Core Viewpoint - BeiGene, a leading innovative pharmaceutical company in China, reported significant financial growth in Q3 2025, with total revenue reaching 27.595 billion yuan, a year-on-year increase of 44.2%, and a net profit of 1.139 billion yuan, recovering from a loss of 368.7 million yuan in the same period last year [2][4]. Financial Performance - Total revenue for the reporting period was 10,076.964 million yuan, reflecting a 41.1% increase compared to the same period last year [3]. - Product revenue amounted to 9,953.836 million yuan, up 40.6% year-on-year, contributing over 98% to total revenue [4]. - The company achieved a total profit of 746.452 million yuan, with a net profit attributable to shareholders of 688.812 million yuan [3]. Product Performance - The core growth drivers for BeiGene's performance were the sales of its BTK inhibitor, Brukinsa (Zebutinib), and the PD-1 monoclonal antibody, Tislelizumab [3][4]. - In Q3, Brukinsa generated global sales of 74.23 billion yuan, a 51.0% increase, accounting for over 70% of the company's product revenue [4]. - The U.S. remained the largest market for Brukinsa, with sales of 52.66 billion yuan, up 46.9%, while European sales surged by 68.2% to 11.65 billion yuan [4]. Market Outlook - The company has adjusted its 2025 revenue forecast, raising the expected range from 35.8 billion to 38.1 billion yuan to 36.2 billion to 38.1 billion yuan [4]. - Research and development expenses, along with sales and management costs, have been narrowed from 29.5 billion to 31.9 billion yuan to 29.5 billion to 30.9 billion yuan [4]. Pipeline Development - BeiGene is advancing its next-generation self-developed pipeline products globally, with the film-coated tablet formulation of Brukinsa approved by the European Commission [5]. - The company plans to submit a marketing application for Brukinsa for marginal zone lymphoma in Japan in the first half of 2026, aiming for orphan drug designation [5]. - The company has also initiated the first patient enrollment for the Phase III clinical trial of Tislelizumab for gastric cancer and submitted a marketing application in Japan [5].

Core Viewpoint - The company Zhongsheng Pharmaceutical (002317) is advancing its innovative drug RAY1225, which has global intellectual property rights and dual agonistic activity for GLP-1 and GIP receptors, showing potential for bi-weekly administration in treating type 2 diabetes and obesity [1] Group 1: Product Development - RAY1225 is an innovative structural polypeptide drug with excellent pharmacokinetic properties [1] - The drug is currently in Phase III clinical trials for the treatment of type 2 diabetes and overweight/obesity patients [1] - RAY1225 has received approval from the U.S. Food and Drug Administration (FDA) to conduct Phase II clinical trials directly in the U.S. for indications related to overweight or obesity [1]

Group 1 - The company announced the establishment of a wholly-owned subsidiary, Guilin Jinma Innovation Investment Co., Ltd., with an investment of 70 million yuan to support its strategic planning and R&D needs [1][3] - The company operates in various fields including oncology, microbiology, cardiovascular, detoxification, digestive system, musculoskeletal system, gynecology, and neurology [1] - The R&D process is managed by the headquarters, with production bases conducting projects based on their characteristics and market layout, including both innovative and generic drug development [1] Group 2 - The company received a notice of acceptance for the market application of Amber Dihydroaminoacridine Tablets, a new drug for treating mild to moderate Alzheimer's disease, which has undergone extensive clinical trials since 2007 [2] - The company emphasizes that new drug development is a long-term, high-investment, and high-tech process, with uncertainties regarding market prospects and economic returns [2] - The establishment of the subsidiary is part of the company's strategy to transform into an innovation-driven modern pharmaceutical enterprise, enhancing its core competitiveness and ensuring sustainable development [3]

Core Viewpoint - The Hong Kong stock market has rebounded significantly since 2025, driven by improvements in the macroeconomic environment, strong performance in the technology sector, and increased liquidity, positioning it as a key investment opportunity globally [1][3][33]. Group 1: Fundamental Reversal - The technology sector in Hong Kong has seen substantial improvement in fundamentals, with major companies reporting strong revenue and profit growth. For instance, Alibaba's Q1 revenue reached 236.45 billion RMB, a 7% year-on-year increase, while its Non-IFRS net profit grew by 22% to 29.85 billion RMB [4]. - Tencent reported a 14% year-on-year revenue increase to 364.53 billion RMB in the first half of 2025, with a Non-IFRS net profit of 124.4 billion RMB, up 16% [4]. - Xiaomi's revenue for the first half of 2025 was 227.25 billion RMB, reflecting a 38.2% year-on-year growth, with a Non-IFRS net profit increase of 69.8% to 2.15 billion RMB [5]. - Other sectors, including innovative pharmaceuticals and semiconductors, also reported strong mid-year results, indicating a broad recovery in profitability across industries [6][7]. Group 2: Liquidity Support - The liquidity environment for Hong Kong stocks has improved significantly in 2025, with a cumulative net inflow of over 1,285.69 billion HKD as of November 4, 2025, marking a historical high [11]. - Monthly net inflows have consistently exceeded 110 billion HKD, with a record single-day net purchase of 35.88 billion HKD on August 5, 2025 [12]. - The inflow of capital has primarily targeted technology stocks, financials, and high-dividend assets, with Tencent and Alibaba being the most significant beneficiaries [10][12]. - The average daily trading volume in the Hong Kong market has stabilized at over 30 billion USD, nearly doubling year-on-year, indicating enhanced market liquidity [18]. Group 3: Future Key Points - The rapid development of AI technology represents a significant industrial revolution, with China poised to play a crucial role in this transformation [21]. - Major companies are increasing investments in AI infrastructure and cloud computing, with Alibaba announcing a 380 billion RMB investment in AI and cloud services [24]. - The innovative pharmaceutical sector has seen remarkable growth, with over 100 billion USD in overseas licensing agreements for Chinese innovative drugs in the first ten months of 2025 [27]. - The semiconductor industry is also expanding, with SMIC increasing its monthly production capacity significantly to meet domestic demand [27]. - The National Index of Hong Kong Technology Stocks, which includes leading companies like Tencent, Alibaba, and Xiaomi, has shown strong performance, with a cumulative increase of 179.56% since 2017 [31].

截至10月31日，沪市科创板上市公司已基本完成2025年第三季度财务报告披露工作。 数据显示，目前已经披露第三季度报告的587家科创板企业整体收入稳中向前，企业利润于三季度实现飞跃。同时，以集成电路，创新药等为 主的科创板研发投入，研发导入商业化方面进展迅猛，多数企业经营造血能力普遍提升。 与此同时，科创板服务高水平科技自立自强，促进科技、资本、产业良性循环的平台角色日益彰显，科创板企业研发投入稳步增长，经营里程 碑突破消息频传，投资者回报水平明显提升，资本市场反哺效益开始集中显现。 医药制造行业则受益于海外原研药专利保护周期截止进入高峰，后续管线接力有赖于中国创新药企业合作导致。 此外，各类专用设备企业业绩开始逐步回暖，受益于各类控费，行业调整出清以及中国制造业出海进程加速。 从研发力度来看，科创板企业持续提升研发投入水平，研发费用率显著提高，研发费用支持合计366.27亿元，同比增长12%。 作为高投入，高资本开支为代表科技板块，科创板企业同样注重投资者回报和分红预期管理，良好的利润则带来良好的上市公司投资者回报潜 力。数据显示，目前科创板企业中，实现2024年年度分红企业接近一半；实现2025年年中分红 ...

Core Viewpoint - The company has entered into a distribution and supply agreement with PT Ferron, a leading pharmaceutical company in Indonesia, for the commercialization of BRIMOCHOL™PF, an innovative drug for treating presbyopia [1] Group 1: Agreement Details - The agreement grants PT Ferron exclusive rights to import, promote, distribute, market, and sell BRIMOCHOL™PF in Indonesia [1] - The company will receive an upfront payment and may earn additional milestone payments based on specific achievements [1] Group 2: Product Information - BRIMOCHOL™PF is a preservative-free, experimental eye drop administered once daily to correct age-related near vision loss [1] - The drug developer, Tenpoint, announced that the FDA has accepted the new drug application for BRIMOCHOL™PF, with a review deadline set for January 28, 2026 [1] Group 3: Clinical Study - BRIO-II is a three-arm, multi-center, randomized, double-blind study assessing the safety and efficacy of BRIMOCHOL™PF compared to other treatments, involving 629 participants across 47 trial centers in the U.S. [1]

Core Viewpoint - The company, Anhui Huaren Health Pharmaceutical Co., Ltd., is actively expanding its presence in the health sector for the elderly, focusing on chronic disease management and product development tailored to the needs of older adults [2][3]. Group 1: Company Overview - Anhui Huaren Health Pharmaceutical Co., Ltd. was established on June 29, 2001, and is located in Hefei, Anhui Province. The company was listed on March 1, 2023, and primarily engages in pharmaceutical agency, retail, and terminal procurement [7]. - The main business revenue composition includes 97.60% from traditional Chinese and Western medicine, with the remaining 2.40% from other sources [7]. - The company is categorized under the pharmaceutical and biological industry, specifically in the pharmaceutical commercial sector, with concepts including small-cap, retail pharmacies, and pharmaceutical e-commerce [7]. Group 2: Financial Performance - As of September 30, 2025, the company reported a revenue of 3.892 billion yuan, representing a year-on-year growth of 19.06%. The net profit attributable to shareholders was 157 million yuan, showing a 45.21% increase compared to the previous year [8]. - The company has distributed a total of 80.02 million yuan in dividends since its A-share listing [8]. - The number of shareholders decreased by 22.86% to 20,100, while the average circulating shares per person increased by 29.64% to 7,422 shares [8]. Group 3: Market Activity - On November 6, the company's stock price fell by 1.49%, with a trading volume of 193 million yuan and a turnover rate of 9.43%, resulting in a total market capitalization of 5.540 billion yuan [1]. - The main capital inflow for the day was negative at 8.1183 million yuan, indicating a lack of clear trends in major capital movements [4][5]. - The average trading cost of the stock is 13.62 yuan, with the stock price approaching a resistance level of 14.00 yuan, suggesting potential for upward movement if this level is surpassed [6].

Core Viewpoint - 康龙化成 is experiencing a slight increase in stock price and has a significant market capitalization, benefiting from various industry trends including digital transformation and AI integration in clinical services [1][2]. Company Overview - 康龙化成 (Beijing) New Drug Technology Co., Ltd. specializes in integrated drug research, development, and production services, covering the entire process from drug discovery to development [2][7]. - The company's main revenue sources include laboratory services (60.43%), CMC (small molecule CDMO) services (21.58%), clinical research services (14.58%), and other services [7]. Financial Performance - For the period from January to September 2025, 康龙化成 achieved a revenue of 10.086 billion yuan, representing a year-on-year growth of 14.38%, while the net profit attributable to shareholders decreased by 19.76% to 1.141 billion yuan [8]. - The company has distributed a total of 1.794 billion yuan in dividends since its A-share listing, with 1.007 billion yuan distributed over the past three years [9]. Market Position and Trends - 康龙化成 is positioned as a leader in the CRO (Contract Research Organization) sector, particularly in small molecule drug research services, and ranks second in drug discovery in China [2][3]. - The company is benefiting from the depreciation of the RMB, with overseas revenue accounting for 84.95% of total revenue [3]. Digital Transformation and AI Integration - 康龙化成 has made significant progress in digital and intelligent construction within its clinical services, establishing a "Digital Innovation Technology Department" to enhance efficiency through automation and machine learning [3]. - The acquisition of Shanghai Jiying is expected to further promote the company's digital transformation in clinical services, although it may face integration and management challenges [2][3].

来源：市场资讯 （来源：中信证券发布） 助力中国创新药走向世界 2025年11月6日，苏州旺山旺水生物医药股份有限公司（以下简称旺山旺水，2630.HK）成功于香港联 交所主板上市，发行规模约5.87亿港元。中信证券担任独家保荐人、整体协调人、联席全球协调人、联 席账簿管理人及联席牵头经办人。中信证券全球投资银行管理委员会联席主任程杰出席上市仪式。 2025年至今港交所22单医疗健康行业IPO，中信证券保荐10单 2025年至今港交所13单18A IPO，中信证券保荐7单 旺山旺水香港公开发行认购倍数6,238.42倍，在2025年香港联交所新上市的公司中排名医疗健康行业第 二、全市场第四 深耕神经精神、生殖健康与病毒感染领域 打造创新小分子药多元管线 旺山旺水致力于满足神经精神、生殖健康及病毒感染领域的临床需求，创始人团队来自中国科学院上海 药物研究所，系药物开发领域的著名科学家，拥有逾20年的行业经验。旺山旺水已形成极具竞争力且多 元化的创新药产品管线，其中两项处于商业化阶段，四项处于临床阶段，三项处于临床前阶段。本次上 市有助于提升旺山旺水的国际知名度以及影响力，进一步推进全球化研发，对旺山旺水的发展具 ...

Group 1: Report General Information - Report title: Fund Analysis Special Report (In - Depth) [1] - Report date: November 6, 2025 [1] Group 2: Hong Kong Stock Fund Performance and Scale Development Performance - **Return**: Among different types of Hong Kong stock funds, in the recent quarter, the return of Hong Kong - Stock Connect - Active funds was 20.11%, and that of Hong Kong - Stock QDII - Active funds was 22.43%. In the recent year, the return of Hong Kong - Stock QDII - Active funds reached 55.02%. In the recent 3 - year and 5 - year periods, different types of funds also showed various returns [13]. - **Maximum drawdown**: The maximum drawdown of Hong Kong - Stock Connect - Active funds in the recent quarter was - 4.57%, and that of Hong Kong - Stock QDII - ETF&Passive Index funds in the recent 5 - year period was - 54.98% [13]. - **Annualized Sharpe ratio**: The annualized Sharpe ratio of Hong Kong - Stock Connect - Active funds in the recent quarter was 3.87, and that of Hong Kong - Stock QDII - ETF&Passive Index funds in the recent 5 - year period was 0.11 [13]. Scale and Share - The report presents the scale development and share changes of different types of Hong Kong stock funds through relevant charts [17] New Fund Issuance - The new issuance situation of Hong Kong stock funds in each quarter is shown in the chart [21] Group 3: Hong Kong Stock Fund Positioning Characteristics Stock and Hong Kong Stock Positions - The distribution of stock positions and Hong Kong stock positions of Hong Kong stock funds in different periods is presented. For example, from 2024/12/31 to 2025/9/30, the proportion of different industries in the stock positions showed certain changes [29] Sector and Stock Allocation - **Sector allocation**: In 2025Q3, the top sectors in the heavy - position stocks of Hong Kong stock funds included Media (22.31%), Commerce and Retail (16.99%), and Pharmaceutical Biology (15.52%) [33]. - **Stock allocation**: The top 10 stocks in terms of market - value ratio in 2025Q3 included Alibaba - W (13.87%) and Tencent Holdings (13.00%). The report also shows the top 10 stocks for increased and decreased positions [35]. - **Number of heavy - position funds**: Tencent Holdings had the largest number of holding funds in 2025Q3 (192), and the report also shows the top 10 stocks for increased and decreased positions in terms of the number of holding funds [37]. - **Market - value distribution and concentration**: The market - value distribution and concentration of heavy - position stocks of Hong Kong stock funds are presented [42] Group 4: Hong Kong Stock Fund Company Analysis Fund Company Scale - The top 20 fund companies in terms of Hong Kong stock fund scale in 2025Q3 are listed. For example, E Fund had a scale of 155.06 billion yuan in 2025Q3, with a scale change of 79.91% compared to 2025Q2 [44]. Heavy - Position Industries and Stocks - **Heavy - position industries**: Different fund companies have different first, second, and third heavy - position industries. For example, E Fund's first heavy - position industry in 2025Q3 was Non - Banking Finance (29.53%), with a 14.61% change compared to the previous period [47]. - **Heavy - position stocks**: Each fund company has its own top heavy - position stocks. For example, E Fund's first heavy - position stock was Tencent Holdings (16.52%) [48]. Group 5: High - Performance Hong Kong Stock Fund Positioning Display and Quarterly Report Views Positioning Display - The report shows the heavy - position stocks of some high - performance actively managed Hong Kong stock funds in 25Q3, including their fund codes, names, types, 25Q3 returns, fund managers, total scales, and the proportion of the market value of holding stocks to the fund net value [51][52] Quarterly Report Views - Different high - performance funds have different investment strategies and views. For example, HuaAn Hong Kong - Shanghai - Shenzhen Connect Select A believes that the semiconductor, communication, and new - energy industries have contributed excess returns, and it has increased positions in Hong Kong stock Internet and A - share self - controllable industrial chains [53].