Policy Developments - The National Medical Insurance Administration announced that as of November 12, 2025, 24 provinces and regions in China have completed the deployment of the medical imaging cloud software, with 140 million indexed data uploaded to the national center [2] Drug and Device Approvals - Changchun High-tech's subsidiary received FDA approval for the clinical trial of GenSci143, a dual-specific antibody drug targeting B7-H3 and PSMA for treating advanced solid tumors [4] - Zai Lab announced that its ZG006 injection, in combination with etoposide and cisplatin, received clinical trial approval for advanced neuroendocrine carcinoma [5] - Heng Rui Medicine received approval for the clinical trial of Rivegromab tablets for prostate cancer [6] - Haisco announced that its HSK39297 tablets for age-related macular degeneration received clinical trial approval, showing promising preclinical results [7] Capital Market Activities - Kintor Pharmaceutical reported the repurchase of approximately 3.31 million shares since October 2025, with plans to repurchase up to 25.46 million shares over the next 50 trading days [9] - Changlian Co. signed an agreement to establish a joint venture with Shanghai Waigaoqiao Biopharmaceutical, contributing 30 million yuan for a 60% stake [10] Financial Reports - In the third quarter report, Nocera Biopharma reported a net loss of 64.41 million yuan for the first three quarters of 2025, despite a revenue increase of 59.85% to 1.115 billion yuan, driven by sales of its core product [12] Industry Events - The first China-Africa Joint Medical Center was established in Guinea, aiming to enhance healthcare collaboration and address cardiovascular diseases in West Africa [14] Shareholder Actions - Renhe Pharmaceutical's controlling shareholder plans to reduce its stake by up to 0.21% through public trading or block transactions [16]

Major Events - Shanghai Industrial Holdings (00363) plans to sell 49% stake in Shanghai Shanshi Medical Beauty Hospital for 73.598 million yuan [1] - Hengrui Medicine (01276) received approval for clinical trial of Rivoceranib tablets [1] - CanSino Biologics (06185) initiated Phase I clinical trial of inhaled tuberculosis vaccine in Indonesia, completing the enrollment of the first subject [1] - Zhonghui Biotech-B (02627) started Phase I clinical trials for quadrivalent and trivalent influenza virus subunit vaccines [1] - Zhiyun Health (09955) signed a service cooperation agreement with JD Health (06618) to expand online sales and service channels for Livermore tablets and other P2M pipeline products [1] - China Resources Land (01109) plans to place shares of China Resources Mixc Lifestyle (01209) to diversify shareholder structure [1] - Shoucheng Holdings (00697) announced investment in Star Motion Era by Beijing Robotics Fund [1] Financial Performance - Tencent Holdings (00700) reported third-quarter revenue and profit growth, with non-IFRS profit attributable to shareholders reaching 70.551 billion yuan [1] - JD Group-SW (09618) reported third-quarter total revenue of 299.059 billion yuan, a year-on-year increase of 14.85% [1] - JD Logistics (02618) reported third-quarter revenue of 55.084 billion yuan, a year-on-year growth of 24.1% [1] - JD Health (06618) reported third-quarter operating profit of 1.243 billion yuan, a year-on-year increase of 125.3% [1] - SMIC (00981) reported third-quarter profit attributable to shareholders of approximately 192 million USD, a quarter-on-quarter increase of 44.7% and a year-on-year increase of 28.9% [1] - Bilibili-W (09626) reported a net profit of 469 million yuan in the third quarter, turning profitable year-on-year, with all core user metrics reaching historical highs [1] - China Pacific Insurance (02601) reported original insurance premium income of 241.322 billion yuan for the first ten months, a year-on-year increase of 9.9% [1]

Performance Highlights - Tencent Holdings (00700.HK) reported Q3 revenue of 192.87 billion yuan, a year-on-year increase of 15% and a quarter-on-quarter increase of 5%. Net profit reached 63.13 billion yuan, up 19% year-on-year and 13% quarter-on-quarter [2] - Semiconductor Manufacturing International Corporation (00981.HK) achieved Q3 sales revenue of 2.38 billion USD, a quarter-on-quarter increase of 7.8% and a year-on-year increase of 9.7%. Gross margin improved to 22.0%, up 1.6 percentage points quarter-on-quarter [3] - JD Group (09618.HK) reported Q3 total revenue of 299.06 billion yuan, a year-on-year increase of 14.85%, while net profit decreased by 55.03% to 5.28 billion yuan [4] - JD Logistics (02618.HK) recorded Q3 revenue of 55.08 billion yuan, a year-on-year increase of 24.1%, with operating profit rising by 125.3% to 1.24 billion yuan [5] - Bilibili (09626.HK) achieved Q3 net revenue of 7.69 billion yuan (1.08 billion USD), a year-on-year increase of 5%, and turned a profit with a net profit of 469 million yuan (65.9 million USD) [6] Company News - Heng Rui Medicine (01276.HK) received clinical trial approval for its drug, with similar products expected to generate global sales of approximately 11.04 billion USD in 2024 [7] - China Pacific Insurance (02601.HK) reported that for the first ten months, life insurance premium income reached 241.32 billion yuan, a year-on-year increase of 9.9% [8] - Zhong An Online (06060.HK) reported total original insurance premium income of approximately 29.82 billion yuan for the first ten months, a year-on-year increase of 5.18% [9] Buyback Activities - Yongsheng Services (01995.HK) plans to repurchase up to approximately 173 million shares, accounting for about 10% of the issued share capital [12] - Kintor Pharmaceutical (02171.HK) intends to repurchase up to approximately 25.46 million shares [13] - China Feihe (06186.HK) spent 87.86 million HKD to repurchase 20 million shares at prices ranging from 4.37 to 4.40 HKD [14]

Core Viewpoint - Heng Rui Medicine has received approval from the National Medical Products Administration for the clinical trial of Rivoceranib tablets, a second-generation AR inhibitor, which is expected to enhance treatment options for prostate cancer patients [1] Group 1: Product Development - Rivoceranib tablets are a second-generation AR inhibitor that offers stronger AR inhibition without agonistic effects compared to first-generation inhibitors [1] - The drug was approved for market launch in 2022 for treating high tumor burden metastatic hormone-sensitive prostate cancer patients [1] Group 2: Market Potential - According to EvaluatePharma, the global sales of similar products are projected to reach approximately $11.037 billion in 2024 [1] - The company has invested around 693 million yuan in the research and development of this drug [1] Group 3: Regulatory Process - Following the approval of the clinical trial notification, the drug must undergo clinical trials and receive further review and approval from the National Medical Products Administration before it can be manufactured and marketed [1] - The drug development and market launch process involves uncertainties [1]

Core Viewpoint - Heng Rui Medicine has received approval from the National Medical Products Administration for the clinical trial of Ruvelimab tablets, which will soon commence phase III trials for prostate cancer treatment [1] Group 1: Clinical Trial Approval - The National Medical Products Administration approved the clinical trial application for Ruvelimab tablets on August 26, 2025, allowing the company to conduct phase III clinical trials for prostate cancer [1] - Ruvelimab tablets are classified as a second-generation AR inhibitor, offering stronger AR inhibition without androgenic effects compared to first-generation inhibitors [1] Group 2: Market Context - Ruvelimab tablets were approved for market release in 2022 for treating high tumor burden metastatic hormone-sensitive prostate cancer (mHSPC) patients [1] - Competing second-generation AR inhibitors currently available in the market include Enzalutamide, Apalutamide, and Darolutamide [1] - According to EvaluatePharma, the global sales of similar products are projected to reach approximately $11.037 billion in 2024 [1] Group 3: Research Investment - The total research and development investment for Ruvelimab tablets has reached approximately 693.09 million yuan [1]

Group 1 - The core point of the article is that Heng Rui Medicine has received approval from the National Medical Products Administration for clinical trials of Ruvelimab tablets, indicating a significant step in its drug development process [1] - Heng Rui Medicine's revenue composition for the year 2024 is reported to be 89.37% from the pharmaceutical manufacturing sector and 10.63% from other businesses, highlighting the company's strong focus on its core operations [1] - As of the report, Heng Rui Medicine's market capitalization stands at 421.9 billion yuan, reflecting its substantial presence in the pharmaceutical industry [1]

Core Viewpoint - Heng Rui Medicine has received approval from the National Medical Products Administration for the clinical trial of Ruvelimab tablets for prostate cancer, marking a significant step in its ongoing research and development efforts [1] Group 1 - The company announced on November 3 that it has been granted permission to conduct Phase III clinical trials for Ruvelimab tablets [1] - Ruvelimab tablets were previously approved for market in 2022, specifically for the treatment of high tumor burden metastatic hormone-sensitive prostate cancer (mHSPC) patients [1]

Core Viewpoint - The announcement from Heng Rui Medicine indicates that the National Medical Products Administration has approved the clinical trial for Ruvelimab tablets, specifically for Phase III trials in prostate cancer [1] Group 1: Product Development - Ruvelimab tablets are classified as a second-generation AR inhibitor and were approved for market launch in 2022 [1] - The global sales for similar products are projected to reach approximately $11.037 billion in 2024 [1] - The cumulative R&D investment for this product has reached about 693.09 million yuan [1] Group 2: Regulatory Approval - The approval from the National Medical Products Administration allows for the commencement of clinical trials, which is a critical step in the drug development process [1] - The approval specifically pertains to the Phase III clinical trial for prostate cancer, indicating a significant advancement in the product's development timeline [1] Group 3: Industry Context - The drug development and market launch cycle is characterized by its lengthy and complex nature, which introduces various uncertainties [1]

Core Viewpoint - Heng Rui Medicine (600276.SH) has received approval from the National Medical Products Administration for the clinical trial of Ruvelimab tablets, which will commence shortly [1] Group 1: Company Developments - The company has been granted a "Drug Clinical Trial Approval Notice" for Ruvelimab tablets [1] - Ruvelimab tablets are classified as a second-generation AR inhibitor, offering stronger AR inhibition compared to first-generation AR inhibitors [1] - The new drug is noted for having no agonistic effects, distinguishing it from earlier treatments [1]

Group 1 - Jiangsu Hengrui Medicine Co., Ltd. announced that its subsidiary Chengdu Shengdi Pharmaceutical Co., Ltd.'s HRS-5965 capsules have been proposed for inclusion in the priority review list by the National Medical Products Administration (NMPA) [1][2] - HRS-5965 capsules are intended for the treatment of adult patients with paroxysmal nocturnal hemoglobinuria (PNH) who have not previously received complement inhibitor therapy [1][2] - PNH is a rare acquired hemolytic disease characterized by the lack of CD55 and CD59, leading to complement-mediated intravascular hemolysis, and has been included in the national rare disease directory [2] Group 2 - The company has received approval from the NMPA for the clinical trial of Ruvelimab tablets, which are second-generation androgen receptor (AR) inhibitors, with a stronger AR inhibition effect compared to first-generation inhibitors [7][8] - Ruvelimab tablets were approved for the treatment of high-burden metastatic hormone-sensitive prostate cancer (mHSPC) in 2022, and similar products are projected to have a combined global sales of approximately $11.037 billion in 2024 [8] - The company has invested approximately 693.09 million yuan in the development of Ruvelimab tablets [8] Group 3 - The company has initiated a share repurchase program, with a total repurchase amount between 1 billion and 2 billion yuan, at a maximum price of 90.85 yuan per share [11][12] - As of October 31, 2025, the company has repurchased a total of 7.9188 million shares, accounting for 0.12% of the total share capital, with a total expenditure of approximately 535.43 million yuan [13] - The repurchase is in accordance with relevant laws and regulations and the company's established repurchase plan [14]