Core Viewpoint - Lidman plans to acquire 70% of Xiansheng Xiangrui for a cash consideration of 1.733 billion yuan, aiming to enter the high-barrier bioproducts industry and enhance growth opportunities [1] Group 1: Acquisition Details - The acquisition involves cash payments to Shanghai Baijia Hui, Hainan Baijia Hui, and Nanjing Baijia Rui for their combined stake in Xiansheng Xiangrui [1] - The total consideration for the acquisition is set at 1.733 billion yuan [1] Group 2: Strategic Rationale - By acquiring the controlling stake, the company can quickly penetrate the bioproducts industry, which has high barriers to entry and broader market prospects [1] - The acquisition is expected to significantly reduce the time required for product redevelopment and the establishment of market channels [1] - This move lowers the technical, talent, and management risks associated with entering a new business area [1] Group 3: Business Transformation - The company aims to achieve a business transformation by forming a dual main business model of "bioproducts + in vitro diagnostics" [1] - The strategy includes a dual-driven approach of independent research and external collaboration to explore new growth opportunities in innovative bioproducts such as vaccines [1] - This transformation is designed to enhance the company's growth ceiling and create favorable conditions for returning value to investors [1]

Group 1 - The company, Hotgen Biotech (SH 688068), announced its first share repurchase on November 12, 2025, buying approximately 200,000 shares, which represents 0.2185% of its total share capital, with a total expenditure of about 30.01 million yuan [1] - The repurchased shares were acquired at a minimum price of 145.59 yuan per share and a maximum price of 152.18 yuan per share [1] - For the year 2024, the company's revenue composition is heavily weighted towards in vitro diagnostic products, which account for 98.85% of total revenue, while other businesses contribute only 1.15% [1] Group 2 - As of the report, Hotgen Biotech has a market capitalization of 15.8 billion yuan [1]

Core Insights - The IVD industry is currently facing challenges of declining volume and price, which is impacting the growth of the company's IVD product line [1] - The company believes that the current disruptions are guiding the IVD industry towards refined development, leading to a reduction in unnecessary tests and a focus on tests with clear diagnostic value [1] - The company has outlined a detailed plan to seize the opportunity presented by the industry shift, focusing on R&D and marketing strategies [1] R&D Strategy - The company plans to increase investment in R&D for core businesses such as chemiluminescence, biochemistry, and coagulation [1] - A new generation of coagulation workflow, MT-8000C, has been launched, with plans to release new high-speed chemiluminescence and biochemical analyzers by the end of the year [1] - The company aims to introduce at least 15 new projects annually in chemiluminescence over the next three years, with a goal to match the competitiveness of international giants within two years [1] Marketing Strategy - The company has identified approximately 1,800 major hospitals as the core target for high-end IVD product breakthroughs [1] - The average market share for the company's chemiluminescence, biochemistry, and coagulation products in the domestic market is around 10%, but only 5% in the identified hospitals [1] - The company aims to double its market share in these hospitals over the next three years, despite short-term volume and price adjustments in the IVD industry [1] Long-term Outlook - The company anticipates that diagnostic and surgical volumes will continue to grow, which will support long-term growth in IVD testing volumes [1] - The comprehensive high-end breakthrough in the IVD business is just beginning, indicating a positive growth trajectory for the company [1]

Market Overview - The A-share market saw a majority of indices decline today, with the Shanghai Composite Index down 0.07% closing at 4000.14 points, the Shenzhen Component down 0.36% at 13240.62 points, the Sci-Tech 50 down 0.58% at 1379.45 points, and the ChiNext Index down 0.39% at 3122.03 points [1][10] - Overall, there were 1756 stocks that rose and 3561 that fell, with a total market turnover of 19450 billion yuan, a decrease of 485 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the top gainers included household appliances (up 1.22%), comprehensive (up 1.05%), textile and apparel (up 0.87%), petroleum and petrochemicals (up 0.84%), and pharmaceutical and biological (up 0.61%) [1] - The leading decliners were in the sectors of electric equipment (down 2.10%), machinery equipment (down 1.23%), computers (down 1.04%), national defense and military industry (down 0.87%), and automobiles (down 0.81%) [1] Concept Sector Performance - The concept sectors with the highest gains included insurance selection, lithium battery electrolyte, blood products, stem cells, SPD, in vitro diagnostics, genetic testing, white household appliances selection, aluminum industry, three-child policy, industrial metals selection, synthetic biology, satellite internet, weight loss drugs, and central enterprise banks [2]

Group 1 - The core viewpoint of the news is that Aide Biological has shown a positive stock performance with a year-to-date increase of 6.36% and a recent rise of 3.41% over the last five trading days [2] - As of November 12, Aide Biological's stock price reached 23.93 CNY per share, with a market capitalization of 9.369 billion CNY and a trading volume of 1.78 billion CNY [1] - The company reported a revenue of 866 million CNY for the period from January to September 2025, reflecting a year-on-year growth of 2.08%, while the net profit attributable to shareholders was 263 million CNY, up 15.50% year-on-year [2] Group 2 - Aide Biological's main business involves the research, production, and sales of molecular diagnostic products for precision oncology, with the revenue composition being 83.43% from testing reagents, 9.84% from clinical research services, and 5.61% from testing services [2] - The company has distributed a total of 421 million CNY in dividends since its A-share listing, with 232 million CNY distributed over the past three years [3] - As of September 30, 2025, the number of shareholders increased by 5.23% to 26,600, while the average circulating shares per person decreased by 4.97% to 14,628 shares [2][3]

Core Viewpoint - Oriental Bio has experienced a stock price increase of 5.11% on November 12, reaching 28.57 CNY per share, with a total market capitalization of 5.76 billion CNY, indicating a cumulative increase of 4.34% over three consecutive days [1] Company Overview - Zhejiang Oriental Gene Biological Products Co., Ltd. was established on December 1, 2005, and went public on February 5, 2020. The company specializes in the research, production, and sales of in vitro diagnostic products, with 97.99% of its revenue coming from diagnostic reagents and 2.01% from other supplementary sources [1] Shareholder Analysis - The top circulating shareholder of Oriental Bio includes a fund from Rongtong Fund, which reduced its holdings by 1.7 million shares in the third quarter, now holding 2.8 million shares, representing 1.39% of the circulating shares. The fund has gained approximately 3.89 million CNY in floating profit today and 3.16 million CNY during the three-day increase [2] Fund Performance - The Rongtong Health Industry Flexible Allocation Mixed A/B Fund (000727) has a total scale of 1.816 billion CNY and has achieved a year-to-date return of 15.36%, ranking 5146 out of 8147 in its category. Over the past year, it has returned 1.86%, ranking 7321 out of 8056, and since inception, it has returned 178.7% [2] Fund Holdings - The Rongtong Health Industry Flexible Allocation Mixed A/B Fund (000727) has Oriental Bio as its tenth largest holding, with 2.98% of the fund's net value allocated to this stock. The fund manager, Wan Minyuan, has been in position for 9 years and 81 days, with the best return during his tenure being 143.42% and the worst being -21.5% [3]

Summary of Key Points Core Viewpoint The Beijing Stock Exchange (BSE) has seen a decrease in trading volume and value over the past week, with a total of 282 listed companies as of November 9, 2025. The market is also witnessing new listings and ongoing IPO activities, indicating a dynamic but challenging environment for investors. Trading Activity - As of November 9, 2025, the BSE has 282 listed companies with a total share capital of 39.225 billion shares and a circulating share capital of 25.056 billion shares [2] - For the week of November 3 to November 9, the trading volume was 4.925 billion shares, a decrease of 17.24% week-on-week, while the trading value was 1136.16 billion yuan, down 21.40% from the previous week [3] - The average trading price during this period was 23.07 yuan, reflecting a decrease of 5.03% [3] - The BSE 50 Index fell by 3.79% to 1522.73 points, with 9 stocks rising and 41 stocks declining [3] New Listings and IPOs - Two companies successfully listed on the BSE during the week of November 3 to November 9, 2025 [7] - The newly listed companies include: - **Danna (Tianjin) Biotechnology Co., Ltd.**: Listed on November 3, 2025, with a first-day trading surge of 497.08% and a closing price of 102.10 yuan [8][10] - **Zhongcheng Consulting Group Co., Ltd.**: Listed on November 7, 2025, with a first-day increase of 170.08% and a closing price of 35.60 yuan [13][30] - Both companies aim to raise approximately 1.37 billion yuan for various projects, including R&D and infrastructure [10][30] Financial Performance of Newly Listed Companies - **Danna Biotechnology**: - Revenue for 2022-2024: 295 million yuan, 237 million yuan, 240 million yuan; Net profit: 44.62 million yuan, 77.60 million yuan, 87.19 million yuan [10] - 2025 H1 revenue decreased by 1.38% to 116 million yuan, while net profit increased by 29.55% to 49.96 million yuan [11] - **Zhongcheng Consulting**: - Revenue for 2022-2024: 303 million yuan, 368 million yuan, 396 million yuan; Net profit: 64.36 million yuan, 81.06 million yuan, 105 million yuan [13] - 2025 H1 revenue decreased by 4.08% to 191 million yuan, and net profit decreased by 2.66% to 53.29 million yuan [14] Ongoing IPO Activities - As of November 9, 2025, there are 104 companies awaiting approval for listing on the BSE, with various stages of the IPO process [6] - Two companies submitted registration during the week, while three companies passed the listing committee meetings [25][26] - Notable companies that passed the listing committee include: - **Qilong Ocean**: Engaged in oil drilling equipment manufacturing, aiming to raise 382 million yuan [27] - **Haiseng Medical**: Focused on medical device manufacturing, seeking to raise 370 million yuan [30] - **Guoliang New Materials**: Specializing in refractory materials, aiming to raise 175 million yuan [33] Market Dynamics - The BSE is experiencing fluctuations in trading activity and new listings, reflecting both opportunities and challenges in the current market environment [3][6][25]

Core Viewpoint - The stock of Beijing Hotgen Biotech Co., Ltd. increased by 5.32% on November 10, reaching a price of 143.50 yuan per share, with a trading volume of 276 million yuan and a turnover rate of 2.11%, resulting in a total market capitalization of 13.304 billion yuan [1]. Company Overview - Beijing Hotgen Biotech Co., Ltd. was established on June 23, 2005, and went public on September 30, 2019. The company is located in the Daxing District of Beijing and specializes in the research, development, production, and sales of in vitro diagnostic reagents and instruments [1]. - The revenue composition of the company includes: 70.87% from testing reagents, 19.79% from testing instruments, 8.17% from other sources, and 1.17% from biological raw materials [1]. Fund Holdings - According to data, one fund under Huaxia Fund has a significant holding in Hotgen Biotech. The Huaxia SSE STAR 200 ETF (588820) increased its holdings by 28,000 shares in the third quarter, bringing the total to 29,600 shares, which accounts for 1.06% of the fund's net value, making it the tenth largest holding [2]. - The Huaxia SSE STAR 200 ETF (588820) was established on December 23, 2024, with a latest scale of 476 million yuan. Year-to-date, it has achieved a return of 53.55%, ranking 500 out of 4217 in its category, and a cumulative return of 52.86% since inception [2]. Fund Manager Information - The fund manager of the Huaxia SSE STAR 200 ETF (588820) is Hualong. As of the report date, Hualong has been in the position for 3 years and 82 days, managing total assets of 35.957 billion yuan. The best fund return during this period was 107.73%, while the worst was -15.08% [3].

Group 1 - The North Exchange 50 index decreased by 3.79%, but trading volume remained above 20 billion, showing an increase from the previous 17 billion [8][19] - The market adjustment was a natural pullback after a previous policy-driven surge, with a focus on sectors like electricity, chemicals, photovoltaics, lithium batteries, and energy storage, which performed well [8][9] - The themes of anti-involution and price increases are spreading, aligning with market demands for "high cuts and low" [9][10] Group 2 - The North Exchange's PE (TTM) average is 89.33 times, with a median of 44.73 times, indicating a decrease in valuation [22][30] - The trading volume for the week was 4.922 billion shares, a decrease of 17.23% from the previous week, while the trading amount was 113.591 billion yuan, down 21.37% [26][19] - The margin financing balance increased to 7.951 billion yuan, up by 0.47 billion yuan from the previous week [28][19] Group 3 - Two new stocks were listed this week: Danna Biological and Zhongcheng Consulting, with significant first-day price increases of 497.08% and 170.08% respectively [32][33] - As of November 7, 2025, there are 282 companies listed on the North Exchange [32] - Next week, one company (Nante Technology) is scheduled for subscription, and two companies (Tongbao Optoelectronics, Agricultural University Technology) are set for review [37] Group 4 - Among the North Exchange stocks, 52 increased while 229 decreased, resulting in a rise-fall ratio of 0.23 [40] - The top gainers included Caneng Electric (+31.13%) and Anda Technology (+20.38%) [41][40] - The top five stocks by turnover rate were Caneng Electric, Jinhua New Materials, and Deer Chemical, indicating high trading activity [46]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The flu virus is a highly pathogenic pathogen, emphasizing the importance of flu prevention and treatment [14] - The flu activity is on the rise, with northern regions reporting the highest number of cases in nearly four years [16] - The strategic significance of flu prevention and treatment is highlighted, with opportunities expected in the vaccine, diagnostic, and antiviral drug sectors [19] Summary by Sections Flu Virus and Its Impact - Influenza is a common respiratory infectious disease with a high transmission rate and seasonal patterns, affecting approximately 1 billion people globally each year, with 300,000 to 500,000 severe cases and 290,000 to 650,000 deaths related to respiratory diseases caused by influenza [15] - The flu activity has shown an upward trend, with the ILI% reported at 5.1% in northern provinces, exceeding levels from previous years [16] Market Performance - In the first week of November 2025, the pharmaceutical and biological sector declined by 2.4%, underperforming the CSI 300 index by 3.22 percentage points, ranking 29th among 31 sub-industries [6][26] - The pharmaceutical circulation sector saw the highest increase, up by 1.59%, while the medical research outsourcing sector experienced the largest decline, down by 4.93% [26] Investment Opportunities - The flu prevention and treatment strategy is gaining importance, with structural opportunities expected in the vaccine, diagnostic, and antiviral drug industries due to low vaccination rates and ongoing virus mutations [19] - Specific companies benefiting from the flu season include Innotest and Ansun Biologics in the in vitro diagnostics sector, Huazhong Biological in the biological products sector, and Zhongsheng Pharmaceutical in the traditional Chinese medicine sector [5] Recommended Stocks - Monthly stock recommendations include: Sanofi, Innovent Biologics, Baillie Gifford, Frontier Biologics, Haofan Biologics, Aopumai, Shanghai Yizhong, WuXi Biologics, Zai Lab, and Fangsheng Pharmaceutical [7] - Weekly stock recommendations include: Yaokang Biologics, Bidu Pharmaceuticals, Haoyuan Pharmaceuticals, China Resources Sanjiu, Huadong Medicine, Sunshine Nuohuo, Yuekang Pharmaceuticals, Zhongsheng Pharmaceuticals, and Jichuan Pharmaceuticals [7]