Core Viewpoint - The Hong Kong stock market is stabilizing and returning to a fluctuating upward trend, with the technology sector expected to further consolidate and recover as market sentiment improves [1] Group 1: Market Overview - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which includes core assets in sectors such as internet, semiconductors, innovative pharmaceuticals, and new energy vehicles, reflecting the diversified characteristics of the technology industry [1] - The Hong Kong Stock Connect Technology Index has a higher allocation in new energy vehicles, innovative pharmaceuticals, and semiconductors compared to the Hang Seng Technology Index [1] Group 2: Performance Metrics - From the base date at the end of 2014 to the end of October 2025, the cumulative return of the Hong Kong Stock Connect Technology Index is 256.46%, significantly outperforming the Hang Seng Technology Index, which has a return of 96.94%, by nearly 160% [1] - The Hong Kong Stock Connect Technology Index has consistently outperformed other indices, including the Hang Seng Technology Index, the Shanghai-Hong Kong-Shenzhen Internet Index, the Hang Seng Internet Technology Index, and the Hang Seng Healthcare Index [1]

商业航天板块多股连板，航天科技、西部材料等2连板。一图速览今日连板股>> 12月8日，Wind数据显示，A股市场共计78只个股涨停。其中创新药板块瑞康医药收获4连板，人形机器 人概念股骏亚科技4连板；商业航天板块多股连板，航天科技、西部材料等2连板。一图速览今日连板股 >> | | 连板服投 12.8 一板 | | | --- | --- | --- | | 股票名称 | 连板天数 | 所属概念 | | 安记食品 | 5 | 调味品 | | 瑞康医药 | 4 | 创新药 | | 龙洲股份 | 4 | 机器人 | | 骏亚科技 | 4 | 人形机器人 | | 双星新材 | 3 | 基础化工 | | 舒华体育 | 3 | 体育产业 | | 冰轮环境 | 2 | 液冷+核聚变 | | 航天科技 | 2 | 商业航天+卫星导航 | | 厦门港务 | 2 | 港口物流 | | *ST钢昌 | 2 | 商业航天 | | 南矿集团 | 2 | 黄金 | | 西部材料 | 2 | 商业航天+可控核聚变 | | 精艺股份 | 2 | 铜 | | 顺灏股份 | 2 | 商业航天 | | 闽发铝业 | 2 | 铝 | | 福建金森 ...

对于2026年的跨年行情，华夏、嘉实、中信保诚、鹏华、永赢、中信建投、德邦、博时、东吴、银华、 中泰证券资管、国寿安保、兴全等十几家知名公募旗下的明星基金经理给予了本刊回复 。 2025年进入最后一月，大牛市中荡气回肠的一年即将收官。岁末回眸，最值得铭记的瞬间就是10月底， 市场成功站上4000点的十年新高。这不仅是一次整数点位的突破，更是市场信心与估值体系实现根本性 修复的标志。同样值得铭记的是，中国产业升级与科技创新的时代缩影，已经在2025年映射到股市的方 方面面。 年初，以DeepSeek为代表的大模型公司在算法与多模态推理上实现里程碑式突破，点燃了整个人工智 能产业链的投资热情，推动算力、数据、应用等环节个股股价迭创新高。与此同时，一批具备全球竞争 力的高端制造业龙头强势崛起，在出海拓展与技术领先上取得实质性进展，其中部分龙头市值超越部分 传统蓝筹，成为中国经济转型升级在资本市场上的生动印证。久违的赚钱效应回归，也让股票投资者和 公募基金投资者赚到了真金白银。 对于2026年的资本市场，由此他们更多了一份期待。但经历过今年热点的快速轮动后，他们对于2026年 的市场会有哪些变化，尤其是投向哪些赛道还 ...

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry [1] Core Insights - The 2025 National Medical Insurance and Commercial Health Insurance Innovation Drug Catalogs were released, adding 114 new drugs to the national insurance list, with a success rate of 88%, significantly higher than the previous year's 76% [2] - The first three quarters of 2025 saw a notable recovery in domestic innovative drug financing, with 324 financing events totaling $5.51 billion, a 67.6% increase year-on-year [3] - The flu positivity rate has not peaked yet, with a significant increase in flu cases, indicating a growing market for flu medications [4] - The report highlights breakthroughs in dual-target and new-target opportunities in the autoimmune field, with several companies making significant advancements [5] - There is a focus on inhalation formulations in respiratory diseases, with new drugs showing promising results [6] - Progress in liver-targeted small nucleic acids is noted, with companies like Arrowhead Pharmaceuticals making strides in this area [7] Summary by Sections 1. National Medical Insurance and Commercial Insurance Innovation Drug Catalogs - The 2025 catalog added 114 new drugs, including 50 innovative drugs, with a success rate of 88% [2] 2. Financing Trends and CXO Order Changes - Innovative drug financing events increased by 5.2% year-on-year, with total financing amounting to $5.51 billion [3] 3. Flu Positivity Rates - The flu positivity rate reached 51.1%, indicating a rising demand for flu medications [4] 4. Autoimmune Field Developments - Significant partnerships and advancements in dual-target drugs for autoimmune diseases were reported [5] 5. Inhalation Formulations in Respiratory Diseases - New inhalation drugs are showing positive clinical results, indicating a shift in treatment approaches [6] 6. Progress in Liver-Targeted Small Nucleic Acids - Arrowhead Pharmaceuticals achieved a milestone payment for its innovative RNA therapy, expanding its research pipeline [7] 7. Stock Recommendations - The report recommends stocks in various sectors, including inhalation formulations, small nucleic acids, and innovative drugs, highlighting specific companies for investment [8]

Market Performance - The Shanghai Composite Index rose by 0.54%, the Shenzhen Component Index increased by 1.39%, the ChiNext Index surged by 2.6%, and the North Star 50 gained 1.27% [1] - The total market turnover reached 2.05 trillion yuan, an increase of 312.6 billion yuan compared to the previous day, marking the first time in 16 trading days that turnover surpassed 2 trillion yuan [1] Sector Highlights - The computing hardware sector showed strong performance, particularly in the CPO direction, leading the market [1] - Active sectors included lithium mining, cross-strait integration, photolithography machines, superhard materials, consumer electronics, and commercial aerospace [1] - Conversely, resource stocks such as coal and oil & gas experienced weakness [1] ETF Performance - The AI hardware sector saw significant gains, with the Fortune Fund Communication Equipment ETF, the Huashan Entrepreneurial AI ETF, and the Dazhong Entrepreneurial AI ETF rising by 5.65%, 5.62%, and 5.56% respectively [1] - The storage chip sector also strengthened, with the Huatai-PineBridge Korea Semiconductor ETF increasing by 4.47% [1] - Two Brazilian ETFs declined by 6.3% [1] - Pop Mart experienced a significant drop, with the Hang Seng Consumer ETF and the Hong Kong Stock Connect Consumer ETF falling by 1.91% and 1.88% respectively [1] - The Hong Kong innovative drug sector weakened, with the Fortune Hong Kong Stock Connect Medical ETF and the Industrial and Commercial Bank of China Hong Kong Stock Connect Innovative Drug ETF both declining by 1.5% [1] - The coal sector adjusted, with the coal ETF dropping by 1.5% [1]

Core Viewpoint - The pharmaceutical and biotechnology market currently lacks a clear main theme, but the release of the first "Medical Insurance + Commercial Insurance Dual Directory" by the National Healthcare Security Administration on December 7 may boost investment enthusiasm for innovative drugs [1] Market Performance - Last week, the pharmaceutical and biotechnology sector had a return of -0.74%, underperforming the CSI 300 by 2.02%, ranking 21st among 31 primary sub-industry indices [2] - The pharmaceutical commercial sub-sector had the highest weekly return at 5.19%, outperforming the CSI 300 by 3.91%, while the medical services sub-sector ranked sixth with a return of -1.37%, underperforming the CSI 300 by 2.65% [2] Innovative Drugs - Companies recommended for investment in innovative drugs include: - Innovent Biologics - 3SBio - Hengrui Medicine - Kelun-Biotech - Baillie Gifford - Rongchang Biologics - Yimeng Biologics - Huyou Pharmaceutical - King’s Ray Biotech - Valiant Biotech - Lee's Pharmaceutical [2] CXO and Life Sciences Upstream Industry Chain - Recommended global CXO leaders include: - WuXi AppTec - WuXi Biologics - WuXi AppTec's subsidiary - Kanglong Chemical - Kailai Ying [3] - Recommended domestic clinical CRO leaders include: - Tigermed - Proprius - Nossg - Sunshine Nuohe [3] - Recommended resource-type CXOs include: - Zhaoyan New Drug - Yinos - Medicy - Baiaosaitu - Yaokang Biotech [3] - Recommended companies in the life sciences upstream industry chain include: - Baipusais - Haoyuan Pharmaceutical - Bid Pharmaceutical - Nami Technology - Aopumai - Haier Biomedical - Aladdin - Titan Technology [3] Companies with Improved Operations and High Dividends - Companies recommended for attention include: - Baiyunshan - Sinopharm [4] High-end Medical Equipment - Recommended companies benefiting from overseas pharmaceutical investments include: - Sensong International - Dongfulong - Chutian Technology [4] - Companies expected to see business growth from hospital procurement recovery include: - United Imaging - Kaili Medical - Xinhua Medical - Mindray Medical - Aohua Endoscopy - Mountain Outside Mountain [4] - Companies with domestic demand-driven medical device recovery include: - Yiyue Medical - Kefu Medical - Sanofi Biotech [4] - Companies with restored overseas orders include: - Meihua Medical - Haitai New Light - Ruimaite [4] - Companies with increasing market penetration in high-end medical consumables include: - Xinmai Medical - Micron Medical - Weigao - Micron Brain Science - Aikang Medical - Chunli Medical [4]

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Insights - The financing ecosystem for China's biopharmaceutical industry is gradually entering a positive cycle, driven by the influx of funds from A/H listings and capital increases of innovative drug companies, leading to an improvement in R&D investment sentiment [2][42] - The IPO channels for innovative drugs have widened, with a resurgence in Hong Kong IPOs and improved fundraising conditions for A-share companies, indicating a positive trend in fundraising for R&D investments [6][31] - The amount of biopharmaceutical financing in China is showing signs of recovery, with significant policy support and an increase in investment funds, suggesting a rebound in the financing environment [8][37] Summary by Sections Innovative Drug R&D Investment Sentiment - The trend of key forward-looking indicators suggests that the funding situation for innovative drug companies is becoming more favorable, which is expected to enhance their willingness to invest in R&D [24] - The innovative drug IPO market is experiencing a resurgence, with 17 companies listed in Hong Kong by the end of November 2025, surpassing the total for 2020 [25][27] Fundraising and Financing Trends - The scale of fundraising through IPOs for pharmaceutical companies in Hong Kong has shown significant improvement since April 2025, with notable monthly highs in fundraising amounts [31] - The scale of capital increases for A-share pharmaceutical companies has also been on the rise, with a peak of 3.9 billion yuan in Q3 2025, the highest since Q2 2023 [33] Biopharmaceutical Financing Environment - The total financing amount for China's biopharmaceutical sector reached 1.76 billion USD in Q3 2025, the highest since Q4 2022, indicating a potential bottoming out and recovery in the financing landscape [37] - The amount of upfront payments for external business development (BD) has become a significant source of funding for R&D, with Q3 2025 figures reaching 1.85 billion USD, surpassing the total financing amount for the same period [40]

Group 1 - The core viewpoint of the news highlights the ongoing volatility in the innovative drug sector, with a mixed performance among individual stocks, while some companies like Kangzhe Pharmaceutical and Green Leaf Pharmaceutical show resilience with over 1% gains [1] - The recent release of the "dual directory" for medical insurance and commercial insurance includes 114 new drugs for the national medical insurance drug list by 2025, with 50 being class 1 innovative drugs, indicating a sustained bullish trend for innovative drugs [3] - CITIC Construction Investment Securities notes that China's pharmaceutical industry has entered a critical phase of "innovation realization + global layout," supported by population and domestic demand, with innovative drugs expected to be a major upward trend into 2026 [3] Group 2 - The Hong Kong Stock Connect Innovative Drug ETF (520880) has over 70% of its portfolio invested in leading innovative drug stocks, reflecting strong buying sentiment despite a slight decline in its market price [1][3] - The top ten holdings of the ETF account for 72.57% of its total weight, showcasing the dominance of leading companies in the innovative drug sector [3] - The ETF has a total market value of HKD 12.873 billion, with a daily average trading volume of HKD 4.58 billion since its inception, making it the largest and most liquid ETF tracking the same index [3]

Group 1 - The A-share market has shown a continuous volume contraction rebound, with improved funding conditions due to the warming expectations of the Federal Reserve's interest rate cuts and enhanced effectiveness of domestic fundamental pricing [1] - Recent improvements in the TMT and upstream resource sectors have been notable, with a focus on AI chains, pricing chains, capital goods, consumer goods, and infrastructure chains [1] - The upcoming "spring restlessness" in mid to late December may lead to an early start, balancing growth and cyclical investments, with a mid-term view favoring large financials and certain high-value consumer stocks as core choices for asset revaluation in China [1] Group 2 - The market is experiencing a rotation of volatility and structural opportunities, with traditional manufacturing and resource sectors being undervalued in terms of global pricing power [3] - Since the "9.24 market" last year, the overall market has seen a systematic increase in financing, with a net increase of 1.11 trillion yuan, significantly surpassing the total issuance of public and private bullish products since October of the previous year [3] - Major broad-based indices and thriving sectors have achieved most of their gains during these two market waves, while other periods have been relatively flat, with effective gains seen in quant-driven micro-accounts, insurance-driven banks, and price-driven non-ferrous metals [3] Group 3 - The market remains in an upward trend supported by funding and policy, with expectations for the A-share market to continue its bull run next year, supported by valuation and profit stabilization [4] - Easing geopolitical risks and renewed expectations of Federal Reserve interest rate cuts are likely to bring a pre-spring restlessness rally to the A-share market, with upcoming U.S.-China policy expectations being a key factor [4] - The AI sector is expected to continue its momentum under the 2026 U.S.-China interest rate cycle and strengthening AI trends, with a focus on "scarcity" in energy and power, as well as dual development in AI applications and ecosystem construction [4]

Investment Rating - The report maintains an investment rating of "Positive" for the pharmaceutical and biotechnology industry [2]. Core Viewpoints - The recent release of the "Medical Insurance + Commercial Insurance Dual Directory" by the National Medical Insurance Administration is expected to boost investment enthusiasm for innovative drugs. The report suggests focusing on investment opportunities in innovative drugs, CXO, and the upstream life sciences industry chain [3][9]. - The pharmaceutical sector is currently experiencing a lack of clear market direction, with the pharmaceutical commercial sector leading in performance. Notable stocks include Haiwang Biological (up 55.59%), Ruikang Pharmaceutical (up 36.54%), and Yue Wannianqing (up 15.37%) [3][9]. - The report emphasizes the importance of companies with stable dividends and operational improvements, as well as potential turning points in high-end medical devices [3][11]. Summary by Sections 1. Market Performance - The pharmaceutical and biotechnology sector's return was -0.74% last week, underperforming the CSI 300 by 2.02%, ranking 21st among 31 primary sub-industry indices. The pharmaceutical commercial sector had the highest weekly return at 5.19% [3][7]. - Over the past month, the sector's return was -2.35%, also ranking 20th among sub-industry indices, with the pharmaceutical commercial sector leading at 5.78% [3][7]. 2. Innovative Drugs - The report recommends focusing on companies with leading product pipelines and market potential, including Innovent Biologics, 3SBio, Hengrui Medicine, and others [3][9][10]. 3. CXO and Upstream Life Sciences - Key CXO companies to watch include WuXi AppTec, WuXi Biologics, and others. The report also highlights clinical CRO leaders and resource-based CXOs [10]. 4. High-End Medical Devices - The report identifies several companies in the high-end medical device sector that may benefit from market recovery and increased demand, including Mindray Medical and others [11]. 5. Valuation Metrics - The current PE (TTM) for the pharmaceutical and biotechnology industry is 29.27 times, which is below the historical average of 30.88 times over the past five years [12][15].