中港股市短期展望 恒指短期支持參考 25,000 點關口：聯儲局 10 月再次鷹派減息，2026 年 減息空間少於預期。官員意見分歧，減息路徑未明。中美元首 10 月會面 取得成果，美方取消 10%芬太尼關稅，暫停一年 24%對等關稅。兩國緊 張局勢暫時緩和，核心矛盾延後解決。內地第三季經濟進一步降溫，十五 五規劃提出擴大內需及促進科技自立自強，方向符合預期。但短期政策加 碼訊號欠奉，港股企業盈利難有明顯改善。加上近期美國科技股趨向波動， AI 產業鏈估值惹關注，而港股年內至今累積升幅較大，年底獲利誘因較 大。恒指短期支持參考 25,000 點關口。 短期看好板塊 宏觀焦點 ➢ 中國11月RatingDog服務業PMI降至52.1，創5個月低； 李強提出把城市更新、消除安全隱患及穩樓市等工作結合起來； 富時中國50指數季檢納入中國宏橋、寧德時代及恒瑞醫藥； 據報美國國會叫停對華銷售晶片限制； 特朗普政府擬出台政策，推動AI機械人技術發展； 美國11月ADP私企職位意外減少3.2萬個，遠遜預期； 企業消息 每日港股評析 港股早晨快訊 2025 年 12 月 4 日星期四 2012-01- 17 市場回顧 ➢ 美 ...

Group 1: Company Announcements - JD Industrial (07618) plans to globally issue 211 million shares, with an expected listing date of December 11 [1] - China Gas (00384) adheres to its "green city operator" strategy, building a multi-energy complementary energy system and ecological collaboration, signing a strategic cooperation agreement with EVE Energy [1] - China Nuclear International (02302) indirectly controlled parent company China Uranium Industry officially listed on the Shenzhen Stock Exchange, highlighting its enhanced capital market position [1] - Innoscience (02577) and ON Semiconductor have reached a strategic cooperation agreement to accelerate the development of the gallium nitride industry ecosystem [1] - Innoscience (02577) won a lawsuit against Infineon, with the ITC ruling that the two involved patents were not infringed [1] - Wangshan Wangshui-B (02630) and Ascletis Pharma (02096) signed a licensing agreement for the new indication of VV116 [1] - China Biopharmaceutical (01177) received approval for the launch of the Rotigotine patch [1] - Dechra Pharmaceuticals-B (06996) received approval in Hong Kong for the use of Hivio® in treating multiple myeloma and diffuse large B-cell lymphoma [1] - Xianruida Medical-B (06669) received approval from the National Medical Products Administration for the registration application of the microcatheter V-otter [1] - Jiajie Ankang-B (02617) had its Tiengogatin tablets approved for inclusion in the priority review list by the National Medical Products Administration [1] - Yuexiu Transportation Infrastructure (01052) plans to acquire 85% equity of Shandong Qinbin Expressway for 1.1535 billion yuan [1] Group 2: Share Buybacks and Holdings - Tencent Holdings (00700) repurchased 1.04 million shares for 636 million HKD on December 3 [2] - Xiaomi Group-W (01810) spent approximately 302 million HKD to repurchase 7.5 million shares on December 3 [2] - Midea Group (00300) repurchased 121.27 million A-shares for 99.9984 million yuan on December 3 [2] - SF Express (06936) repurchased 163.86 million A-shares for 62.1907 million yuan on December 3 [2] - COSCO Shipping Holdings (01919) repurchased 3 million shares for 41.3725 million HKD on December 3 [2] - China Feihe (06186) repurchased 400,000 shares for 16.7927 million HKD on December 3 [2] - Galen Pharmaceuticals-B (01672) repurchased 130.6 million shares for 15.9275 million HKD on December 3 [2] - Fenbi (02469) repurchased 453.05 million shares for 14.359 million HKD on December 3 [2] - Jieli Trading Treasure (08017) saw Chairman and Executive Director Liu Yong increase holdings by 1 million shares [2] - Yiming Anke-B (01541) had Executive Director Tian Wenzhi increase holdings by 50,000 H-shares [2] - Dongfang Electric (01072) announced that Senior Vice President Wang Jun plans to reduce holdings by no more than 6,250 shares [2] - Red Star Macalline (01528) shareholder Hangzhou Haoyue plans to reduce holdings by no more than approximately 131 million shares [2] Group 3: Operating Performance - Agile Group (03383) reported a total pre-sale amount of approximately 8.08 billion yuan in the first 11 months, a year-on-year decrease of 45.2% [2]

Core Insights - The approval of the new drug injection trastuzumab botidotin by Kelun Pharmaceutical marks a significant milestone in the company's product portfolio, targeting HER2-positive breast cancer patients who have previously undergone treatment [1][3] - Kelun Pharmaceutical's launch of the rotigotine patch represents the first domestic generic version of a drug that has dominated the Parkinson's disease treatment market, breaking the original manufacturer's monopoly [6][9] - The company has demonstrated a strong performance in the pharmaceutical sector, with over 40 generic drugs approved this year, enhancing its competitiveness in both domestic and international markets [11] Drug Approvals - The injection trastuzumab botidotin is a HER2 ADC monoclonal antibody developed by Kelun Biotech, approved for patients with unresectable or metastatic HER2-positive breast cancer who have received prior HER2-targeted therapies [3] - The rotigotine patch, originally developed by UCB Pharma, is the first transdermal patch for treating Parkinson's disease, with global sales exceeding $300 million in 2023, accounting for approximately 22% of the market share for Parkinson's treatments [6][9] Market Position - Kelun Pharmaceutical has successfully launched two ADC drugs, trastuzumab botidotin and another drug, enhancing its position in the ADC market, which is a key focus area for the company [4] - The approval of the rotigotine patch not only diversifies Kelun's product offerings but also positions the company as a significant player in the Parkinson's disease treatment market, previously dominated by UCB Pharma [6][9] Clinical Development - Kelun has a robust pipeline with nine ADC drugs in various stages of clinical trials, indicating a strong commitment to innovation and development in the oncology sector [4] - The company has also received approvals for additional new drugs, including injection formulations that further expand its therapeutic range [11]

Core Viewpoint - Kolun Pharmaceutical has received approval from the National Medical Products Administration for its chemical drug "Rotigotine Patch" [2] Company Summary - Kolun Pharmaceutical announced the registration approval of its drug "Rotigotine Patch" [2]

Core Viewpoint - Kolun Pharmaceutical has received drug registration approval from the National Medical Products Administration for its chemical drug "Rotigotine Patch," which is used for the treatment of early idiopathic Parkinson's disease symptoms and signs [1] Group 1 - The "Rotigotine Patch" was developed by UCB Pharma and was first approved in the European Union in 2006 [1] - The drug was imported into China in 2018, indicating its established presence in the market prior to this approval [1] - The approval marks a significant milestone for Kolun Pharmaceutical, enhancing its product portfolio in the neurology sector [1]

Core Insights - The article discusses the recent financial performance of a leading technology company, highlighting a significant increase in revenue and net income compared to the previous year [1] Financial Performance - The company reported a revenue of $50 billion, representing a 20% increase year-over-year [1] - Net income reached $10 billion, which is a 25% increase compared to the same period last year [1] - Earnings per share (EPS) rose to $5, up from $4 in the previous year, indicating strong profitability growth [1] Market Position - The company has strengthened its market position, capturing an additional 5% market share in the last quarter [1] - The growth is attributed to increased demand for its cloud services and innovative product offerings [1] Future Outlook - Analysts project continued growth, with expected revenue growth of 15% for the next fiscal year [1] - The company plans to invest $2 billion in research and development to enhance its product lineup and maintain competitive advantage [1]

Core Insights - Rotigotine patch is the world's first transdermal patch for treating Parkinson's disease, approved in the EU in 2006 and imported to China in 2018 for monotherapy or in combination with levodopa [2] - The global sales forecast for the Rotigotine patch is $330 million in 2024, indicating significant market potential [2] - The approval of the Rotigotine patch as the first domestic generic version enhances the company's competitive position in the central nervous system (CNS) product pipeline [2]

Core Viewpoint - Kolun Pharmaceutical has received approval from the National Medical Products Administration for its chemical drug "Rotigotine Transdermal Patch," marking it as the world's first transdermal patch for treating Parkinson's disease [1] Group 1: Product Approval - The "Rotigotine Transdermal Patch" is approved for the treatment of early idiopathic Parkinson's disease symptoms and can be used alone or in combination with Levodopa at various stages of the disease [1] - This product is the first domestic generic version approved, enhancing the company's competitiveness in the central nervous system field [1] Group 2: Market Potential - The patch is widely recommended in domestic and international guidelines and expert consensus [1] - Projected global sales for the "Rotigotine Transdermal Patch" are estimated at $330 million in 2024 [1]

Core Viewpoint - Kelun Pharmaceutical has received approval from the National Medical Products Administration for its transdermal patch "Rotigotine Patch," which is the world's first transdermal patch for treating Parkinson's disease, particularly for early-onset patients [1] Company Summary - The Rotigotine Patch is recognized as one of the first-line medications for early-stage Parkinson's disease [1] - Compared to oral medications, the transdermal patch reduces gastrointestinal adverse reactions, avoids fluctuations in blood drug concentration, and minimizes motor symptom variability, thereby enhancing patient safety and compliance [1]

Core Viewpoint - Kelong Pharmaceutical has received approval from the National Medical Products Administration for its chemical drug "Rotigotine Patch," indicating a significant advancement in its product portfolio and potential market opportunities in the treatment of Parkinson's disease [1] Company Summary - Kelong Pharmaceutical (002422.SZ) announced the registration approval of "Rotigotine Patch" [1] - The drug was developed by UCB Pharma and was first approved in the European Union in 2006 [1] - The drug was imported and approved for use in China in 2018 [1] Industry Summary - "Rotigotine Patch" is indicated for the treatment of early idiopathic Parkinson's disease symptoms and can be used as monotherapy or in combination with Levodopa throughout various stages of the disease [1]