Key Developments: - Transcenta Holding-B (06628): Transcenta presented updated efficacy data for osemitamab triple therapy in first-line treatment of gastric or gastroesophageal junction adenocarcinoma at ESMO Asia. - Power Development (01277) plans to acquire 100% equity of Taiyuan Shidi for RMB 384 million and Dongzhimen properties for RMB 86.33 million. - Innovent Biologics (01801) completed its global strategic collaboration with Takeda Pharmaceutical and issued 6.9138 million shares under a general mandate. - Ascentage Pharma-B (06855) received FDA and EMA approval for its global Phase III trial of olverembatinib in first-line Ph+ ALL treatment. - Biocytogen-B (02315) partner IDEAYA secured FDA IND approval for IDE034. - GenFleet Therapeutics-B (02595) initiated a global Phase III registrational trial for GFH375 in metastatic pancreatic cancer, the first oral KRAS G12D inhibitor monotherapy vs. chemotherapy study. - XFH Group (02473) subsidiary signed a car rental partnership with Hello Car Rental under a "co-branded store" model in designated cities. - International Business Settlement (00147) entered a computer chip sales agreement with Hong Kong Nanjiguang to tap into IC chip market growth. - CSPC Pharmaceutical (01093) obtained U.S. clinical trial approval for its GLP-1/GIP dual-targeting peptide injection. - MIRXES-B (02629) plans to collaborate with XtalPi to build an AI-powered "diagnosis-treatment integration" R&D platform. - Zhongsheng Group (01728) proposed acquiring Xiamen C&D’s 4S dealership and auto sales/export business for ~RMB 816 million. - GR Properties (00108) intends to acquire ~78.3% stake in Beijing Chunyu Tianxia Software for RMB 269 million. - Innovent Biologics (01801): Seven innovative products (including new indications) like Tyvyt® and Sintilimab® were added to China’s 2025 NRDL. - Peijia Medical-B (09996): NMPA accepted the registration application for TaurusNXT® non-aldehyde crosslinked dry TAVR system. - Fosun Pharma (02196) had new drugs included in NRDL and commercial insurance innovation drug lists. - Junshi Biosciences (01877): Toripalimab®’s new indications and Junshida® entered NRDL. - LianBio-B (09887) presented LBL-034 clinical data at the 67th ASH Annual Meeting. - Akeso (09926) secured NRDL inclusion for all approved indications of its five marketed drugs. - Henlius (02696): Fuxining® (vosiliximab citrate capsules) was added to NRDL. - Luye Pharma (02186) saw five new products listed in 2025 NRDL or commercial insurance innovation drug lists. - Yinuo Pharma-B (02591) core product included in NRDL.

Operational Performance: - Poly Property (00119) reported contracted sales of ~RMB 47.7 billion in Jan-Nov, down 8.45% YoY. - GAC Group (02238) sold ~179,700 vehicles in November, a 9.72% YoY decline. - CONCORD NE (00182) achieved equity power generation of 697.23GWh in November, up 7.77% YoY.