21世纪经济报道记者 唐唯珂 医药行业下半年继续迎来港股IPO的密集动作。 9月26日，南京英派药业、广东融泰药业同日向港交所主板递交上市申请，A股上市公司博瑞医药也于 当日公告，计划发行H股并在港交所主板上市。 其中，英派药业专注基于合成致死机制的精准抗癌药物研发；融泰药业聚焦院外医药服务，是中国院外 医药市场第四大营销及供应链解决方案提供商；博瑞医药则以化学药物全产业链为基础，正从原料药业 务向创新药领域转型。 密集推进上市的背后，既反映出生物医药领域资本市场热度的回升，凸显港股作为医药企业融资平台的 持续吸引力，同时也有分析人士指出未来港股市场主要的问题仍是流动性考验。 港股IPO持续发力 从原料药红海驶向创新药蓝海，博瑞医药此次启动港股上市，旨在完善"A股+H股"双资本平台布局。 根据公告，其H股发行规模不超过发行后总股本的15%，募集资金将主要用于在研药物研发、生产能力 扩建及国际化业务拓展。 作为国内化学药物全产业链企业，博瑞医药已构建从起始物料、高难度中间体到特色原料药及制剂的完 整业务链条，2023年原料药业务收入达8.85亿元，其中抗病毒类产品同比增长170%，业务韧性显著。 近年来，博瑞医 ...

Core Viewpoint - Multiple A-share companies announced stock suspensions due to control change plans, indicating potential shifts in ownership and management structures within these firms [1][2][3]. Group 1: Companies Planning Control Changes - Asia-Pacific Pharmaceutical announced a stock suspension starting September 29 due to its controlling shareholder planning a change in control, with significant uncertainties surrounding the transaction [2]. - The company reported a revenue of 152 million yuan, a year-on-year decrease of 31.48%, while net profit attributable to shareholders increased by 1820.97% to 105 million yuan [2]. - Dori Pharmaceutical also announced a stock suspension for similar reasons, with a revenue of 107 million yuan, down 29.13%, and a net loss of 42.5 million yuan [3]. - Zhonghuan Environmental Protection's stock was suspended as its controlling shareholder is also planning a control change, reporting a revenue of 474 million yuan, up 4.84%, and a net profit of 44.09 million yuan, up 9.69% [4]. Group 2: Companies Planning Asset Acquisitions - Zhiguang Electric announced plans to acquire shares of its subsidiary, Zhiguang Energy Storage, through a combination of cash and stock, with a suspension of trading starting September 29 [5]. - Zhiguang Energy Storage is noted for its leading position in the energy storage sector, with significant technological achievements and a focus on strategic business development [5]. - Yidao Information is planning to acquire controlling stakes in Guangzhou Langguo Electronic Technology and Shenzhen Chengwei Information, with a stock suspension also starting September 29 [6].

Group 1: Rare Metals Industry - The Ministry of Industry and Information Technology and seven other departments issued a plan to enhance the application level of rare metals, focusing on emerging industries such as integrated circuits, industrial mother machines, low-altitude economy, humanoid robots, and artificial intelligence [1] - The plan emphasizes accelerating the application verification of high-end products like high-purity gallium, tungsten hard alloys, and all-solid-state battery materials, while promoting innovative applications of frontier materials such as superconductors and liquid metals [1] - It encourages downstream user enterprises and research institutions to open application scenarios and create typical case studies to cultivate emerging markets [1] Group 2: Stock Market Performance - U.S. stock markets saw an increase, with the Dow Jones rising by 299.97 points (0.65%) to 46,247.29 points, and the Nasdaq gaining 99.37 points (0.44%) to 22,484.07 points [2] - Notable gains were observed in the metals and mining sector, with Century Aluminum rising over 7%, and Pan American Silver and U.S. Gold Corp both increasing by over 4% [2] Group 3: Gold Futures - COMEX gold futures for the current month increased by $37.90 (1.01%), reaching $3,809.0 per ounce [3] Group 4: Fixed Income Market in Hong Kong - The Financial Secretary of Hong Kong announced efforts to develop the fixed income and currency market, aiming to establish Hong Kong as a global hub for fixed income and currency products [4] Group 5: High-end Medical Equipment - The Ministry of Industry and Information Technology, along with other departments, announced the initiation of the 2025 high-end medical equipment promotion application project, focusing on innovative development and large-scale application of new technologies and products [5] Group 6: Food Safety Regulations - The State Administration for Market Regulation released new regulations for food safety management in chain catering enterprises, which will take effect on December 1, 2025 [6] Group 7: Express Delivery Industry - The express delivery industry is undergoing a transformation to combat low-price competition, with several regions implementing price increases, leading to improved revenue for delivery points [7][8] - A specific delivery point reported an estimated increase in monthly revenue of approximately 1 to 1.5 million yuan due to a price increase of 0.1 yuan per ticket [8] Group 8: AI Development - A consortium of over 30 enterprises and research institutions, including China Mobile, announced the "Beijing Plan" for super-node intelligent computing applications, aimed at addressing the growing demand for AI computing power [8] Group 9: Alibaba's AI Models - Alibaba's Tongyi models dominated the global open-source model rankings, with the newly released Qwen3-Omni model achieving the top position [9] Group 10: Pharmaceutical Developments - Kangzheng Pharmaceutical received approval for a Phase III clinical trial for its new drug MG-K10, targeting chronic spontaneous urticaria [10] Group 11: Equity Acquisition - Baiyunshan announced a plan to acquire an 11.04% stake in Nanjing Pharmaceutical for 748.8 million yuan [11] Group 12: Production Suspension - Longpan Times has suspended production due to a halt in raw material supply from CATL, with expectations to resume operations in November [12] Group 13: Gold Mining Operations - Tongguan Gold is positioned to benefit from rising gold prices, with an average gold resource grade of 8.26 grams per ton and a resource volume of 55 tons [13] - The company has a long-term gold flow agreement with Zijin Mining, which includes a prepayment of $25 million [14]

证券代码：600436 证券简称：片仔癀 公告编号：2025-032 漳州片仔癀药业股份有限公司 关于公司董事、高级管理人员变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 一、关于董事、高级管理人员变动的基本情况 漳州片仔癀药业股份有限公司（以下简称"公司"）董事会于近日收到董事、总会计师杨海鹏先生提交的 书面辞职报告。杨海鹏先生因工作调整原因，辞去公司董事及总会计师等职务。辞职后，杨海鹏先生仍 担任顾问职务。具体情况如下： ■ 二、本事项对公司的影响 根据《中华人民共和国公司法》《漳州片仔癀药业股份有限公司章程》（以下简称"《公司章程》"）等 相关规定，杨海鹏先生的辞职未导致公司董事会成员低于法定人数，不会影响公司董事会正常运作和日 常经营。杨海鹏先生的辞职报告自送达至公司董事会之日起生效。公司将按照法定程序尽快完成选聘总 会计师的相关工作。 杨海鹏先生在担任公司董事、总会计师期间，恪尽职守、忠诚履职，勤勉尽责、兢兢业业，以良好专业 的素养和创新的理念，有力推动了公司的规范运作、财务管理及健康发展，作出了重要贡献 ...

Core Insights - The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is emerging as a global hub for technological innovation and new industries, highlighted by successful projects in the recent entrepreneurship competition [1][2] - The integration of education, technology, and talent is crucial for fostering innovation, with significant investments and collaborations driving the commercialization of groundbreaking technologies [2][3] - The GBA's unique "dual triangle" cycle of "education-technology-talent" and "technology-industry-finance" is creating a self-reinforcing ecosystem that enhances innovation capabilities [6][12] Group 1: Innovation Ecosystem - The GBA has established a high-level circulation of "technology-industry-finance," allowing for the rapid transformation of innovative projects into viable businesses [2][3] - The recent entrepreneurship competition has successfully identified numerous high-quality startup projects, attracting active investment institutions to support these initiatives [3][4] - The region's diverse and mature industrial chains lower the costs of innovation and facilitate the transition from high-risk experimentation to a more normalized execution of innovative ideas [4][11] Group 2: Investment and Collaboration - The investment from Chuan Shang Fund, amounting to 90 million yuan, is a significant boost for the commercialization of innovative products like the HIV therapeutic nucleic acid vaccine [2][3] - The GBA's collaborative environment has attracted a mix of local and international teams, enhancing the quality and diversity of projects presented at the competition [10][11] - The GBA's unique geographical and administrative structure allows for adaptive iterations of new technologies and business models, accelerating innovation diffusion [4][10] Group 3: Global Positioning - The GBA has been recognized as the top innovation cluster globally, surpassing the Tokyo-Yokohama cluster, based on key metrics such as international patent applications and venture capital transactions [5][12] - The region's strong market demand and diverse application scenarios provide a robust platform for innovative products to debut and gain traction [4][11] - The GBA's international appeal is evident as it attracts teams from over ten countries, showcasing its role as a strategic core in China's new development framework [10][12]

Core Viewpoint - The banking industry in Zibo is actively supporting high-quality economic development through innovative financial services and products, focusing on technology-driven enterprises, green finance, and small and micro enterprises [1][3][15]. Group 1: Financial Support for Innovation and Technology - Zibo has been recognized as a national innovation city, ranking among the top fifty in both innovation index and capability, largely due to the financial sector's support for technology-driven enterprises [3]. - The Zibo Financial Regulatory Bureau has implemented policies to enhance financial support for technology innovation, including the establishment of a database for technology enterprises and the introduction of specialized loan products [3][4]. - As of June 2025, the total balance of technology loans in Zibo exceeded 628.69 billion yuan, reflecting a strong commitment to financing innovation [3]. Group 2: Green Finance Initiatives - Zibo's banking sector is promoting green finance in alignment with national carbon reduction strategies, with green credit balances reaching 853.98 billion yuan by June 2025, an increase of 133.19 billion yuan from the beginning of the year [16]. - Innovative financial products, such as sustainable development-linked loans, are being introduced to encourage companies to adopt environmentally friendly practices [17]. Group 3: Support for Small and Micro Enterprises - The banking industry in Zibo has established a comprehensive financial service system for small and micro enterprises, with a loan balance of 1,085.29 billion yuan as of June 2025, marking a year-on-year increase of 116.29 billion yuan [21]. - The average interest rate for newly issued loans to small and micro enterprises has decreased to 3.79%, indicating a more favorable lending environment [21]. Group 4: Financial Services for Agriculture and Rural Development - The banking sector is actively supporting rural development and agricultural enterprises, with a focus on enhancing credit systems and providing tailored financial solutions [36][40]. - Specific initiatives include the provision of low-interest loans to support agricultural production and the establishment of credit systems in rural areas [36]. Group 5: Digital Transformation in Banking - Zibo's banking institutions are advancing digital transformation strategies, with a reported loan balance for the digital economy reaching 8.6 billion yuan by June 2025, reflecting a growth rate of 26.47% [29]. - The focus on digital finance aims to enhance compliance management and improve customer engagement with digital financial products [29]. Group 6: Comprehensive Financial Services for Elderly Care - Zibo is developing a multi-layered financial support system for elderly care, including specialized loan products and pension account services, with over 552,448 personal pension accounts opened by June 2025 [33]. - Financial institutions are also providing loans to support the construction and operation of elderly care facilities, enhancing the overall quality of services available to the aging population [33].

Market Overview - The Hang Seng Index closed at 26,128.2 points, down 1.57% for the week, while the Hang Seng Tech Index fell 1.58% to 6,195.11 points, and the National Enterprises Index decreased by 1.79% to 9,303.10 points [1] Fund Flow - The net inflow for the Hong Kong Stock Connect (Shanghai to Hong Kong) over the past 5 days was +23.253 billion, and for the Shenzhen to Hong Kong was +20.706 billion. Over the past 20 days, the inflow was +72.618 billion and +102.073 billion respectively. For the past 60 days, the inflow reached +182.005 billion and +231.819 billion [4] Alibaba's Performance - Alibaba's stock rose 4.65% to HKD 166.50, with a notable single-day increase of 9.16% on September 24. This performance was driven by positive signals from the 2025 Alibaba Cloud Summit, where the CEO announced an increased investment in AI infrastructure and a goal to enhance data center energy efficiency by tenfold by 2032. The company also introduced its new AI model Qwen3-Max, which performed well in global evaluations [5] Pharmaceutical Sector - The pharmaceutical sector experienced a downturn, with Fosun Pharma dropping 11.19%. Other companies like Kanglong Chemical and 3SBio also saw declines. The primary reasons for this adjustment were overseas policy disturbances, including fluctuating expectations of interest rate cuts by the Federal Reserve and proposed tariffs on pharmaceutical products by Trump. However, the actual impact on Chinese innovative pharmaceutical companies is expected to be limited due to their licensing models [6] New Energy Sector - The new energy sector showed strong performance, with Zhongxin New Energy rising 15.36% to HKD 30.94, marking over 140% increase year-to-date. This growth is attributed to robust performance in the company's energy storage business and positive institutional evaluations. Policy support from the government, including tax incentives and technological advancements, is expected to foster further growth in the sector [7] Online Travel Industry - The online travel sector is witnessing a transformation, with cross-province travel orders increasing by 45% year-on-year during the "Golden Week." Companies are shifting from price competition to AI-driven value creation, enhancing user experience through AI applications. Major platforms are integrating AI into their services, indicating a shift in competitive dynamics from resource monopolization to technological service capabilities [8] U.S. Market Signals - The U.S. bond market is showing concerning signals, with investment-grade corporate bond risk premiums at a 27-year low and signs of rising consumer defaults. These trends echo pre-2007 financial crisis characteristics. Additionally, the Trump administration's trade protectionist policies are reshaping global trade dynamics, with tariffs on various products potentially leading to a restructuring of global supply chains [9]

上周五下午17:00后各券商陆续公布三只新股的中签结果，但详细信息要等明天暗盘交易结束后，晚上22点港交所官方网站披露易发布的新股配发结果公 告。 | | 西普尼(02583.HK)-分配结果 | | | --- | --- | --- | | 定价 | HK$29.60 | | | 一手股数 | 100 | | | 一手市值 | HK$2960 | | | 申购股数(股) | 最小中签股数(股) | 最大中签股数() | | 甲组 | | | | 100-100,000 | 0 | 100 | | 乙组 | | | | 200,000 | 0 | 100 | | 300,000 | 100 | 200 | | 400,000 | 100 | 200 | | 530,000 | 100 | 200 | | | 仅供参考,详细结果可阅读港交所的通告! | | 西普尼以招股上限定价29.6港元，一手市值2960港元。甲组全部抽签，乙二才能稳中一手，申购顶头槌用10倍融资还需要158万本金，最多也就中签2手， 货值6000港元。 | | 博泰车联(02889.HK)-分配结果 | | | --- | --- | - ...

Core Viewpoint - Guangzhou Baiyunshan Pharmaceutical Group Co., Ltd. announced the acquisition of 11.04% shares of Nanjing Pharmaceutical Co., Ltd. from Alliance Healthcare Asia Pacific Limited for 749 million RMB, making Baiyunshan the second-largest shareholder of Nanjing Pharmaceutical [1][2] Group 1 - The acquisition price is based on the average closing price of Nanjing Pharmaceutical's shares over the previous 60 trading days, set at 5.18 RMB per share [1] - The strategic investment agreement signed includes collaboration in capital cooperation, distribution channels for proprietary industrial products, and cooperation in traditional Chinese medicine [1][2] Group 2 - This transaction is expected to enhance Baiyunshan's business cooperation with Nanjing Pharmaceutical, optimize regional industrial layout, and strengthen competitive advantages in the pharmaceutical distribution business [2] - The Baiyunshan-funded Guangzhou Traditional Chinese Medicine Phase II Fund was established with a total investment of 1.499 billion RMB, focusing on investments in the biopharmaceutical and health sectors [2]

Core Insights - Nanjing Pharmaceutical (600713) signed a strategic investment agreement with Guangzhou Baiyunshan Pharmaceutical Group Co., Ltd. and Guangzhou Traditional Chinese Medicine Equity Investment Partnership (Limited Partnership) [2] - Baiyunshan's subsidiary plans to acquire 144,557,431 shares from Alliance Healthcare Asia Pacific Limited, representing 11.04% of Nanjing Pharmaceutical's total shares [2] Group 1: Transaction Details - The share transfer price is set at 5.18 CNY per share, totaling approximately 748.81 million CNY [4] - Nanjing Pharmaceutical's current stock price is 4.88 CNY per share, indicating a slight premium over the transfer price [4] Group 2: Company Profiles - Baiyunshan is an A+H listed company with a market capitalization of approximately 41.3 billion CNY, engaged in the research, development, manufacturing, and sales of various pharmaceutical products [4][5] - Nanjing Pharmaceutical has a market capitalization of around 6.4 billion CNY and focuses on pharmaceutical distribution and healthcare services [6] Group 3: Strategic Implications - Baiyunshan aims to enhance business cooperation with Nanjing Pharmaceutical, optimizing its industrial layout in East China and strengthening its competitive advantage in pharmaceutical distribution [6] - The collaboration is based on principles of mutual benefit, resource sharing, and long-term strategic partnership [6]