港股午间收盘，恒生指数涨0.44%，恒生科技指数涨1.04%。港股科技ETF（159751）跌0.29%，恒生港 股通ETF（159318）涨0.29%。板块方面，媒体板块涨幅靠前；水务、生命科学工具板块跌幅靠前。个 股方面，百度集团-SW涨6.88%，中国铝业涨6.56%，三花智控涨6.21%，中国海洋石油涨4.17%；金风 科技跌8.16%，狮腾控股跌8.42%；迈富时涨10.53%，英诺赛科涨9.22%。 ...

发言人 1: 大家好，欢迎收听高盛的《Research Unplugged》播客。今天我们邀请到了整个医疗健 康研究团队，包括 Assad Haider、Salvin Richter、David Roman、Scott Fidel、Evy Kazakowski 。 Carin Johnson 、 Andrea Newkirk 、 Paul Troy 、 Richard Law 和 Madelatory 也将参与讨论，内容涵盖 2026 年医疗健康行业的前景，涉及治疗领域、服 务板块、肥胖症、LP 小 A、政策改革、FDA 等多个方面。 好的，我们开始吧。Assad，医疗健康板块在 2025 年表现优于标普 500 指数，这是一个 不小的变化。今年医疗健康股反弹的驱动力是什么？进入 2026 年后，还有进一步上涨的 空间吗？投资者最关注哪些问题？ 发言人 2: 好的，谢谢 Chris，也感谢大家今天上午的参与。希望大家也看到了我们今天上午发布的 展望报告，这份报告旨在为投资者提供指引，帮助他们把握我们认为医疗健康板块即将到 来的持续复苏趋势。Chris，正如你所说，医疗健康板块今年持续缩小了与标普 500 指数 ...

港股午间收盘，恒生指数涨0.65%，恒生科技指数涨1.14%。港股科技ETF（159751）涨1.76%，恒生港 股通ETF（159318）涨1.02%。板块方面，生命科学工具、汽车零部件板块涨幅靠前；媒体、林业与纸 制品板块跌幅靠前。个股方面，智汇矿业大涨超111%；中国中免涨7.56%，地平线机器人-W涨7.16%， 药明生物涨6.48%，小鹏汽车-W涨5.69%；申洲国际跌3.89%，中国重汽跌5.71%；佑驾创新涨12.13%， 中集集团涨11.96%。 ...

港股午间收盘，恒生指数跌2.07%，恒生科技指数跌3.11%。港股科技ETF（159751）跌2.32%，恒生港 股通ETF（159318）跌1.86%。板块方面，酒店和度假村REIT、水务板块涨幅靠前；生命科学工具、生 物科技板块跌幅靠前。个股方面，汇聚科技跌10.16%，赣锋锂业跌10.23%；友宝在线涨9.4%，趣致集 团涨4.03%。 ...

Summary of Bio-Techne Conference Call Company Overview - **Company**: Bio-Techne (NasdaqGS: TECH) - **Date**: November 20, 2025 - **Focus**: Life Science tools and reagents, particularly in cell therapy and proteomics Key Points Financial Performance - **Overall Growth**: Reported a negative growth of 1% for the quarter, primarily due to larger companies not ordering products after receiving fast-track designations, impacting revenue by 200 basis points [2][21] - **Core Growth**: Excluding the impact of cell therapy, core growth was positive at 1% [2] - **Large Pharma Revenue**: Contributed 30% of total revenues, with double-digit growth observed [2][5] - **GMP Protein Business**: Valued at $60 million within an $80 million cell therapy business, with significant growth in previous quarters (60% and 90% in Q1 and Q2 last year) [20] Market Dynamics - **Pharma Market**: Strong performance in both the US and Europe, with a healthy growth outlook despite potential shifts due to deglobalization [6][10] - **Biotech Funding**: Noted a resurgence in funding, particularly in October, with a shift towards accelerating programs rather than building infrastructure [7][8] - **Academic Market**: Experienced a messy environment in the US but showed stabilization and improvement in Europe, with a shift in grant focus towards oncology and neurological diseases [33] Innovation and Product Development - **R&D Investment**: 8% of revenues reinvested into R&D, leading to significant innovations across various verticals [12] - **New Products**: - ProPax for protein packaging, reducing human error and contamination risk [13] - ELA cartridge for ultra-sensitivity in protein analysis, enhancing capabilities in neurodiseases and inflammation [14] - LEO instrument with four times higher capacity and precision for larger pharma [15] - Exosome-based ESR1 breast cancer marker for therapy management [16] - Oxford Nanopore-based genetic testing kit for difficult-to-sequence genes [16] M&A Strategy - **M&A as Priority**: High priority for capital deployment, with improved availability of high-quality targets in the market [17] - **Wilson Wolf Acquisition**: Ongoing interest in acquiring Wilson Wolf, with a focus on strengthening the cell therapy portfolio [17][19] Competitive Landscape - **Cell Therapy Market**: Maintained a strong position against European competitors, leveraging 49 years of experience in complex protein design and manufacturing [22] - **AI in Protein Design**: Utilization of AI to enhance protein specificity and heat stability, leading to patentable innovations [24][25] Pricing and Promotions - **Promotional Activities**: Implemented grants to support new programs in constrained funding environments, increasing customer base from 550 to 700 for GMP proteins [26][27] Future Outlook - **Market Trends**: Anticipated improvements in grant funding and a shift towards more multi-year grants, providing better visibility for labs [35] - **Budget Flush Impact**: Minimal impact expected from year-end budget flush, as 90% of revenue is from consumables and services, not instrumentation [37] Additional Insights - **Reshoring and Deglobalization**: Expected to influence manufacturing dynamics positively, with local production reducing shipping inefficiencies [10][11] - **Academic Grant Trends**: Shift towards proteomics-based spending, indicating a favorable alignment with Bio-Techne's offerings [33]

Market Overview - The Hang Seng Index closed down by 0.38% and the Hang Seng Tech Index fell by 0.69% [1] - The Hong Kong Tech ETF (159751) decreased by 0.64%, while the Hang Seng Hong Kong Stock Connect ETF (159318) dropped by 0.14% [1] Sector Performance - Industrial group enterprises and home goods sectors showed the highest gains [1] - Water utilities and life sciences tools sectors experienced the largest declines [1] Individual Stock Movements - Shandong Gold increased by 7.01%, Zhaojin Mining rose by 6.37%, and Zijin Mining International gained 6.19% [1] - Xiansheng Pharmaceutical fell by 5.76%, and Zhongqing Shares dropped by 7.18% [1] - Reshaping Energy surged by 29.38%, and Universal Gold Group rose by 10.6% [1]

Core Viewpoint - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.28% and the Hang Seng Tech Index dropping by 0.8% [1] Market Performance - The Hong Kong Technology ETF (159751) decreased by 1.76% [1] - The Hang Seng Hong Kong Stock Connect ETF (159318) fell by 0.64% [1] Sector Performance - The oil and gas sector and passenger airline companies showed positive performance, leading the gains [1] - The communication equipment and life sciences tools sectors faced significant declines [1] Individual Stock Performance - Yaoshi Bang (药师帮) saw a drop of 8.12% [1] - Haotian International Construction Investment (昊天国际建投) fell by 10.05% [1] - Longpan Technology (龙蟠科技) increased by 9.29% [1] - Yihua Tong (亿华通) rose by 7.73% [1]

Core Viewpoint - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.94% and the Hang Seng Tech Index dropping by 1.41% [1] Market Performance - The Hong Kong Technology ETF (159751) decreased by 1.95% - The Hang Seng Hong Kong Stock Connect ETF (159318) fell by 1.34% [1] Sector Performance - Industrial group enterprises, hotels, and resort REITs showed strong gains - The automotive and life sciences tools sectors faced significant declines [1] Individual Stock Movements - Base Champion Group surged over 83% - Lao Pu Gold dropped by 8.21% - Mongol Mining fell by 9.45% - China Aluminum International (601068) increased by 30.52% - Yaojie Ankang-B rose by 11.18% [1]

Market Overview - The Hang Seng Index closed down by 0.76%, while the Hang Seng Tech Index decreased by 0.58% [1] - The Hong Kong Tech ETF (159751) rose by 0.91%, and the Hang Seng Hong Kong Stock Connect ETF (159318) fell by 0.21% [1] Sector Performance - The communication equipment, electronic devices, and instruments sectors showed strong gains [1] - The life sciences tools and passenger airlines sectors experienced significant declines [1] Individual Stock Movements - Lens Technology increased by 12.63%, Shandong Gold rose by 7.23%, Zhaojin Mining gained 6.35%, WuXi Biologics went up by 6.09%, and SMIC climbed by 5.16% [1] - China National Railway fell by 13.33%, and Longi Green Energy dropped by 7.81% [1] - Shandong High-speed Holdings surged by 29.76%, and MIRXES-B increased by 27.68% [1]

Bio-Techne FY Conference Summary Company Overview - **Company**: Bio-Techne (NasdaqGS: TECH) - **Industry**: Life Science Tools Key Points Company Positioning and Growth Strategy - Bio-Techne is a leader in reagents for life science research, focusing on proteins, antibodies, and assays for diagnostics and therapeutics [4][6] - The company has invested heavily in automation of protein analytics, spatial biology, and cell therapy, which now account for approximately 45% of revenue, up from 30% pre-COVID [6][7] - 90% of Bio-Techne's business is recurring, primarily from consumables, which supports sustainable growth [7] Recent Financial Performance - The company reported a 3% growth in the most recent quarter, with notable performance in China (10% growth) and continued double-digit growth in large pharma [9][10] - Challenges included delays in shipping high-priced instruments due to geopolitical issues [9] Academic Market Exposure - Academic sales account for about 20% of total revenue, with U.S. academia contributing approximately 11-12% [13][14] - Despite funding constraints, consumables have remained flat, indicating resilience in the product portfolio [14][15] Market Dynamics in China - Positive sentiment in China suggests a gradual ramp-up in growth, with expectations of returning to double-digit growth in the long term [18][19] Biopharma Market Insights - Biopharma constitutes roughly 50% of revenue, with large pharma showing strong recovery and growth, while biotech funding has decreased significantly [20][21] - The uncertainty in biotech funding may impact future spending, but recent improvements in funding could signal a recovery [22] Cell Therapy Business - Bio-Techne is well-positioned in the cell therapy market, focusing on GMP proteins, with a significant increase in revenue from this segment [23][24] - The company has built a strong reputation for quality and has a competitive edge in the regen med space, which has greater market potential than CAR-T therapies [25][26] Core Reagents and Instrumentation - The core reagents business remains stable, with healthy competition in the antibody market [30][31] - The ProteinSimple platform has shown resilience, with growth driven by increased usage of consumables despite a downturn in new instrument placements [34][36] Spatial Biology and Competitive Position - Bio-Techne leads in spatial biology with RNAscope reagents and the new COMET instrument, which automates RNA and protein detection [39][41] - The company is positioned to capitalize on the growing demand for translational research tools [40] Strategic Divestiture - The recent divestiture of the Exosome Diagnostics business was driven by a misalignment with Bio-Techne's core capabilities and a lack of a clear path to profitability [43][45] Revenue Outlook and Market Conditions - The company anticipates low single-digit growth, managing costs and investments amid market uncertainties [47][50] - Optimism remains regarding recovery in key markets, with expectations that administrative-induced noise will settle down [51][53] Conclusion Bio-Techne is strategically positioned for growth in the life science tools industry, with a strong focus on automation, spatial biology, and cell therapy. Despite current market challenges, the company maintains a positive outlook for future performance driven by its recurring revenue model and innovative product offerings.