Core Viewpoint - The stock price of药捷安康 (02617.HK) has experienced a significant surge, with a notable increase of over 50% during intraday trading on September 16, reaching 608.5 HKD per share, resulting in a total market capitalization of 240.1 billion HKD [1] Group 1 - The stock price of药捷安康 has shown a continuous upward trend, with a cumulative increase of 566.11% over the four trading days from September 11 to September 16 [1]

每经AI快讯，港股药捷安康-B(02617.HK)早盘再涨超60%，高见679.5港元。截至发稿，涨50.6%，报 625.5港元，成交额11.77亿港元，总市值一度突破2500亿港元。 ...

Market Overview - The Hong Kong stock market opened slightly higher on September 16, with the Hang Seng Index at 26,536 points, up 0.34%, and the Hang Seng Tech Index at 6,070 points, up 0.45% [1] Focus Companies - **Yaojie Ankang-B (02617.HK)**: The stock saw a maximum increase of over 60% in early trading, reaching a new high of 679.5 HKD. There was a net inflow of 143 million HKD from southbound funds yesterday. However, some analysts suggest that the stock may be overvalued and highly concentrated, advising ordinary investors to refrain from participation [3] - **Longpan Technology (02465.HK)**: Announced a procurement cooperation agreement with CATL for the sale of 157,500 tons of lithium iron phosphate cathode materials from Q2 2026 to 2031, with a total sales value exceeding 6 billion HKD. The stock opened over 14% higher [5] - **Ningde Times (03750.HK)**: Opened 2.8% higher at 478 HKD, reaching a new high since its listing [5] - **Yunfeng Financial (00376.HK)**: Announced a placement of 19.1 million new shares at 6.1 HKD per share, raising approximately 1.17 billion HKD. The stock fell over 10% in early trading [7] - **Hesai (02525.HK)**: Listed on the Hong Kong Stock Exchange today, opening with a rise of over 7% and later increasing to a 10% gain [9] Sector Performance - The technology sector showed mixed results, with Bilibili-W (09626.HK) up over 2% and JD Group-SW (09618.HK) down over 0.5%. Gold stocks generally rose, with Shandong Gold (01787.HK) increasing over 3%. The automotive sector was active, with Li Auto-W (02015.HK) up over 3%, and lithium battery stocks continued their upward trend, with Ningde Times rising over 2% [8] Market Outlook - According to China Merchants Securities, the Hong Kong market is primarily driven by liquidity, with expectations for a new round of increases due to improved liquidity conditions. Factors such as the Federal Reserve's interest rate cuts, easing of tight liquidity in the Hong Kong market, continuous inflow of southbound funds, and resolution of mid-term profit concerns are contributing to this outlook [8]

消息面上，消息面上，上交所、深交所近日发布公告，药捷安康被调入港股通标的名单，自9月8日起生 效。数据显示，入通后北水资金连续加仓药捷安康，9月12日、9月15日，北水资金分别加仓药捷安康 1.8亿、1.42亿港元。 公开资料显示，药捷安康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，该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。值得注意的是，药捷 安康此前发布中期业绩，上半年集团未取得主营业务收入，其他收入及收益由2024年上半年的1040万元 下降至360万元，降幅达65.1%。此外，公司核心产品替恩戈替尼(TT-00420)近期迎来多重利好。 药捷安康-B(02617)早盘再涨超60%，高见679.5港元，入通以来累计涨幅已接近10倍。截至发稿，涨 50.6%，报625.5港元，成交额11.77亿港元，总市值一度突破2500亿港元。 ...

公开资料显示，药捷安康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，该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。值得注意的是，药捷 安康此前发布中期业绩，上半年集团未取得主营业务收入，其他收入及收益由2024年上半年的1040万元 下降至360万元，降幅达65.1%。此外，公司核心产品替恩戈替尼(TT-00420)近期迎来多重利好。 消息面上，消息面上，上交所、深交所近日发布公告，药捷安康被调入港股通标的名单，自9月8日起生 效。数据显示，入通后北水资金连续加仓药捷安康，9月12日、9月15日，北水资金分别加仓药捷安康 1.8亿、1.42亿港元。 智通财经APP获悉，药捷安康-B(02617)早盘再涨超60%，高见679.5港元，入通以来累计涨幅已接近10 倍。截至发稿，涨50.6%，报625.5港元，成交额11.77亿港元，总市值一度突破2500亿港元。 ...

每经AI快讯，9月16日，药捷安康-B涨超50%，股价最高触及679.5港元。 ...

上市才两个多月，药捷安康市值已经翻了近20倍。6月23日，药捷安康登陆港股，上市当日股价即 大涨79%，但市值仅为93亿港元。 据招股书，药捷安康总股本约3.97亿股，IPO仅发售约1528 万股，除去基石投资者认购的约979万股，实际流通股只有 549万股。 作者：张铃 封图：图虫创意 9月15日，药捷安康（02617.HK）暴涨115.7%，报415港元/股，市值达到1648亿港元，成为港股 18A 市 值 排 名 第 二 的 创 新 药 企 ， 仅 次 于 " 创 新 药 一 哥 " 百 济 神 州 （ONC.NASDAQ/06160.HK/688235.SH）。 另外，9月10日，药捷安康公告，其核心产品替恩戈替尼联合氟维司群治疗经治失败的激素受体阳 性（HR+）且人表皮生长因子受体2阴性或低表达（HER2-）的复发或转移性乳腺癌II期临床试 验，已于9月10日获得国家药监局临床默示许可。 药捷安康是处于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，尚无商业化产品。截至2025年6月30日，其有六款临床阶段候选产品及多款临床前阶段候选 产品，最核心的产品即为替恩戈替尼 ...

Group 1 - The core point of the article highlights the remarkable market performance of Yaojie Ankang (02617.HK), which achieved a market capitalization exceeding HKD 100 billion shortly after its IPO, surpassing several established biotech companies [1][3] - As of September 15, 2025, Yaojie Ankang's stock price surged by 115.58%, reaching a market cap of HKD 164.71 billion, with significant price increases over the preceding trading days [1][3] - The company’s IPO price was HKD 13.15 per share, and by September 15, the closing price had risen to HKD 415, marking an approximate cumulative increase of 30.6 times [1][3] Group 2 - Yaojie Ankang is focused on developing innovative therapies for oncology, inflammation, and cardiovascular metabolic diseases, with its lead product, Tiengengtinib, targeting multiple key pathways [3][4] - Tiengengtinib is currently undergoing nine clinical trials globally, with the fastest progress in cholangiocarcinoma, expected to complete its Phase II registration trial in China by the second half of 2025 [3][4] - The global cholangiocarcinoma drug market is projected to reach USD 2 billion in 2024, with a compound annual growth rate (CAGR) of 16.2% from 2019 to 2024, and the Chinese market is expected to grow to CNY 3.2 billion [4] Group 3 - In the first half of 2025, Yaojie Ankang reported zero revenue and a loss attributable to shareholders of CNY 123 million, contrasting sharply with other biotech firms like Innovent Biologics and Kangfang Biotech, which have achieved profitability [5][6] - Innovent Biologics reported a net profit of CNY 834 million in the first half of 2025, with 16 products on the market, while Kangfang Biotech had seven approved products, indicating a significant difference in business fundamentals [5][6] - Some investors expressed confusion regarding the stock price surge of Yaojie Ankang, questioning the underlying reasons for such a dramatic increase in valuation [6][7]

Core Viewpoint - On September 15, the Hang Seng Index rose by 0.22%, closing at 26,446.56 points, with a net inflow of 14.473 billion HKD through the southbound trading channel [1] Group 1: Market Activity - The total trading amount for the southbound trading on September 15 was 156.251 billion HKD, with a net buying amount of 14.473 billion HKD [1] - The Shanghai Stock Exchange's southbound trading accounted for 95.161 billion HKD, with a net buying of 6.968 billion HKD, while the Shenzhen Stock Exchange's southbound trading amounted to 61.089 billion HKD, with a net buying of 7.505 billion HKD [1] Group 2: Active Stocks - Alibaba-W was the most actively traded stock on the Shanghai Stock Exchange southbound trading, with a trading amount of 7.960 billion HKD and a net buying of 2.890 billion HKD, closing with a price increase of 2.32% [2] - In the Shenzhen Stock Exchange southbound trading, Alibaba-W also led with a trading amount of 5.047 billion HKD and a net buying of 2.395 billion HKD, maintaining the same closing price increase of 2.32% [2] - The stock with the highest net selling was Xiaomi Group-W, with a net selling amount of 724 million HKD, while its closing price increased by 1.90% [1][2]

即便在这一背景下，药捷安康的涨势也非常突出。从上市至9月8日前，药捷安康股价总体保持平缓上涨态势，9月8日后开始大幅上涨，9月8日至今的6个交 易日，其市值翻了5倍。最近两个交易日内，药捷安康股价涨幅分别达到77%、115.7%。 药捷安康市值涨幅之大令业内惊叹，市场上有投资者怀疑有资金操纵，亦有业内人士猜测药捷安康近期或许会有BD（商务拓展）达成。 9月15日，经济观察报致电药捷安康董秘冯洁。就BD传闻，冯洁回应称："所有信息以公告为准。"就资金操纵质疑，冯洁则称："这不可能。我们上周一刚 刚入通。" 经济观察报注意到，据招股书，药捷安康总股本约3.97亿股，IPO仅发售约1528万股，除去基石投资者认购的约979万股，实际流通股只有549万股。 经济观察报 记者 张铃 9月15日，药捷安康（02617.HK）暴涨115.7%，报415港元/股，市值达到1648亿港元，成为港股18A市值排名第二的创新药企，仅次于"创新药一哥"百济神 州（ONC.NASDAQ/06160.HK/688235.SH）。 上市才两个多月，药捷安康市值已经翻了近20倍。6月23日，药捷安康登陆港股，上市当日股价即大涨79%，但市值 ...