2025年的全球资本市场，正在上演一场足以打破所有投资者固有认知的"预期差"修正。 01 预期差的修正：港股流动性的"历史性回归" 当大多数人的目光仍停留在纳斯达克与标普500时，港股已经以近乎"抢跑"的姿态完成了一次从估值洼地到流动性高地的转变。 截至11月27日，恒生指数年内上涨29.34%，恒生科技指数上涨25.29%，双双跑赢美股核心指数。 更关键的是，这一轮上涨并非情绪推动，而是建立在流动性持续抬升的结构性基础上。Wind数据显示，截至11月27日，恒生指数日均成交额升至2561.25 亿元，创1969年以来最高纪录；恒生科技指数日均成交额亦达到790.25亿元，创下指数发布以来新高。 港股告别"低温区"，进入真正的"高活跃时代"。 资金的大幅回流，是这轮行情的核心变量。内地资金通过港股通与ETF两大渠道持续流入，截至11月27日，南下资金年内净流入13791.85亿港元，创港股 通开通以来年度新高；A股可投港股的ETF资金累计流入3426.63亿元，其中下半年净流入2868.58亿元，占比达83.71%，呈现典型的"下半年加速"特征。 这种"持续、稳定、规模化"的资金投入，共同构成了港股这场流动性 ...

Core Viewpoint - The Hong Kong pharmaceutical sector has attracted significant market attention this year, with southbound funds net buying over 160 billion yuan in the healthcare industry, ranking third among 12 Hang Seng primary sectors [1] Group 1: Policy and Industry Dynamics - The surge in southbound funds is driven by a threefold resonance of policy, industry, and capital, creating new opportunities for the biopharmaceutical sector [2] - Recent policies, including measures to support high-quality development of innovative drugs and the introduction of a fast-track listing process for unprofitable biotech firms, have injected strong momentum into industry innovation [2] - As of Q3, there are over 100 biopharmaceutical companies listed on the Hong Kong Stock Exchange, with a total market capitalization accounting for approximately 15% of the Hong Kong stock market [2] - China's innovative drug R&D capabilities are steadily improving, with the number of innovative drug pipelines expected to reach 4,804 by 2024, second only to the United States globally [2] - The compound annual growth rate (CAGR) of license-out transaction amounts for Chinese innovative drugs from 2019 to 2024 is as high as 125%, indicating a rapid internationalization of the sector [2] Group 2: Financial Environment - The liquidity of the Hong Kong pharmaceutical sector is expected to improve continuously due to the onset of the Federal Reserve's interest rate cut cycle and a more accommodative domestic monetary policy [3] - From January to August this year, the financing amount for domestic innovative drugs increased by over 40% year-on-year, reflecting a rapid recovery in the sector's financing vitality [3] Group 3: Investment Opportunities - The newly launched Hang Seng Biotech ETF (Fund Code: 159132) aims to provide investors with an efficient tool to invest in leading biotech companies listed in Hong Kong [4] - The Hang Seng Biotech Index, which the ETF tracks, includes 30 leading biotech, pharmaceutical, and medical device companies, with nearly 90% of its weight focused on high-growth sectors like innovative drugs and CXO [4] - The index has shown a cumulative increase of 58.9% since its inception, significantly outperforming the Hang Seng Healthcare Index (19.8%) and the Hang Seng Index (12.5%) [5] - The launch of Hang Seng Biotech Index futures on November 28 is expected to enhance market liquidity and trading activity by attracting institutional investors [5] Group 4: Management Expertise - The proposed fund manager for the Hang Seng Biotech ETF is a seasoned professional with over 12 years of experience in securities and more than 8 years in investment management, specializing in quantitative investment [6][7]

Core Viewpoint - The imposition of high tariffs by the U.S. has severely impacted India's exports, leading to a significant increase in trade deficit, while recent trade negotiations show signs of improvement [1][2][4]. Group 1: Export Performance - India's exports to the U.S. dropped from a peak of $8.8 billion in May 2025 to $5.5 billion in September 2025, resulting in a trade deficit of $32.15 billion in September, the highest in 13 months [1]. - In October, India's exports to the U.S. rebounded to $6.3 billion, a 14.5% month-on-month increase, although this still represented an 8.6% decline compared to the same month in 2024 [1][2]. - Overall, India's merchandise exports fell by 11.8% year-on-year in October, with significant declines in exports to major markets, including a drop of over 50% to Singapore and Australia, and declines exceeding 20% to Italy, the UK, and the Netherlands [2]. Group 2: Government Response - The Indian government has introduced a $5 billion export support scheme aimed at assisting exporters affected by U.S. tariffs and global trade slowdowns, focusing on small and medium enterprises and labor-intensive sectors [3]. - Efforts to diversify trade partnerships are underway, with India accelerating free trade agreement negotiations with the UK, EU, Australia, New Zealand, and Gulf countries [3]. Group 3: Trade Negotiations - Recent trade negotiations between India and the U.S. have shown positive developments, particularly in energy and defense procurement, including a liquefied petroleum gas (LPG) procurement agreement and a 10-year defense cooperation framework [4]. - The IMF has revised India's economic growth forecast for FY 2025/2026 upward by 0.2 percentage points to 6.6%, indicating potential for sustained economic growth contingent on improved external trade conditions [4].

记者从11月26日举行的上海市政府新闻通气会上了解到，日前，《上海市全面深化药品医疗器械监管改 革促进医药产业高质量发展的若干措施》正式印发，从支持研发创新、深化国家改革试点、提升审评审 批质效、扩大高水平开放合作、构建全生命周期监管、强化监管能力建设6方面，提出22条举措。 上海市药品监督管理局相关负责人介绍，《若干措施》一方面积极承接好国家改革试点，主动做好地方 事权范围改革；另一方面，针对上海生物医药新技术、新企业"两多"的特点，强化对企业的前置服务， 推动监管从事后管控向跨前服务、提前指导转变。 《若干措施》明确的承接国家改革试点任务包括：争取境外生产药品补充申请审评审批和仿制药立卷审 查试点，加快首仿品种上市；遴选符合条件的品种开展生物制品分段生产试点，推进重大外资项目跨境 分段生产试点，并提供通关便利；鼓励医疗机构加快开展自行研制使用体外诊断试剂试点工作等。 上海主动创新改革举措包括：开展药品连续制造试点，推进医疗器械生产企业可共享实验室等；完善已 上市药品变更流程及指南；开展化学药品等补充申请审评审批程序改革；支持医疗器械产业聚集度高的 园区内共享共用检验检测、工艺用水用气等设施设备，打造专业化 ...

截至发稿，*ST苏吴市值为9亿元。 每经头条（nbdtoutiao）——国开行辟谣的"人民资产"是什么？记者实探：号称投资600元80天赚8万 元！一位投资人的女儿：劝不住她，警察都拦不住 （记者 曾健辉） 每经AI快讯，2025年11月25日，上交所对江苏吴中医药发展股份有限公司、实际控制人暨时任董事长 钱群山及有关责任人予以纪律处分：经查明，公司未如实披露实际控制人，2018年至2023年年度报告存 在虚假记载；虚增营业收入、营业成本和利润，未按规定披露关联方非经营性占用资金情况，2020年至 2023年年度报告存在虚假记载和重大遗漏，上述行为违反2005年修订的《中华人民共和国证券法》第六 十三条、《中华人民共和国证券法》第七十八条第二款，《上海证券交易所股票上市规则（2023年8月 修订）》（以下简称《股票上市规则（2023年8月修订）》）第1.4条、第2.1.1条、第2.1.4条、第6.3.6 条、第6.3.7条等有关规定。鉴于相关违规事实和情节，经本所纪律处分委员会审核通过，根据《股票上 市规则》第13.2.1条、第13.2.3条，《股票上市规则》第13.2.1条、第13.2.3条以及《上海证券交 ...

Core Viewpoint - The article highlights the positive impact of e-commerce in China from January to October 2025, emphasizing its role in boosting consumption, promoting modern industrial systems, and expanding high-level openness to the outside world [3][4]. E-commerce Development - In the first ten months of 2025, China's online retail sales increased by 9.6% year-on-year, driven by digital consumption and quality e-commerce [3]. - Smart products and online services saw significant growth, with smart wearables like AI glasses and smartwatches growing by 23.1%, and online service consumption increasing by 21% [4]. - Instant e-commerce also thrived, with sales rising by 24.3%, particularly in the restaurant sector where online coupons for in-store experiences grew by 25.1% [4]. Industrial E-commerce - Industrial e-commerce is facilitating the digital transformation of small and medium-sized enterprises, with over 400 matching events held by major e-commerce platforms [4]. - Key sectors such as textiles and pharmaceuticals experienced e-commerce transaction growth of 5.5% and 3.4%, respectively [4]. - Agricultural products and rural online retail sales grew by 9.5% and 7.5%, respectively, indicating a strong push for e-commerce to empower local agricultural products [4]. International Cooperation - The "Silk Road E-commerce" initiative is fostering high-quality cooperation along the Belt and Road, with 12 innovative practice cases being replicated nationwide [5]. - Activities promoting the Chinese market as a global opportunity included 36 events, with significant sales growth in imported goods, such as a 73.7% increase in Uzbek candy and a 39.9% increase in Thai mangosteen [5]. Foreign Investment - In the first ten months of 2025, China established 53,782 new foreign-invested enterprises, a year-on-year increase of 14.7%, while actual foreign investment amounted to 621.93 billion yuan, a decrease of 10.3% [11]. - The manufacturing sector attracted 161.91 billion yuan, while the service sector received 445.82 billion yuan in foreign investment [11]. - High-tech industries saw a significant increase in foreign investment, with e-commerce services growing by 173.1% [11].

上海重磅发布 日前，上海市人民政府办公厅印发《上海市全面深化药品医疗器械监管改革促进医药产业高质量发展的若干措 施》。 其中提到，聚焦细胞与基因治疗、罕见病、儿童用药、高质量首仿药、人工智能医疗器械、医用机器人、脑机 接口、粒子治疗设备、创新中医诊疗设备等重点领域和产品，建立在研重点品种服务清单，在临床试验、注册 上市、检查检验、生产许可等环节跨前指导。 完善医疗卫生机构伦理协作审查机制，简化统一受理资料和流程、增加会议频次、缩短审查时间，推进长三角 区域多中心临床试验伦理协作审查。加强临床医疗数据标准化，强化数据在研发创新中的运用。建立以临床价 值为导向的创新医疗器械筛选评估机制，加速转化上市。 支持中药研发创新。建立医疗机构规范收集整理人用经验数据机制，探索人用经验数据作为真实世界证据用于 药品注册申报。制订医疗机构应用传统工艺配制中药制剂备案管理规定。支持疗效确切、特色优势明显的医疗 机构中药制剂及名老中医方开发转化为中药新药。鼓励医疗机构、研发单位和药品企业共同打造中药创新与产 业转化平台，支持中药创新药临床研究和古代经典名方中药复方制剂研究，鼓励中药大品种培育和经典品种二 次开发。外省市按照国家药品 ...

Core Viewpoint - The Shanghai Municipal Government has issued measures to deepen the reform of drug and medical device regulation, aiming to promote high-quality development in the pharmaceutical industry, focusing on key areas such as cell and gene therapy, rare diseases, and pediatric medications [1] Group 1: Key Areas of Focus - The measures emphasize the importance of specific fields and products, including cell and gene therapy, rare diseases, pediatric medications, high-quality first generic drugs, artificial intelligence medical devices, medical robots, brain-machine interfaces, particle therapy equipment, and innovative traditional Chinese medicine diagnostic and treatment devices [1] Group 2: Regulatory Support - A service list for key varieties under research will be established, providing proactive guidance in clinical trials, registration and listing, inspections, and production licensing [1]

Group 1 - China Railway announced a dividend of HKD 0.0899 per share, with an ex-dividend date of December 1, 2025, and a payment date of December 23, 2025 [1] - Shanghai Pharmaceuticals declared a dividend of CNY 0.1200 per share, with no specified ex-dividend or payment dates [1] - Jacobson Pharmaceutical announced a dividend of HKD 0.0425 per share, with an ex-dividend date of December 1, 2025, and a payment date of December 18, 2025 [1] - Laopuhuang Gold declared a dividend of HKD 10.52 per share, with an ex-dividend date of November 20, 2025, and a payment date of January 15, 2026 [1] Group 2 - The CSI Central State-Owned Enterprises Dividend Index includes 50 stocks with stable dividend levels and high yields, with a one-year dividend yield of 5.67% as of November 18, higher than the 10-year government bond yield of 3.86% [2] - The Hang Seng Mainland Enterprises High Dividend Yield Index has a one-year dividend yield of 5.34% as of November 18, also higher than the 10-year government bond yield of 3.52% [2] - The largest investment vehicle tracking the CSI Central State-Owned Enterprises Dividend Index is the Hong Kong Central State-Owned Enterprises Dividend ETF [2]

Group 1 - The number of diabetes patients in South Korea has significantly increased over the past decade, with a rise of approximately 57% [7] - There is a growing trend towards low-sugar and sugar-free products in the South Korean food industry, with sales of sugar-free carbonated drinks increasing from 89 billion KRW in 2021 to 273 billion KRW in 2023, more than doubling [5] - The South Korean government is discussing the introduction of a "sugar tax" aimed at high-sugar beverages and processed foods to encourage the food industry to reduce added sugar usage, with 58.9% of respondents in a poll supporting this initiative [7] Group 2 - Consumers are increasingly prioritizing health-conscious choices, as evidenced by individuals carefully selecting low-sugar or high-protein products while shopping [3] - The trend towards low-sugar products is extending beyond food to other sectors, including the pharmaceutical industry, which has introduced sugar-free cold medicine [5] - There is a public concern regarding the potential impact of the "sugar tax" on business costs and food prices, despite the majority supporting the tax [7]