丨2025年11月25日星期二丨 NO.1 和铂医药宣布与阿斯利康深化推进全球战略合作 11月24日，和铂医药发布公告，称将更新与深化推进其与阿斯利康于今年3月建立的全球战略合作。在 本次合作中，双方将基于各自专业技术知识，共同发现和开发包括抗体偶联药物（ADC）和T细胞衔接 器（TCE）在内的新一代生物疗法。根据协议，阿斯利康将在未来四年内，每年持续向和铂医药提名研 发项目，并获得这些项目的授权许可选择权。 点评：自2022年以来，和铂医药已与阿斯利康在多个项目上开展合作，双方逐步建立了稳固的合作伙伴 关系，和铂医药的最新宣布，彰显双方合作关系的持续深化，也反映了中国生物科技公司进一步融入全 球制药生态。 点评：目前国内共有两款带状疱疹疫苗获批，分别来自跨国药企葛兰素史克、中国公司百克生物，但这 两款产品的销售情况均不乐观。面对公众的低接种意愿，价格高昂的自费疫苗的研发及商业化如何开 展，疫苗公司需要思考这个问题。 NO.4 阿斯利康宣布今年第四项美国重大制造投资 近日，英国药企阿斯利康宣布计划投资20亿美元，扩大其在马里兰州长期的制造业务，这是公司今年宣 布的第四项美国重大制造业投资。 点评：此前，阿斯利 ...

陈茂波将于当地时间11月28日中午从米兰启程回港，香港时间11月29日早上返抵香港。(完) 来源：中国新闻网 香港财政司司长将前往英国和意大利访问 中新网香港11月24日电 据香港特区政府新闻处24日消息，香港特区政府财政司司长陈茂波24日深夜将 启程前往欧洲，先后到英国伦敦和意大利米兰访问。 11月25日至26日访问伦敦期间，陈茂波会出席一系列活动，包括由香港贸易发展局(简称"贸发局")举办 的"香港晚宴"、由香港工商协会举办的午餐会，并与当地工商界、金融界、家族办公室代表等会面，介 绍香港的最新情况和优势。 11月27日至28日访问米兰期间，陈茂波将率领一个约80人的代表团，出席由贸发局举办的"成就机遇·首 选香港"推广活动和"香港晚宴"。代表团成员包括香港金融管理局、引进重点企业办公室、投资推广署 等政府机构的代表；香港交易及结算所有限公司、香港科技园公司、香港旅游发展局、西九文化区管理 局等公营机构的代表；从事金融、人工智能、资讯科技、生物科技、物流、设计、专业服务等领域的业 界组织和企业。 在米兰期间，陈茂波也会与当地工商界领袖和企业负责人会面。 广告等商务合作，请点击这里 本文为转载内容，授权事宜 ...

- The China Securities Biotechnology Theme Index was launched on August 26, 2015, by China Securities Index Co., Ltd. The index selects listed company securities involved in gene diagnosis, biopharmaceuticals, blood products, and other human biotechnology as index samples to reflect the overall performance of biotechnology listed company securities[3][38] - The index sample space is the same as the China Securities All Index sample space, consisting of A-shares and depository receipts issued by red-chip companies that meet the following conditions: "(1) Non-ST, *ST securities; (2) Other securities: listed for more than one quarter, unless the average daily market value ranks in the top 30 since listing; (3) STAR Market and Beijing Stock Exchange securities: listed for more than one year and two years, respectively"[39] - The index sample selection method includes: (1) Ranking the securities in the sample space by average daily turnover over the past year and removing the bottom 20%; (2) Selecting biotechnology-related companies from the remaining securities as biotechnology theme candidates; (3) Ranking the candidates by average daily market value over the past year and selecting the top 50 securities as index samples[39] - The index's top ten constituent stocks are highly concentrated, focusing on the pharmaceutical industry. As of November 19, 2025, the top ten constituent stocks accounted for 55.26% of the total weight, forming a "CXO + innovative drugs + medical devices" golden triangle combination[40][41] - The index constituent stocks are evenly distributed across different market value ranges, with weights of 35.79% for stocks with a market value of over 100 billion, 44.24% for stocks with a market value between 200-1000 billion, and the rest distributed among other ranges[42][43] - The index constituent stocks are mainly concentrated in the biological medicine III, medical services, chemical preparations, and medical devices industries, with weights of 42.33%, 20.99%, 17.33%, and 11.97%, respectively[44][46] - The index constituent stocks have high exposure to concepts such as industry leaders, comprehensive private enterprises, main trading forces, dual circulation, fund heavy positions, and innovative drugs, with exposure rates of 70.56%, 64.78%, 64.58%, 62.60%, 62.48%, and 62.16%, respectively[47][48] - The index's current style is characterized by small market value, high liquidity, and high momentum. As of October 31, 2025, the index's market value style is significantly negatively exposed compared to the China Securities 800 Index, with higher liquidity and trading activity[48][51][52] - The index's PE valuation is near the historical average, and the PB valuation is near the historical -1 standard deviation, indicating a high safety margin and potential for upward valuation[53][54] - The index's profitability is outstanding, with expected revenue growth rates of 6.54%, 6.00%, and 13.76% for 2025, 2026, and 2027, respectively, and expected net profit growth rates of 52.09%, 18.58%, and 24.11% for the same years[55][56][57][58]

格隆汇11月21日｜百亿大佬林园近日称：对于人工智能、生物科技、等新行业，我承认它们的方向肯定没问题，未来也会产生机会。但从投资角度，我更关 注这些企业能否真正跑出确定性的盈利和生存能力。新行业的不确定性比传统行业大得多，而我们做投资，最看重的是企业的确定性——盈利确定、经营确 定、活得下去。基于这一点，我现在不会重仓这些赛道。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容的准确性、可靠性或完整性提供任何明 示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱：news_center@staff.hexun.com | 涨幅榜 | 资金净流入 | ５日 涨幅 * | | --- | --- | --- | | 文化传媒 | 软饮料 | 酒茶 | | +0.10% | -0.29% | -0.579 | | 农业 | 家用电器 | 银行 | | -0.65% | -0.74% | -1.019 | 林园还表示，传统行业过去几年确实低迷，但头部公司凭借规模、资金和管理优势仍然能撑住。这在股价中已经充分反映。我们用统计的方法去看，会发现 很多传统行业的 ...

1.谈"热门"赛道：迟早要面对惨烈竞争 人工智能、生物科技、新能源等领域，随着时间推移，迟早也会走到产能扩张、竞争加剧的那一步，这 是市场规律，只是早晚的问题。 新行业，我承认它们的方向肯定没问题，未来也会产生机会。但从投资角度，我更关注这些企业能否真 正跑出确定性的盈利和生存能力。 它们大多是高投入的行业，烧钱快，周期长，一旦风向发生变化，或者长期不盈利，投资者的信心就会 被彻底打散。这种行业更多靠钱堆，而不是靠确定性的利润支撑。 你去翻那些代表"创新"的指数基金，里面的企业未来十年真正能活下来的，有多少？我心里是有数的。 2.谈"老赛道"：估值已在难得的位置 （原标题：林园重磅发声：当下，我只敢买这两类"保命"资产） 11月20日下午，百亿私募大佬林园公开发声，他直言：在全市场追逐科技热点的当下，他投资最底层的 核心是生存与盈利。 以下是林园最新观点的精华浓缩： 我们未来主要找两类企业：能让人快乐的和能让人活得更长的。 老祖宗说得好，人活一世，吃喝二字。吃喝是永恒需求。与此同时，人还希望活得更长、活得更好。 食品、消费这些行业的供需调整的更快，市场纠错能力更强。它们不需要巨额投入来维持增长；一旦产 能过多 ...

最新金句： 1.人工智能、生物科技、新能源等领域，随着时间推移，迟早也会走到产能扩张、竞争加剧的那一步， 这是市场规律，只是早晚的问题。 这位一贯言辞犀利的基金经理每次发声，必然引来各路围观，他的投资表述总是让人眼前一亮，甚至是 与"主流"背离。 尤其是"老登股"争论发酵之后，林园多次替传统企业"说话"。这一次，他不仅继续"站台"，而是将自己 的思考掰开揉碎，从底层逻辑到未来趋势，把这份"执念"讲得更彻底。 整场发言看似平静，林园却句句带锋芒。 林园把一些看似朴素，却被市场忽略的基本常识重新摆到台面上，可以说是对"反对派"一次不动声色的 回击；也是对当下追逐新概念、新赛道情绪的一次冷静提醒。 作者 |崔峻阳 编辑 | 袁畅 11月20日下午，百亿私募大佬林园发声！ 2.新行业，我承认它们的方向肯定没问题，但从投资角度，我更关注这些企业能否真正跑出确定性的盈 利和生存能力。 3.过去的繁荣期里，资金大量流向城市建设和房地产，当这种资产价格出现下行时，就会让人直观地感 觉"资产缩水了"。 4.传统行业过去几年确实低迷，但头部公司凭借规模、资金和管理优势仍然能撑住。而且，那些低迷在 股价中已经充分反映。 5.食品、 ...

其次是AI泡沫论。这个咱们在前面文章也讲过了，科技巨头投入了数万亿美元建设数据中心和AI能力，可何时能真正看到这些投入 带来的回报？英伟达则是那个关键，不夸张地说全球AI个股的表现都会受英伟达影响，甚至于美股的涨跌也要系英伟达于一身。不 过英伟达财报还是很给力的，无论是营收、利润还是对下一季度的展望，均显著高于市场预期，盘后股价也受影响大涨。今天日韩 股市能暴涨两三个点，也是因为深度绑定了英伟达产业链。不过财报虽然超出了华尔街预期，但不及陆家嘴预期，国内相关产业链 个股全都高开低走。虽然有不少分歧，但是美股看起来短期仍有支撑的逻辑。 来源：财经林妹妹 美股，日股，黄金，虚拟货币，大宗品过去的一周几乎全军覆没，A股走势也一言难尽，看起来又要触碰3900了。咱们今天主要来 分析一下原因，再说说对未来市场的判断。 | | | A股重要指数 | | | | --- | --- | --- | --- | --- | | 名称 | 最新 | 涨跌 | 涨幅 | 年初至今 | | 上证指数 | 3931.05 | -15.69 | -0.40% | +17.28% | | 深证成指 | 12980.82 | -99.27 ...

Market Overview - The Hong Kong stock market showed signs of recovery with the Hang Seng Index rising by 0.02%, while the Hang Seng China Enterprises Index fell by 0.08% and the Hang Seng Tech Index dropped by 0.58%, marking five consecutive days of decline [1] - Market sentiment remains low, but there are indications of a potential rebound [1] Sector Performance - Major technology stocks such as Baidu, Meituan, and Kuaishou saw gains, with Baidu up by 2.43% and Kuaishou up by 2.28%, while Xiaomi continued to decline, dropping nearly 3% to a new low [3][5] - Financial stocks, including banks and insurance companies, performed actively, with several Chinese brokerage stocks showing gains despite a high open and subsequent decline [3][9] - The real estate sector remained strong in the afternoon, with Sunac China and Zhongliang Holdings leading the gains [3][8] - The biopharmaceutical, home appliance, and aviation sectors also showed relative activity [3] Real Estate Market Insights - According to Centaline Property, Hong Kong's residential market recorded over 1,700 transactions in October, marking the ninth consecutive month of over 1,000 transactions, matching the longest record from March to November 2019 [7] - The month also saw at least 64 transactions exceeding HKD 50 million, totaling over HKD 6.8 billion, a new high for the year [7] - Major international banks, including Morgan Stanley and Citigroup, predict a recovery in the Hong Kong real estate market post-2025 [7] Brokerage Sector Developments - Chinese brokerage stocks saw significant increases, with Financial Street Securities rising over 4% [9][10] - The announcement of major asset restructuring plans by several brokerages is expected to enhance industry consolidation and competitiveness [9] Semiconductor Sector Activity - The semiconductor sector was active, with stocks like Contrelon rising over 8% [10][12] - Reports indicate that the U.S. may delay the imposition of long-promised semiconductor tariffs, which could impact the sector positively [11] New Energy Material Sector Decline - The new energy materials sector faced declines, with companies like China Silicon Corporation dropping over 16% [13] - The lithium battery sector also saw significant drops, with CATL falling by 5.66% [14][15] Coal Sector Insights - Coal prices have risen above RMB 830 per ton, but short-term price increases may be stabilizing [16] - The coal industry's supply-demand dynamics have fundamentally shifted since May, indicating a long-term upward trend in coal prices [16] Individual Stock Highlights - Gakos-B surged by 19.97% following the approval of its self-developed KRAS G12C inhibitor for commercialization [18] - Southbound capital saw a net inflow of HKD 15.992 billion, indicating strong investor interest [21] Future Market Outlook - CITIC Securities anticipates that the Hong Kong stock market will benefit from internal and external economic policies, predicting a second round of valuation recovery and performance resurgence by 2026 [23] - Suggested investment directions include technology sectors, healthcare, resource commodities, essential consumer goods, and sectors benefiting from RMB appreciation [23]

Group 1 - The Hang Seng Tech Index has decreased by 0.82% as of November 20, 2025, with mixed performance among constituent stocks, where Baidu Group-SW led with a rise of 2.79% and Kingsoft fell by 8.98% [1] - Kuaishou Technology reported a 14.2% year-on-year revenue growth in Q3, reaching 35.6 billion yuan, with operating profit increasing by 69.9% to 5.3 billion yuan [1] - The Hang Seng Tech Index ETF has seen a 4.59% increase over the past three months, with a current trading price of 0.8 yuan [1] Group 2 - CITIC Securities predicts a rebound in the Hong Kong stock market in 2026, driven by a recovery in fundamentals and significant valuation discounts [2] - The report suggests five long-term investment directions, including the technology sector, healthcare, resource commodities, essential consumer goods, and sectors benefiting from RMB appreciation [2] Group 3 - The latest size of the Hang Seng Tech Index ETF is 4.278 billion yuan [3] - The ETF has reached a new high with 5.639 billion shares outstanding, and has seen continuous net inflows over the past 15 days totaling 69.6169 million yuan [4] - The top ten weighted stocks in the Hang Seng Tech Index account for 68.89% of the index, including Alibaba-W, SMIC, and Tencent Holdings [4]

11月20日，港股市场早盘显著高开，但愿今日多头情绪能够一直维持到收盘。 其中，东兴证券和信达证券为纯A股公司，中金公司为A+H股上市公司，因此，今日中金公司H股也将 暂停交易。 受上述消息刺激，今日券商股板块集体上涨。申万宏源香港（00218.HK）涨超9%，东方证券 （03958.HK）、中信证券（06030.HK）、光大证券（06178.HK）、中国银河（03988.HK）涨超3%， 中信建投证券、中州证券、国联民生、申万宏源、华泰证券、广发证券高开超2%。此外，香港证券 ETF今日早盘涨超2%。 截至发稿，恒生指数报25999.78点，上涨169.13点，涨幅0.65%。 打开百度APP畅享高清图片 恒生科技指数报5646.28点，上涨39.38点，涨幅0.70%。 先看消息面，中金公司、信达证券、东兴证券昨晚发布《关于筹划重大资产重组的停牌公告》，三家公 司正在筹划由中金公司通过向东兴证券全体A股换股股东发行A股股票、向信达证券全体A股换股股东 发行A股股票的方式换股吸收合并东兴证券、信达证券。 其他方面，盘面上，科网股涨多跌少，百度高开超3%，快手、联想涨超2%，阿里巴巴涨超1%，网易跌 超1%； ...