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]

Core Viewpoint - The stock of Jiangsu Hengrui Medicine Co., Ltd. experienced extreme volatility, soaring over 50% before plummeting 53.73% in a single day, raising concerns about the sustainability of its rapid price movements and the implications of its inclusion in the Hong Kong Stock Connect Innovation Drug Index [2][4][8]. Company Overview - Jiangsu Hengrui Medicine, founded in 2014, is a clinical-stage biopharmaceutical company focused on developing innovative small molecule therapies for cancer, inflammation, and cardiovascular metabolic diseases [5]. - The company's core product, Tinengotinib, is a unique MTK inhibitor targeting difficult-to-treat solid tumors and is currently in the registration clinical stage [5]. - As of 2023, the company has not generated any revenue and reported losses of RMB 343 million and RMB 275 million for 2023 and 2024, respectively [5]. Stock Market Activity - The company went public on June 23, 2023, under the 18A listing rules, which allow unprofitable biotech companies to list on the Hong Kong Stock Exchange [5][6]. - Following its IPO, the stock price surged over 80% on the first day, closing at HKD 23.5, with a significant portion of shares (approximately 63.96%) being subscribed by cornerstone investors, limiting the free float to about 5.49 million shares [6]. - The stock price saw a dramatic increase of 10 times since September, only to experience a sharp decline after being included in the Hong Kong Stock Connect Innovation Drug Index [4][8]. Index Inclusion Impact - The inclusion in the Hong Kong Stock Connect Innovation Drug Index led to a significant increase in trading volume and stock price, with a notable rise of 20.13% on the day of inclusion [7][8]. - The stock's weight in the index was estimated to be over 2%, prompting index-tracking ETFs to purchase over HKD 500 million worth of shares, contributing to the price surge [8]. - However, the rapid price fluctuations and the company's short listing history have raised questions about the prudence of its inclusion in the index [8][9]. Institutional Response - Following the stock's volatility, several fund companies, including Huatai-PineBridge and ICBC Credit Suisse, have liquidated their holdings in Jiangsu Hengrui Medicine [9].

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].

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].

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。 ...

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].