港股午间收盘，恒生科技指数涨0.38%，恒生指数涨1.01%。港股科技ETF（159751）涨1.38%，恒生港 股通ETF（159318）涨1.0%。板块方面，生命科学工具、医疗保健技术板块涨幅靠前；客运航空公司、 通信设备板块跌幅靠前。个股方面，BBSB INTL大涨超66%；兆易创新涨39.75%，药明康德涨7.94%， 石药集团涨5.5%，紫金黄金国际涨5.49%，赣锋锂业涨4.73%，药明生物涨4.52%，翰森制药涨4.13%； 南京熊猫电子股份跌5.47%，金风科技跌6.64%；方舟健客涨37.55%，昊天国际建投涨17.86%。 ...

港股午间收盘，恒生指数涨0.44%，恒生科技指数涨1.04%。港股科技ETF（159751）跌0.29%，恒生港 股通ETF（159318）涨0.29%。板块方面，媒体板块涨幅靠前；水务、生命科学工具板块跌幅靠前。个 股方面，百度集团-SW涨6.88%，中国铝业涨6.56%，三花智控涨6.21%，中国海洋石油涨4.17%；金风 科技跌8.16%，狮腾控股跌8.42%；迈富时涨10.53%，英诺赛科涨9.22%。 ...

发言人 1: 大家好，欢迎收听高盛的《Research Unplugged》播客。今天我们邀请到了整个医疗健 康研究团队，包括 Assad Haider、Salvin Richter、David Roman、Scott Fidel、Evy Kazakowski 。 Carin Johnson 、 Andrea Newkirk 、 Paul Troy 、 Richard Law 和 Madelatory 也将参与讨论，内容涵盖 2026 年医疗健康行业的前景，涉及治疗领域、服 务板块、肥胖症、LP 小 A、政策改革、FDA 等多个方面。 好的，我们开始吧。Assad，医疗健康板块在 2025 年表现优于标普 500 指数，这是一个 不小的变化。今年医疗健康股反弹的驱动力是什么？进入 2026 年后，还有进一步上涨的 空间吗？投资者最关注哪些问题？ 发言人 2: 好的，谢谢 Chris，也感谢大家今天上午的参与。希望大家也看到了我们今天上午发布的 展望报告，这份报告旨在为投资者提供指引，帮助他们把握我们认为医疗健康板块即将到 来的持续复苏趋势。Chris，正如你所说，医疗健康板块今年持续缩小了与标普 500 指数 ...

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港股午间收盘，恒生指数跌2.07%，恒生科技指数跌3.11%。港股科技ETF（159751）跌2.32%，恒生港 股通ETF（159318）跌1.86%。板块方面，酒店和度假村REIT、水务板块涨幅靠前；生命科学工具、生 物科技板块跌幅靠前。个股方面，汇聚科技跌10.16%，赣锋锂业跌10.23%；友宝在线涨9.4%，趣致集 团涨4.03%。 ...

Summary of Bio-Techne Conference Call Company Overview - **Company**: Bio-Techne (NasdaqGS: TECH) - **Date**: November 20, 2025 - **Focus**: Life Science tools and reagents, particularly in cell therapy and proteomics Key Points Financial Performance - **Overall Growth**: Reported a negative growth of 1% for the quarter, primarily due to larger companies not ordering products after receiving fast-track designations, impacting revenue by 200 basis points [2][21] - **Core Growth**: Excluding the impact of cell therapy, core growth was positive at 1% [2] - **Large Pharma Revenue**: Contributed 30% of total revenues, with double-digit growth observed [2][5] - **GMP Protein Business**: Valued at $60 million within an $80 million cell therapy business, with significant growth in previous quarters (60% and 90% in Q1 and Q2 last year) [20] Market Dynamics - **Pharma Market**: Strong performance in both the US and Europe, with a healthy growth outlook despite potential shifts due to deglobalization [6][10] - **Biotech Funding**: Noted a resurgence in funding, particularly in October, with a shift towards accelerating programs rather than building infrastructure [7][8] - **Academic Market**: Experienced a messy environment in the US but showed stabilization and improvement in Europe, with a shift in grant focus towards oncology and neurological diseases [33] Innovation and Product Development - **R&D Investment**: 8% of revenues reinvested into R&D, leading to significant innovations across various verticals [12] - **New Products**: - ProPax for protein packaging, reducing human error and contamination risk [13] - ELA cartridge for ultra-sensitivity in protein analysis, enhancing capabilities in neurodiseases and inflammation [14] - LEO instrument with four times higher capacity and precision for larger pharma [15] - Exosome-based ESR1 breast cancer marker for therapy management [16] - Oxford Nanopore-based genetic testing kit for difficult-to-sequence genes [16] M&A Strategy - **M&A as Priority**: High priority for capital deployment, with improved availability of high-quality targets in the market [17] - **Wilson Wolf Acquisition**: Ongoing interest in acquiring Wilson Wolf, with a focus on strengthening the cell therapy portfolio [17][19] Competitive Landscape - **Cell Therapy Market**: Maintained a strong position against European competitors, leveraging 49 years of experience in complex protein design and manufacturing [22] - **AI in Protein Design**: Utilization of AI to enhance protein specificity and heat stability, leading to patentable innovations [24][25] Pricing and Promotions - **Promotional Activities**: Implemented grants to support new programs in constrained funding environments, increasing customer base from 550 to 700 for GMP proteins [26][27] Future Outlook - **Market Trends**: Anticipated improvements in grant funding and a shift towards more multi-year grants, providing better visibility for labs [35] - **Budget Flush Impact**: Minimal impact expected from year-end budget flush, as 90% of revenue is from consumables and services, not instrumentation [37] Additional Insights - **Reshoring and Deglobalization**: Expected to influence manufacturing dynamics positively, with local production reducing shipping inefficiencies [10][11] - **Academic Grant Trends**: Shift towards proteomics-based spending, indicating a favorable alignment with Bio-Techne's offerings [33]

Market Overview - The Hang Seng Index closed down by 0.38% and the Hang Seng Tech Index fell by 0.69% [1] - The Hong Kong Tech ETF (159751) decreased by 0.64%, while the Hang Seng Hong Kong Stock Connect ETF (159318) dropped by 0.14% [1] Sector Performance - Industrial group enterprises and home goods sectors showed the highest gains [1] - Water utilities and life sciences tools sectors experienced the largest declines [1] Individual Stock Movements - Shandong Gold increased by 7.01%, Zhaojin Mining rose by 6.37%, and Zijin Mining International gained 6.19% [1] - Xiansheng Pharmaceutical fell by 5.76%, and Zhongqing Shares dropped by 7.18% [1] - Reshaping Energy surged by 29.38%, and Universal Gold Group rose by 10.6% [1]

Core Viewpoint - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.28% and the Hang Seng Tech Index dropping by 0.8% [1] Market Performance - The Hong Kong Technology ETF (159751) decreased by 1.76% [1] - The Hang Seng Hong Kong Stock Connect ETF (159318) fell by 0.64% [1] Sector Performance - The oil and gas sector and passenger airline companies showed positive performance, leading the gains [1] - The communication equipment and life sciences tools sectors faced significant declines [1] Individual Stock Performance - Yaoshi Bang (药师帮) saw a drop of 8.12% [1] - Haotian International Construction Investment (昊天国际建投) fell by 10.05% [1] - Longpan Technology (龙蟠科技) increased by 9.29% [1] - Yihua Tong (亿华通) rose by 7.73% [1]

Core Viewpoint - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.94% and the Hang Seng Tech Index dropping by 1.41% [1] Market Performance - The Hong Kong Technology ETF (159751) decreased by 1.95% - The Hang Seng Hong Kong Stock Connect ETF (159318) fell by 1.34% [1] Sector Performance - Industrial group enterprises, hotels, and resort REITs showed strong gains - The automotive and life sciences tools sectors faced significant declines [1] Individual Stock Movements - Base Champion Group surged over 83% - Lao Pu Gold dropped by 8.21% - Mongol Mining fell by 9.45% - China Aluminum International (601068) increased by 30.52% - Yaojie Ankang-B rose by 11.18% [1]

Market Overview - The Hang Seng Index closed down by 0.76%, while the Hang Seng Tech Index decreased by 0.58% [1] - The Hong Kong Tech ETF (159751) rose by 0.91%, and the Hang Seng Hong Kong Stock Connect ETF (159318) fell by 0.21% [1] Sector Performance - The communication equipment, electronic devices, and instruments sectors showed strong gains [1] - The life sciences tools and passenger airlines sectors experienced significant declines [1] Individual Stock Movements - Lens Technology increased by 12.63%, Shandong Gold rose by 7.23%, Zhaojin Mining gained 6.35%, WuXi Biologics went up by 6.09%, and SMIC climbed by 5.16% [1] - China National Railway fell by 13.33%, and Longi Green Energy dropped by 7.81% [1] - Shandong High-speed Holdings surged by 29.76%, and MIRXES-B increased by 27.68% [1]