Group 1 - The core viewpoint of the news is that BoRui Pharmaceutical (688166.SH) has reported its Q3 2025 results, highlighting the institutional investor landscape and changes in shareholding [1] - As of October 30, 2025, a total of 18 institutional investors hold shares in BoRui Pharmaceutical, with a combined holding of 65.7755 million shares, representing 15.55% of the total share capital [1] - The top ten institutional investors collectively hold 15.48% of the shares, which is a decrease of 1.36 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, three public funds increased their holdings, including the Innovation Drug ETF and the Penghua and Jiashi Shanghai Stock Exchange STAR Market Biomedicine ETFs, with a slight increase in the proportion of holdings [2] - Two public funds decreased their holdings compared to the previous quarter, including the STAR Market Medical ETF, with a slight decrease in the proportion of holdings [2] - Seven new public funds were disclosed this period, including the Guotai STAR Market Innovation Drug ETF and several index-enhanced funds [2] - A total of 158 public funds were not disclosed in this period, including various ETFs and enhanced bond funds [2] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 1.29% compared to the previous period [2]

Core Viewpoint - The Hong Kong stock market opened slightly lower on October 31, but the pharmaceutical sector showed resilience, with the Hong Kong Innovative Drug ETF (159567) rising over 3% and trading volume exceeding 450 million yuan [1] Group 1: Market Performance - The Hong Kong Innovative Drug ETF (159567) experienced a significant increase, with a trading volume surpassing 450 million yuan by 9:55 AM [1] - Leading stocks in the sector included 3SBio, InnoCare Pharma, and Innovent Biologics, while a few stocks like Zai Lab and Kangji Medical showed slight declines [1] Group 2: Company Announcements - 3SBio announced a net profit increase of over 70% year-on-year for the first three quarters [1] Group 3: Policy and Industry Trends - The 2025 National Medical Insurance negotiations commenced on October 30, introducing a "commercial insurance innovative drug catalog" mechanism for the first time [1] - The Chinese innovative drug industry is increasingly integrating into the global pharmaceutical innovation system, transitioning from a focus on generic drugs to a significant role in global innovative drug business collaborations [1] - The industry has evolved from "following" and "running alongside" to "leading" in certain areas, supported by policy, clinical breakthroughs, and capital [1] Group 4: Investment Opportunities - The Hong Kong Innovative Drug ETF (159567) tracks the Guozheng Hong Kong Stock Connect Innovative Drug Index, reflecting the performance characteristics of listed companies in the innovative drug sector [1] - Investors can also access the Hong Kong Innovative Drug ETF linked funds (Class A: 023929, Class C: 023930) to capitalize on the upward opportunities in the sector [1]

Core Viewpoint - The A-share market is currently experiencing a consolidation phase below the 4000-point mark, with a focus shifting back to domestic industry trends as tariff concerns ease [1] Group 1: Market Overview - The A-share index failed to maintain the 4000-point level, closing below it, but the overall selling pressure is not significant, indicating a consolidation phase before potentially stabilizing above this level [1] - Since late October, the A-share market has broken through the 3900-point resistance, with a continued upward test towards 4000 points, attributed to a stronger market immunity to tariff shocks compared to April [1] - The market is expected to maintain a trend of oscillating upward, with strong support preventing significant declines, as the impact of tariff events is seen as short-term [1] Group 2: Future Outlook - In November, the focus will be on the stimulus effects of the 14th Five-Year Plan, the disclosure of Q3 reports, and event-driven factors in the technology sector, which are expected to catalyze multiple sectors and sustain the upward oscillation of the market [1] - The technology sector is anticipated to continue its orderly rotation, with potential rebound opportunities in underperforming areas such as robotics, military, and smart vehicles [2] - The semiconductor industry remains a key focus, with domestic production trends expected to continue, particularly in semiconductor equipment, wafer manufacturing, materials, and IC design [2] Group 3: Sector-Specific Insights - The robotics sector is projected to expand from humanoid robots to quadrupedal and functional robots, with related components like sensors and controllers likely to see repeated opportunities [2] - The military sector is expected to see a recovery in orders by 2025, with signs of bottoming out in the performance of various military sub-sectors [2] - The innovative pharmaceutical sector is entering a recovery phase after nearly four years of adjustment, with positive net profit growth expected to continue into 2025 [2] - The banking sector is showing signs of recovery in mid-year performance growth after the impact of loan rate re-pricing, making it attractive to long-term institutional investors due to its dividend yield [2]

Group 1 - The core viewpoint of the articles highlights the strong performance of Kanglong Chemical in Q3, with a revenue of 3.645 billion yuan, representing a year-on-year growth of 13.44%, and a net profit of 440 million yuan, which is a significant increase of 42.52% compared to last year [1] - Kanglong Chemical has raised its full-year revenue growth target to 12-16% based on the performance in the first three quarters of the year [1] - The company announced the acquisition of 82.54% of Baiaode for 1.346 billion yuan, enhancing its capabilities in drug discovery through comprehensive services from gene analysis to cryo-electron microscopy [1] Group 2 - The recent strong performance reports from leading CXO companies like WuXi AppTec and Kanglong Chemical have boosted market confidence in the innovative drug sector [1] - The innovative drug sector is expected to see more policy-driven catalysts as concerns over market bubbles have diminished following a phase of adjustment [1] - Related ETFs in the innovative drug industry include the Hong Kong Stock Connect Medical ETF (520510), which has a leading CXO content, and the Hang Seng Pharmaceutical ETF (159892), which emphasizes innovation [2]

Core Viewpoint - The article discusses the contrasting trends in gold prices and A-shares, highlighting the potential for A-shares to benefit from improvements in China's economic fundamentals while gold prices are influenced by global monetary policies and geopolitical factors [2][29]. Summary by Sections 1. Analysis of Gold Price Decline - Gold prices experienced a significant drop, with a decrease of approximately 5.3% on October 21, reaching around $4,123.85 per ounce, and subsequently falling below the psychological threshold of $4,000 on October 29 [4][6]. - The decline in gold prices is attributed to technical factors rather than macroeconomic or geopolitical issues, with a crowded long position leading to profit-taking [9][11]. - Despite the recent downturn, fundamental support for gold remains, including ongoing concerns about inflation, U.S. government debt exceeding $38 trillion, and the potential for economic slowdown [12][14]. 2. Outlook for A-shares - A-shares have recently surpassed the 4,000-point mark, breaking free from historical resistance levels, indicating a new market phase driven by index-led changes [7][19]. - The current bull market is characterized as a structural bull market rather than a broad-based rally, with a focus on individual stocks and sectors rather than the overall index [20][22]. - Key sectors to watch include technology, renewable energy, and consumer brands, which are expected to attract more investment as the market strengthens [22][32]. 3. Investment Choices Between Gold and A-shares - The article suggests that aggressive investors should continue seeking opportunities in A-shares, while conservative investors may prefer gold or related investments due to its relative certainty [28][29]. - Both A-shares and gold are seen as having medium to long-term investment value, with A-shares benefiting from China's economic recovery and gold responding to global monetary conditions [29][30]. - The article emphasizes a "barbell strategy" where investors allocate to both aggressive assets like A-shares and conservative assets like gold, highlighting the complementary nature of these investments [31].

Group 1: Surgical Robotics - A record-breaking remote robotic surgery was successfully performed over a distance of 12,035 kilometers, certified by Guinness World Records as the "farthest distance for remote robotic surgery" [2] - The surgery was conducted by Dr. Leandro Totti in Kuwait using the Chinese-developed Jingfeng® surgical robot, demonstrating a bidirectional communication delay of only 199 milliseconds, ensuring precision and safety during the procedure [4] Group 2: Pharmaceutical Innovations - The first AI-enabled formulation drug in China, MTS-004, has successfully reached the primary endpoint of Phase III clinical trials, marking a significant milestone in the pharmaceutical industry [6] - MTS-004 is designed for the treatment of Pseudobulbar Affect (PBA) and features an orally disintegrating tablet formulation that improves patient compliance by dissolving quickly in the mouth without water [8] Group 3: Medical Devices - The GuiTracker® hard guidewire developed by Shanghai Shape Memory Alloy Materials Co., Ltd. has received approval for market launch, aimed at enhancing the performance of cardiovascular and peripheral vascular interventional surgeries [10] - The guidewire addresses clinical challenges by providing high support and stability, crucial for navigating complex vascular conditions during procedures [10] Group 4: Advanced Therapies - C-CAR168, a novel CAR-T therapy developed by Xibiman Biotechnology, has been selected as a breakthrough abstract for the 2025 American College of Rheumatology (ACR) Convergence, highlighting its potential in treating refractory autoimmune diseases [12][13] Group 5: Brain Research Initiatives - The China Brain Multi-omics Atlas Project (CBMAP) has officially launched, aiming to create a comprehensive molecular map of the human brain, focusing on the East Asian population [15] - M20 Genomics' VITA high-throughput single-cell full-length transcriptome platform has been chosen as a core method for this project, enabling high-quality analysis of precious brain tissue samples [19] Group 6: Medical Materials - The animal study results of UniPearls®, a new generation drug-loaded embolic microsphere, have been published in a leading biomaterials journal, demonstrating its effectiveness and safety for use in transarterial embolization [21][24] Group 7: Investment Landscape - Sequoia China has invested in over 200 innovative healthcare companies, covering various sectors including innovative drugs, medical devices, and digital healthcare, with more than 45 companies having completed IPOs [25]

Group 1 - Industrial and Commercial Bank of China (ICBC) reported a net profit of 101.82 billion yuan for Q3, a year-on-year increase of 3.29% [22] - Construction Bank reported a net profit of 95.28 billion yuan for Q3, a year-on-year increase of 4.19% [23] - Agricultural Bank reported a net profit of 81.35 billion yuan for Q3, a year-on-year increase of 3.66% [24] Group 2 - BYD reported a net profit of 7.82 billion yuan for Q3, a year-on-year decrease of 32.60% [19] - SAIC Motor reported a net profit of 2.08 billion yuan for Q3, a year-on-year increase of 644.88% [20] - Spring Airlines reported a net profit of 1.17 billion yuan for Q3, a year-on-year decrease of 6.17% [21] Group 3 - Starbucks reported a revenue of $3.105 billion in the Chinese market for the fiscal year 2025, a year-on-year increase of 5% [26] - Netflix announced a 1-for-10 stock split to make shares more accessible to retail investors [27] - Meta Platforms received $125 billion in subscriptions for its latest bond issuance, setting a record for corporate bond offerings [32]

Core Viewpoint - The overall macroeconomic environment, liquidity conditions, and market risk appetite are expected to improve, with a focus on growth sectors following the completion of Q3 earnings reports and the anticipated U.S.-China negotiations in early November [1][3]. Macroeconomic Overview - Economic recovery is showing signs of divergence, with Q4 incremental policies likely to be weak. Q3 GDP growth has slowed, continuing a downward trend. The manufacturing PMI remains in contraction, while the non-manufacturing PMI shows overall deceleration. Structural pressures persist during the recovery phase [2]. - PPI has rebounded significantly year-on-year, indicating a stabilization trend, but weak demand continues to drag on CPI and PPI forecasts, making it unlikely for PPI to turn positive this year. M2 growth has reached a new high for the year, reflecting slight activation of funding vitality, although retail sales growth continues to decline [2]. Policy Insights - The "anti-involution" trend is showing signs of cooling, with the Fourth Plenary Session setting the tone for the 14th Five-Year Plan, although market reactions have been muted. There is potential for unexpected policy developments in the future [2]. - The central bank's supportive stance is evident through measures such as the resumption of 14-day reverse repos and MLF operations, leading to an overall improvement in liquidity conditions [2]. Investment Strategy - With the macro environment improving, the market is expected to focus on growth sectors. Key investment themes include: 1. Sectors with strong Q3 performance and continued growth potential, particularly in technology (storage, domestic computing power, consumer electronics, overseas AI applications), innovative pharmaceuticals, and renewable energy [3]. 2. Cyclical sectors benefiting from anti-involution policies, with improved industrial profits in steel, chemicals, and new energy [3]. 3. If market risk appetite increases significantly, attention should be given to solid-state batteries, robotics, and AI applications [3]. 4. Long-term focus on emerging sectors highlighted in the 14th Five-Year Plan, including artificial intelligence, aerospace development, semiconductor self-sufficiency, and quantum economy [3]. Sector Recommendations - Continued recommendations for growth sectors include: - Technology: Positive trends in domestic and overseas computing power, with multiple sub-sectors exceeding performance expectations [3]. - Consumer: Innovative pharmaceuticals and CXO sectors expected to show upward trends in Q3 reports [3]. - High-end manufacturing: Wind power and energy storage maintaining high demand, with potential turning points in battery and photovoltaic sectors [3]. - Cyclical: Steel and chemical sectors expected to see gradual profit improvements, with a focus on copper and aluminum benefiting from U.S. Federal Reserve rate cuts [3].

Core Viewpoint - The article discusses the recent developments of Vili Biotech, a company focused on T-cell engagers (TCE), highlighting its market positioning, clinical advancements, and strategic decisions in the competitive biotech landscape [2][3]. Group 1: Company Overview - Vili Biotech completed its IPO in July 2023, becoming the first TCE-focused company listed in Hong Kong, with a market capitalization of approximately HKD 11.34 billion [2]. - The company has positioned itself in the less mainstream TCE sector, which connects T-cells to cancer cells, despite the associated risks such as cytokine storms and neurotoxicity [2][4]. Group 2: Market Performance - Vili Biotech's stock saw a significant increase of 127% shortly after its IPO, with retail subscriptions reaching a record 3,494.8 times, indicating strong market interest [3]. - The company aims to avoid the "overnight success" narrative, focusing instead on long-term development and the quality of its research pipeline [3]. Group 3: TCE Technology Insights - TCEs are gaining traction in the immunotherapy field, particularly for blood cancers, but are less recognized compared to antibody-drug conjugates (ADCs) [4]. - The first TCE drug to surpass USD 1 billion in sales is Amgen's Blincyto, which targets leukemia, with projected sales exceeding USD 1.2 billion in 2024 [4]. Group 4: Clinical Development - Vili Biotech has six innovative drug candidates in clinical stages, with LBL-024 being the closest to market, targeting advanced neuroendocrine carcinoma [7]. - The company employs a "small to large" clinical strategy, starting with niche indications and expanding to broader cancer types [8]. Group 5: Financial Strategy - The company currently has around RMB 2 billion in funds, sufficient to support its R&D plans for the next 4 to 5 years, with no immediate plans for additional financing [10]. - Vili Biotech emphasizes the importance of financial preparedness in the cyclical biotech industry, having adjusted its fundraising strategy during a downturn in 2021 [10].

请务必阅读正文之后的信息披露和免责申明 重仓持股比例趋稳，全基有明显配置空间 ◆ 医药基金及全基医药行业配置情况 证券研究报告 2025年10月30日 医药生物 2025年3季度医药行业基金持仓结构分析 作者： 分析师 杨松 SAC执业证书编号：S1110521020001 分析师 刘一伯 SAC执业证书编号：S1110525080001 1 行业评级： 上次评级： 强于大市 强于大市 维持评级 （1）医药基金规模及份额：截至2025Q3，主动医药基金规模为2373亿元，相较于2025Q2环比提升457亿元。2025Q3被动医药基金规模 为1863亿元，环比提升429亿元，达到历史最高值。从基金份额上看，截至2025Q3，主动医药基金份额为976亿份，相较于2025Q2环比 减少67亿份。主动药基规模的提升，主要系股价上升。2025Q3被动医药基金份额为2503亿份，环比减少77亿份。 （2）医药基金重仓持股：从医药基金重仓持股比例看：2025Q3主动医药主题基金持仓前三行业分别为创新药（40%）/传统制药（34%） /CDMO（16%）。创新药中：信达生物、百利天恒、科伦博泰生物、康方生物等主动药基持仓均有 ...