(159859)布局龙头。 截至2025年11月7日 10:37，创新药ETF天弘(517380)成交776.27万元。跟踪指数成分股方面涨跌互现，新和成(002001)领涨3.80%，百济神州(06160)上涨 2.86%，百济神州(688235)上涨2.32%。 截至11月6日，创新药ETF天弘(517380)最新份额达17.40亿份，创成立以来新高。 从资金净流入方面来看，创新药ETF天弘(517380)近6天获得连续资金净流入，最高单日获得2281.80万元净流入，合计"吸金"7879.72万元。 生物医药ETF(159859)成交5304.21万元，跟踪指数成分股方面涨跌互现，华兰疫苗(301207)领涨4.16%，安科生物(300009)上涨2.53%，智飞生物(300122)上涨 1.44%。 截至11月6日，生物医药ETF(159859)近半年累计上涨20.23%，涨幅排名可比基金第一。生物医药ETF(159859)最新规模达32.66亿元，创近1月新高。生物医 药ETF(159859)最新份额达78.59亿份，创近3月新高。 ...

Core Insights - New Source's stock price increased by 2.12% on November 7, reaching 18.31 CNY per share, with a total market capitalization of 8.9 billion CNY [1] - The company has seen a year-to-date stock price increase of 16.62%, with a 10.37% rise over the last five trading days [1] Financial Performance - For the period from January to September 2025, New Source reported revenue of 951 million CNY, a year-on-year decrease of 14.36%, and a net profit attributable to shareholders of 201 million CNY, down 35.39% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 900 million CNY, with 607 million CNY distributed over the last three years [3] Business Overview - New Source, established on March 13, 2003, and listed on August 25, 2010, is located in Jiaozuo City, Henan Province, and specializes in the R&D, production, and sales of PVP series products, high-value pharmaceutical excipients, and in vitro diagnostic services [1] - The company's revenue composition includes: 39.57% from other PVP products, 28.35% from PVPK30 powder, 14.80% from the Oruisi series, and smaller contributions from precision medical services and early cancer diagnosis [1] Shareholder Information - As of October 20, New Source had 19,900 shareholders, a decrease of 1.49% from the previous period, with an average of 22,604 circulating shares per shareholder, an increase of 1.51% [2] Industry Classification - New Source belongs to the Shenwan industry classification of basic chemicals, specifically in the category of other chemical products, and is associated with concepts such as cancer treatment, innovative drugs, medical devices, biomedicine, and in vitro diagnostics [2]

Core Points - The stock price of Norska dropped by 2.14% on November 7, trading at 63.21 CNY per share with a market capitalization of 6.105 billion CNY [1] - Norska's stock has increased by 26.85% year-to-date, but has seen a decline of 7.84% over the last five trading days [1] - The company has been listed on the stock market since August 2, 2022, and specializes in clinical trial operation services and related fields [1] Financial Performance - For the period from January to September 2025, Norska reported a revenue of 607 million CNY, reflecting a year-on-year growth of 8.09% [2] - The net profit attributable to shareholders for the same period was 95.5668 million CNY, marking a year-on-year increase of 13.21% [2] - Cumulative cash dividends since the A-share listing amount to 49.4969 million CNY [2] Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 16.18% to 8,734 [2] - The average number of circulating shares per shareholder increased by 19.30% to 6,545 shares [2] - Notable changes in institutional holdings include the entry of Nuoan Pioneer Mixed A as the sixth largest shareholder with 1.6796 million shares [2]

Group 1: Company Performance - BeiGene reported a significant revenue increase, with Q3 revenue reaching 10.077 billion yuan, a year-on-year growth of 41.1% [1] - For the first three quarters, BeiGene's revenue totaled 27.595 billion yuan, up 44.2% year-on-year, surpassing the total revenue of the previous year [1] - The net profit attributable to shareholders for the first three quarters was 1.139 billion yuan, with product revenue growing by 43.9% to 27.314 billion yuan, driving the overall revenue growth [1] Group 2: Financial Guidance and Market Reaction - BeiGene raised its financial guidance for 2025, projecting annual revenue between 36.2 billion yuan and 38.1 billion yuan, an increase of 400 million yuan from previous estimates [1] - Following the earnings report, BeiGene's stock opened higher on November 7, showing resilience in a generally declining market for innovative drug stocks [1] Group 3: Market Trends and Investment Opportunities - The Hong Kong Stock Connect innovative drug sector has seen recent adjustments, attracting low-buying funds, with over 1.25 billion yuan flowing into the ETF over four consecutive days [3] - Analysts suggest that the current stock price levels are more reasonable after a period of adjustment, indicating potential investment opportunities in the innovative drug sector [3] Group 4: ETF Overview - The Hong Kong Stock Connect Innovative Drug ETF (520880) tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, which includes only pure innovative drug companies [4][5] - The top ten innovative drug leaders account for over 71% of the ETF's weight, highlighting the strength of leading companies in the sector [5][7] - As of November 3, the ETF's scale surpassed 2 billion yuan, making it the largest and most liquid ETF tracking this index [8]

Core Viewpoint - The Hong Kong stock market opened lower, with the Hang Seng Index down 0.51% and the Hang Seng Tech Index down 0.83%. Notable stocks like Hua Hong Semiconductor and BeiGene showed mixed performance, while the market anticipates a positive long-term outlook for innovative drugs despite recent adjustments in the healthcare insurance directory [1]. Market Performance - The Hang Seng Index opened down 0.51% and the Hang Seng Tech Index down 0.83% [1]. - Hua Hong Semiconductor opened down 3.87%, reporting Q3 sales revenue of $635 million, a year-on-year increase of 20.7% [1]. - BeiGene opened up 3.02%, with total revenue for the first nine months approximately $3.845 billion, a year-on-year increase of 43% [1]. - The Hang Seng Biotech Index opened lower but showed narrow fluctuations, with the Hang Seng Pharmaceutical ETF experiencing a slight decline [1]. Healthcare Insurance Directory Adjustment - This year marks the 8th adjustment of the healthcare insurance directory since the establishment of the National Healthcare Security Administration, with the notable addition of a commercial health insurance innovative drug directory [1]. Innovative Drug Market Outlook - The innovative drug sector has experienced a significant correction over the past three months, but the market expectations have lowered without impacting the fundamentals [1]. - There are multiple catalysts expected in the short term, including continued growth in Q3 performance and ongoing business development (BD) opportunities [1]. - Long-term prospects for innovative drug companies are expected to improve, maintaining a high level of enthusiasm for overseas expansion [1]. Investment Thesis - Dongwu Securities believes that innovative drugs will remain a key investment theme through 2026 due to their rising international status, explosive growth in overseas business development, significant market capitalization potential, and a transition to profitability [1]. - Key focus areas for innovative drugs include the next generation of ADC+2.0 IO and small nucleic acids [1].

Core Viewpoint - The stock of Zhifei Biological has shown fluctuations, with a recent increase of 2.02% and a year-to-date decline of 19.32%, indicating potential volatility in the market [1][2]. Company Overview - Zhifei Biological, established on July 20, 1995, and listed on September 28, 2010, is based in Chongqing and specializes in the research, production, and sales of vaccines and biological products [1]. - The company's revenue composition includes 88.84% from agency products, 10.15% from self-developed products, and 1.00% from other sources [1]. Financial Performance - For the period from January to September 2025, Zhifei Biological reported a revenue of 7.627 billion yuan, a year-on-year decrease of 66.53%, and a net profit attributable to shareholders of -1.206 billion yuan, a decline of 156.10% [2]. - Cumulatively, the company has distributed 7.318 billion yuan in dividends since its A-share listing, with 3.194 billion yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Zhifei Biological was 131,600, a decrease of 3.17% from the previous period, with an average of 10,750 shares held per shareholder, an increase of 3.28% [2]. - The top ten circulating shareholders include significant institutional investors, with notable reductions in holdings for several funds, indicating potential shifts in investor sentiment [3].

Core Viewpoint - Kangyuan Pharmaceutical's stock has shown fluctuations with a year-to-date increase of 11.38%, but recent performance indicates a decline over the past 60 days by 10.82% [1] Group 1: Stock Performance - As of November 7, Kangyuan Pharmaceutical's stock price reached 15.17 CNY per share, with a trading volume of 73.44 million CNY and a turnover rate of 0.86% [1] - The stock has experienced a net outflow of 429,200 CNY from main funds, with large orders showing a buy of 11.98 million CNY and a sell of 12.21 million CNY [1] - Over the last five trading days, the stock has increased by 1.47%, while it has decreased by 1.56% over the last 20 days [1] Group 2: Financial Performance - For the period from January to September 2025, Kangyuan Pharmaceutical reported a revenue of 2.343 billion CNY, representing a year-on-year decrease of 24.66% [2] - The net profit attributable to shareholders for the same period was 200 million CNY, down 44.10% compared to the previous year [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Kangyuan Pharmaceutical increased to 40,500, marking a rise of 17.20% [2] - The average number of circulating shares per person decreased by 14.68% to 13,969 shares [2] - The company has distributed a total of 949.8 million CNY in dividends since its A-share listing, with 345 million CNY distributed over the last three years [3]

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Viewpoints of the Report The report presents a comprehensive overview of the global financial market, including stock markets, commodity markets, bond markets, and foreign exchange markets, as well as important macro - economic and industry - related news. It reflects the current market trends, such as the decline in major global stock indices, fluctuations in commodity prices, and changes in bond yields. Additionally, it covers significant events like corporate mergers, policy announcements, and international cooperation initiatives. 3. Summary by Relevant Catalogs Overnight Night - Market Trends - US major stock indices closed lower, with the Dow down 0.84% at 46912.3 points, the S&P 500 down 1.12% at 6720.32 points, and the Nasdaq down 1.9% at 23053.99 points [5] - European major stock indices also closed lower, with the German DAX down 1.29% at 23740.38 points, the French CAC40 down 1.36% at 7964.77 points, and the UK FTSE 100 down 0.42% at 9735.78 points [6] - US Treasury yields fell across the board, with the 2 - year yield down 7.20 basis points to 3.553%, and others also showing declines [6] - International precious metal futures generally declined, with COMEX gold down 0.20% at $3984.80 per ounce and COMEX silver down 0.37% at $47.85 per ounce [7] - US oil and Brent crude futures declined slightly, with US oil down 0.12% at $59.53 per barrel and Brent crude down 0.08% at $63.47 per barrel [9] - Most London base metals rose, with LME copper down 0.1% at $10687 per ton, and others showing various changes [9] Important News Macro - economic News - Xi Jinping emphasized the strategic goal of building the Hainan Free Trade Port to be an important gateway for China's opening - up in the new era [11] - The Ministry of Commerce reported on the results of China - US economic and trade consultations in Kuala Lumpur, including issues such as fentanyl, tariffs, and agricultural trade [11] - China is actively promoting its accession to the CPTPP [11] - As of November 5, 2025, the annual customs clearance volume of the Ceke Port exceeded 26 million tons, a year - on - year increase of 25.7%, and it is expected to exceed 30 million tons in 2025 [12] Industry News - For the soda ash industry, this week's shipments, production, and overall inventory in China showed certain changes [14] - In Japan, commercial crude oil and gasoline inventories increased, while kerosene inventory decreased, and the refinery's average operating rate rose slightly [14] - In Singapore, fuel oil and light distillate inventories decreased, while middle distillate inventories increased [15] - In the US, the natural gas inventory increased by 33 billion cubic feet in the week ending October 31, 2025 [15] Metal Futures - A polysilicon restructuring "consortium" platform is being planned, with a proposed fund size of about $70 billion [17] - As of this Thursday, the national metallurgical - grade alumina's total production capacity and operating rate showed some changes [19] - Global gold ETFs had five consecutive months of capital inflows, with significant growth in asset management scale and trading volume in October [19] - The mining rights transfer income assessment report of a mine in Jiangxi is being publicly announced [19] Black - series Futures - For rebar, production, apparent demand decreased, and factory and social inventories continued to decline for four weeks [21] - The capacity utilization rate of coking coal mines decreased, and there were changes in coal production and inventory [21] - The average profit per ton of coke in independent coking plants showed different levels in different regions [21] Agricultural Futures - In southern Mato Grosso, Brazil, the soybean and corn yields increased significantly, and the second - season corn output is expected to rise substantially [24] - As of November 5, 2025, the apple cold - storage inventory in China's main producing areas decreased year - on - year [25] - In Malaysia, palm oil production increased in the first five days of November [25] - Brazil's November exports of soybeans, soybean meal, and corn are expected to be higher than last year [25] - India may double its sugar export quota in the new year [26] Financial Market Financial - A - shares rose unilaterally, with the Shanghai Composite Index back above 4000 points, and some sectors and concepts showed different trends [28] - The Hong Kong Hang Seng Index and related indices rose, and there were new stock listings and performance [29] - MSCI announced the November index adjustment results [29] - The China Securities Index Company will launch new indices [30] - The Science and Technology Innovation Board of the Shanghai Stock Exchange accepted the IPO application of Core Medical [30] - Hong Kong is promoting dual - currency trading of some local stocks and related measures [30] - The second - batch of long - term investment pilot insurance funds has made progress [30] - Guizhou Moutai held a performance briefing [31] - DeepWay submitted a prospectus to the Hong Kong Stock Exchange [32] Industry - The polysilicon industry may undergo major integration [33] - The financial regulatory authority is formulating guidelines for the high - quality development of science and technology insurance [33] - China will promote international cooperation in the new - energy storage field [33] - The construction machinery industry's October operating rate showed certain changes [33] - Chongqing issued policies to support the high - quality development of innovative drugs [34] Overseas - US President Trump reached an agreement on GLP - 1 weight - loss drugs, and there are investment and factory - building plans [35] - The US employment situation is severe, increasing the expectation of interest rate cuts [35] - The US government shutdown affects official inflation data and policy - making [35] - Some Fed officials have different views on interest rate cuts due to inflation concerns [36] - The US government shutdown affects the aviation industry, with flight capacity cuts [36] - The Bank of England maintained the interest rate at 4%, and the expectation of a December interest rate cut increased [36] - Japan plans to allocate about $6.5 billion annually to support the local chip and AI industries [38] - Japan's nominal wages increased in September, which may affect the central bank's policy [38] - Germany's industrial output showed a certain recovery in September [39] International Stock Markets - US major stock indices closed lower, with some individual stocks performing poorly, and there were concerns about Trump's tariff policies [40] - European major stock indices closed lower, affected by multiple factors [40] - Multiple valuation indicators of the US stock market are at high levels [41] - Nissan had a net loss in the first half of fiscal year 2025 and plans to sell its headquarters building [42] - Airbnb's third - quarter performance was good, and its after - hours trading price rose [42] Commodities - International precious metal futures declined [43] - Oil prices fell due to concerns about supply and demand [43] - Most London base metals rose [43] - Indonesia stopped approving applications for some nickel ore processing plants [43] - Saudi Aramco lowered the December crude oil price for Asia [45] - The US included copper in the 2025 key minerals list [45] Bonds - The Ministry of Finance issued $4 billion in sovereign bonds in Hong Kong, with high subscription rates [46] - The strength of A - shares put pressure on the bond market, and there were changes in bond yields and prices [46] - The real estate industry's bond financing in October increased year - on - year [46] - US Treasury yields fell [47] - Berkshire Hathaway may issue yen bonds [48] Foreign Exchange - The on - shore RMB against the US dollar rose, and the RMB was added as a settlement currency by the IATA [50] - The US dollar index fell, and most non - US currencies showed different trends [50]