| HSTECH | 恒生科技 | Val | 5684.81 c | -72.07 | -1.25% | | --- | --- | --- | --- | --- | --- | | HSI | 恒生指数 | 45 | 26172.27 | -212.01 | -0.80% | 盘面上，厨卫电器、能源金属、房地产、盐湖提锂板块涨幅居前。 09:27 碳酸锂期货主力合约涨超4%，现报96560元/吨。 09:27 房地产板块竞价活跃，中国武夷、ST中田、*ST阳光高开涨停，盈新发展涨超6%，合肥城建、华 夏幸福等跟涨。 盘面上，厨卫电器、能源金属、房地产、盐湖提锂板块涨幅居前，煤炭、贵金属、有机硅概念走低。 09:21 港股开盘丨恒生指数低开0.8% 恒生指数低开0.8%，恒生科技指数跌1.25%。新能源车概念股走低，小鹏汽车跌逾7%；创新药概念股回 调。能源储存、机器人板块走强。 09:25 A股开盘丨三大指数集体低开 沪指低开0.24%，深成指低开0.31%，创业板指低开0.51%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | ...

当第四次科技革命浪潮席卷全球，AI与大模型技术突破临界点，资本引擎正以空前马力驱动中国资产 价值重估。恒生指数单季狂飙28%，恒生科技指数年内反弹超50%，南向资金前三季度净流入量创历史 新高，港股市盈率从10%分位跃升至40%——政策与流动性双轮驱动的"新技术+新牛市"升浪已然成 型，资金正以罕见速度涌向中国估值洼地。 岁末将至，市场风格将如何演绎? 由港美股第一资讯平台智通财经与中资海外私募基金一站式服务平台 新智基金网联合主办，"冬日暖阳" 独家承办，S&P Global Market Intelligence、CITIZEN支持的"第十届 智通财经资本市场年会"将于2025年12月3-5日联动深圳与香港两地举行。本届年会以"决胜港股升浪·牛 启东方2026"为主题，设置六大核心议程，汇聚全球资本力量，共探宽松周期尾声的领涨赛道与中国资 产长期增长潜力。 双城联动，思想激荡 作为年会核心引擎的主题论坛将于12月3日深圳启幕，摩根士丹利中国首席经济学家邢自强，DBS星展 银行(香港)董事总经理、首席中国经济学家纪沫，知名经济学家洪灏，南方基金国际业务部负责人、基 金经理恽雷等重量级嘉宾联袂登场，以全球宏观 ...

以生物医药、人工智能、临空经济等为核心 竞逐"未来产业"新赛道 浏阳市融媒体中心记者李小雷 11月的金阳科创城，创新热潮涌动。 湖南大健康研究院的天然产物实验室里，研究员将一份迷迭香提取物样本放入高效液相色谱仪，屏幕上 实时跳动的成分图谱，记录着"中药经典名方现代化"项目的最新进展； 不远处，启愈生物技术有限公司浏阳研发中心里，科研团队正围绕一类大分子抗癌创新药的临床试验数 据展开讨论——这个于2024年签约落地的项目，有望在3年内实现浏阳创新药"零的突破"； 在金阳智中心的AI制药实验室，普瑞玛药物研究中心的技术员正调试算法模型，通过人工智能筛选新 的药物靶点，原本需要6个月的筛选周期，如今已缩短至1个月…… 浏阳以"产业强市"战略为引领，以金阳科创城为载体 这家2021年落户浏阳经开区的企业，主打乳房病灶旋切式活检设备研发，其产品成本仅为进口设备的五 分之一，却能达到同等精准度。然而在研发过程中，资金短缺曾让团队一度陷入困境，"最艰难的时 候，连原材料采购都成问题。" 转机出现在园区的精准帮扶中。了解到企业困境后，浏阳经开区迅速兑现新品研发奖励近百万元，还协 调专业机构指导注册申报。"从技术攻关到证书获批 ...

导语：百利天恒未来3年资金缺口超48亿却延迟港股发售，"四川新首富"朱义的底气在哪？ 摘要： 1、市值飙升：百利天恒凭借与BMS达成的高额授权合作及在ADC领域的技术领先性，快速实现市值跃升，并具备全球化布局的潜力。 2、大客户依赖：公司高度依赖BMS里程碑收入"续命"，创新药尚未商业化，现金流承压，未来三年资金缺口仍超过48亿元。 3、现金流承压：全球商业化投入巨大、研发烧钱且不容中断，任何临床或融资环节出问题，都可能动摇其"入门级跨国药企"目标。 在港股正式挂牌前的第三个工作日叫停 IPO ，这样的剧情在药企里罕见，甚至在整个港股市场都极为少见。 而市值千亿的 四川百利天恒药业股份 有限公司 （简称 "百利天恒"， 688506.SH ）就 做了这件事，也难怪外界震惊。 近日，百利天恒决定 延迟原订于 11 月 17 日（星期一） H 股的全球发售及上市，而原因仅简单表示为" 鉴于现行市况 " 。 按此前计划，百利 天恒准备在香港联交所发售 863.43 万股股份，最高发售价 389 港元 / 股，募集资金约 33.59 亿港元。 延迟发售后，百利天恒表示将在 11 月 17 日退还申请款， 包销协议也随 ...

Macro Strategy - The report forecasts that China's exports will maintain strong resilience in 2026, with an annual growth rate expected to be around 3%-4% [1] - The Federal Reserve's cautious stance on interest rate cuts in December is influenced by potential data quality issues and the recent appointment of a new chair by Trump, which may lead to a prolonged period of low interest rates [1] Financial Products - The Hang Seng Innovation Drug Index has triggered a local bottom signal, indicating potential opportunities in the pharmaceutical sector, particularly in innovative drugs [2] - The overall market is expected to experience a short-term adjustment in November, with limited space for decline, while small-cap stocks may perform relatively better [2] Fixed Income - The report discusses the recent issuance of green bonds, with a total issuance of approximately 69.11 billion yuan, indicating a growing trend in sustainable finance [5] - The report emphasizes a defensive strategy in convertible bonds, suggesting a cautious approach while waiting for market opportunities [5] Industry Insights - The electric vehicle sector is experiencing strong demand for lithium batteries, with leading companies exceeding market expectations for production and sales in 2026 [6] - The defense industry is highlighted for its growth potential, driven by military trade and technological advancements, with four main investment themes identified [7] - The report on the lithium battery equipment sector indicates that manufacturers are benefiting from high capacity utilization rates, suggesting a positive outlook for equipment suppliers [8] Pharmaceutical Industry - The pharmaceutical sector shows mixed performance, with innovative drug companies experiencing revenue growth, while traditional segments face challenges [10] - The report identifies key players in the innovative drug space, recommending companies like Heng Rui Pharmaceutical and Zai Lab for their growth potential [10] Environmental Industry - The report highlights the strategic move of a leading environmental company to initiate a "back to A-share" process, which is expected to enhance its cash flow and support long-term growth [11] - The company is expanding its overseas projects while maintaining a focus on high-quality growth through careful project selection [11] Construction Materials - The construction materials sector is expected to benefit from improved employment data and potential policy support, with recommendations for companies involved in the export supply chain [13] - The report suggests that the real estate sector may see a gradual recovery, with a focus on companies that can adapt to changing market conditions [13] Gas Industry - The gas sector is projected to see cost optimization and demand growth, with specific recommendations for companies with strong long-term resource advantages [14] - The report emphasizes the importance of energy independence and the potential impact of tariffs on companies with U.S. gas sources [14] Public Utilities - The report outlines a significant goal for renewable energy integration by 2035, with a focus on increasing wind and solar capacity [16] - The emphasis on integrating renewable energy into the economy is expected to enhance competitiveness and drive growth in the sector [16] Financial Technology - The financial technology sector is expected to see continued market activity, with specific recommendations for companies poised to benefit from ongoing reforms and improvements in the financial landscape [17] - The report highlights the potential for growth in financial IT companies as the macro environment stabilizes [17] Non-Ferrous Metals - The non-ferrous metals sector is influenced by U.S. government actions and interest rate expectations, with copper and aluminum prices showing upward trends [18] - The report notes that supply constraints and demand dynamics are critical factors affecting price movements in the metals market [18] Automotive Industry - The automotive sector is entering a new phase with a focus on AI and smart vehicle technologies, with specific investment opportunities identified in the Robotaxi and Robovan segments [19] - The report highlights the importance of supply chain resilience and technological advancements in driving growth in the automotive industry [19] Energy Storage - The energy storage market is expected to see significant growth, driven by demand for large-scale storage solutions and advancements in battery technology [20] - The report emphasizes the importance of supply chain dynamics and pricing trends in the energy storage sector [20]

写在文章前的声明：在本文之前的说明：本文中所列的投资信息，只是一个对基金资产净值进行排行的客观描述，并无主观倾向性，也不是投资建议，纯属 娱乐性质。 一顿操作猛如虎，基金净值已更新，谁是基金中的王者，谁又垫底，请看数据： | 基金简称 PK | | | 最新净值卖 示 = 2 观 可 人 | | | --- | --- | --- | --- | --- | | 1 | 东方阿尔法 ... C | 1.1144 | 6.24% | | | | 025778 | 2025-11-17 | | | | 2 | 东方阿尔法... A | 1.1144 | 6.22% | 8 | | | 025777 | 2025-11-17 | | | | 3 | 泰信发展主... 合 | 2.0350 | 4.90% | 23 | | | 290008 | 2025-11-17 | | | | 4 | 泰信现代服...合 | 2.2980 | 4.64% | 7 | | | 290014 | 2025-11-17 | | | | 5 | 圆信永丰高 ... C | 3.0301 | 4.59% | 8 | | | 025395 ...

Group 1 - The report emphasizes the rapid development of China's innovative pharmaceuticals, highlighting that the number of clinical trials has reached a global leading position, with a significant increase in new drug approvals [3][5][7] - Chinese pharmaceutical companies are transitioning from a "fast follower" to an "innovation leader" model, actively engaging in cutting-edge fields such as ADC, bispecific antibodies, and mRNA vaccines, with a notable increase in the number of products in late-stage development [8][11][18] - The report identifies two main investment directions: the transformation of biotech companies into biopharma and the revaluation of traditional pharmaceutical companies during their innovation transition, suggesting specific companies to watch in both categories [3][4] Group 2 - China's integration into the global innovative drug value chain is deepening, with a growing number of global multi-center clinical trials led by Chinese companies, indicating a shift in the global drug development landscape [3][24] - The report notes that the contribution of Chinese companies to global clinical trials has significantly increased, with a projection of 1,903 innovative drug clinical trials registered in China by 2024 [7][24] - The report highlights the increasing competitiveness of Chinese companies in high-potential therapeutic areas, particularly in oncology, metabolic diseases, and autoimmune diseases, with substantial market shares in these segments [18][19] Group 3 - The report discusses the rising trend of BD (business development) transactions involving Chinese assets, with a notable increase in transaction amounts and numbers, indicating China's growing influence in the global pharmaceutical innovation landscape [33][44] - It highlights that the majority of license-out projects are now in early stages, reflecting the international interest in early-stage Chinese innovations, particularly in oncology and metabolic therapies [39][44] - The report points out that major multinational corporations (MNCs) are increasingly seeking next-generation blockbuster products from China to fill revenue gaps due to impending patent expirations [62][66]

截至收盘，科创100指数上涨0.4%，科创综指下跌0.2%，科创板50指数下跌0.5%，科创成长指数下跌0.9%，盘面上，软件板块多数上涨，博睿数据涨 停，品高股份、星环科技涨超11%；锂电池板块震荡上行，容百科技涨停，振华新材涨超10%，嘉元科技涨超5%，厦钨新能涨超3%；创新药板块普跌，科 兴制药、金迪克跌逾7%。Wind数据显示，科创板50ETF（588080）上一交易日获2.4亿元资金净流入。 每日经济新闻 （责任编辑：刘畅 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请 读者仅作参考，并请自行承担全部责任。邮箱：news_center@staff.hexun.com ...

证券研究报告 医药行业2025Q3总结报告：CXO及科研服务收入持续高增长，有望延续 证券分析师：朱国广 执业证书编号：S0600520070004 联系邮箱：zhugg@dwzq.com.cn 2025年11月17日 请务必阅读正文之后的免责声明部分 核心观点 2 ➢ 医药行业：405家医药上市公司2025Q3同比2024Q3的销售收入、归母净利润、扣非归母净利润总额增速分别为-0.1%、3.0% 、-3.9%。2025年Q3收入增长同比最快的三个细分领域依次为CXO、科研服务、制药；扣非净利润增长同比最快的三个细分领 域依次为科研服务、CXO、药店。 ➢ 创新药：创新药现阶段已然成为医药板块的重要主线，为此我们选择了A股58家创新药企业作为国内创新药企业样本，以衡量 中国创新药市场整体发展趋势。创新药公司2025年前三季度收入、归母净利润同比增速分别为1.4%、-4.5%；2025年Q3收入 、归母净利润同比增长分别为3.3%、-15.0%。建议关注恒瑞医药、热景生物、千红制药、泽璟制药等。 ➢ 中药： 62家中药上市公司2025Q1-Q3同比2024年同期的收入、归母净利润、扣非归母净利润总额增速为-3 ...

港股创新药ETF（159567）成立于2024年1月3日，基金全称为银华国证港股通创新药交易型开放式指数 证券投资基金，基金简称为港股创新药ETF。该基金管理费率每年0.50%，托管费率每年0.10%。港股创 新药ETF（159567）业绩比较基准为国证港股通创新药指数收益率(经估值汇率调整)。 来源：新浪基金∞工作室 11月17日，港股创新药ETF（159567）收盘跌1.36%，成交额11.61亿元。 股票代码股票名称持仓占比持仓股数（股）持仓市值（元）06160百济神州10.62%436.35万8.17亿09926 康方生物10.55%630.20万8.12亿01801信达生物10.21%893.55万7.86亿01177中国生物制药9.62%9966.80万 7.41亿08027中国生物制药9.62%9966.80万7.41亿01093石药集团7.56%6809.40万5.83亿01530三生制药 7.25%2038.75万5.58亿03692翰森制药5.39%1260.00万4.15亿06990科伦博泰生物-B3.48%57.08万2.68亿 09688再鼎医药2.73%862.34万2.10亿 风 ...