Group 1: Market Overview - On September 16, the Hong Kong stock market saw a net sell-off of 31.89 billion HKD by northbound capital, with 29.76 billion HKD from the Shanghai Stock Connect and 2.13 billion HKD from the Shenzhen Stock Connect [2] - The most net bought stocks included Alibaba-W (09988), Meituan-W (03690), and Baize Medical (02609), while the most net sold stocks were the Tracker Fund of Hong Kong (02800), Xiaomi Group-W (01810), and SMIC (00981) [2] Group 2: Stock Performance - Alibaba-W had a net inflow of 18.98 billion HKD, with a buy amount of 38.47 billion HKD and a sell amount of 19.49 billion HKD [3] - Meituan-W recorded a net inflow of 2.65 billion HKD, with a buy amount of 17.63 billion HKD and a sell amount of 14.98 billion HKD [3] - Baize Medical had a net inflow of 2.17 billion HKD, with a buy amount of 25.50 billion HKD and a sell amount of 23.33 billion HKD [3] Group 3: Notable Company Developments - Alibaba-W received a net buy of 30.31 billion HKD, supported by the launch of "Gaode Street Ranking" to boost offline dining and service consumption, and the return of founder Jack Ma to the company [6] - Meituan-W's international delivery brand Keeta launched in Kuwait, achieving top download rankings in the food and beverage category on both iOS and Google Play [6] - Baize Medical, along with other companies, benefited from a new announcement by the National Medical Products Administration that optimizes the clinical trial review and approval process for innovative drugs, enhancing confidence in the sector [7] Group 4: Selling Pressure - The Tracker Fund of Hong Kong faced a net sell-off of 46.38 billion HKD, attributed to expectations of weakening fundamentals in the Hong Kong market despite short-term benefits from potential interest rate cuts by the Federal Reserve [8] - SMIC experienced a net sell-off of 4.12 billion HKD, indicating a negative sentiment towards the stock [9] - Xiaomi Group-W also faced a net sell-off of 5.69 billion HKD, reflecting broader market concerns [9]

Core Insights - On September 17, 2025, Alibaba-W (09988), SMIC (00981), and Meituan-W (03690) were the top three companies by trading volume in the southbound trading of the Stock Connect, with transaction amounts of 88.06 billion, 58.89 billion, and 51.92 billion respectively [1] - Alibaba-W (09988), SMIC (00981), and Meituan-W (03690) also led in the Shenzhen-Hong Kong Stock Connect southbound trading, with transaction amounts of 64.11 billion, 36.49 billion, and 27.15 billion respectively [1] Southbound Trading Highlights - The top three active companies in the southbound trading of the Shanghai-Hong Kong Stock Connect were: - Alibaba-W (09988): 88.06 billion with a net inflow of 21.56 billion - SMIC (00981): 58.89 billion with a net inflow of 1.42 billion - Meituan-W (03690): 51.92 billion with a net inflow of 11.79 billion [2] - Other notable companies included: - Xiaomi Group-W (01810): 32.59 billion with a net outflow of 10.57 billion - Tencent Holdings (00700): 31.36 billion with a net outflow of 3.24 billion [2] Shenzhen-Hong Kong Trading Highlights - The top three active companies in the southbound trading of the Shenzhen-Hong Kong Stock Connect were: - Alibaba-W (09988): 64.11 billion with a net inflow of 28.95 billion - SMIC (00981): 36.49 billion with a net inflow of 2.65 billion - Meituan-W (03690): 27.15 billion with a net inflow of 9.21 billion [2] - Other notable companies included: - Tencent Holdings (00700): 25.39 billion with a net inflow of 3.17 billion - Xiaomi Group-W (01810): 23.75 billion with a net inflow of 4.18 billion [2]

Core Insights - The innovative drug ETF Tianhong (517380) has reached a new high in scale, totaling 1.283 billion yuan and 1.474 billion shares as of September 16, 2025 [3][4] - The biopharmaceutical ETF (159859) has shown significant growth, with a recent net inflow of 1.72 billion yuan over the past five trading days, ranking first among comparable funds [4][5] - Recent regulatory changes by the National Medical Products Administration aim to enhance the efficiency of clinical trial approvals for innovative drugs, potentially boosting the sector's growth [7][8] Fund Performance - The innovative drug ETF Tianhong (517380) has recorded a trading volume of 37.49 million yuan on September 17, 2025, with significant gains in constituent stocks such as Huyou Pharmaceutical (688553) and WuXi AppTec (02359) [2] - The biopharmaceutical ETF (159859) has seen a trading volume of 115 million yuan, with notable increases in stocks like Baillie Tianheng (688506) and WuXi AppTec (603259) [3] - The innovative drug ETF Tianhong (517380) has a weekly volatility of 9.74%, indicating a more stable performance compared to other indices in the sector [5] Market Trends - The innovative drug sector has shown resilience, with an average revenue growth of 35% among 393 pharmaceutical companies listed in A-shares and Hong Kong in the first half of 2025, driven by favorable medical insurance policies [7] - The recent fluctuations in the stock price of the Hong Kong-listed innovative drug company, Jiajie Ankang, have sparked discussions due to its inclusion in multiple indices, although it is not part of the indices tracked by Tianhong's ETFs [4][5] Regulatory Environment - The National Medical Products Administration's recent announcement aims to streamline the approval process for innovative drug clinical trials, potentially leading to a more efficient development cycle for new drugs [8] - The regulatory changes are expected to instill confidence in innovative drug companies, supporting a comprehensive development framework that includes research, market entry, and clinical application [8]

Core Viewpoint - The stock price of the innovative drug company, Yaojie Ankang (HK02617), experienced significant volatility, soaring by 63% to a peak of 679.5 HKD per share before plummeting by 53.73% to close at 192.00 HKD on September 16, 2023, resulting in a market capitalization drop to 762 billion HKD from nearly 2700 billion HKD [1][3][5]. Company Overview - Yaojie Ankang is a clinical-stage biopharmaceutical company focused on developing innovative small molecule therapies for cancer, inflammation, and cardiovascular metabolic diseases [5]. - The company currently has no commercialized products and reported zero revenue in the first half of the year, with a loss of 123 million HKD primarily due to R&D and management costs [5]. Stock Performance and Market Reaction - The stock's surge was attributed to the announcement on September 10 that its core product, Tinengotinib, received implied permission for Phase II clinical trials for breast cancer [5]. - Following its IPO on June 23, 2023, at an issue price of 13.15 HKD, the stock's market liquidity is limited, making it susceptible to rapid price changes due to concentrated buying [6][8]. ETF Impact - Yaojie Ankang's inclusion in the Hong Kong Stock Connect on September 8 led to increased buying pressure from multiple innovative drug ETFs, contributing to its rapid price increase [8][9]. - The stock's volatility has affected ETFs tracking the innovative drug index, with Yaojie Ankang accounting for approximately 2.62% of several ETFs, leading to significant passive buying [9][10]. Index Inclusion and Future Considerations - The company was selected for inclusion in several Hang Seng Index series, effective September 8, which has raised concerns about the liquidity and volatility of such a small-cap stock being part of major indices [11][13]. - Industry insiders suggest that adjustments to the index methodology may be necessary to address the liquidity issues associated with Yaojie Ankang's significant price fluctuations [12][13].

Core Insights - The stock of innovative drug company Yaojie Ankang-B experienced significant volatility, initially rising by 63.73% before closing down 53.73% on September 16, with an intraday fluctuation exceeding 110% [1] - The innovative drug sector has been a focal point for investors this year, with Yaojie Ankang-B being included in certain innovative drug indices, impacting the net asset values of related index-tracking funds [1] - The surge in trading volume for Yaojie Ankang-B, from a daily turnover of around 30 million yuan to over 2.5 billion yuan in the days following its index inclusion, has raised concerns about potential arbitrage activities [1] Industry Overview - The Tianhong Innovative Drug ETF (517380) focuses on the entire innovative drug industry chain, which includes preclinical research, clinical research, custom manufacturing, and commercialization, aiming to reduce investment uncertainties and enhance long-term returns [2] - As of September 16, the Tianhong Innovative Drug ETF has recorded a year-to-date increase of 67.69%, outperforming other industry ETFs by approximately 10 percentage points [2] - Analysts predict that 2025 will mark a significant growth year for China's innovative drug industry, driven by high-value business development transactions, profitability improvements among leading companies, and an increasingly favorable policy environment [2] - The Chinese innovative drug market is projected to exceed 2 trillion yuan by 2030, with a compound annual growth rate of 24.1% [2]

值得一提的是，9月16日，药捷安康股价经历了大涨到大跌，一度涨逾60%，最终收跌53.73%。 北京商报讯（记者 丁宁）9月17日，药捷安康（02617.HK）低开高走，盘中涨逾30%，截至北京商报记 者发稿，药捷安康报257.2港元/股，涨幅为33.96%，总市值达到1021亿港元。 ...

Core Viewpoint - The stock price of药捷安康 experienced significant volatility, with a rapid increase followed by a sharp decline, raising concerns and drawing market attention [1][4]. Company Overview - 药捷安康 is a clinical-stage biopharmaceutical company focused on developing innovative small molecule therapies for oncology, inflammation, and cardiovascular metabolic diseases [1]. - The company currently has no commercialized products and reported zero revenue with a loss of 123 million yuan in the first half of the year [1]. Stock Performance - 药捷安康's stock price surged to a historical high of 679.5 HKD per share on September 16, with a market capitalization approaching 270 billion HKD, before plummeting to 192.00 HKD per share by the end of the day, marking a decline of 53.73% [4]. - The stock's trading volume was notably high, with 327.8 million shares traded in the first half of the day [1]. Market Dynamics - The stock's rapid price increase was partly driven by its inclusion in the Hong Kong Stock Connect program and the Hang Seng Hong Kong Stock Connect Innovative Drug Selection Index on September 8, leading to significant passive buying from various innovative drug ETFs [3]. - Following its inclusion in the Stock Connect, 药捷安康's stock price rose by 20.13% on the first trading day, with subsequent daily increases exceeding 20% until the sharp decline on September 16 [3]. ETF Impact - 药捷安康's stock constituted approximately 2.62% of several ETFs tracking the innovative drug index, which collectively managed around 37.12 billion yuan, resulting in substantial passive buying pressure [5]. - The volatility of 药捷安康's stock also affected the net asset values of the associated ETFs, which experienced pressure during the stock's decline [5].

每经记者｜许立波 每经编辑｜陈俊杰 9月16日，港股上市创新药企业药捷安康（HK02617）股价出现大幅波动。盘中，药捷安康曾大涨 63%，最高每股报679.5港元，市值逼近2700亿港元，在国内创新药企业中市值仅次于恒瑞医药、百济 神州两家龙头。但到下午两点，药捷安康股价遭遇大幅跳水，由大涨转大跌，截至当日收盘，报192.00 港元/股，下跌53.73%，市值缩水至762亿港元。 对于股价异动，药捷安康曾在当日午间披露公告称："概不知悉股价异动原因，业务营运及财务状况无 重大变动。" 公司目前没有商业化产品 药捷安康是一家以临床需求为导向、处于注册临床阶段的生物制药公司，专注于发现及开发肿瘤、炎症 及心脏代谢疾病小分子创新疗法。药捷安康目前还没有商业化产品，今年上半年，公司营业收入为0， 亏损1.23亿元。 药捷安康是一只典型的港股"小盘股"。资料显示，公司于今年6月23日正式登陆港交所。此次IPO（首次 公开募股），药捷安康发行价13.15港元，总股本约3.97亿股，IPO公开发行1528.1万股，除去基石投资 者认购的约979万股，实际流通股仅约549万股。市场流通盘小意味着药捷安康在二级市场上的可交易 ...

Core Viewpoint - The extreme volatility of the stock price of药捷安康 (02617.HK) has raised concerns in the market, with a significant drop following a sharp rise, indicating potential instability and investor caution [1][5]. Group 1: Stock Price Movement -药捷安康's stock price surged by 63% to 679.5 HKD per share in the morning, before plummeting to 192 HKD per share by the end of the day, resulting in a decline of 53.73% [1]. - The stock's market capitalization fluctuated dramatically, reaching nearly 270 billion HKD at its peak and then shrinking to 76.2 billion HKD, leading to a loss of over 190 billion HKD in a single day [5]. - The stock's trading volume was notably high, with a turnover rate of 4.13%, significantly exceeding the previous day's rate of 1.34% [5]. Group 2: Market Impact - The volatility of药捷安康's stock affected several pharmaceutical ETFs, including the 恒生创新药ETF (159316) and 港股通创新药ETF (520880), which fell by 1.18% and 1.11% respectively [3]. - Following the inclusion of药捷安康 in the Hong Kong Stock Connect and major innovation drug indices on September 8, there was a notable increase in southbound capital, which bought 3.0625 million shares by September 15, accounting for 56% of the company's actual circulating shares [4]. Group 3: Company Fundamentals -药捷安康's core product,替恩戈替尼, is currently in clinical trials, with no drugs yet on the market as of June 30, 2025, and the company reported a net loss of 123 million HKD in the first half of the year [6]. - The company relies heavily on previous financing to support its research and development, with R&D expenses amounting to 98.43 million HKD and management expenses of 27.47 million HKD during the same period [6]. Group 4: Index Adjustments - The recent adjustments to the calculation methods of the 恒生创新药指数 and related indices aim to better reflect companies involved in innovative drug research and development, excluding service providers in the CXO sector [8][9]. - Following these adjustments,药捷安康 was included in multiple key indices, which contributed to its recent stock price movements and the overall performance of related ETFs [9].

本文字数：756，阅读时长大约2分钟 作者 |第一财经 林志吟 在经历了四个交易日连续暴涨后，今日，药捷安康（02617.HK）股价上演了一场"高台跳水"行情。 今日早盘，该公司股价最大涨幅超过60%，冲到670港元/股以上；午后开盘后，股价又一路滑落，最后 以暴跌53.73%收盘，股价仅剩下192港元/股，市值跌回千亿港元以下，为762.04亿港元。 药捷安康于2025年6月23日才在港股市场挂牌交易，彼时公司IPO首发价只有13.15港元/股，公司当前股 价较首发价涨幅仍高达13.6倍。上一交易日，即9月15日，公司收盘价曾高达415港元/股，股价较IPO首 发价涨幅约30.6倍，总市值达到1647.13亿港元。 药捷安康是一家处于注册临床阶段的创新药公司，专注于发现及开发肿瘤、炎症及心脏代谢疾病小分子 创新疗法。截至2025年6月30日，公司主要管线包括六款临床阶段候选产品及多款临床前阶段候选产 品。替恩戈替尼是药捷安康研发进度最快的产品，同时也是公司的核心产品，这是一款选择性聚焦多激 酶抑制剂，主要靶向三个关键通路——FGFR/VEGFR、JAK和Aurora激酶，但进度最快的适应症为胆管 癌，为小癌 ...