Market Overview - A total of 66 stocks hit the daily limit up, while 21 stocks faced limit down, resulting in a sealing rate of 76% [1] - The market showed signs of recovery with all three major indices closing in the green; Shanghai Composite Index rose by 0.55%, Shenzhen Component Index by 0.19%, and ChiNext Index by 0.29% [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.11 trillion, a decrease of 210.7 billion from the previous trading day [1] Stock Performance - The only stock to achieve more than two consecutive limit ups was HeFu China, which reached a five-day limit up streak [3] - Pingtan Development achieved nine limit ups in 12 days, while Yingxin Development had eight limit ups in 11 days [1][12] - The sectors with the highest gains included Hainan, gaming, and film and television, while battery, non-ferrous metals, and rare earth permanent magnet sectors faced declines [1] Hot Sectors - The short drama concept continued to gain momentum, with companies like Yue Media and Huanrui Century achieving consecutive limit ups [5] - The gaming sector rebounded strongly, driven by better-than-expected Q3 reports and regulatory penalties for information disclosure violations [5] - The thorium-based molten salt nuclear power concept saw strong performance, with several stocks hitting limit up due to successful fuel conversion tests [6] Supply Chain Developments - Major memory chip manufacturers, including Samsung and SK Hynix, announced a pause in DDR5 DRAM contract pricing, leading to a significant rise in SK Hynix's stock [7] - The storage chip sector showed signs of recovery, with stocks like PuRan and XiangNong Chip reaching new highs [7] Innovation in Pharmaceuticals - A new "direct deamination" synthesis technology was published by a team from the University of Science and Technology of China, which could significantly reduce the cost of producing pharmaceutical intermediates [8] - This innovation has positively impacted the chemical sector, with stocks like MeiRui New Materials and BaiHeHua achieving limit ups [8] Future Market Outlook - The market is expected to continue its recovery trend, with a focus on low-priced stocks and new themes emerging [9] - The ability of the three major indices to reach new highs will depend on their ability to break through the short-term resistance levels [9]

Core Viewpoint - The passing of Wang Guobin, founder of Quanguo Fund and a prominent figure in value investing in China, is a significant loss for both the fund and the investment community [1][11]. Group 1: Wang Guobin's Contributions and Legacy - Wang Guobin had 31 years of experience in the securities industry and was a pioneer of the value investing philosophy in China, recognized as one of the most successful value investors in the A-share market [6][16]. - He founded Quanguo Fund in 2022, aiming to restart the public offering business and published his first book, "Investing in China" [6][18]. - Quanguo Fund's mission is to maximize long-term value for investors, continuing Wang's legacy of loyalty and trust in asset management [1][19]. Group 2: Industry Reactions and Tributes - The news of Wang Guobin's death prompted widespread mourning in the investment community, with many industry leaders expressing their shock and sorrow [1][12][13]. - Tributes highlighted his wisdom, energy, and the significant impact he had on the industry, with colleagues recalling his mentorship and insights [13][14][15]. Group 3: Quanguo Fund's Structure and Vision - Quanguo Fund was established with a registered capital of 100 million yuan, featuring a clear equity structure with major shareholders including Wang Guobin and Ren Li, each holding 35% of the shares [18]. - The fund implemented employee stock ownership plans to enhance long-term commitment among its staff, with nearly 20% of shares allocated to these plans [18]. Group 4: Investment Philosophy - Wang Guobin emphasized the importance of value investing, particularly during market volatility, advocating for a focus on objective realities and enduring wisdom [19][20]. - His investment approach combined value and growth investing principles, focusing on companies with clear business models, strong governance, and competitive advantages [20].

Core Insights - The Hong Kong stock market saw a net inflow of 54.72 billion HKD from northbound trading on November 3, with 13.04 billion HKD from the Shanghai Stock Connect and 41.68 billion HKD from the Shenzhen Stock Connect [1] Group 1: Stock Performance - The most net bought stocks included Xiaomi Group-W (01810), CNOOC (00883), and China Mobile (00941) [1] - The most net sold stocks were SMIC (00981), Alibaba-W (09988), and Hua Hong Semiconductor (01347) [1] Group 2: Individual Stock Analysis - Xiaomi Group-W (01810) received a net inflow of 10.29 billion HKD, with Citigroup estimating that its electric vehicle deliveries exceeded 40,000 units in October, bringing the year-to-date total to over 308,000 units, achieving 88% of its 2025 target of 350,000 units [5] - CNOOC (00883) saw a net inflow of 9.93 billion HKD, with OPEC+ announcing a production increase of 137,000 barrels per day in December, while also planning to pause production increases from January to March next year [5] - Kangfang Biopharma (09926) had a net inflow of 3.72 billion HKD, as its dual-specific antibody drug was included in the breakthrough therapy designation list, accelerating its clinical development [6] - Three-Sixty Biopharma (01530) received a net inflow of 3.25 billion HKD, with Pfizer starting two global Phase III clinical trials for its dual-specific antibody [6] - Innovent Biologics (01801) had a net inflow of 2.96 billion HKD, reporting a 40% year-on-year increase in total product revenue for Q3 2025 and forming a global strategic partnership with Takeda Pharmaceutical [7] Group 3: Market Trends - There is a continued reduction in holdings of semiconductor stocks, with SMIC (00981) and Hua Hong Semiconductor (01347) experiencing net outflows of 1.38 billion HKD and 628 million HKD, respectively [7] - China Mobile (00941) and Pop Mart (09922) received net inflows of 461 million HKD and 52.96 million HKD, respectively, while Tencent (00700) and Alibaba-W (09988) faced net outflows of 151 million HKD and 955 million HKD [7]

Group 1: Core Insights - The third quarter report of public funds highlights a significant performance divergence, with high-growth sectors continuing to be the main profit drivers for many funds, while traditional value sectors lag behind [1][6][10] - Major funds like Ruiyuan Growth Value and Galaxy Innovation Growth saw net value increases exceeding 50% in Q3, focusing on high-growth areas such as artificial intelligence, semiconductors, and optical modules [1][3][4] - Traditional value fund managers are facing challenges, with sectors like consumer goods and dividends showing weak performance, leading to a cautious outlook on these investments [1][7][10] Group 2: Fund Performance and Strategies - Ruiyuan Growth Value, with over 20 billion yuan in assets, reported a net value increase of over 50% in Q3, heavily investing in internet technology and high-growth sectors [3] - Xingquan Helun, with nearly 25 billion yuan, achieved a net value increase of 36.16%, focusing on optical modules and PCB, while maintaining a high position in the market [3] - The China Medical Health fund, with over 32 billion yuan, saw a net value increase of over 20%, driven by optimism in innovative drugs and medical devices [4] Group 3: Challenges in Value Investing - The consumer sector, particularly food and beverage, showed minimal growth, with the industry index rising only 2.44% in Q3, leading to underperformance for consumer-focused funds [7][8] - Fund managers like Xiao Nan and Liu Yan Chun, who focus on traditional sectors, reported modest gains, with Xiao Nan's fund increasing by 8.83% and Liu's by 9.09% in Q3 [8][9] - Concerns about the sustainability of growth in traditional sectors persist, with managers emphasizing the need for a recovery in domestic consumption to improve performance [10][11] Group 4: Market Dynamics and Future Outlook - The market's structural changes have made it increasingly difficult for fund managers to achieve stable excess returns, particularly in a concentrated market environment [12][14] - Some fund managers express caution regarding the rapid market gains, indicating a need for a more prudent investment approach amidst high valuations in popular sectors like AI [13][14] - The AI sector, while presenting significant opportunities, also carries risks due to high valuations and the potential for increased volatility in response to market sentiment and macroeconomic factors [14]

Core Viewpoint - Junshi Biosciences is positioned as a comprehensive innovative pharmaceutical company with capabilities spanning drug discovery, clinical research, large-scale production, and commercialization, aiming for a global footprint while being rooted in China [2] Group 1: Company Overview - Junshi Biosciences was established on December 27, 2012, and went public on July 15, 2020, focusing on the research and commercialization of monoclonal antibody drugs and other therapeutic proteins [7] - The company's main revenue sources include drug sales (90.67%), technology licensing and royalties (8.74%), and technical services (0.59%) [7] - As of September 30, 2025, Junshi Biosciences reported a revenue of 1.806 billion yuan, a year-on-year increase of 42.06%, while the net profit attributable to shareholders was -596 million yuan, reflecting a year-on-year growth of 35.72% [8] Group 2: Product Development and Pipeline - The company has developed a robust product pipeline, including its core product, Toripalimab, which is the first domestically approved PD-1 monoclonal antibody in China, with 11 approved indications and one supplemental NDA under review [2] - Toripalimab is also the first innovative biologic drug developed and produced in China to receive FDA approval, with approvals in multiple regions including the EU, the UK, and Australia [2] - Junshi Biosciences is advancing its self-developed Tifcemalimab, the first anti-BTLA monoclonal antibody to enter clinical development, with two Phase III registration trials ongoing [2] Group 3: Collaborations and Future Prospects - The company is collaborating with institutions such as Peking University and the Chinese Academy of Sciences to develop vaccines, including a monkeypox vaccine, which is currently in preclinical development [3] - Junshi Biosciences aims to explore early-stage pipelines, with multiple products expected to initiate critical registration clinical trials by 2025 [2]

Core Viewpoint - The popularity of innovative drugs is rapidly recovering, as evidenced by the significant trading volume and performance of the Hong Kong Stock Connect Innovative Drug ETF (520880) [1][3]. Group 1: Market Performance - On November 3, the trading volume of the Hong Kong Stock Connect Innovative Drug ETF (520880) exceeded 800 million yuan, surpassing the previous day's total and reaching a new high since September 12 [1]. - The ETF covers 37 innovative drug companies, with over 30 stocks showing gains, including leading performers such as Sihuan Pharmaceutical, CanSino Biologics, and Innovent Biologics [1]. - The ETF has attracted over 456 million yuan in October alone, indicating strong investor interest [1]. Group 2: Industry Developments - The innovative drug sector has seen positive developments, with 35 research projects selected for oral presentations at the ESMO 2025 conference, setting a new record [3]. - Significant collaborations, such as the 11.4 billion USD partnership between Innovent Biologics and Takeda, highlight the global market's recognition of the value of Chinese innovative drugs [3]. - The upcoming conclusion of the national medical insurance negotiations is expected to yield results in December, with the introduction of a "commercial insurance innovative drug directory" mechanism [3]. Group 3: ETF Characteristics - The Hong Kong Stock Connect Innovative Drug ETF (520880) passively tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, which exclusively includes innovative drug companies and has a significant focus on large-cap leaders [3][4]. - The top ten holdings of the ETF account for 71.63% of its weight, showcasing a strong concentration in leading companies [4]. - As of the end of September, the ETF has achieved a year-to-date increase of 108.14%, outperforming other innovative drug indices [4][5].

引言：在经历一轮调整 后，当前创新药的投资安全边际已较高，再叠加四季度国家医保谈判等利好催化，创新药的配置价值凸 显。 文/每日财报 杨悦 10月底，经历了一波震荡调整的创新药板块再度起飞，10月 31日收盘，当天多只创新药指数涨幅均超 3%，国证港股通创新药指数单日涨幅3.71%，跟踪该指数的港股通创新药ETF南方（159297）等产品同 样应声上涨。 消息面上，10月30日，2025年国家医保谈判在延续医保目录常规调整机制的基础上，首次引入"商保创 新药目录"机制。市场认为，这有望为创新药打开更广阔的市场空间。 拉长时间来看，此次创新药板块反弹或非情绪修复的偶然，而是政策、估值与产业周期共振的必然。在 经历一轮调整后，当前创新药的投资安全边际已较高，再叠加四季度国家医保谈判等利好催化，创新药 的配置价值凸显。 短暂调整后，创新药仍是"黄金赛道" 创新药的灵魂在于"新"，新药、新疗法对适应症有着突破性疗效，将极大改善患者的生活质量、延长生 存期甚至彻底治疗疾病。 以非小细胞肺癌为例，相较传统化疗，PD-1相关疗法可直接将患者的5年生存率提升近3倍，3年无进展 生存概率翻倍。这不仅给患者带来更大的希望，也为创 ...

Core Viewpoint - The company reported a steady internal revenue growth in Q3, with expectations that the upfront payment from the collaboration with GSK will be confirmed in Q4, indicating that the revenue growth for Q3 aligns with expectations. The confirmed upfront payment from business development (BD) is expected to be relatively small, while innovative drug sales are anticipated to continue growing rapidly [2]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 23.18 billion (up 14.9%) and a net profit attributable to shareholders of 5.75 billion (up 24.5%). The Q3 revenue was 7.43 billion (up 12.7%), with a net profit of 1.30 billion (up 9.5%) and a non-GAAP net profit of 1.32 billion (up 16.7%) [1]. - The gross profit margin for the first three quarters of 2025 was 86.2% (up 0.3 percentage points), with total period expense ratio at 58.3% (down 1.6 percentage points). The net profit margin was 24.8% (up 2.0 percentage points). In Q3, the gross profit margin was 85.5% (no change), with total period expense ratio at 65.4% (down 0.1 percentage points) and a net profit margin of 17.6% (down 0.5 percentage points) [3]. Profit Forecast and Investment Recommendation - The company is projected to achieve revenues of 34.44 billion, 39.05 billion, and 43.88 billion in 2025, 2026, and 2027, respectively, representing year-on-year growth of 23.1%, 13.4%, and 12.4%. The net profit attributable to shareholders is expected to be 9.18 billion, 10.70 billion, and 11.77 billion, with growth rates of 44.9%, 16.6%, and 10.0%, respectively. The corresponding price-to-earnings (PE) ratios are forecasted to be 45, 39, and 35 times [4].

Group 1 - The core viewpoint of the news highlights the positive market response to innovative drug companies in Hong Kong, with notable stock increases for companies like Kangfang Biotech and Innovent Biologics, driven by the initiation of the 2025 National Medical Insurance negotiations [1] - The 2025 National Medical Insurance negotiations began on October 30, expected to last 4-5 days, focusing first on basic medical insurance and then on commercial insurance for innovative drugs [1] - A total of 535 drug names passed the formal review for the basic medical insurance directory, with 311 outside the directory and 224 within it, while 121 drug names were reviewed for the commercial insurance innovative drug directory [1] Group 2 - The Hong Kong innovative drug ETF (513120) has seen over 1 billion yuan in net inflows in the past 10 days, with a total net inflow of over 9.218 billion yuan year-to-date, reaching a latest scale of 23.468 billion yuan [2] - The ETF focuses on high-quality biotech companies in the Hong Kong market, covering sectors such as innovative drugs, gene therapy, and cutting-edge biotechnology, with a combined weight of 88.9% in biopharmaceuticals and chemical pharmaceuticals [2] - The ETF includes major stocks like Innovent Biologics, BeiGene, and Kangfang Biotech, providing a convenient and efficient investment tool for investors with T+0 trading support [2]

Core Viewpoint - Kelong Pharmaceutical's stock has experienced a decline of 2.00% on November 3, with a current price of 34.30 CNY per share and a total market capitalization of 54.813 billion CNY [1] Financial Performance - For the period from January to September 2025, Kelong Pharmaceutical reported a revenue of 13.277 billion CNY, representing a year-on-year decrease of 20.92%. The net profit attributable to shareholders was 1.201 billion CNY, down 51.41% year-on-year [2] - The company has cumulatively distributed dividends of 6.898 billion CNY since its A-share listing, with 3.587 billion CNY distributed in the last three years [3] Stock Market Activity - Kelong Pharmaceutical's stock price has increased by 17.05% year-to-date, but has seen declines of 1.18% over the last five trading days, 6.73% over the last 20 days, and 7.41% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on April 30, where it recorded a net purchase of 31.8792 million CNY [1] Shareholder Information - As of September 30, 2025, Kelong Pharmaceutical had 37,100 shareholders, an increase of 8.35% from the previous period. The average number of tradable shares per shareholder was 35,200, a decrease of 7.70% [2] - The top ten circulating shareholders include various funds, with notable reductions in holdings for several institutional investors [3]