Group 1 - The stock price of XuanZhu Bio-B (02575.HK) has shown a strong upward trend, closing at 77.4 HKD per share with a market capitalization of 40.089 billion HKD, reflecting a 14.16% increase [2] - Since its listing on October 15, the stock has appreciated approximately 567.24% from its issue price of 11.6 HKD, making it one of the best-performing new stocks in the Hong Kong market this year [2] Group 2 - XuanZhu Bio is an independent innovative pharmaceutical company spun off from Sihuan Pharmaceutical (00460.HK), leveraging three core technology platforms: small molecule drug development, biopharmaceutical development, and clinical development [4] - The company has over ten drug assets actively under development, targeting diseases such as digestive system disorders, tumors, and non-alcoholic fatty liver disease (NASH) as of September 26, 2025 [4] Group 3 - The company's KBP-3571 (Annaprazole Sodium) received registration approval from the National Medical Products Administration on June 26, 2023, for the treatment of duodenal ulcers, marking its first commercial product [5] - Recently, two key products have made significant progress in the national medical insurance directory, with the new CDK2/4/6 inhibitor, Pyrolysine Tablets (brand name: XuanYueNing), being included for the first time in the 2025 national basic medical insurance directory [5] - The first domestically developed proton pump inhibitor, Annaprazole Sodium Enteric-Coated Tablets (brand name: AnJiuWei), has successfully renewed its inclusion in the medical insurance directory [5] Group 4 - Market analysis indicates that for innovative pharmaceutical companies, medical insurance access is crucial for transforming clinical value into market value, rather than merely a price negotiation [8] - The recent medical insurance progress for XuanZhu Bio's two core products aligns with the industry's trend of focusing on clinical needs and achieving scale, suggesting promising growth potential for the company [8]

| 5 汉 | 트 12.11 | 截至收盘斩获连板个股 | | --- | --- | --- | | 股票名称 | "百 | 所属概念 | | 东百集团 | 5 | 仓储物流 | | 安妮股份 | 4 | 造纸 | | 再升科技 | 4 | 商业航天 | | 跃岭股份 | 3 | 汽车零配件 | | 重药控股 | 2 | 创新药 | | *ST城昌 | 2 | 商业航天 | | 四川金顶 | 2 | 人形机器人+商业航天 | | 南都物业 | 2 | 机器人 | | 中源家居 | 2 | 跨境电商 | | 立昂微 | 2 | 商业航天 | 多只商业航天股连板，再升科技4连板，四川金顶、立昂微2连板。一图速览今日连板股>> 12月11日，Wind数据显示，A股市场共计38只个股涨停。多只商业航天股连板，再升科技4连板，四川 金顶、立昂微2连板。一图速览今日连板股>> ...

Core Insights - The pharmaceutical and biotechnology index experienced a decline of 0.64% during the week, underperforming the Shanghai Composite Index by 1.34 percentage points, ending a two-week upward trend [4] - The National Healthcare Security Administration released the 2025 National Basic Medical Insurance Drug List, which included 114 products, achieving a success rate of 88% in negotiations, the highest in recent years [5] - The launch of the commercial health insurance innovative drug list included 19 drugs, complementing the basic medical insurance list and indicating a shift towards a multi-tiered healthcare system in China [5][19] Weekly Market Performance - The A-share market saw significant gains for Haiwang Bio, which rose by 71.20%, while Zhongsheng Pharmaceutical increased by 15.56% [2] - In the Hong Kong market, Jinxin Reproductive Medicine and Boan Biotechnology saw increases of 7.53% and 8.62%, respectively [2] Clinical Trials and Innovations - Kangfang Biopharma's dual-antibody drug, Kadunilumab, has initiated a Phase II clinical trial for esophageal squamous cell carcinoma, a prevalent cancer type in China [13][14] - A clinical trial for a gout treatment, polyethylene glycol-uricase injection (HZBio1), has also commenced, targeting patients with poorly controlled uric acid levels [17][18] New Drug Developments - Baoyi Pharmaceutical's stock surged nearly 140% on its first trading day, with a market capitalization of HKD 20.5 billion, despite a significant net loss of CNY 183 million in the first half of 2025 [6][7] - The company has 12 self-developed products, with SJ02 being the first long-acting FSH-CTP product approved in China [7] Industry Trends - The trend of "innovation + internationalization" remains a core direction for the pharmaceutical sector, supported by policies and increasing global competitiveness [5] - The demand for more effective and safer uric acid-lowering drugs is rising due to the increasing prevalence of gout, particularly among younger populations in China [18]

据悉，2025年12月10日国家药品监督管理局局长接受采访时表示，药品监管部门将坚持有效市场和有为 政府相结合，尊重医药企业的创新主体地位，支持企业加强创新药械研发布局，助推企业把医药新科技 转化为新质生产力。将审评资源充分向"全球新"的原创性产品和突破关键技术的国产替代产品倾斜，以 监管政策的优化助力医药产业高质量发展。 来源：智通财经 北京时间2025年12月11日凌晨,市场迎来了美联储年内最后一次利率决议:美联储如期降息25个基点，且 并未释放此前市场预期的鹰派信号，市场情绪获得大幅提振，港股市场今日开盘集体高开，助推恒生创 新药ETF（520500）交投情绪活跃，截至11：25，盘中成交额已达4.07亿元。 除宏观层面的变化外，近期，创新药领域接连迎来利好，继2025年12月7日首版商保创新药目录出炉为 高值创新药开辟"第二支付通道、2025年12月2日中国药品价格登记系统正式上线促进国内创新药全球发 展后，昨日国家药监局重磅发声，再次为创新药板块注入信心。 在多重利好支撑下，市场对于创新药板块未来长期发展的信心有望进一步强化，也带来了市场的逆势加 仓行为。Wind数据显示，恒生创新药ETF（5205 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 北京时间2025年12月11日凌晨，市场迎来了美联储年内最后一次利率决议：美联储如期降息25个基点， 且并未释放此前市场预期的鹰派信号，市场情绪获得大幅提振，港股市场今日开盘集体高开，助推恒生 创新药ETF（520500）交投情绪活跃，截至11：25，盘中成交额已达4.07亿元。（数据来源：Wind， 2025/12/11，指数历史涨跌幅情况不代表未来表现，不构成对基金业绩表现的保证，请投资者关注指数 波动风险。） 除宏观层面的变化外，近期，创新药领域接连迎来利好，继2025年12月7日首版商保创新药目录出炉为 高值创新药开辟"第二支付通道、2025年12月2日中国药品价格登记系统正式上线促进国内创新药全球发 展后，昨日国家药监局重磅发声，再次为创新药板块注入信心。 据悉，2025年12月10日国家药品监督管理局局长接受采访时表示，药品监管部门将坚持有效市场和有为 政府相结合，尊重医药企业的创新主体地位，支持企业加强创新药械研发布局，助推企业把医药新科技 转化为新质生产力。将审评资源充分向"全球新"的原创性产品和突破"卡脖子"技术的国产 ...

Group 1 - Haichuang Pharmaceutical increased by over 10% [1] - Frontier Biotech rose by over 8% [1] - Yuekang Pharmaceutical, Rejing Biotech, Huisheng Biotech, and Zhongsheng Pharmaceutical also experienced gains [1]

Core Viewpoint - XuanZhu Bio-B (02575) saw its stock price rise over 5%, reaching a high of 71.9 HKD, approaching its historical peak of 72 HKD, driven by the inclusion of its innovative drug, Pyrocilin, in the national basic medical insurance drug list [1] Group 1: Stock Performance - The stock price of XuanZhu Bio-B increased by 4.42%, trading at 70.8 HKD with a transaction volume of 22.02 million HKD [1] Group 2: Drug Approval and Market Impact - Pyrocilin, a new CDK2/4/6 inhibitor, has shown strong efficacy in inhibiting tumor cell proliferation and was approved by the National Medical Products Administration of China for specific types of advanced or metastatic breast cancer patients in May 2025 [1] - The inclusion of Pyrocilin in the national basic medical insurance directory is expected to enhance its affordability and accessibility for patients, thereby promoting market expansion and sales growth for XuanZhu Bio-B [1] - Two approved indications for Pyrocilin have been included in the 2025 national basic medical insurance directory, and an application for its use in combination with aromatase inhibitors for first-line treatment is currently under review [1]

Core Viewpoint - The innovation drug sector in China is experiencing significant growth due to favorable policy developments, with the introduction of new drug listings in the national medical insurance catalog and commercial insurance, providing a stable policy outlook for innovative drug companies [1][2]. Group 1: Industry Trends - The China Hong Kong Stock Connect Innovation Drug Index increased by 0.30% as of December 11, 2025, with notable gains from companies such as Zhaoyan New Drug (+4.15%) and Rongchang Bio (+2.85%) [1]. - The national medical insurance catalog for 2025 successfully added 114 new drugs, including 50 innovative drugs, achieving a historical high success rate of 88% [1]. - The introduction of dual catalogs for medical insurance and commercial insurance is expected to directly benefit innovative drug companies, indicating a positive industry outlook [1]. Group 2: Market Opportunities - The top ten weighted stocks in the China Hong Kong Stock Connect Innovation Drug Index account for 72.68% of the index, highlighting the concentration of investment in leading innovative drug companies [2]. - The Harvest Innovation Drug ETF (520970) closely tracks the index, providing investors with access to leading companies involved in drug research, development, and production [2]. - Investors without stock accounts can leverage the Hong Kong Stock Connect Innovation Drug ETF linked fund (024700) to capitalize on the growth opportunities in the innovative drug sector [2].

证券研究报告·公司深度报告 2025 年 12 月 11 日 江海证券研究发展部 执业证书编号：S1410524050001 | 投资评级： | 增持（首次） | | --- | --- | | 当前价格: | 3.22元 | | 目标价格: | 3.64元 | | 目标期限: | 6 个月 | | 市场数据 | | | --- | --- | | 总股本(百万股) | 2232.03 | | A 股股本(百万股) | 2232.03 | | B/H 股股本(百万股) | -/- | | A 股流通比例(%) | 98.46 | | 12 个月最高/最低(元) | 4.08/2.12 | | 第一大股东 | 沈臻宇 | | 第一大股东持股比例(%) | 4.92 | | 上证综指/沪深 300 | 3878.00/4531.05 | % 1 个月 3 个月 12 个月 相对收益 -4.31 -6.61 8.72 绝对收益 -6.94 -5.01 23.37 数据来源：聚源 注：相对收益与沪深 300 相比 医药行业研究组 分析师：吴春红 誉衡药业 002437.SZ 医药生物行业 双核心业务筑牢基本盘，多矩阵 ...

2025年以来，中国资产所面临的宏观叙事发生了重大的变化，据富国星投顾整理主要集中在五大宏观方面：第一，中美战 略相持+地方债务缓解，宏观经济的尾部风险释放；第二，中国经济新旧动能转换初见成效，全球投资者开始重新认知中国 科技和企业的竞争力；第三，反内卷政策的引领下，国内通缩叙事减弱；第四，美元走弱与全球流动性充裕，资金出现再 平衡行为；第五，政策对于中国资本市场重视度提升，市场生态逐渐优化。 在大类资产的盛宴中，基金迎来收获季，仓位成为收益的核心胜负手。据富国星投顾整理可重点从三个方面进行观察。 第一，大类资产方面，黄金一骑绝尘领跑各大类资产，受美元走弱、地缘风险升级、央行购金需求提升等因素影响，黄金 资产年内涨幅可观； 第二，权益资产方面，主动权益基金相较核心股票指数具备更优性价比，权益仓位是收益差异的重要因素； 主动权益基金，今年打了一场漂亮的"翻身仗"。WIND数据显示，偏股混合型基金指数今年以来的收益已经达到了29%，相 对于沪深300的超额达14.2%，富国星投顾分析认为这展现了基金经理主动选股、创造Alpha的专业能力，也证明了在结构性 行情中深度研究依然能带来超额回报。但值得注意的是，主动权益 ...