Group 1 - The core point of the article is the dramatic price fluctuation of the stock "药捷安康-B" after being included in the Hong Kong Stock Connect and index constituent stocks, leading to significant trading volume and volatility [1][3][12] - From September 8 to September 16, the stock price surged nearly 10 times, reaching a peak of 679.5 HKD, which is a 50-fold increase from its IPO price of 13.15 HKD [1][3] - On September 16, the stock experienced a massive drop of 53.73% after a peak increase of 63.73%, highlighting the volatility and risks associated with small-cap stocks in index funds [1][8] Group 2 - Prior to September 8, "药捷安康-B" was a typical small-cap stock with an average daily trading volume of only 16 million HKD, and it had incurred losses of 343 million CNY in 2023 [3][5] - After being included in the Hong Kong Stock Connect, the stock saw a significant influx of capital, with the number of shares held by the Hong Kong Stock Connect increasing from 96,000 to 409,950 shares by September 16, representing 74.67% of the actual circulating shares [5][6] - The stock's price increase was driven by passive funds that needed to adjust their holdings in response to its inclusion in the index, leading to a feedback loop of rising prices and increased demand [7][8] Group 3 - The article discusses the broader trend of index investing, which has gained popularity due to its low cost and transparency compared to active management, with the total net asset value of stock ETFs in Hong Kong reaching 3.53 trillion HKD by September 16 [12][13] - The rapid growth of index funds has been supported by the increasing difficulty for active funds to outperform the market, leading to a shift in investor preference towards ETFs [17][18] - The expansion of index funds is expected to enhance market pricing efficiency and reduce irrational volatility, although it may also lead to concentration in index-weighted stocks, impacting liquidity for other stocks [27][28]

以下文章来源于猛犸资本局 ，作者闫晓寒 猛犸资本局 . 穿越产业周期，洞察资本玄机。互联网新闻信息服务许可证编号：44120230006 图源：图虫创意 导语：药捷安康上市不到3个月已经上涨1293.16%，但9月16日股价暴跌也让市场提起警惕之心。 经历9月16日在港股的"惊魂一日"，药捷安康-B（02617.HK，下称"药捷安康"）在第二个交易日的股价表现要平稳许多。 9月17日，药捷安康早间开盘后涨幅一度超过33%，随后涨幅收窄，截至当日收盘，药捷安康股价上涨8.96%，收于209.2港元/股，总市值为 830.31亿港元。 截至9月18日收盘，药捷安康股价较前一个交易日下跌12.43%，为183.2港元/股。药捷安康6月23日在港股上市时发行价为13.15港元/股，短短 3个月，其股价较发行价上涨1293.16%。 此前，药捷安康刚刚经历一轮股价的大幅涨跌——9月16日，药捷安康股价开盘后暴涨近60%，盘中股价最高飙升至679.50港元/股，总市值一度 突破2600亿港元。 公告中提到的临床默示许可，指的是国家药监局针对药物临床试验申请设立的一种高效审批机制。获得该许可，意味着药捷安康自申请受理并缴费 ...

来源：市场资讯 （来源：基民柠檬） 虽迟但到，也来聊聊药捷安康-B的事儿。作为市场热门话题，相信不少人都看过相关分析，柠檬君尽量 聊些不一样的。 股价上蹿下跳的药捷安康 可能不少人已经了解过这件事的来龙去脉，不过柠檬君还是要给没听说过的朋友们简单说一下： 国证港股通创新药指数在9月的定期调整中，给到大约百分之二点六的权重，而跟踪这个指数的4只 ETF，规模大概360亿元，需要配置近10亿的药捷安康-B（02617），这资金量级对于一个此前成交量在 2000万级别的股票来说，实在是太大了。 指数的调整是明牌，指数基金的操作无非也就是早点晚点，毕竟要考虑跟踪误差，而且这种流动性不好 的股票，很容易被涌入资金拉抬上去，一般来说晚买会吃亏。而这种明牌操作也很容易被市场上其他资 金盯上，被针对。于是乎就出现了这样的波动： 指数12日调整，15日实施，一般来说基金公司会提前一些在12日以及正日子15日都有所操作，其间药捷 安康-B（02617）股价刚好出现大幅波动，11日收盘价108.7元，12日收盘价192.5元，15日收盘价415 元。16日，部分ETF还没有买完，还得继续配置，当天股价冲高到679.5元，收盘192 ...

（责任编辑：华青剑） 药捷安康的最终发售价为13.15港元，所得款项总额为200.95百万港元，扣除固定发售价之预计应付 上市费39.61百万港元后，所得款项净额161.34百万港元。 中国经济网北京9月18日讯 药捷安康（02617.HK）港股今日收报183.2港元，跌幅12.43%。 2025年6月23日，药捷安康在港交所上市。分配结果公告显示，药捷安康发售股份数目15,281,000股 H股，香港公开发售的最终发售股份数目3,057,000股H股，国际发售的最终发售股份数目12,224,000股H 股。 ...

Group 1 - Recent trading of Hong Kong stocks related to the "Inbound Concept" has seen significant declines, with Baize Medical (02609) down 19.16% to HKD 9.45, Brain Dynamics (06681) down 18.32% to HKD 8.56, and Yaojie Ankang-B (02617) down 12.62% to HKD 182.8 [1] - Yaojie Ankang announced in August that it would be included in several Hang Seng Index series components, effective from September 8, which includes nine indices such as the Hang Seng Composite Index and the Hang Seng Healthcare Index [1] - The inclusion of Yaojie Ankang in multiple indices has led to passive buying by ETFs tracking these indices, resulting in significant trading activity [1] Group 2 - On September 15, the Guozheng Hong Kong Stock Connect Innovative Drug Index underwent a quarterly adjustment, incorporating Yaojie Ankang as a constituent stock [1] - The largest Hong Kong Stock Connect Innovative Drug ETF purchased 3 million shares of Yaojie Ankang on September 15, amounting to approximately HKD 578 million, which represents about 2.62% of the fund's net asset value [1]

Group 1 - The core viewpoint of the article highlights the recent decline in the stock prices of companies related to the "Hong Kong Stock Connect" concept, particularly Baize Medical, Brainstorm Aurora, and PharmaJet, which saw significant drops of 19.16%, 18.32%, and 12.62% respectively [1] - PharmaJet was recently included in multiple Hang Seng Index series components, effective from September 8, which has led to passive buying by ETFs tracking these indices [1] - The stock price volatility of PharmaJet has affected related ETF products, prompting urgent communication between fund companies and index providers [1] Group 2 - On September 15, the Guozhen Hong Kong Stock Connect Innovative Drug Index underwent a quarterly adjustment, with PharmaJet being added as a constituent stock [1] - The largest Hong Kong Stock Connect Innovative Drug ETF purchased 3 million shares of PharmaJet on September 15, amounting to approximately 578 million HKD, which represents about 2.62% of the fund's net asset value [1]

Core Viewpoint - The stock of the innovative drug company, Yaojie Ankang (02617.HK), experienced extreme volatility on September 16, with a peak increase of over 63% before closing down 53.73% in a single day, raising concerns about its valuation and market behavior [1][3][10]. Group 1: Stock Performance - Yaojie Ankang's stock opened at 477.2 HKD, peaked at 679.5 HKD, and closed at 192 HKD, with a total intraday fluctuation exceeding 116% [1][3]. - The company’s stock had previously surged dramatically since its IPO on June 23, 2023, where it was listed at 13.15 HKD, leading to a market capitalization of approximately 2700 billion HKD at its peak [5][6]. - The stock's valuation increased by about 52 times since its listing, significantly outpacing other biotech companies during the same period [5]. Group 2: Financial Status - Yaojie Ankang has not yet commercialized any products and reported losses of approximately 343 million RMB and 275 million RMB for 2023 and 2024, respectively, with zero revenue in the first half of the year [5][7]. - The company has been in a "burning cash" state due to high R&D and management costs, which is typical for innovative drug companies [7]. Group 3: Market Dynamics - The company was included in the Hang Seng Index series, effective September 8, 2025, which may have contributed to increased trading volume and stock price volatility [7][9]. - Following the announcement of a clinical trial approval for its core product, the stock saw explosive growth, with increases of 77.09% and 115.58% on September 12 and 15, respectively [9]. Group 4: Market Concerns - Analysts have raised concerns about the stock's valuation being disconnected from the company's fundamentals, indicating a potential market bubble driven by speculative trading [10][11]. - The stock's behavior is characterized by typical "small-cap" traits, where limited trading volume can lead to significant price swings, often attracting speculative investors [10][11].

Group 1 - The Hang Seng Index rose by 1.78% on September 17, with a total southbound trading volume of HKD 178.81 billion, including HKD 94.40 billion net inflow [1] - The southbound trading through Stock Connect (Shenzhen) had a total trading volume of HKD 67.50 billion, with a net inflow of HKD 72.85 billion, while the Shanghai Stock Connect recorded a total trading volume of HKD 111.31 billion and a net inflow of HKD 21.56 billion [1] - Alibaba-W was the most actively traded stock with a total trading volume of HKD 152.17 billion and a net inflow of HKD 50.51 billion, closing up by 5.28% [1][2] Group 2 - Three stocks, including Alibaba-W, Meituan-W, and Baize Medical, have seen continuous net inflows for more than three days, with Alibaba-W leading at a total net inflow of HKD 548.91 billion over 19 days [2] - Xiaomi Group-W recorded the highest net outflow of HKD 6.39 billion, despite its stock price increasing by 2.48% [1][2] - The trading data for September 17 shows that among the active stocks, Meituan-W had a total trading volume of HKD 79.07 billion and a net inflow of HKD 21.00 billion, while Changfei Optical Fiber Cable had a net inflow of HKD 10.21 billion [2]

| | | 药捷安康-B[02617] 2025-09-17 16:00 | | | 5PMA = | | 10PMA = 20PMA = 30PMA = | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 751.131 | | | | | | | | | | 651.261 | | | | | | | | | | 551.391 | | | | | | | | | | 451.520 | | | | | | | | | | 351.650 | | | | | | | | | | 251.780 | | | | | | | | | | 151.909 | | | | | | | | | | 52.039 | | | | | | | | | | -47.831 | | | | | | | | | | 1624万 | 成交量:15082974 | | | | | | | | | 1218万 | | | | | | | | | | 812万 | | | | | | | | | | 406万 | | | | | | | | | | | 0 00 ...

Core Viewpoint - The stock of the innovative pharmaceutical company, Yaojie Ankang, experienced significant volatility after being included in multiple indices, raising concerns about its liquidity and the implications for related ETFs [1][2][5]. Group 1: Stock Performance - Yaojie Ankang's stock price surged by 77.09% on September 12 and 115.58% on September 15, before plummeting by 53.73% on September 16, resulting in a market capitalization drop from nearly 270 billion HKD to 76.2 billion HKD [2]. - On September 17, the stock continued to show volatility, with an intraday increase of over 30% and a closing rise of 8.96% [1][2]. Group 2: Index Inclusion and ETF Impact - The inclusion of Yaojie Ankang in the Hong Kong Stock Connect Innovative Drug Index led to passive buying by ETFs tracking this index, which has a total asset size of 35.963 billion HKD across seven products [3][6]. - The largest ETF tracking this index is the Huatai-PineBridge Hong Kong Stock Connect Innovative Drug ETF, with a size of 21.739 billion HKD [3]. Group 3: Industry Concerns and Future Adjustments - Industry insiders have expressed concerns regarding the liquidity of Yaojie Ankang, suggesting that the index's methodology needs optimization to account for liquidity issues when including stocks [4][6]. - Fund companies have begun discussions with index providers to address these concerns, indicating that adjustments to the index methodology may be forthcoming [5][6].