Policy Developments - The National Health Commission and five other departments launched a one-year special campaign against illegal ambulances, targeting both registered "ambulance" vehicles and unregistered "black ambulances" [2] - The campaign includes comprehensive inspections, management principles, and encourages social participation in medical transport services [2][3] Drug and Medical Device Approvals - Aied Bio received a medical device registration certificate for its gene mutation detection kit, which is now approved in China, Japan, and Europe, aiding non-small cell lung cancer patients [4] - Hainan Haiyao's subsidiary obtained a drug registration certificate for Fumaric Acid Vonoprazan Tablets, the first P-CAB for reflux esophagitis in China [5] Capital Market Activities - China National Pharmaceutical Modern signed a drug listing license transfer contract for Lactulose Oral Solution, with a total transfer fee of 5.86 million yuan, projected to generate 2.069 billion yuan in sales in 2024 [6] - Jiangsu Hengrui Medicine and Neurocrine Biosciences entered a collaboration for developing NLRP3 inhibitors, with a potential total value of $881.5 million [7][8] Industry Events - The 2025 medical insurance negotiation concluded, with results expected to be announced in early December [9] - The only approved stem cell drug in China, Aimi Maito Sai Injection, is included in the "Beijing Universal Health Insurance" with a maximum reimbursement of 65% [10] Regulatory Issues - The executive director of CSPC Pharmaceutical Group was fined 5 million yuan for insider trading related to a merger announcement [11]

Market Overview - The A-share market saw all three major indices close higher, with the Shanghai Composite Index rising by 0.55%, the Shenzhen Component increasing by 0.19%, and the ChiNext Index up by 0.29% [2] - The total trading volume for the day was 2.13 trillion yuan, a decrease of over 210 billion yuan compared to the previous trading day [2] - More than 3,500 stocks closed higher, with 91 stocks hitting the daily limit up [2] Sector Performance - The Hainan Free Trade Zone concept led the market, with stocks like Intercontinental Oil and Gas, Hainan Development, and Haima Automobile hitting the daily limit up [2] - Other sectors that saw gains included dyes, horse racing, and film and television [2] - Conversely, sectors such as fentanyl, PVDF, and battery concepts experienced the largest declines [2] Historical Highs - A total of 44 stocks reached historical closing highs, excluding newly listed stocks from the past year [3] - The electric equipment, machinery, and electronics sectors had a significant concentration of stocks reaching new highs, with 7, 7, and 5 stocks respectively [3] - The average price increase for stocks that reached historical highs was 5.62%, with notable gainers including Aerospace Intelligent Equipment, Yaxiang Integration, and Baiao Chemical [3] Institutional Activity - In the day's trading, 9 stocks were net bought by institutions, with 6 stocks seeing net purchases exceeding 10 million yuan [5] - Aerospace Intelligent Equipment topped the list with a net purchase of 106 million yuan, followed by Aerospace Technology and Jinhua New Materials, both exceeding 35 million yuan [5] - On the sell side, Thinking Control faced the largest net sell-off at 125 million yuan, followed by Kaimete Gas and Rongxin Culture [6] Northbound Capital Flow - Eight stocks were net bought by northbound funds, with Aerospace Intelligent Equipment leading at 93.44 million yuan [8] - Northbound funds sold off 8 stocks, with Kaimete Gas experiencing the largest net sell at 145 million yuan [8] Notable Announcements - Yaxing Chemical is planning to issue shares and pay cash to acquire control of Tianyi Chemical, resulting in a stock suspension [10] - China Mobile's controlling shareholder plans to transfer 41.98 million shares to China National Petroleum Corporation [11] - China Shenhua announced a cash dividend distribution totaling 19.471 billion yuan for the first half of 2025 [12]

Summary of Key Points Core Viewpoint - On November 3, a total of 42 stocks were identified with institutional activity, with 13 stocks showing net buying and 29 stocks showing net selling by institutions [1]. Institutional Net Buying - The top three stocks with the highest net buying by institutions were: - Asia-Pacific Pharmaceutical: Net buying amount of 106 million yuan, with a daily increase of 9.96% [2] - Dingsheng New Materials: Net buying amount of 82.79 million yuan, with a daily increase of 6.64% [2] - Aerospace Intelligent Equipment: Net buying amount of 69.42 million yuan, with a daily increase of 19.98% [2] Institutional Net Selling - The top three stocks with the highest net selling by institutions were: - Sanofi China: Net outflow amount of 211 million yuan, with a daily increase of 7.88% [4] - Thinking Control: Net outflow amount of 125.29 million yuan, with a daily decrease of 9.87% [4] - Kaimete Gas: Net outflow amount of 107.61 million yuan, with a daily decrease of 9.96% [4]

Core Insights - On November 3, 2023, a total of 42 stocks were involved in institutional trading, with 13 stocks showing net buying and 29 stocks showing net selling [1][2] Group 1: Institutional Net Buying - The top three stocks with the highest institutional net buying were: - Asia-Pacific Pharmaceutical with a net buying amount of 106 million yuan, representing a 9.96% increase [2] - Dingsheng New Materials with a net buying amount of 82.79 million yuan, representing a 6.64% increase [2] - Aerospace Intelligent Equipment with a net buying amount of 69.42 million yuan, representing a 19.98% increase [2] Group 2: Institutional Net Selling - The top three stocks with the highest institutional net selling were: - Sanofi (Sanofi Guojian) with a net selling amount of 211 million yuan, representing a 7.88% increase [4] - Siwei Liekong with a net selling amount of 125.28 million yuan, representing a 9.87% decrease [4] - Kaimete Gas with a net selling amount of 107.61 million yuan, representing a 9.96% decrease [4]

（文章来源：证券日报） 证券日报网讯 11月3日晚间，三生国健发布公告称，公司股票交易连续两个交易日内（2025年10月31 日、2025年11月3日）日收盘价格涨幅偏离值累计超过30%，属于股票交易异常波动情形。公司自查并 向控股股东及实际控制人核实，截至本公告披露日，除公司已披露信息外，公司及公司控股股东、实际 控制人不存在筹划关于公司的应披露而未披露的重大事项的情况，公司日常经营情况正常，未发生重大 变化，所处的行业政策未发生重大调整。 ...

Core Viewpoint - Sanofi has granted Pfizer exclusive rights for the development, production, and commercialization of the dual-specific antibody product targeting PD-1 and VEGF, known as project 707, for both human and veterinary uses [1] Group 1: Licensing Agreement - The licensing agreement between Sanofi and Pfizer will officially take effect on July 24, 2025 [1] - The agreement covers all therapeutic, diagnostic, and preventive indications within the licensed area [1] - Payments from Pfizer to Sanofi will be distributed between the company and Shenyang Sanofi [1] Group 2: Clinical Trials - Pfizer has registered two global Phase III clinical trials for the PD-1/VEGF dual antibody PF-08634404 (SSGJ-707) on ClinicalTrials.gov as of October 30, 2025 [1] - The milestone payments outlined in the licensing agreement are contingent upon meeting specific conditions, leading to uncertainty regarding final payments [1]

Core Insights - Sanofi has granted Pfizer exclusive rights for the development, production, and commercialization of the dual-specific antibody product targeting PD-1 and VEGF, known as project 707 [1] Licensing Agreement - The licensing agreement will officially take effect on July 24, 2025 [1] - All payments made by Pfizer to the licensors will be distributed between the company and Shenyang Sanofi [1] Clinical Trials - Pfizer has registered two global Phase III clinical trials for the PD-1/VEGF dual antibody PF-08634404 (SSGJ-707) on ClinicalTrials.gov as of October 30, 2025 [1] Payment Uncertainty - The milestone payments outlined in the licensing agreement are contingent upon meeting specific conditions, leading to uncertainty regarding final payments [1]

Core Viewpoint - Sanofi has granted Pfizer exclusive rights for the development, production, and commercialization of the dual-targeting antibody product SSGJ-707, which targets both PD-1 and VEGF, under a licensing agreement that will take effect on July 24, 2025 [1] Group 1: Licensing Agreement Details - The licensing agreement involves a product known as project 707, which is a dual-specific antibody targeting PD-1 and VEGF [1] - All payments made by Pfizer to the licensors will be distributed between the company and Shenyang Sanofi [1] - The agreement includes milestone payments that are contingent upon meeting specific conditions, leading to uncertainty regarding final payments [1] Group 2: Clinical Trials - On October 30, 2025, Pfizer registered two global Phase III clinical trials for the PD-1/VEGF dual antibody PF-08634404 (SSGJ-707) on ClinicalTrials.gov [1]

证券代码： 688336 证券简称：三生国健 公告编号：2025-061 三生国健药业（上海）股份有限公司 股票交易异常波动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 1 间分配。《许可协议》于 2025 年 7 月 24 日正式生效。具体内容详见 公司于 2025 年 5 月 20 日、2025 年 7 月 25 日分别在上海证券交易所 网 站 披 露 的 相 关 公 告 。 2025 年 10 月 30 日 ， 辉 瑞 在 ClinicalTrials.gov 网站上登记了 PD-1/VEGF 双抗 PF-08634404 （SSGJ-707）的两项全球 III 期临床试验。鉴于《许可协议》中所约 定的里程碑付款需要满足一系列特定条件，其最终付款尚存在不确定 性，敬请广大投资者注意投资风险。 经公司自查，并向公司控股股东及实际控制人核实，截止本公 告披露日，除公司已披露事项之外，公司、控股股东及实际控制人不 存在筹划其他关于公司应披露而未披露的重大事项的情况，包括但不 限于并购重组、股份发行、债务重组、业务重 ...

Market Overview - The biopharmaceutical sector experienced a slight decline of 0.0% on November 3, with Olin Bio leading the drop [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Top Performers - Sangfor Biopharma (688336) saw a significant increase of 7.88%, closing at 78.71 with a trading volume of 220,700 shares and a turnover of 1.754 billion yuan [1] - ST Weiming (002581) rose by 4.99%, closing at 8.20 with a trading volume of 82,400 shares [1] - Other notable gainers included C-Muyuan (688765) with a 3.61% increase, closing at 128.01, and Nossland (920047) with a 3.47% increase, closing at 27.41 [1] Underperformers - Olin Bio (688319) led the declines with a drop of 6.26%, closing at 23.52 and a trading volume of 126,900 shares [2] - Aopumai (688293) fell by 4.95%, closing at 58.82, while Hualan Vaccine (301207) decreased by 3.87%, closing at 21.10 [2] - Other significant losers included Changchun High-tech (000661) and Baiyin Suisi (301080), both experiencing declines of 3.60% [2] Capital Flow - The biopharmaceutical sector saw a net outflow of 155 million yuan from institutional investors, while retail investors contributed a net inflow of 227 million yuan [2] - The overall retail investor net outflow was 71.79 million yuan [2] Individual Stock Capital Flow - Rongchang Bio (688331) had a net inflow of 77.01 million yuan from institutional investors, representing 8.95% of its total [3] - Junshi Biosciences (688180) also saw a significant net inflow of 66.44 million yuan, accounting for 14.16% [3] - Olin Bio (688319) experienced a net outflow of 38.14 million yuan from retail investors, which was 14.13% of its total [3]