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]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 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，较6月23日13.15港元/股的发行价累计涨幅接近51倍，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。但到当天下午两点，药捷安康股价 遭遇大幅跳水，由大涨转大跌，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。" 9月17日，药捷安康开盘报每股185港元，截至午间收盘，每股报210港元，振幅一度达到45.78%，依旧 呈现较大波动状态。 据智通财经报道，9月17日上午，就药捷安康近期股价暴涨暴跌等公司一系列热点话题，药捷安康董秘 冯洁向记者表示，公司没有任何回应。 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1 ...

今年以来，创新药板块持续走强，成为投资者关注的重点赛道。值得注意的是，上周五药捷安康-B被纳 入部分创新药方向指数，昨日该股的大幅波动让不少跟踪相关指数的基金净值受到影响，引发关注。 Wind数据显示，截至9月16日，创新药ETF天弘（517380）今年以来累计涨幅67.69%，位居全市场行业 类ETF跟踪指数涨幅第一，涨幅领先第二名约10个百分点，整体表现突出。 有券商指出，2025年将成为中国创新药行业爆发式增长的元年，三大核心因素驱动行业进入至少3年的 上行周期：一是创新药重磅BD交易持续落地，首付款屡创新高；二是头部企业将于2025年实现扭亏， 行业盈利拐点显现；三是国内创新药政策环境持续优化。机构测算，2030年中国创新药市场规模将突破 2万亿元，年复合增长率达24.1%。 有机构人士指出，药捷安康-B在纳入部分创新药指数成分股前，单日成交额在两三千万元的水平，纳入 之后相关指数基金为满足跟踪误差要求需要快速建仓，近3个交易日成交额均超25亿元，激增的成交额 引发了该股的大幅波动，不排除有部分资金借机参与套利。 该机构人士进一步指出，目前该股纳入指数引发的争议较大，若未来该股从相关创新药指数基金剔除 ...

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。 ...

多只创新药ETF承压 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筹 码极为有限，价格更容易受到资金集中买入的影响。一旦有增量资金进入，就可能迅速推高股价。 9月16日早盘，药捷安康延续前几日的狂热涨势，开盘后便在资金推动下快速突破，股价一路攀升至 679.5港元/股的历史高点，市值逼近2700亿港元。截至午间休盘，该股股价仍维持在619港元/股，较前 一交易日收盘价上涨49.16%，半日成交327.8万股。 当天中午，药捷安 ...

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 ...

今日，药捷安康（02617.HK）上演极端行情： 早盘一度暴涨63%至679.5港元/股，午后直线跳水，报收192港元/股，跌幅达53.73%。 公司午间紧急公告，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"。 药捷安康今日分时图 这场异动不仅搅动个股市场，更波及多只医药类ETF。其中，恒生创新药ETF（159316）、港股通创新药ETF（520880）当日分别下跌 1.18%、1.11%。值得注意的是，药捷安康9月8日刚被纳入港股通及三大创新药指数， 而南向资金截至9月15日增持了该股306.25万股。 50倍"妖王"惊天震荡 今日早盘，药捷安康延续前几日的狂热涨势，开盘后便在资金推动下快速突破。截至10时30分，南向资金单日净买入已达1.43亿港元， 助 推股价一路攀升至679.5港元/股的历史高点， 较6月23日13.15港元/股的发行价累计涨幅接近51倍， 市值一度逼近2700亿港元。 药捷安康股价的极端波动，传导至多只创新药ETF，这与该药企近期被密集纳入核心指数密切相关。药捷安康自9月8日正式被调入港股通标 的名单，随之又被纳入多个重要港股创新药指数成分股中， 与其密切关联的创新药ET ...

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 ...