Market Overview - The US stock market experienced a collective decline, leading to a weak market sentiment in Hong Kong, with the Hang Seng Index down 0.84% to 25,549.90 points, the Hang Seng Tech Index down 1.32% to 5,587.69 points, and the National Enterprises Index down 1.12% to 8,981.84 points [1] Company News - Dongfeng Group reported cumulative sales of 1.697 million vehicles in the first 11 months, a year-on-year decrease of approximately 0.3%. New energy vehicle sales reached 489,203 units, marking a year-on-year increase of about 39.1% [2] - New天绿色能源 achieved a cumulative power generation of 13.3689 million MWh in the first 11 months, an increase of 8.04% year-on-year, with November's generation at 1.662 million MWh, up 24.45% year-on-year [2] - Longyuan Power completed a cumulative power generation of approximately 69.0964 million MWh in the first 11 months, reflecting a year-on-year growth of 0.41% [3] - Greenland Hong Kong reported contract sales of approximately 6.823 billion yuan in the first 11 months, a year-on-year decline of 22.6% [4] - Sunyu Optical Technology completed a share swap merger with Goer Optical, with its subsidiary Ningbo Aolai holding approximately 31.31% of the shares, becoming the second-largest shareholder [4] - Zoomlion Heavy Industry completed the acquisition of 81% equity in Zoomlion Heavy Industry Finance Leasing (Beijing) [5] - Cambridge Technology plans to increase its investment in CIG USA by $100 million [6] - WuXi AppTec announced research data for JWCAR201 IIT at the 67th American Society of Hematology Annual Meeting [7] - Four Seasons Pharmaceutical's innovative drug Anjiuwei® successfully renewed its inclusion in the 2025 National Basic Medical Insurance Drug List, while its innovative drug XuanYueNing® was included for the first time [7] - Yuanda Pharmaceutical's Class 1 innovative drug GPN01360 successfully reached clinical endpoints in Phase II clinical trials in China [8] - Agile Group's hearing has been further postponed to March 9, 2026 [9] Institutional Insights - Haitong International suggests that after market consolidation, a rebound is expected, with technology stocks having room for recovery. The rebound's strength will depend on policy implementation and potential interest rate cuts by the Federal Reserve [10] - Everbright Securities notes that the Hang Seng Index's current P/E ratio is above its 5-year average, indicating overall valuation recovery, while the tech index has just returned to its 5-year average, suggesting room for further valuation catch-up [10] - Guosen Securities predicts that the short-term adjustment in Hong Kong stocks opens up space for market growth in 2026, with net inflows from southbound funds exceeding 110 billion yuan in November [10]

相关事件 本次医保谈判结果有助于轩竹生物进一步提高轩悦宁®在患者中的可负担性和可及性，有利于进一步推 动该药物的市场推广、提升销售规模，对轩竹生物的长期经营发展具有积极影响。轩竹生物将积极配合 推进医保政策落地，持续推进医院准入工作、拓展核心市场及广阔市场的覆盖，以期不断提升患者的用 药可及性。 格隆汇12月8日丨四环医药(00460.HK)宣布，集团旗下非全资附属公司轩竹生物科技股份有限公司("轩 竹生物")自主研发的创新药吡洛西利片(商品名：轩悦宁®)首次纳入《国家基本医疗保险、生育保险和 工伤保险药品目录(2025年)》(「2025国家基本医保目录」)。2025国家基本医保目录将于2026年1月1日 正式执行. 四环医药(00460.HK)：创新药轩悦宁®首次纳入国家基本医保药品目录 四环医药(00460.HK)：安久卫® 成功续约2025年国家基本医保药品目录 ...

作为首款且唯一国内自主研发的质子泵抑制剂，安久卫®于2023年六月在中国获批上市，用于治疗十二 指肠溃疡，并于2023年12月首次纳入国家基本医保药品目录。本次安久卫®成功续约2025年国家基本医 保药品目录，将利于稳定市场销售，继续惠及更多患者人群，提升该产品在相关适应症上的渗透率，为 安久卫®的长期增长注入动力。 格隆汇12月8日丨四环医药(00460.HK)宣布，经过与中国国家医保局的简易医保续约，集团旗下非全资 附属公司轩竹生物科技股份有限公司("轩竹生物")自主研发的创新药安奈拉唑钠肠溶片(商品名：安久卫 ®)将继续获纳入自2026年1月1日起生效的新版《国家基本医疗保险、生育保险和工伤保险药品目录 (2025年)》(「2025年国家基本医保药品目录」)。 ...