Zhitong Hong Kong stocks have known for a long time | Many innovative pharmaceutical companies' products are included in the “double catalogue” of medical insurance, Cambridge Technology (06166) plans to increase CIG's capital by 100 million US dollars in the US

[Today's headlines]

The “Double Catalogue” of medical insurance commercial insurance was released, and many innovative pharmaceutical companies are on the product list

Recently, the National Health Insurance Administration and the Ministry of Human Resources and Social Security issued the “Catalogue of Drugs for National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance” and the first edition of the “Catalogue of Innovative Drugs for Commercial Health Insurance”. The first edition of the new medical insurance “Double Catalogue” of commercial insurance will be officially implemented nationwide on January 1, 2026. From December 7 to 8, many listed companies, including Hengrui Pharmaceuticals, Fosun Pharmaceuticals, Hisilco, Beihai Kangcheng, and Junshi Biotech, announced the inclusion of new drugs, renewals, or additional indications in the new edition of the National Health Insurance Catalogue and the first edition of the Commercial Insurance Innovative Drug Catalogue.

Wu Hao, chief analyst of the pharmaceutical biotechnology industry at the Caixin Securities Research and Development Center, said in an exclusive interview that under the dual impetus of policy support upgrading and deepening industry transformation, the pharmaceutical biology industry has fully entered a stage of innovation-driven high-quality development, and the policy orientation of “encouraging innovation+cost control” has further shaped the industry pattern. With the gradual restoration of the fundamentals of the industry, the cost performance ratio of the three main investment lines of innovative pharmaceuticals, CXO, and consumer medicine continues to stand out. The deep integration of new technologies such as AI and the industry has opened up new growth space. The long-term development logic of the industry is clear, and investment value is gradually being released.

[General outlook]

Hang Seng ADR rose 0.04%

Overnight, the US stock Dow Jones Industrial Average fell 215.67 points, or 0.45%, to close at 47739.32 points; the S&P 500 stock index fell 23.89 points to close at 6846.51 points, or 0.35%; and the Nasdaq Composite Index fell 32.23 points, to close at 23545.9 points, or 0.14%. Major technology stocks had mixed ups and downs. Tesla dropped more than 3%, Morgan Stanley downgraded its rating, Google dropped more than 2%, crypto mining companies and storage concept stocks had the highest gains, and Micron Technology rose more than 4%.

Popular Chinese securities had mixed ups and downs. Gaotu and Century Internet rose more than 4%, while Baidu and Mingchuang Premium rose more than 3%. The Hang Seng Index ADR rose. On a proportional basis, it closed at 25776.89 points, up 11.53 or 0.04% from the Hong Kong closing.

[Hot Topics Preview]

China Metallurgical (01618): It is proposed to sell 100% of the shares held by China Metallurgical Real Estate and the company's underlying claims of China Metallurgical Real Estate to Minmetals Real Estate Holdings

China Metallurgical announced that it plans to sell 100% of the shares held by China Metallurgical Real Estate and the company's underlying claims to China Metallurgical Real Estate Holdings, and sell 100% of the shares held by Nonferrous Metals, China Metallurgical Copper and Zinc, and Ruimu Management and 67.02% of China Metallurgical Jinjie's shares to China Minmetals. China Huaye, a holding subsidiary of the company, plans to sell 100% of its shares held by China Metallurgical Duda to China Minmetals or its designated entities. The transaction price was RMB 60.676 billion.

GCL Technology (03800) plans to establish a limited partnership to acquire 42.469% of Inner Mongolia Xinyuan Silicon Material Technology

Zhitong Finance App News, GCL Technology (03800) announced that on December 8, 2025, GCL Suzhou, GCL Xuzhou, Cinda, Xinsheng and Anyi signed a partnership agreement to establish a limited partnership to acquire 42.469% of the target company (Inner Mongolia Xinyuan Silicon Material Technology Co., Ltd.), so that the target company will continue to be a non-wholly-owned subsidiary of the company after the acquisition.

Zhonghui Bio-B (02627): Phase III clinical trial of freeze-dried human rabies vaccine (human diploid cells) begins

Zhitong Finance App News, Zhonghui Bio-B (02627) announced that the Group recently launched a phase III clinical trial of the Group's freeze-dried human rabies vaccine (human diploid cells). The company obtained a new drug clinical trial license approved by the State Drug Administration of the People's Republic of China for the Essen (five-dose) protocol in November 2022, and approved supplementary clinical trial applications for Zagreb (four doses) and the simple four-dose plan in April 2023. The company completed phase I clinical trials of the vaccine under development in October 2024.

Longpan Technology (02465): Plans to provide loans of no more than 4 billion yuan to holding subsidiaries

According to Longpan Technology's announcement, it plans to provide a loan of no more than 4 billion yuan to the holding subsidiary Changzhou Lithium Source, with a term not exceeding 3 years. The interest rate will rise by no more than 150 BP according to the actual issuance date, and revolving loans within the amount will not exceed 150 BP. The matter has been reviewed by the board of directors and is still subject to approval by the shareholders' meeting. From January to September 2025, Changzhou Lithium Source had revenue of 4.199 billion yuan and net loss of 226 million yuan. The company has provided a total of 976 million yuan in funding for it in 2024, which has not been overdue. This funding is to meet its capital requirements, and the risk is manageable. The company's cumulative funding balance is 1,852 billion yuan, with no overdue funding or funding for units not covered by the consolidated statement.

Midea Group (00300): Implementation of the 10 billion yuan A share repurchase plan, 95 million shares cancelled

Midea Group announced that as of December 8, 2025, the company had completed the share repurchase plan, with a cumulative total of 135,012,663 shares, accounting for 1.76% of the total share capital. The highest transaction price was 83.11 yuan/share, the minimum was 69.91 yuan/share, and the total payment amount was 9,999 billion yuan, reaching the maximum repurchase amount. Employee representative director Zhang Tian exercised the right to purchase 6,750 shares on November 5. No other relevant entities traded. 95,000,000 shares will be cancelled, accounting for 1.24% of the total share capital before cancellation, and the repurchase will not have a significant adverse impact on the company.

Goldwind Technology (02208): Goldwind Investment reduced its holdings of Jinli Permanent Magnet by 12.284,800 shares

Goldwind Technology announced that from October 13, 2025 to December 5, 2025, Goldwind Investment reduced its holdings of Jinli Permanent Magnet shares by a total of 12.284,800 shares through centralized bidding and bulk transactions, reducing its holdings by about 459 million yuan. As of December 5, 2025, Goldwind Investment held 25.15,800 shares of Jinli Permanent Magnet, accounting for 1.83% of Jinli Permanent Magnet's total share capital. The proceeds from this reduction in holdings are included in the company's current profit and loss. The company can obtain investment income of about 215 million yuan, accounting for about 11.53% of the net profit attributable to shareholders of listed companies in 2024, which will have a positive impact on the company's 2025 performance.

Medication Juno-B (02126): JWCAR201 IIT study data presented at the 67th Annual Meeting of the American Society of Hematology

Zhitong Finance App News, Pharmaceutical Juno-B (02126) issued an announcement announcing the release of JWCAR201 IIT research data at the 67th Annual Meeting of the American Society of Hematology. JWCAR201 is an autologous CAR-T product targeting CD19/CD20 developed independently by Pharmaceutical Junuo.

Cully Pharmaceutical-B (01672): The 13-week phase II study on ASC30 for obesity achieved positive top-line results

Zhitong Finance App News, Goli Pharmaceutical-B (01672) announced that a 13-week phase II study (NCT07002905) evaluating ASC30, an oral small molecule GLP-1 receptor (GLP-1R) agonist, achieved positive top-line results. The study was conducted at multiple centers in the US and included a total of 125 obese subjects or overweight subjects with at least one weight-related complication. The study evaluated three doses of ASC30 oral tablets (20 mg, 40 mg, and 60 mg). At week 13, when compared to placebo, all three doses of ASC30 reached the primary endpoint, showing statistically significant (p-values of 20 mg, 40 mg, and 60 mg compared to placebo <; 0.0001) and clinically significant weight loss. At the primary endpoint (average percentage change in body weight relative to baseline at week 13), 60 mg ASC30 reduced the median weight loss of up to 7.7% after placebo correction.

Lee's Pharmaceuticals (00950): Subsidiary plans to acquire Alexza Pharmaceuticals, Inc.'s purchased assets related to Alexza's business for $15 million

Zhitong Financial App News, Lee's Pharmaceutical (00950) issued an announcement. On December 8, 2025 (after the transaction period), the buyer Nova Pneuma Incorporated (an indirect wholly-owned subsidiary of the Company), the company, the seller Alexza Pharmaceuticals, Inc. and the seller's parent company Grupo Ferrer International, S.A., entered into an asset purchase agreement. Based on this, the buyer agreed to acquire and the seller agreed to sell and The cost of assets purchased in connection with Alexza's business was US$15 million.

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Cambridge Technology (06166): Plans to increase CIG's US capital by US$100 million

Zhitong Finance App News, Cambridge Technology (06166) announced that CIG America, as one of the important implementing entities in implementing the H share fund-raising investment, will play an important role in R&D investment, business expansion, customer service, global production capacity support, and supply chain collaboration. In order to support the above business deployment of CIG America and improve the efficiency of the use of funds raised from this overseas offering, the company plans to increase CIG US 100 million dollars by issuing overseas listed foreign shares (H shares) to: (1) purchase supporting production equipment, expand the company's high-speed optical module production capacity in North America and Southeast Asia, and enhance global delivery capacity; (2) increase overseas R&D scale and capacity, accelerate the development and technology iteration of new technologies and products, and ensure the technological leadership of the company's products; (3) increase marketing efforts, expand key markets and customers, and build sales Channel and customer service systems support long-term rapid business growth; (4) increase strategic procurement and reserves of key components, stabilize and enhance the supply capacity of core components to ensure stable and rapid growth in delivery; (5) participate in industrial chain collaboration to enhance global supply chain security through strategic cooperation; (6) supplement operating capital.