Core Viewpoint - WuXi AppTec's actual controller plans to reduce its A-share holdings by up to 2% of the total share capital, equating to a maximum of 59,675,143 shares, due to personal funding needs [1] Shareholder Reduction Plans - G&C IV Hong Kong Limited plans to reduce up to 11,490,579 shares, representing 0.385% of total shares, through centralized bidding and/or block trading from November 20, 2025, to February 17, 2026 [2] - G&C V Limited intends to reduce up to 8,028,865 shares, or 0.269%, during the same period [2] - G&C VI Limited aims to reduce up to 15,706,741 shares, accounting for 0.526% of total shares [3] - G&C VII Limited plans to reduce up to 4,157,242 shares, representing 0.139% [3] - Jiaxing Houjin Investment Partnership (Limited Partnership) intends to reduce up to 218,529 shares, or 0.007% [3] - Jiaxing Houyu Investment Partnership (Limited Partnership) plans to reduce up to 1,204,934 shares, representing 0.040% [5] - Jiaxing Yumin Investment Partnership (Limited Partnership) aims to reduce up to 3,187,506 shares, accounting for 0.107% [6] - Jiaxing Youxiang Investment Partnership (Limited Partnership) plans to reduce up to 9,562,983 shares, or 0.321% [7] - Shanghai Houling Investment Center (Limited Partnership) intends to reduce up to 78,986 shares, representing 0.003% [8] - Shanghai Houzhen Investment Center (Limited Partnership) plans to reduce up to 129,627 shares, or 0.004% [9] - Shanghai Houhuan Investment Center (Limited Partnership) aims to reduce up to 3,830,921 shares, accounting for 0.128% [10] - Shanghai Houyang Investment Center (Limited Partnership) plans to reduce up to 122,916 shares, representing 0.004% [11] - Shanghai Houyong Investment Center (Limited Partnership) intends to reduce up to 168,044 shares, or 0.006% [12] - Shanghai Houyuan Investment Center (Limited Partnership) plans to reduce up to 126,343 shares, representing 0.004% [13] - Shanghai Houyue Investment Center (Limited Partnership) aims to reduce up to 126,024 shares, or 0.004% [13] Company Market Information - As of the latest closing, WuXi AppTec's stock price is 106.04 yuan, with a total market capitalization of 316.4 billion yuan [14]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 20.52 CNY, based on a 38x PE ratio for 2025 [3][6]. Core Insights - The company reported a revenue of 49.4 billion CNY for the first three quarters of 2025, reflecting a year-on-year increase of 3.2%, and a net profit attributable to the parent company of 9.8 billion CNY, up 22.4% year-on-year [10]. - The company is expected to benefit from the upcoming release of new products in the medical aesthetics sector, with significant revenue potential from its "童颜针" and "美光针" products [10]. - The report highlights the successful progress in the development of brain-machine interface technology, indicating a substantial market opportunity in the field of neurological diseases [10]. Financial Summary - Revenue projections for 2025-2027 are 6,683 million CNY, 7,424 million CNY, and 8,272 million CNY, respectively, with a year-on-year growth of 9.5%, 11.1%, and 11.4% [5]. - The net profit attributable to the parent company is forecasted to be 1,009 million CNY in 2025, 1,297 million CNY in 2026, and 1,594 million CNY in 2027, with growth rates of 308.6%, 28.6%, and 22.9% respectively [5]. - The gross margin is expected to stabilize around 62.3% in 2025, with net margins projected at 15.1% [5].

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company is experiencing pressure on profitability, but progress on research and development (R&D) products is on track [2]. - Revenue for the first three quarters of 2025 was 526 million yuan, a year-on-year decrease of 8.1%, with a net profit attributable to the parent company of 31 million yuan, down 73.0% year-on-year [12]. - The company is expected to see a gradual recovery in revenue growth, with projections of 754 million yuan in 2025, 964 million yuan in 2026, and 1.308 billion yuan in 2027, reflecting growth rates of 4.6%, 27.8%, and 35.8% respectively [5][12]. Financial Forecasts - The earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.22 yuan, 0.48 yuan, and 0.85 yuan respectively, revised down from previous estimates [3]. - The company’s gross margin is expected to improve from 57.0% in 2025 to 70.8% in 2027, while the net profit margin is projected to increase from 12.3% to 27.6% over the same period [5][12]. - The target price for the company is set at 32.64 yuan based on a price-to-earnings (P/E) ratio of 68 times for 2026 [3][6]. Clinical Development Progress - The company is set to initiate Phase III clinical trials for CKBA for vitiligo and Phase II/III trials for rosacea by the end of 2025 [12]. - Several high-potential products are progressing through the review process, with expectations for approvals either by the end of this year or next year [12].

Group 1 - The average stock price of A-shares is 14.06 yuan, with 168 stocks priced over 100 yuan, an increase of 3 stocks compared to the previous trading day [1] - The Shanghai Composite Index closed at 4016.33 points, up 0.70%, while stocks priced over 100 yuan had an average increase of 1.59%, outperforming the index by 0.89 percentage points [1] - The highest closing price among stocks over 100 yuan is 1461.00 yuan for Cambrian, which decreased by 1.19% [1] Group 2 - In the past month, stocks priced over 100 yuan have averaged a 6.44% increase, outperforming the Shanghai Composite Index's 4.92% increase [2] - Notable stocks with significant gains include Yunhan Chip City, Jiangbo Long, and Ding Tai High-Tech, with increases of 102.23%, 93.49%, and 81.86% respectively [2] - C He Yuan's stock price reached 113.22 yuan, marking a 24.28% increase, with a turnover rate of 0.51% and a trading volume of 2.171 billion yuan [2] Group 3 - Among stocks priced over 100 yuan, the electronics sector is the most concentrated, with 63 stocks, accounting for 37.50% of the total [2] - The main board has 35 stocks, the ChiNext board has 53, and the Sci-Tech Innovation Board has 76 stocks, making up 45.24% of the total [2] - 22 stocks priced over 100 yuan received buy ratings from institutions, including Zhongrong Electric and Zhongjian Technology [2] Group 4 - Among the stocks with buy ratings, four stocks have an upside potential exceeding 20%, with Jibite having the highest potential at 34.33% [3] - The stock prices of high-priced stocks show varied performance, with some experiencing significant fluctuations [3][4]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - In Q3 2025, the public - fund convertible bond (CB) holding scale increased significantly, while high - performing products reduced CBs and increased stocks at the end of August [1][12] - The secondary bond funds, CB funds, and ETFs were the main forces for increasing CB allocations, and the number of "marginal CB allocators" decreased [1] - Funds mainly increased positions in photovoltaic, battery, TMT, non - ferrous, and pharmaceutical sectors in Q3, while reducing allocations in the large - financial and consumer sectors [2] - In Q3, equity - biased products led the active funds, and the median return of CB funds was + 13% [2] Group 3: Summary by Related Catalogs 1. Fund Holding CB Scale and Fund Type Distribution - The total asset scale of public funds reached 39.0 trillion in Q3 2025 (excluding QDII and REITs), with the number reaching 12,908, showing significant growth compared to the previous quarter [12] - The asset value of CB funds increased from 56.338 billion yuan at the end of Q2 to 67.850 billion yuan at the end of Q3 [1][12] - The CB market scale decreased by 77.8 billion yuan in Q3, but the overall public - fund CB holding scale increased by 43.8 billion yuan to 316.6 billion yuan [1][13] - The ratio of funds increasing positions to those reducing positions in CBs was 0.73 in Q3 [15] - The number of funds with a CB position > 5% decreased to 753 from 927/894 in 25Q1/25Q2 [17] - By fund type, primary bond funds, secondary bond funds, convertible bond funds, bond - biased hybrid funds, and flexible - allocation funds were the main CB allocators in 25Q3, accounting for 20.4%/33.7%/16.4%/3.9%/2.0% respectively [19] - The CB positions of balanced hybrid and flexible - allocation funds decreased slightly in Q3 after rising in Q2, while those of primary bond, secondary bond, and bond - biased hybrid funds continued to decline. The CB position of equity - biased hybrid funds increased slightly, and the average CB position of CB funds was basically flat at 78.77% [19] - More balanced hybrid funds started to allocate CBs in 25Q3, and the scale of primary bond, equity - biased hybrid, and convertible bond funds expanded significantly [22] 2. Public - Fund CB Individual Bond Allocation - In Q3, the price of public - fund held CBs increased with the market. The proportion of equity - biased and high - price CBs increased, and the position of bank CBs continued to decline [24] - Funds mainly increased positions in photovoltaic, battery, TMT, non - ferrous, and pharmaceutical sectors, while reducing allocations in large - financial and consumer sectors [2][27] - Financial CBs were generally underweighted by institutions. Only a few CBs like Changyin CB (+6 times) and Ruida CB (+3 times) had an increased number of times in the top 10 positions [31][34] - Some low - price CBs in environmental protection, public utilities, steel, and transportation sectors were increased, such as Zhongte CB (+20 times) and Jieneng CB (+17 times) [31][34] - TMT sector CBs, especially those related to semiconductors and consumer electronics, were significantly increased. For example, Wenti CB (+23 times) and Lixun CB (+11 times) [34] - Pharmaceutical CBs were generally increased. For example, Haoyuan CB (+25 times) and Huayi CB (+13 times) [35][36] - Most remaining auto CBs were increased, but some like Sheng 24 CB (-16 times) and Baolong CB (-11 times) were decreased [37] - The CB positions in photovoltaic and battery sectors increased significantly. For example, Tian 23 CB (+54 times) and Yiwei CB (+78 times) [37] - Leading pig - breeding enterprises' CBs were increased, such as Wenshi CB (+18 times) and Muyuan CB (+11 times) [38] - Non - ferrous sector CBs were generally increased, such as Hengbang CB (+17 times) and Bo 23 CB (+14 times) [38][41] - Chemical sector CBs showed a mixed performance. Most were increased, but Shenma CB (-10 times) was decreased [38][41] - Most consumer sector CBs were decreased, such as Ou 22 CB (-15 times) and Lizhi CB (-5 times), while some like Yitian CB (+5 times) and Lutai CB (+5 times) were increased [41][42] 3. 2025 Q3 Returns of Various Funds - In Q3 2025, equity - biased hybrid funds led the active funds, with the average return of common stock and equity - biased hybrid funds around 25% [42] - The average quarterly return of convertible bond funds was 13.67%, significantly lower than that of equity - biased funds [42] - The average Q3/one - year returns of primary bond funds were + 0.57%/4.44%, secondary bond funds were + 3.11%/7.57%, bond - biased hybrid funds were 4.50%/8.25%, and flexible - allocation funds were 21.54%/26.30% [43] - CB funds performed well, with the scale reaching a new high. The median Q3 return of 41 CB funds was + 13%, and the median one - year return was 25.17% [44] - Many products increased positions in mid - July and achieved returns exceeding the index. By the end of September, 33 out of 39 active CB products had higher returns than ETFs [44] 4. Performance of High - Performing Products - Among the funds with a CB ratio > 40% and an asset value > 100 million yuan, 78 out of 79 achieved positive returns in Q3, with a median net - value growth rate of 11.4% and a median year - to - date net - value growth rate of 10.4% as of October 28 [48][50] - Fund A, with a Q3 return of + 28.73%, increased CB positions in mid - July,重仓ed TMT and military - industry CBs/individual stocks. In September, it increased stock positions and reached a new net - value high during the CB market adjustment [50][51] - Fund B, with a Q3 return of + 27.29%, had a balanced CB allocation across industries and concentrated stock positions in semiconductor design and manufacturing. Similar to Fund A, it also reached a new net - value high during the CB market adjustment [53][57][60]

Group 1: Strong Stocks - As of October 29, the Shanghai Composite Index rose by 0.7% to 4016.33 points, the Shenzhen Component Index increased by 1.95% to 13691.38 points, and the ChiNext Index climbed by 2.93% to 3324.27 points [1] - A total of 62 stocks in the A-share market hit the daily limit up, with the top three strong stocks being Antai Group (600408), Yashi Chuangneng (603378), and Zhongtung Gaoxin (000657) [1] - Detailed data for the top 10 strong stocks includes metrics such as trading volume, turnover rate, and net buying amount from the top traders [1] Group 2: Strong Concept Sectors - The top three concept sectors based on A-share performance are Hainan Free Trade Zone, BC Battery, and Metal Zinc, with respective increases of 4.35%, 3.89%, and 3.6% [2] - The table of the top 10 concept sectors shows the percentage of limit-up stocks, rising stocks, and falling stocks within each sector [2] - The Hainan Free Trade Zone had 10.71% of its component stocks hitting the limit up, while 82.14% of its component stocks experienced an increase [2]

Core Insights - The Biotech Economy Index (970038) closed at 2298.38 points, up 0.92%, with a trading volume of 24.11 billion yuan and a turnover rate of 1.39% [1] - Among the index constituents, 27 stocks rose while 22 fell, with Tigermed leading the gainers at 11.09% and Kaili Medical leading the decliners at 11.39% [1] Index Performance - The Biotech Economy Index had a net inflow of 169 million yuan from institutional investors, while retail investors experienced a net outflow of approximately 79.92 million yuan [1][2] - The top ten constituents of the Biotech Economy Index include: - Mindray Medical (13.81% weight, latest price 222.83 yuan, market cap 270.17 billion yuan) [1] - Changchun High-tech (5.41% weight, latest price 117.55 yuan, market cap 47.95 billion yuan) [1] - Kanglong Chemical (4.66% weight, latest price 34.05 yuan, market cap 60.55 billion yuan) [1] - Tigermed (4.23% weight, latest price 59.48 yuan, market cap 51.21 billion yuan) [1] - Other notable constituents include Deep Technology, Muyuan Foods, and Aimeike [1] Capital Flow Analysis - The capital flow details indicate that Deep Technology had a net inflow of 201 million yuan from institutional investors, while retail investors saw a significant outflow of 222 million yuan [2] - Kanglong Chemical and Tigermed also experienced net inflows from institutional investors, but faced outflows from retail investors [2] - Overall, the data suggests a mixed sentiment among different investor classes within the Biotech Economy Index [2]

Core Insights - The CSI Medical Index (399989) closed at 7501.54 points, up 1.01%, with a trading volume of 25.053 billion yuan and a turnover rate of 1.55% [1] - Among the index constituents, 27 stocks rose while 23 fell, with Tigermed leading the gainers at 11.09% and Kaili Medical leading the decliners at 11.39% [1] Index Performance - The CSI Medical Index saw a net inflow of 323 million yuan from institutional investors, while retail investors experienced a net outflow of approximately 95.38 million yuan [1][2] - The top ten constituents of the CSI Medical Index include: - WuXi AppTec (14.78% weight, 106.04 yuan, +2.00%) with a market cap of 316.398 billion yuan - Mindray Medical (8.91% weight, 222.83 yuan, -1.00%) with a market cap of 270.168 billion yuan - United Imaging Healthcare (8.15% weight, 146.56 yuan, +1.21%) with a market cap of 120.789 billion yuan - Other notable constituents include Aier Eye Hospital, Kanglong Chemical, and Tigermed [1] Capital Flow Analysis - The capital flow details indicate that: - WuXi AppTec had a net inflow of 172 million yuan from institutional investors, while retail investors saw a net outflow of approximately 77.985 million yuan [2] - Other companies like Sanbo Brain Science and Furuida also experienced significant net inflows from institutional investors, while retail investors generally faced outflows [2]

Group 1 - The market experienced a significant rally, with the ChiNext Index rising by 2.9%, reaching a nearly three-year high, while the ChiNext Growth Index increased by 2.7% and the ChiNext Mid-Cap 200 Index rose by 1.2% [1] - The core theme of the "14th Five-Year Plan" is offensive, emphasizing proactive adaptation to changes, continuing rapid economic development, achieving high-level technological self-reliance, and new supply [1] - The strategic focus for the "14th Five-Year Plan" is expected to revolve around significant changes in industries such as the AI industry chain [1] Group 2 - The ChiNext Growth ETF tracks the ChiNext Growth Index, which consists of 50 stocks characterized by strong growth, good profitability expectations, and high liquidity, with the information technology sector accounting for over 40% [3] - The sectors of communication, power equipment, electronics, non-bank financials, and biomedicine collectively represent nearly 80% of the ChiNext Growth Index [3]

Core Conclusions - Public funds in Q3 2025 have reached historical highs in their allocations to the electronics and communication sectors, with the electronics allocation increasing from 18.67% in Q2 to 25.53% in Q3, and the relative overweight ratio rising from +9.1% to +12.75%, making it the only primary industry with an overweight ratio exceeding 10% relative to the entire A-share market [10][11] - Other industries that saw further overweighting in Q3 include communication, power equipment, non-ferrous metals, and media, with electronics, communication, power equipment, and non-ferrous metals performing well in Q3 2025, indicating a concentrated preference among public funds [10][11] Market Overview - The allocation of active equity funds in Q3 2025 shows a significant increase in stock positions, with the stock allocation rising to 85.62% from 84.24% in Q2, amounting to approximately 3.58 trillion yuan, reflecting a 21.48% increase [11][12] - The allocation across different market segments indicates a decline in the main board and North Exchange, while other segments have rebounded [13] Industry Allocation - The allocation for major industry categories in Q3 2025 is as follows: upstream raw materials at 9.98% (up 0.69 percentage points), midstream manufacturing at 54.16% (up 12.3 percentage points), downstream consumption at 26.95% (down 7.05 percentage points), financial real estate at 4.3% (down 3.63 percentage points), and support services at 4.52% (down 2.28 percentage points) [18][19] - The upstream raw materials sector has shown an overall recovery, with specific allocations for coal at 0.29% (down 0.08 percentage points), oil and petrochemicals at 0.35% (down 0.03 percentage points), basic chemicals at 2.41% (down 0.54 percentage points), steel at 0.32% (down 0.02 percentage points), non-ferrous metals at 6% (up 1.35 percentage points), and building materials at 0.61% (up 0.01 percentage points) [21][22] Midstream Manufacturing - In midstream manufacturing, the allocations for Q3 2025 are as follows: power equipment at 12.32% (up 2.43 percentage points), machinery at 4.06% (up 0.27 percentage points), electronics at 25.53% (up 6.86 percentage points), national defense and military industry at 2.99% (down 1.18 percentage points), and communication at 9.26% (up 3.93 percentage points) [27][28] - The communication sector has seen significant increases in allocation, particularly in communication equipment, which rose by 4.44 percentage points [27][31] Downstream Consumption - In downstream consumption, the allocations for Q3 2025 are as follows: agriculture, forestry, animal husbandry, and fishery at 1.15% (down 0.5 percentage points), food and beverage at 4.93% (down 1.81 percentage points), pharmaceutical and biological products at 9.66% (down 1.25 percentage points), textiles and apparel at 0.21% (down 0.2 percentage points), social services at 0.18% (down 0.22 percentage points), light industry manufacturing at 0.46% (down 0.36 percentage points), media at 2.48% (up 0.55 percentage points), home appliances at 2.75% (down 1.66 percentage points), automotive at 4.88% (down 1.45 percentage points), and beauty and personal care at 0.24% (down 0.17 percentage points) [32][33]