Market Overview - The A-share market experienced a collective decline, with the Shanghai Composite Index falling by 1.11% to 3824 points, the Shenzhen Component Index down by 1.51%, and the ChiNext Index dropping by 2.1% [1][2] - The total market turnover was 1.75 trillion yuan, a decrease of 463 billion yuan compared to the previous trading day, with over 4300 stocks declining [1] Sector Performance - The precious metals sector saw significant declines, with notable drops in stocks such as Xiaocheng Technology and Western Gold, which fell over 8% and 7% respectively [4][5] - The Hainan sector faced pressure, with New Dazhou A dropping over 9% and other stocks like Hainan Highway and Hainan Ruize also declining [10] - The controllable nuclear fusion sector experienced a sharp drop, with Guoji Heavy Industry and Jingda Co. hitting the daily limit down [8][9] - The retail sector saw gains, with stocks like Yonghui Supermarket and Cuilan Co. hitting the daily limit up, supported by government policies aimed at boosting consumption [12][16] Notable Stocks - Xiaocheng Technology closed at 29.46 yuan, down 8.51%, while Western Gold ended at 26.10 yuan, down 7.61% [5] - Yonghui Supermarket reached a closing price of 5.56 yuan, up 10.10%, following announcements from the central government regarding economic policies [12][16] - The film industry faced declines, with Bona Film Group hitting the limit down and other companies like China Film and Ciweng Media dropping over 9% [6][7] Policy Impact - The central government emphasized expanding domestic demand as a key task for the upcoming year, which is expected to influence market sentiment positively [11][16] - The Hainan Free Trade Port is set to officially start operations on December 18, 2025, which may impact local businesses and investment opportunities [13]

Core Viewpoint - The company, Junshi Biosciences, is focused on becoming a leading innovative pharmaceutical company with a complete industry chain capability, from drug discovery to commercialization, and is actively developing vaccines and monoclonal antibodies for various diseases, including monkeypox [2][3]. Company Overview - Junshi Biosciences was established on December 27, 2012, and went public on July 15, 2020. The company is headquartered in Shanghai and specializes in the research and commercialization of monoclonal antibodies and other therapeutic protein drugs [7]. - The main revenue sources for the company include drug sales (90.67%), technology licensing and royalties (8.74%), and technical services (0.59%) [7]. Financial Performance - For the period from January to September 2025, Junshi Biosciences reported a revenue of 1.806 billion yuan, representing a year-on-year growth of 42.06%. However, the net profit attributable to the parent company was -596 million yuan, which is a 35.72% increase compared to the previous year [8]. Product Development - The company has developed a comprehensive pipeline of innovative drugs, including the first domestically approved PD-1 monoclonal antibody, Toripalimab, which has received approval for 11 indications in mainland China and is also approved in multiple countries including the US and EU [2]. - Junshi Biosciences is also developing Tifcemalimab, the world's first anti-BTLA monoclonal antibody, which is currently in Phase III clinical trials [2]. Collaborations and Research - On October 27, 2023, Junshi Biosciences announced collaborations with several research institutions and universities to develop a recombinant protein vaccine for monkeypox, with related products currently in preclinical development [3].

Core Viewpoint - Fuhong Hanlin (复宏汉霖) is positioned as a leading player in the biosimilar drug market in China, focusing on hematological malignancies, solid tumors, and autoimmune diseases, with a strong emphasis on international collaboration and product commercialization [1][2] Group 1: Business Performance - In 2023, the company achieved profitability with projected revenue of 5.724 billion yuan in 2024, representing a 6% year-on-year growth, and a net profit of 815 million yuan, reflecting a 50% increase compared to the previous year [2] - The company is expected to enter a high-growth phase in overseas business by 2025, with overseas product profits projected to grow over 200% in the first half of 2025 [2] Group 2: Product Pipeline and R&D - HLX43, a potential BICPD-L1ADC, is under clinical development for multiple indications including lung cancer and gastric cancer, showing significant efficacy in clinical trials with an overall response rate (ORR) of 33.3% for squamous NSCLC and 48.6% for non-squamous NSCLC [3] - HLX22, in combination with trastuzumab, has shown improved efficacy and safety in treating HER2-positive gastric/gastroesophageal junction cancer, with ongoing global Phase III trials [3] - The company is also advancing the development of Surulitinib, which aims to replace postoperative chemotherapy in gastric cancer with immunotherapy, having met primary clinical endpoints [3] Group 3: Market Strategy and Valuation - The company has established a global presence with its biosimilar products, which are key drivers of revenue growth, and is considering implementing full circulation of H-shares to enhance liquidity [4] - The projected net profits for 2025-2027 are estimated at 823 million, 744 million, and 1.129 billion yuan respectively, with corresponding price-to-earnings ratios of 39, 43, and 28, suggesting a total market valuation between 52.1 billion and 67.9 billion yuan [4]

今日市场大幅调整，沪指跌幅超1%，创业板指跌超2%。资金抱团零售、食品饮料等消费主线。市场全 天成交1.7万亿，两市下跌个股超4300只。 从个股看，两市上涨1091家，下跌4302家，65家涨幅持平。两市共45股涨停，共39股跌停。 截至收盘，沪指跌1.11%报3824.81点，成交7333亿元；深成指跌1.51%报12914.67点，成交9882亿元。 创业板指下跌2.10%，报3071.76点。 资金动向 对于调整原因，综合市场各方观点，主要有以下三方面原因： 一是市场对"灰犀牛"风险的规避。日本央行将于12月18日至19日召开货币政策会议，市场普遍预期最可 能的方案是加息25个基点至0.75%。 二是美股甲骨文、博通近几日持续回调，再度引发市场对AI叙事逻辑的分歧。 三是A股商业航天板块盘中大跌，波及国防军工板块，压制市场人气。 盘面上，零售概念反复活跃，百大集团4连板，红旗连锁、广百股份双双2连板；智能驾驶概念逆势拉 升，浙江世宝、索菱股份等十余股涨停；数字货币概念走强，翠微股份、航天信息涨停；地产板块午后 拉升，世联行直线涨停，华夏幸福、特发服务、光大嘉宝、财信发展跟涨。下跌方面，贵金属、影视院 ...

Core Viewpoint - The A-share market experienced a decline, with major indices falling, while certain sectors like retail and digital currency showed strength due to supportive government policies aimed at boosting consumption [1][2][4]. Group 1: Market Performance - The Shanghai Composite Index fell by 1.11% to 3824.81 points, the Shenzhen Component dropped by 1.51% to 12914.67 points, and the ChiNext Index decreased by 2.1% to 3071.76 points [1]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.72 trillion yuan, with over 4300 stocks declining [1]. Group 2: Sector Highlights - The retail sector was notably active, with Baida Group achieving a four-day consecutive rise, and Hongqi Chain and Guangbai Shares both rising for two consecutive days [2]. - The dairy industry saw a resurgence, with Huangshi Group hitting a daily limit up and other companies like Huanlejia and Sunshine Dairy also performing well [3]. - Digital currency-related stocks strengthened, with companies like Aerospace Information and Cuilong Shares hitting daily limits [4]. Group 3: Institutional Insights - Everbright Securities anticipates a favorable cross-year market for A-shares, supported by ongoing domestic economic policies and historical trends indicating strong market performance at the beginning of new five-year plans [5]. - Huaxi Securities highlights that recent meetings have bolstered market risk appetite, suggesting a focus on growth sectors and industries benefiting from anti-involution policies [6]. - Dongfang Securities emphasizes the importance of core technology sectors, noting that the market may continue to experience structural fluctuations as it approaches year-end [7].

市场和行业上，港股相对A股弹性更大，成长相对涨幅更高。 华夏基金也从"日历效应"维度分析，恒生科技每年一季度的表现普遍较好，当前下跌风险提前释放后， 给了岁末年初重新入场、布局2026年的契机。 港股成长风格相关ETF： 12月16日，离岸人民币兑美元汇率一度升至7.04，创2024年10月4日以来新高；在岸人民币兑美元汇率 盘中最高升至7.04，创2024年10月8日以来新高。 与人民币升值形成鲜明对比的是，近期港股市场连续调整，调整幅度也大于A股。综合研究机构观点， 外部流动性的压制或是港股调整的主要原因。 一方面，虽然美联储如期降息25bp，但提前开启扩表，美债收益率近期呈现上升迹象；另一方面，市场 担忧日本央行将于12月19日重启加息周期，配合大规模经济刺激计划，进一步推升日债收益率并引发资 本回流担忧。 不过，华泰证券此前指出：自汇改以来，人民币经历了9轮升值周期，期间股市大多上涨。 恒生科技指数ETF（513180.SH）跟踪恒生科技指数规模最大的ETF 恒生互联网ETF（513330.SH）持有人户数最多的港股类ETF 港股通科技ETF基金（159101.SZ）覆盖最广泛的港股科技细分行业，包含 ...

港股市场策略周报 2025.12.08-2025.12.14 | 分析师： | 蒋开来 | | --- | --- | | 中央编号： | BWL381 | | 联系电话： | 852-6430 1060 | | 邮箱： | jiangkl@cnzsqh.hk | 1 港股市场策略周报 - 投资要点 l 港股市场表现回顾： l 港股市场宏观环境： 2 n 本周港股三大指数先跌后涨、集体收跌，价值股、大盘股表现占优，成长股走弱。本周呈现"先防守、后修复"的V型 走势。本周恒生综指/恒生指数/恒生科技分别-0.45%/-0.42%/-0.43%。本周市场一级行业板块多数收跌，仅金融业、 资讯科技业收涨，其分别上涨0.88%、0.34%。 n 截至本周末，恒生综指的5年PE（TTM）估值分位点为83.39%，估值水平接近5年均值向上一个标准差。 n 基本面：通胀数据不及市场预期；政治局会议定调"提质增效"；中央经济工作会议强调"苦练内功应对外部挑战"。 n 资金面：美联储12月降息靴子落地，宽松预期有所升温；日本央行加息扰动全球流动性；南向资金结束29周净流入。 l 港股市场展望： n 基本面：国内经济仍处于筑底期 ...

12月16日，A股三大股指低开低走，深成指，创业板指分别失守13000点及3100点关口，截止午盘，沪 指跌1.22%报3820.85点，深成指跌1.88%报12866.09点，创业板指跌2.35%报3063.97点，科创50指数跌 2.02%报1292.3点；沪深两市半日成交额1.12万亿，全市场超4400只个股下跌。 盘面上，智能驾驶概念逆势拉升，浙江世宝、索菱股份等十余股涨停；数字货币概念走强，翠微股份、 航天信息涨停；零售概念反复活跃，百大集团4连板，红旗连锁、广百股份双双2连板；下跌方面，影视 院线概念集体大跌，博纳影业2连跌停；海南板块下挫，海南瑞泽跌超9%；光伏板块走低，东方日升跌 超10%，中利集团逼近跌停，中闽能源、阿特斯、上能电气、艾罗能源、阳光电源均跌超5%。 热门板块 零售概念反复活跃 零售概念反复活跃，百大集团4连板，红旗连锁、东百集团、广百股份、汇嘉时代跟涨。 消息面上，三部门近日联合印发《关于加强商务和金融协同 更大力度提振消费的通知》，提出精准施 策推动惠民生和促消费紧密结合，形成提振和扩大消费的更大工作合力。 乳业概念再度走强 乳业概念再度走强，皇氏集团一字涨停晋级2连板，欢 ...

Group 1 - The innovative drug concept stocks have declined again, with notable drops in share prices for several companies [1] - Innovent Biologics (09969.HK) fell by 5.09%, trading at HKD 12.86 [1] - CSPC Pharmaceutical Group (01093.HK) decreased by 3.99%, with shares priced at HKD 7.21 [1] - Sinopharm Group (01801.HK) saw a decline of 3.36%, with its stock at HKD 79 [1]

值得关注的是，A股创新药大牛股一品红（300723）昨日意外跌停，今早再跌超13%。该公司参股的美 国Arthrosi公司收到收购要约，交易总金额最高可达15亿美元。有分析称，一品红的交易可能改变了一 些市场预期。此前市场预期的这个标的是按现在的收购价进行BD，但现在是直接卖出。而此前，股价 上涨太多，并且反应的是BD，现在预期走弱，故而股价跌停。 创新药概念股再度走低，截至发稿，诺诚健华(09969)跌5.09%，报12.86港元；石药集团(01093)跌 3.99%，报7.21港元；信达生物(01801)跌3.36%，报79港元。 中邮证券指出，下半年以来，国内的BD出海交易虽有短暂真空，但仍在持续，Q4以来亦诞生了多个 MNC为合作方的交易。该行认为，海外MNC的购买行为系对国内创新药公司创新研发的实力的背书认 可。进一步看，该行认为系中国创新药产业链能力、管线数量和质量、研发效率在全球的强大竞争优势 催生出的结果，坚定看好长期的产业趋势。 ...