Core Viewpoint - Recently, Beijing University Pharmaceutical announced that its chairman and president, Xu Xiren, has been arrested by the Chongqing Jiangbei District People's Procuratorate for suspected criminal offenses [1] Group 1: Company Management - The company's board member, Chen Yuezhong, has been authorized to act as chairman [1] - The company's executive vice president, Yu Mengchuan, has been authorized to act as president and legal representative [1] Group 2: Company Operations - The announcement states that the control of Beijing University Pharmaceutical has not changed [1] - The company's board operations are normal [1] - The company's financial and operational management remains normal [1]

Core Viewpoint - WuXi AppTec (02268.HK) experienced a significant increase in stock price, rising over 5% in the morning session on November 13, with a current price of 70.8 HKD and a trading volume of 145 million HKD [2] Summary by Category - **Stock Performance** - WuXi AppTec's stock rose by 4.89% to reach 70.8 HKD [2] - The trading volume was reported at 145 million HKD [2]

Group 1 - The report outlines the "A-share high-low cut index" as a tool to track the pricing patterns in the A-share market, indicating that an increase in the index suggests a rise in the differentiation of returns among industries, while a peak followed by a decline indicates the emergence of high-low cut phenomena [1][2] - The report notes that typically, the A-share market experiences 2-3 significant high-low cut pricing cycles within a year, each lasting approximately 2-3 months. When the index exceeds the upper range (around 60%), it often signals an overheated high-position sector, while a drop to the lower range (around 30%) suggests the end of a low-position rebound or the brewing of a new differentiation cycle [1][3] - The report explains that high-low differentiation in the A-share market is driven by chip differentiation and fundamental divergence, particularly when there is a significant influx of capital and stark growth differences between high and low sectors [2][3] Group 2 - The report discusses the relationship between the high-low cut index and market structure, indicating that when the index peaks and declines, it often signals a recovery in low-position sectors, but the clarity of style switching depends on the logic signals from low-position sectors [3][4] - The report highlights that the high-low cut index often correlates with the overall market index, particularly when the index peaks and declines, which can signal a transition from a bull to a bear market [3][4] - The report emphasizes that since late October, the outperformance of overseas and low-position cyclical sectors has begun to manifest, with the report suggesting that true style switching will occur when liquidity transitions to a fundamental-driven market [4][5] Group 3 - The report provides a historical review of high-low cut phenomena, detailing significant transitions in market styles from 2017 to 2025, including shifts from cyclical sectors to consumer and technology sectors, and from high-dividend defensive sectors to low-position rebounds [6][10] - The report notes that the high-low cut phenomenon in 2023 was characterized by a shift from technology-driven sectors to low-position cyclical sectors, driven by policy catalysts in the real estate market [19][22] - The report indicates that the most recent high-low cut in October 2025 reflects a transition from high-position technology sectors to low-position cyclical resources, influenced by macroeconomic factors and policy expectations [27][28]

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core View of the Report - Amid rising market risk - aversion, focus on the US October CPI data. In the commodity market, during the current inflation - expectation game phase, pay attention to non - ferrous metals and precious metals with high certainty. Consider buying precious metals and non - ferrous metals on dips [2][4][5]. 3. Summary by Related Catalogs Market Analysis - In the domestic market, positive news has emerged, but the economic foundation needs further consolidation. The "15th Five - Year Plan" proposal was released on October 28, and the average GDP growth rate during the 15th Five - Year Plan period is expected to be around 5%. On October 30, the China - US economic and trade teams reached a three - aspect consensus, and China officially postponed tariffs on November 5. In October, the national manufacturing PMI was 49, a 0.8 decline from the previous month. China's October exports (in US dollars) decreased by 1.1% year - on - year, compared with an 8.3% increase in the previous value. China's October CPI increased by 0.2% year - on - year, and the core CPI reached the highest level since March 2024. The PPI increased month - on - month for the first time this year. On November 12, the A - share market adjusted with a slight decline in the three major indices, the bond market rose across the board, most commodities fell, and precious metals rose [2]. - In the US, the liquidity risk has temporarily eased. The Fed cut interest rates by 25BP as expected and announced the end of balance - sheet reduction on December 1. On November 10, the US Senate voted to pass the "Continuing Appropriations and Extensions Act". The US October ISM manufacturing index dropped to 48.7%, shrinking for eight consecutive months. The ADP private - sector employment in October decreased by 45,000, the largest decline in two and a half years. There are uncertainties regarding the Fed chair candidate and future tariff policies [3]. Commodity Analysis - In the black sector, it is still dragged down by downstream demand expectations, and focus on the "anti - involution" situation. The long - term supply limitation in the non - ferrous sector has not been alleviated, and it has been boosted by the global easing expectation recently. The medium - term supply of the energy sector is considered to be relatively loose as OPEC + announced an additional production increase of 137,000 barrels per day in November. In the chemical sector, the "anti - involution" space of methanol, caustic soda, urea and other varieties is worth attention. In the agricultural products sector, with the China - US peace talks, pay attention to China's procurement plan for US goods and next year's weather forecast. For precious metals, after the short - term sharp adjustment risk is cleared, consider buying on dips [4]. Strategy - For commodities and stock index futures, consider buying precious metals and non - ferrous metals on dips [5]. A - Share Market - The A - share market recovered after hitting the bottom, with the three major indices slightly declining. More stocks fell than rose, and over 3500 stocks in the Shanghai, Shenzhen and Beijing stock markets closed down. The trading volume was 1.96 trillion yuan. At the close, the Shanghai Composite Index fell 0.07%, the Shenzhen Component Index fell 0.36%, and the ChiNext Index fell 0.39% [6]. US Tariff and Economic News - US Treasury Secretary Bessent said that there will be major tariff news in the next few days, and tariff dividends are under discussion. Trump mentioned a $2000 tax refund for families with an annual income of less than $100,000. Bessent also said that the economic situation was good before the government shutdown, and he expects real income to rebound in the first and second quarters of next year [3][6].

Core Viewpoint - The article discusses the recent performance of the Hong Kong stock market, highlighting the fluctuations in various sectors and specific stocks, particularly in the technology and healthcare industries. Group 1: Market Performance - The Hang Seng Index is currently at 26,779.48, down by 143.25 points or 0.53% [1] - The Hang Seng Technology Index (HSTECH) is at 5,885.22, decreasing by 48.77 points or 0.82% [1] - The Hang Seng BioTech Index (HSBIO) shows a positive trend, up by 163.85 points or 1.04% to 15,911.62 [1] - The Hang Seng China Enterprises Index (HSCEI) is at 9,491.64, down by 47.35 points or 0.50% [1] - The Hang Seng Composite Index (HSCI) is at 4,110.97, decreasing by 17.37 points or 0.42% [1] Group 2: Sector Performance - The pharmaceutical and biotechnology, gold and jewelry, liquor, and retail sectors are leading in gains [2] - Conversely, the media, oil and petrochemicals, semiconductor, and real estate sectors are experiencing declines [2] Group 3: Individual Stock Movements - Technology stocks opened lower, with Tencent Music down over 6%, JD.com and Kuaishou down over 2%, and Alibaba and Tencent Holdings down over 1% [3] - Specific stock performances include Tencent Music at 79.55, down 6.02%, JD.com at 121.50, down 2.57%, and Kuaishou at 68.25, down 2.08% [4] - Alibaba is at 153.90, down 1.85%, and Tencent Holdings at 649.50, down 1.14% [5] - Notable declines include China Resources Mixc Lifestyle down nearly 8% due to a proposed placement of 49.5 million shares, and Superstar Legend down over 13% for a discounted share placement [5]

因此，医药行业将是有望继续维持超配的行业，建议2026年围绕以下几条主线进行布局：一、创新驱动 和国际化——在"反内卷"的国内政策环境下，关注创新驱动和国际化出海的相关标的；二、自主可控 ——行业在未来可能还会陆续面临地缘政治扰动带来的风险，应更多关注自主可控下核心零部件、试 剂、科研上游的进口替代进程加速的相关标的；三、新政新气象——受益于集采优化、医保三个支付、 消费刺激政策和国企改革的相关标的。 新华财经上海11月13日电中信证券医疗健康产业首席分析师陈竹发表观点称，展望2026年医药投资趋 势，无论是中国医药企业在创新领域的集中兑现，还是政策端出台支持创新药械、优化集采、推动商保 等一系列产业支持政策，医疗健康产业的内外因催化因素都有望延续，医疗健康产业开始逐步重新回归 到临床价值和需求导向的市场价格定价体系，带来稳定且持续的国内医药市场环境和长坡厚雪的发展主 基调，上市公司也有望迎来持续且稳定的业绩增长趋势，带来行业成长确定性的贝塔。 （文章来源：新华财经） ...

人民财讯11月13日电，中信证券研报称，展望2026年医药投资趋势，无论是中国医药企业在创新领域的 集中兑现，还是政策端出台支持创新药械、优化集采、推动商保等一系列产业支持政策，医疗健康产业 的内外因催化因素都有望延续，医疗健康产业开始逐步重新回归到临床价值和需求导向的市场价格定价 体系，带来稳定且持续的国内医药市场环境和长坡厚雪的发展主基调，上市公司也有望迎来持续且稳定 的业绩增长趋势，带来行业成长确定性的贝塔。因此中信证券认为医药行业将是有望继续维持超配的行 业，建议从横向维度上，建议2026年围绕以下几条主线进行布局：1)创新驱动和国际化——在反内卷的 国内政策环境下，关注创新驱动和国际化出海的相关标的；2)自主可控——预计在未来可能还会陆续面 临地缘政治扰动带来的风险，应更多关注自主可控下核心零部件、试剂、科研上游的进口替代进程加速 的相关标的；3)新政新气象——受益于集采优化、医保三个支付、消费刺激政策和国企改革的相关标 的。 ...

Core Insights - The report from CITIC Securities indicates a positive outlook for the pharmaceutical investment trend by 2026, driven by both domestic innovation and supportive policies [1] - The healthcare industry is expected to gradually return to a market pricing system based on clinical value and demand, leading to a stable domestic pharmaceutical market environment [1] - Listed companies in the pharmaceutical sector are anticipated to experience continuous and stable performance growth, contributing to the industry's growth certainty [1] Summary by Categories Investment Trends - The pharmaceutical industry is projected to maintain an overweight status, with a focus on innovation-driven and internationalization strategies [1] - Key investment themes for 2026 include: 1) Innovation-driven and internationalization, 2) Self-sufficiency, 3) Beneficiaries of policy changes such as optimized procurement and healthcare payment reforms [1] Market Environment - The internal and external catalysts for the healthcare industry are expected to persist, fostering a long-term development trend characterized by stability and growth [1] - The emphasis on clinical value and demand in pricing is likely to enhance the overall market environment for pharmaceuticals [1]

Macro Analysis - The 2025 Q3 monetary policy execution report affirms the resilience of the domestic economy and alleviates concerns about domestic inflation and global economic recession. The report suggests that monetary policy should focus on "counter-cyclical and cross-cyclical adjustments," indicating a potential increase in easing measures [1] - The report highlights the need to monitor the implementation of policies supporting personal credit repair, as credit policy remains a key focus area [1] - The central bank's concerns regarding the RMB exchange rate have lessened, with a greater emphasis on the positive impact of exchange rate stability on the economy and markets [1] Industry Research - The gradual improvement of the capacity electricity price mechanism is a continuous benefit for the energy storage industry. Inner Mongolia maintains a high level of energy storage subsidies, ensuring considerable energy storage installation growth in the coming year [2] - The market has high expectations for domestic energy storage installations next year, with a focus on monitoring the production of energy storage cells in December and January, as well as upcoming bidding and installation situations [2] - The overall industry remains in a state of sustained prosperity, with investment opportunities particularly in energy storage system integrators, PCS companies, and tight supply-demand segments within the energy storage cell supply chain [2] Company Research - The company reported a revenue of $1.324 billion in Q3 2025, representing a year-on-year increase of 13%, and a net profit of $74 million, up 9% year-on-year. The net profit forecast for 2025 is maintained at $171 million [4] - The company has made substantial progress in the high-speed interconnect field, gaining customer recognition, which is expected to drive accelerated growth in its data center business. The net profit forecasts for 2026 and 2027 have been raised by 23% and 29% to $297 million and $400 million, respectively [4] - The company is anticipated to continue benefiting from the growth in AI data centers and automotive cable demand, maintaining a "buy" rating [4] Health Sector Insights - There is a noticeable increase in flu-like cases, which may heighten public and market interest, potentially driving demand for flu vaccines, virus testing, and related medications [3]

Industry News - The China Photovoltaic Industry Association has denied rumors regarding the collapse of the polysilicon storage platform, emphasizing the importance of industry self-discipline and the fight against malicious rumors [5][6] - The National Energy Administration has released guidelines to promote the integration and development of new energy and emerging industries, including the construction of new integrated wind-solar bases [5][6] - Major storage companies, including Samsung, SK Hynix, Kioxia, and Micron, have reduced NAND flash memory supply in the second half of this year, with plans to increase NAND prices [5] Company News - JA Solar Technology announced that its board secretary has not made any statements in internal or external meetings regarding circulating rumors, which are misleading the public [8] - ST Zhongdi announced a suspension of trading due to unusual stock price fluctuations starting November 13 [8] - Luckin Coffee has stated that there is no confirmed timetable for its relisting, focusing on development for now [8] - BeiGene reported a net profit of 1.139 billion yuan for the first three quarters, marking a turnaround from losses [8] - Xingsheng Zhitong signed a strategic cooperation agreement with BAIC Group to purchase no less than 200 vehicles from BAIC's brands within three years [8] - Yiling Pharmaceutical announced that its subsidiary's application for the listing of the raw material drug for treating moderate to severe Alzheimer's disease has been approved [8]