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创新药作为医药领域备受关注的板块，目前其增长率依然远高于整个行业，这是不争的事实，但与此同时，创新药的研发也逐渐进入深水区，等效、劣效的伪创新在逐步出清，唯有更有效和差异化的创新，才能更有竞争力，才更有可能国际化，而这也是先声药业一直以来的创新策略。从市场表现来看，这样的策略也受到了市场的认可，10月以来，公司股价逐渐上涨，目前自前期低点6.45港元以上涨超过40%。图表一：先声药业股价近期走势资料来源：东方财富，格隆汇整理聚焦更有效，坚持差异化，先声药业研发日公布创新布局就在11月18日，先声药业举办了其2021年研发日公开活动，并公布了多项成果，恩沃利单抗临近获批，Trilaciclib也即将申报上市，此外全球BD本年度达成合作6项，近60项在研创新药中已有10余种处于临床阶段。先声围绕恶性肿瘤、中枢神经、自身免疫三大领域，以患者为核心，打造了自己独有的研发体系，目前已拥有近60项创新药管线，多个自主研发的中美双报First-In-Class分子也将逐步取得突破性进展。图表二：肿瘤药物管线资料来源：公司资料，格隆汇整理在恶性肿瘤领域，公司主要围绕肺癌、肝癌、生殖系统、乳腺癌、胃肠道、血液瘤几大瘤种布局。目前的管线已经涵盖T&NK细胞、巨噬细胞、MDSC、Treg细胞、Myeloid cells、肿瘤细胞等多种治疗手段。潜力产品SIM0348是一个能更强激活T/NK细胞的TIGIT双抗，其能增强CD8+T细胞共刺激信号，还能高效杀伤TIGIT+Treg细胞。此外，相比半年报公布信息，在该领域公司还新增了一个肿瘤免疫新靶点，其自研的TNFR2靶点创新药（SIM0235）临床试验申请已获受理。同时，公司自主研发的乳腺癌创新药SIM0270，作为新一代可透脑SERD，其临床试验申请同样获CDE受理。而公司的核心产品抗肿瘤一类新药恩度®（重组人血管内皮抑制素）也有9项研究

Apple has failed to stay above $150 per share for long, and bears are starting to pay attention to the recent weakness in price.I list a couple of the most popular bearish arguments, and explain why I believe that they are either short-sighted or most likely incorrect.Maybe AAPL is not the same pound-the-table buy, but I continue to think that this is a stock to own today through the next several years.This may also help to explain, in part, why Apple's revenues in Greater China shot through the

$HRNETGROUP LIMITED(CHZ.SI)$ is the largest Asia based recruitment agency ex Japan. It was founded in 1992, IPO 2017 and today has over 900 consultants across 13 Asian cities. It has 2 main segments which is Professional Recruitment and Flexible Staffing. Revenue for the 1st half 2021 rose 30.8% which sets a record high from 2020. It is asset light and an excellent management team. It is a great stock to hold for the impending recovery in labour markets.