Market Overview - On November 26, the Shanghai Composite Index decreased by 0.15%, while the CSI 300 increased by 0.61%, the STAR Market 50 rose by 0.99%, the CSI 1000 fell by 0.02%, and the ChiNext Index increased by 2.14%. The Hang Seng Index rose by 0.13% [4][6] - The best-performing sectors on November 26 were telecommunications (+4.64%), comprehensive (+1.79%), electronics (+1.58%), retail (+1.11%), and home appliances (+0.96%). The worst-performing sectors were defense and military (-2.25%), social services (-0.97%), media (-0.82%), oil and petrochemicals (-0.8%), and banking (-0.79%) [4][6] - The total trading volume for the A-share market on November 26 was 17,971.9 billion yuan, with a net outflow of 3.952 billion Hong Kong dollars from southbound funds [4][6] Important Recommendations - The report recommends Chengda Biological (688739) due to the synergistic effects of shareholder involvement and continuous innovation. The company is expected to see accelerated transformation and revenue growth driven by mergers and acquisitions and new vaccine commercialization [7] - Revenue forecasts for Chengda Biological from 2025 to 2027 are 1,347.93 million yuan, 1,418.37 million yuan, and 1,530.02 million yuan, with growth rates of -19.59%, 5.23%, and 7.87% respectively. Net profit is projected to be 200.23 million yuan, 222.63 million yuan, and 253.73 million yuan, with growth rates of 41.59%, 11.19%, and 13.97% respectively [7] Industry Insights Agriculture, Forestry, Animal Husbandry, and Fishery - The core viewpoint emphasizes deepening value in the agricultural sector and positioning for new cyclical opportunities. The market outlook indicates continued pressure on pig prices, uncertainty in beef prices, and persistent low prices for poultry, with intensified competition in feed and animal health sectors [8][9] - The report suggests that leading pig enterprises can maintain profitability through cost advantages and structural optimization despite production capacity constraints. The feed sector is expected to see growth potential for companies with cost control and integrated supply chains, while the animal health sector may benefit from pet care and international expansion [9][12] Non-Banking Financial Sector - The non-banking financial sector is anticipated to experience a rebound in 2026, characterized by a combination of high probability and favorable odds. The market outlook for this sector is cautious due to the high base in 2025, but a potential recovery is expected amid a long-term "slow bull" market for equities [10][13] - The report highlights that the asset and liability sides of the financial sector are expected to resonate positively, supporting the overall growth of the sector [13]

｜2025年11月27日 星期四｜ NO.1年内港股公司合计回购金额逾1500亿港元 11月26日，据证券日报，今年以来，港股公司回购动作频频。Wind资讯数据显示，截至11月25日，年 内共有247家港股公司累计回购股份67.69亿股，合计回购金额约1544.15亿港元。11月份以来，有90家港 股公司回购约83.33亿港元。从行业分布看，港股公司回购集中在金融、信息技术、日常消费、医疗保 健、能源等行业。 点评：A股上市的中坚科技递表港交所主板，这家位列中国户外动力设备制造商前列的企业，欲借港股 资本市场加码新业务，成为户外动力设备领域赴港上市的又一重要玩家。 NO.5港股行情 点评：A股支付技术服务企业新国都递表港交所主板，欲借港股拓宽融资渠道，进一步强化全球支付领 域竞争力。 NO.3欧林生物递表港交所 据港交所11月25日消息，欧林生物（SH688319）递表港交所主板，独家保荐人为中信证券。公司致力 于创新疫苗的研究、开发、生产及商业化。战略重心聚焦于"超级细菌疫苗"及"成人疫苗"两大重大未满 足医疗需求领域。已实现吸附破伤风疫苗、b型流感嗜血杆菌结合疫苗及A群C群脑膜炎球菌多糖结合疫 苗三款产品 ...

Group 1 - The core viewpoint of the article highlights the significant partnership between Chinese vaccine company Sinovac and the Brazilian government, marking a milestone in international vaccine collaboration with a contract worth over $700 million for the supply of vaccines over the next decade [4][9]. - Sinovac becomes the first Chinese vaccine company to enter Brazil's Product Development Partnership (PDP) program, which aims to enhance local vaccine production capacity rather than merely supplying finished products [4][6]. - The collaboration is seen as a strategic move to strengthen Brazil's public health system by localizing key medicines and ensuring sustainable self-sufficiency [4][6]. Group 2 - The signing ceremony took place in São Paulo, attended by key Brazilian officials, indicating the high-level support for this partnership [4]. - Sinovac's rapid response during public health emergencies in Brazil, such as providing hepatitis A vaccines during severe flooding, has built trust with local authorities and the public [8]. - The partnership is an extension of previous collaborations, including a deal witnessed by Brazilian President Lula during the China-Latin America Forum [6].

Core Viewpoint - Company Olin Bio is seeking to list on the Hong Kong Stock Exchange to become an "A+H" listed company, aiming to raise funds for innovative vaccine research and to reduce reliance on its single core product, the adsorbed tetanus vaccine [1][6]. Group 1: Company Overview - Olin Bio was founded by industry veteran Fan Shaowen and his daughter Fan Fan, with a focus on the adsorbed tetanus vaccine as its core product [1][3]. - The company became the first private enterprise in China to produce and sell the adsorbed tetanus vaccine in 2017, which has since become its main revenue source [1][3]. Group 2: Financial Performance - In 2024, Olin Bio achieved a revenue of 589 million yuan, a year-on-year increase of 18.7%, with a net profit of 20.76 million yuan, up 18.2% [3]. - For the first half of 2025, the company reported a revenue of 306 million yuan, representing a year-on-year growth of 35.17%, and a net profit of approximately 13.2 million yuan, marking a turnaround from losses [3]. Group 3: Product and Market Dynamics - The adsorbed tetanus vaccine accounted for over 90% of the company's revenue in 2024, with sales reaching 536 million yuan, a 15.7% increase from the previous year [3]. - The company faces challenges from increasing competition in the vaccine market, despite having a first-mover advantage as the first private producer of the adsorbed tetanus vaccine [3][6]. Group 4: Research and Development - Olin Bio is developing four new Class 1 vaccines, including a recombinant Staphylococcus aureus vaccine and an oral recombinant Helicobacter pylori vaccine, with clinical trials planned for 2026 [4]. - The company has faced funding challenges, with a net cash flow from operating activities of -9.73 million yuan in 2024, indicating ongoing financial pressure [5][6]. Group 5: IPO and Market Conditions - The company has recently attempted to raise funds through a private placement, which was terminated due to market conditions and stock price fluctuations [5]. - Olin Bio plans to issue up to 25% of its total share capital in H-shares to fund research, production upgrades, and international expansion, but faces uncertainty regarding market acceptance due to its reliance on a single product and cash flow issues [6].

是疫苗行业供需关系的改变。 文｜顾翎羽 编辑｜刘鹏 来源｜腾讯财经（ID：financeapp） 价格战的背后， 封面来源｜pixabay 一支疫苗的价格底线在哪里？ 2025年的答案是5.5元，这一上海生物在北京市流感疫苗采购中的三价流感疫苗中标单价，已经比一杯 蜜雪冰城奶茶还要便宜。 在这一信号出现的两个月后，行业协会试图踩下刹车。11月19日，中国疫苗行业协会发布《关于反 对"内卷式"竞争，促进疫苗及其相关生物制品行业高质量发展的倡议》（下称《倡议》）。这份文件要 求会员单位在招投标全流程中，"严禁以低于成本的报价参与竞标"，并提出对违反者采取警告、通报批 评甚至除名等惩戒措施。 中国疫苗行业价格战打了两年，这是行业组织首次对低价竞争表明立场。然而，协会的倡议或许能暂时 稳定价格预期，但无法改变产能过剩的现实。目前，在供需关系变化、同质竞争加剧以及采购机制的共 同作用下，中国疫苗行业的淘汰和出清难以停下来。 协会发声反内卷 违者严重可除名 11月19日发布的《倡议》指出，会员单位应以生产经营成本与市场供求状况为定价基本依据，依法自主 合理定价，自觉维护市场价格稳定，共同营造公平有序的竞争环境。 尤其是在 ...

Core Viewpoint - The article discusses the ongoing price war in China's vaccine industry, driven by changes in supply and demand dynamics, leading to significant price reductions and financial losses for companies [4][15][22]. Group 1: Price War Dynamics - The price of a three-valent flu vaccine has dropped to 5.5 yuan, cheaper than a cup of milk tea, indicating a severe price competition in the vaccine market [5][11]. - The China Vaccine Industry Association has issued an initiative to combat "involution-style" competition, urging members to avoid bidding below cost and threatening penalties for violations [6][8][10]. - The price war has persisted for two years, with the association's initiative being the first formal stance against low-price competition, although it may not resolve the underlying issue of overcapacity [6][10][22]. Group 2: Supply and Demand Changes - The supply side is characterized by homogenization and overcapacity, with many companies entering the vaccine market, leading to intense competition and price wars [16][17]. - Demand is also under pressure, with declining public trust in vaccines and a decrease in vaccination rates, particularly for flu vaccines, which averaged below 4% in China from 2020 to 2023 [17][19]. - The shift in focus from childhood vaccines to adult vaccines due to declining birth rates has intensified competition in the adult vaccine market [17][19]. Group 3: Financial Impact on Companies - The financial repercussions of the price war are evident, with vaccine companies experiencing a 60% drop in revenue and a 113% decline in net profit in the first half of 2025 [19][20]. - Major companies like Zhifei Biological and Wantai Biological have reported significant losses, with Zhifei's revenue down 66.53% and net profit loss of 12.06 billion yuan [20][21]. - Despite some companies showing growth in sales, the overall trend indicates that increased revenue does not equate to increased profit due to drastic price reductions [21][22]. Group 4: Future Outlook and Strategies - Experts suggest that the industry is in a "deep cold moment," requiring a period of consolidation and restructuring that could last five to ten years [23]. - Companies are exploring two main strategies to navigate the competitive landscape: expanding into emerging markets and focusing on differentiated products to meet unmet clinical needs [24].

如今，带状疱疹疫苗已为大众所熟知。过去几年间，这款疫苗凭借强劲的市场表现，成为国内疫苗领域 的一匹"黑马"。 只不过，由于消费意愿等因素，各疫苗的接种率都不甚乐观，带状疱疹疫苗也不例外。于是，在仅有两 款疫苗的背景下，带状疱疹疫苗的市场竞争也迅速白热化。自今年年中以来，GSK的带状疱疹疫苗欣安 立适，率先推出"买一送一"促销活动并刷屏市场。 所谓"买一送一"，是指首剂疫苗需支付全额疫苗费与接种费，第二剂仅需数十元接种服务费。对于单剂 原价1630元的欣安立适来说，这无疑是直接打响价格战的信号。 要知道，欣安立适在海外市场近乎"无敌"，占据绝对竞争优势，如今却在国内市场主动发起价格战。 这一现象也恰恰印证了"一方水土养一方人"——不同市场的商业环境、消费需求与竞争格局存在本质差 异，成熟的海外商业模型，终究无法直接平移套用。 当然，更直接的原因或许是，欣安立适国内的操盘者智飞生物，亟需用促销手段来打开局面。 意外的价格战选手 5月份以来，欣安立适陆续在全国多个地区开展"买一送一"的促销活动，这是其打响价格战的信号。 从接种流程来看，欣安立适全程需接种两剂。按原定价计算，两剂总费用为3260元（含接种服务费）， ...

科兴与巴西开启十年疫苗合作，创中国疫苗最大金额国际订单 36氪获悉，当地时间2025年11月24日，科兴与巴西卫生部签署了两项PDP（产品开发伙伴关系）项目， 成为首个中标该项目的中国疫苗企业。科兴将与巴西当地伙伴Tecpar研究所和Eurofarma公司合作建设疫 苗产业平台，帮助巴西提升本土疫苗生产能力，在未来10年向巴西提供总计约6000万剂水痘疫苗和狂犬 疫苗，价值超7亿美元。这是中国疫苗企业迄今获得的最长期、合同金额最大的一笔国际订单。 星动纪元与联合国工业发展组织达成战略合作 大公司： 36氪获悉，近日，在联合国工业发展组织第21届工业发展大会期间，星动纪元与联合国工业发展组织 (UNIDO)正式签署战略合作协议，成为本次大会唯一达成战略合作的中国具身智能企业。战略合作约 定，双方围绕具身智能人形机器人和技术创新领域的潜在合作进行探讨。 报道称美国派拉蒙公司将发行电影《尖峰时刻4》，成龙据称将回归出演 美国福克斯新闻网、《野兽日报》等媒体25日援引美国娱乐媒体Deadline网站消息报道称，消息人士确 认美国派拉蒙公司将代表华纳兄弟公司发行电影《尖峰时刻4》，国际影星成龙及克里斯·塔克据称将回 归 ...

近期，因为一纸退市函，停牌六年的科兴生物受到市场关注。当地时间11月18日，科兴生物披露，收到 纳斯达克上市资格部发出的退市决定函。该决定函告知公司，除非公司及时请求纳斯达克听证委员会举 行听证会，否则公司证券将于2025年11月21日开市时被暂停交易并退市。 来源：智通财经 科兴生物拿下约50亿元疫苗大单。 科兴生物日前发布消息称，当地时间11月24日，科兴与巴西卫生部签署了两项PDP(产品开发伙伴关系) 项目，在未来10年向巴西提供总计约6000万剂水痘疫苗和狂犬疫苗，价值超7亿美元(约合50亿元人民 币)。 据该公司介绍，这是中国疫苗企业迄今获得的最长期、合同金额最大的一笔国际订单。 2016年，科兴生物计划私有化并回归内地上市，创始人尹卫东与潘爱华分别组建资本阵营提出私有化要 约，由此展开了长达数年的控制权争夺战。 据称，此决定是由于该公司未能遵守纳斯达克上市规则相关条款，未能在延长期限截止前及时提交截至 2024年12月31日财年的20-F表格年度报告(以下简称"2024年年度报告")。 后来，随着新冠疫情在全球爆发，科兴生物研制的新冠疫苗迅速投产，公司业绩大增。财报显示，2021 年，科兴生物总营 ...

Group 1 - Aolide plans to raise no more than 300 million yuan through a simplified procedure for issuing shares to specific targets, with net proceeds allocated to the production base project for OLED display core materials and to supplement working capital [1] - Wanbang's subsidiary has obtained a 10-year exclusive agency for sildenafil oral suspension, which is suitable for patients with swallowing difficulties [2] - Titan Technology and its affiliate plan to jointly invest in increasing capital for its subsidiary, Micro Detection, raising its registered capital from 10 million yuan to 50 million yuan [3] Group 2 - Jindike will not issue new batches of quadrivalent influenza virus split vaccine this year, having produced approximately 1.56 million doses [4] - Aladdin intends to purchase 35% equity of Youke for 61.25 million yuan, funded by its own or raised capital [5] - Gujia Home's application for a private placement of A-shares has been approved by the Shanghai Stock Exchange [7] Group 3 - Honghe Technology's application for a private placement of A-shares has been approved by the China Securities Regulatory Commission [9] - Guangdian Yuntong has won contracts totaling 308 million yuan for the construction of an artificial intelligence application pilot base [10] - Shanghai Mechanical plans to repurchase B-shares worth no more than 278 million yuan [11] Group 4 - Weiling Co. is planning a change of control, with shares representing 7.76% of the total being transferred [14] - Jiugang Hongxing intends to invest 200 million yuan to establish a wholly-owned subsidiary focusing on high-quality special steel materials [16] - Zhongjian Technology has submitted an application for H-share listing [17] Group 5 - Sainuo Medical has received registration approval for its coronary product in Pakistan [18] - Huafeng Aluminum plans to acquire 100% equity of Huafeng Puen for 100 million yuan [20] - Fuda Co. intends to establish a wholly-owned subsidiary with an investment of 30 million yuan [22] Group 6 - Su Yan Jingshen's application for a private placement of shares has been approved by the Shanghai Stock Exchange [24] - Zhongchuang Co. has set the inquiry transfer price at 25.75 yuan per share [25] - Jinpu Garden has had a lawsuit involving 26.557 million yuan accepted by the court [29] Group 7 - ICBC has approved the appointment of Zhao Guid as vice president [30] - Betta Pharmaceuticals has had its drug registration application for ensartinib accepted [32] - Times New Materials plans to invest 6 million euros to establish a wholly-owned subsidiary in Serbia [34] Group 8 - China State Construction has appointed Chen Yong as vice president [36] - Dayang Electric plans to invest 10 million yuan to establish an industrial fund [38] - Advanced Digital has appointed Liu Zhigang as deputy general manager [39] Group 9 - Tianqi Co. plans to transfer 7% equity of Youqi Intelligent for 130 million yuan [40] - Xinguo has submitted an application for H-share issuance and listing [42] - Jinhongshun's shareholder has terminated a share reduction plan [43] Group 10 - Wanrun Co.'s actual controller plans to increase shareholding between 365 million yuan and 730 million yuan [44] - Suzhou High-tech plans to sell 47% equity of its medical device subsidiary for 604 million yuan [45] - Huayou Cobalt's subsidiary has signed a product supply agreement with Yiwei Lithium Energy for approximately 127,800 tons of materials [47] Group 11 - China Communications has won 10 important projects totaling approximately 2.539 billion yuan [49] - Nopushin plans to raise no more than 1.45 billion yuan through a private placement [50] - Yun Aluminum plans to acquire minority stakes in three subsidiaries for a total of 2.267 billion yuan [51] Group 12 - Xiamen Tungsten plans to establish a 500 million yuan merger fund with multiple parties [52] - Aotewei has signed a contract worth approximately 700 million yuan [54] - Hemai Co.'s shareholders plan to reduce their holdings by no more than 3% [56]