2025.09. 15 本文字数：1527，阅读时长大约3分钟 作者 | 第一财 经 林志吟 截至2025年6月30日，替恩戈替尼在全球已进行或正在进行共九项公司发起的临床试验。进度最快 的适应症为胆管癌，公司预计在中国的注册性2期临床于2025年下半年完成。 不过，胆管癌属于小癌种。据弗若斯特沙利文数据，在全球，胆管癌发病人数由2019年的24.34万人 增加至2024年的29万人，年复合增长率为3.6%。在中国，胆管癌发病人数由2019年的9.44万人增 加至2024年的10.66万人，年复合增长率为2.5%。 弗若斯特沙利文数据亦显示，2024年，全球胆管癌药物市场规模为20亿美元，2019年至2024年的 年复合增长率为16.2%，预计将2027年增长至32亿美元；2024年，中国胆管癌药物市场规模为32亿 元，2019年至2024年的年复合增长率为16.4%，预计2027年达到55亿元。 另外，替恩戈替尼针对其他的适应证临床试验研究，多数处于已完成Ib/II期阶段。 还没有产品获批上市、还在亏损中的药捷安康（02617.HK），在登陆港股上市后的短短两个多月， 却创下了奇观——公司市值突破千亿港元， ...

Core Viewpoint - The stock price of Yaojie Ankang (02617.HK) has surged dramatically from its IPO price of 13.15 HKD to 415 HKD within three months, leading to a market capitalization exceeding 160 billion HKD, surpassing established biotech firms like Kangfang Biotech (09926.HK) and Innovent Biologics (01801.HK) despite having no commercialized products and reporting significant losses [1][2][4]. Stock Performance - Yaojie Ankang was listed on June 23, 2025, with an IPO price of 13.15 HKD per share, raising approximately 200 million HKD [3]. - Following the announcement of its core product, Tinengotinib, receiving clinical approval for a Phase II trial, the stock price increased by 172.86% over three trading days, adding around 48 billion HKD to its market value [3][4]. - As of the latest close, the market capitalization of Yaojie Ankang reached 164.7 billion HKD, making it the only "tenfold stock" in the Hong Kong innovation drug sector this year [3][4]. Market Comparison - Yaojie Ankang's market value has surpassed that of leading innovative drug companies like Innovent Biologics and Kangfang Biotech, which have multiple products on the market [4]. - As of September 15, 2025, Innovent Biologics had a market cap of 163.7 billion HKD, while Kangfang Biotech's was 118.7 billion HKD [4]. Financial Performance - In the first half of 2025, Yaojie Ankang reported no revenue and a net loss of 123 million HKD, although this was an improvement from a loss of 160 million HKD in the same period the previous year [7]. - The company had research and development expenses of 98.43 million HKD and management expenses of 27.47 million HKD, with cash and cash equivalents totaling 449 million HKD as of June 30, 2025 [7]. Product Pipeline - Yaojie Ankang's primary product, Tinengotinib, is a multi-target kinase inhibitor with potential applications in various hard-to-treat cancers, including cholangiocarcinoma and prostate cancer [8]. - The company has nine ongoing or completed clinical trials for Tinengotinib, with two trials involving healthy subjects and seven involving cancer patients [8]. - Tinengotinib is noted for being the first drug to show progress in treating cholangiocarcinoma among FGFR inhibitors and has demonstrated clinical efficacy in treating metastatic castration-resistant prostate cancer [8]. Market Entry and Investor Access - Yaojie Ankang was included in the Hong Kong Stock Connect program starting September 8, 2025, allowing mainland investors to trade its shares directly [5]. Industry Outlook - Analysts express skepticism regarding whether Yaojie Ankang's pipeline can justify its current market valuation, given the high uncertainty and risks associated with drug development [9]. - The success rate for innovative drugs from Phase I trials to market approval is less than 10%, highlighting the significant risks Yaojie Ankang faces as all its pipelines are still in clinical stages [9].

Core Viewpoint - The company Yaojie Ankang (02617.HK) has achieved a market capitalization exceeding HKD 100 billion shortly after its IPO, despite not having any products approved for sale and currently operating at a loss [2][3]. Group 1: Stock Performance - Yaojie Ankang's stock price surged by 115.58% on September 15, reaching a market capitalization of HKD 164.71 billion, with significant price increases of 27.57%, 20.78%, and 77.09% over the preceding three trading days [2]. - The company's IPO price was HKD 13.15 per share, and as of September 15, the closing price had risen to HKD 415 per share, representing a cumulative increase of approximately 30.6 times [2]. Group 2: Company Fundamentals - Yaojie Ankang is an innovative drug company focused on developing small molecule therapies for oncology, inflammation, and cardiovascular metabolic diseases, currently in the clinical registration phase [3]. - The company's lead product, Tiengogatinib, is a selective multi-kinase inhibitor targeting key pathways including FGFR/VEGFR, JAK, and Aurora kinases, with potential applications in various difficult-to-treat solid tumors [3]. - As of June 30, 2025, Tiengogatinib is involved in nine clinical trials globally, with the fastest progress in cholangiocarcinoma, expected to complete its registration phase II clinical trial in China by the second half of 2025 [3]. Group 3: Market Potential - 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 expected to grow to USD 3.2 billion by 2027 [4]. - In China, the cholangiocarcinoma drug market is anticipated to reach CNY 3.2 billion in 2024, with a CAGR of 16.4% from 2019 to 2024, and projected to grow to CNY 5.5 billion by 2027 [4]. Group 4: Financial Performance - In the first half of the year, Yaojie Ankang reported zero revenue and a loss attributable to shareholders of CNY 123 million [6]. - In contrast, other biotech companies like Innovent Biologics and Kintor Pharmaceutical have achieved profitability, with Innovent reporting a net profit of CNY 834 million and multiple products already on the market [6]. Group 5: Market Sentiment - Investors express confusion regarding the rationale behind Yaojie Ankang's stock price surge, questioning whether there are potential licensing opportunities or if the price movement is primarily driven by speculation [6].

Core Viewpoint - The company Yaojie Ankang (02617.HK) has achieved a market capitalization exceeding HKD 100 billion shortly after its IPO, despite not having any products approved for sale and currently operating at a loss [1][5]. Group 1: Stock Performance - Yaojie Ankang's stock price surged by 115.58% on September 15, reaching a market capitalization of HKD 164.71 billion, with significant price increases of 27.57%, 20.78%, and 77.09% over the preceding three trading days [1]. - The company's IPO price was HKD 13.15 per share, and as of September 15, the closing price had risen to HKD 415 per share, representing a cumulative increase of approximately 30.6 times [1]. Group 2: Company Overview - Yaojie Ankang is an innovative pharmaceutical company focused on developing small molecule therapies for oncology, inflammation, and cardiovascular metabolic diseases, currently in the clinical registration phase [3]. - The company's lead product, Tiengogatinib, is a selective multi-kinase inhibitor targeting key pathways including FGFR/VEGFR, JAK, and Aurora kinases, with potential applications in various difficult-to-treat solid tumors [3]. Group 3: Clinical Trials and Market Potential - As of June 30, 2025, Tiengogatinib is involved in 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]. - The global cholangiocarcinoma drug market is projected to reach USD 2 billion in 2024, growing at a CAGR of 16.2% from 2019 to 2024, and is expected to reach USD 3.2 billion by 2027 [4]. Group 4: Financial Performance - In the first half of the year, Yaojie Ankang reported zero revenue and a loss attributable to shareholders of HKD 123 million [5]. - In contrast, other biotech companies like Innovent Biologics and CanSino Biologics have achieved profitability, with Innovent reporting a net profit of HKD 834 million in the same period and multiple products already on the market [5]. Group 5: Market Sentiment - Investors express confusion regarding the rationale behind Yaojie Ankang's stock price surge, questioning whether there are potential licensing opportunities or if the price movement is primarily driven by speculative trading [6][7].

深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 50.47 亿元 | +23.95 亿元 | | 小米集团-W(01810) | 25.76 亿元 | +457.14 万元 | | 腾讯控股(00700) | 18.75 亿元 | +2627.60 万元 | | 泡泡玛特(09992) | 18.72 亿元 | -1.27 亿元 | | 美团-W(03690) | 15.29 亿元 | +3.88 亿元 | | 药捷安康-B(02617) | 13.58 亿元 | +2.81 亿元 | | 中芯国际(00981) | 13.27 亿元 | -7742.31 万元 | | 盈富基金(02800) | 12.77 亿元 | +12.69 亿元 | | 康方生物(09926) | 12.05 亿元 | -2.29 亿元 | | 华虹半导体(01347) | 9.06 亿元 | +3.30 亿元 | 沪港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- ...

Market Overview - The Hong Kong stock market experienced narrow fluctuations on September 15, with the Hang Seng Index closing at 26,446.56 points, up 58.40 points, or 0.22% [1] - The Hang Seng Tech Index closed at 6,043.61 points, increasing by 54.34 points, or 0.91% [1] Company Highlights - The stock of Yaojie Ankang-B (02617.HK) surged by 115.58% on the day, reaching a closing price of 415 HKD after hitting a peak of 431.4 HKD, marking a 124% intraday increase [2][3] - Yaojie Ankang's initial public offering price was 13.15 HKD, and within less than three months, its market value has exceeded 120 billion HKD, with a cumulative increase of over 30 times [2][3] - Yaojie Ankang is focused on developing innovative small molecule therapies for oncology, inflammation, and cardiovascular metabolic diseases, currently in the clinical registration phase [3] Clinical Developments - On September 10, Yaojie Ankang received clinical approval from the National Medical Products Administration of China for its core product, Tinengotinib (TT-00420), in a Phase II trial for treating HR+/HER2- breast cancer [4] - Early clinical results indicated promising effects of Tinengotinib in patients who have undergone multiple treatments, suggesting potential breakthroughs in treatment strategies [4] Other Company Movements - Contemporary Amperex Technology Co., Limited (CATL) saw its A-shares rise by 14%, reaching a historical high of 371.52 CNY, while its H-shares peaked at 476.8 HKD, closing at 465 HKD, up 7.44% [7][8] - CATL's global market share remains strong, with a gross margin of 25.58% reported for the first half of 2025, indicating stable profitability [9] Sector Performance - The technology sector showed mixed results, with notable gains in companies like Alibaba (09988.HK), which rose over 2% [10] - The automotive sector also performed well, with NIO-SW (09866.HK) increasing by over 3% [12] - Southbound funds continued to see significant net inflows, exceeding 14 billion HKD on the first trading day of the week [12] Future Market Outlook - Analysts predict that the Hong Kong market will strengthen following the Federal Reserve's potential interest rate cuts, with historical data suggesting an average increase of 35.4% in the Hang Seng Index over the following 12 months [14]

Market Overview - The Hong Kong stock market indices collectively rose on September 15, with the Hang Seng Tech Index increasing by 0.91%, the Hang Seng Index by 0.22%, and the National Enterprises Index by 0.21% [1][2]. Technology Sector - Major technology stocks saw gains, with Alibaba rising over 2%, Xiaomi and NetEase up more than 1%, and Kuaishou increasing by 1% [2][3]. - Tencent Holdings and JD.com remained flat, while Baidu fell over 2% [3]. Lithium Battery Sector - The lithium battery sector performed strongly, led by CATL, which surged over 7% to reach a historical high. Other companies like BYD, Aoin Power, and Ganfeng Lithium also saw increases [2][5]. - The demand for overseas energy storage has surged this year, leading to full orders and capacity shortages among leading battery manufacturers [6]. Biotechnology Sector - The biotechnology sector experienced significant gains, highlighted by a 115.58% increase in the stock price of Yaojie Ankang. Other companies like Baiaosaitu and Jiahe Biotechnology also saw notable increases [6][7]. - Yaojie Ankang received clinical approval for its core product in treating breast cancer, contributing to its stock surge [7]. Coal Sector - Coal stocks rose, with Yanzhou Coal and China Qinfa both increasing over 5%. The overall coal supply-demand dynamics are expected to improve due to production cuts and seasonal demand recovery [8][9]. - Open-source securities noted that the coal sector has dual attributes of cycles and dividends, making it a favorable investment opportunity [9]. Automotive Sector - The automotive sector was active, with Li Auto rising over 4%, and other companies like NIO and BYD also seeing gains [10][11]. - The Ministry of Industry and Information Technology released a growth plan for the automotive industry, targeting approximately 32.3 million vehicle sales in 2025, with a focus on electric vehicles [11]. Real Estate Sector - The real estate sector faced declines, with Country Garden falling over 4% and other major developers like Sunac China and China Overseas Development also experiencing drops [12][13]. - National statistics indicated a 12.9% year-on-year decline in real estate development investment from January to August, with residential investment down by 11.9% [13]. Film and Entertainment Sector - The film and entertainment sector saw declines, with major players like Damai Entertainment dropping over 8% [14][15]. Capital Inflows - Southbound funds recorded a net inflow of HKD 14.473 billion, with significant contributions from both Shanghai and Shenzhen stock connect [19]. Future Outlook - Huaxin Securities suggested a bullish outlook for Hong Kong stocks ahead of potential interest rate cuts by the Federal Reserve, with a focus on opportunities in Chinese concept stocks and the pharmaceutical sector [21].

Market Overview - The Hong Kong stock market opened lower but rebounded, with the Hang Seng Index closing up 0.22% at 26,446.56 points and a total turnover of HKD 290.2 billion [1] - The Hang Seng China Enterprises Index rose 0.21% to 9,384.76 points, while the Hang Seng Tech Index increased by 0.91% to 6,043.61 points [1] Blue Chip Performance - WuXi Biologics (02269) led blue-chip stocks, rising 6.47% to HKD 38.84, contributing 13.66 points to the Hang Seng Index [2] - Other notable blue-chip performers included Li Auto-W (02015) up 4.56% and Nongfu Spring (09633) up 4.11% [2] Sector Highlights - The large technology stocks mostly rose, with Alibaba up over 2% and Kuaishou up 1% [3] - The lithium battery sector saw significant gains, with CATL (03750) surging 7% to a new high [3] - The pharmaceutical sector also performed well, with Jiangsu Hengrui Medicine (02617) skyrocketing 115% [3] Policy and Industry Developments - The National Development and Reform Commission and the National Energy Administration announced a plan to achieve a new energy storage capacity of over 180 million kilowatts by 2027, with an investment of approximately RMB 250 billion [4] - The Ministry of Industry and Information Technology released a plan for the automotive industry aiming for 32.3 million vehicle sales in 2025, with a focus on new energy vehicles [6] Stock Movements - Jiangsu Hengrui Medicine (02617) experienced a dramatic increase of 115.58%, reaching HKD 415 [8] - Lion Group (02562) surged 25.34% to HKD 19.24 after announcing a binding investment agreement in AI and blockchain [9] - Shanghai Fudan (01385) faced pressure, dropping 3.77% to HKD 37.82, following its inclusion in the U.S. entity list [11]

Company Highlights -药捷安康, a biopharmaceutical company focused on innovative therapies for cancer, inflammation, and cardiovascular metabolic diseases, has recently been added to the Hong Kong Stock Connect list, allowing southbound funds to invest in its shares [4] - On September 10,药捷安康 announced that its core product, Tinengotinib (TT-00420), received clinical approval from the National Medical Products Administration of China for a Phase II trial in treating HR+/HER2- recurrent or metastatic breast cancer [4][6] - The stock of药捷安康 surged by 115% on the day, reaching a peak price of 431.4 HKD, and has increased over 30 times since its IPO price of 13.15 HKD, with a market capitalization exceeding 120 billion HKD [5] Industry Insights - 宁德时代 (CATL) saw its A-shares rise by 14%, reaching a historical high of 371.52 HKD, while its H-shares also hit a new high of 476.8 HKD, closing at 465 HKD with a 7.44% increase [6] - According to Pacific Securities, 宁德时代 maintains a leading global market share with a gross margin of 25.58% in the first half of 2025, supported by steady production growth and an expanding product matrix [7] - The report indicates that 宁德时代's battery system capacity reached 345 GWh, with an additional 235 GWh under construction, positioning the company well to meet customer demand [7] Market Trends - The Hong Kong stock market experienced a slight upward trend, with the Hang Seng Index closing at 26,446.56 points, up 0.22%, and the Hang Seng Tech Index rising by 0.91% [2] - Southbound funds continued to show strong buying interest, with a net purchase amount exceeding 14 billion HKD on the first trading day of the week [9] - The market outlook suggests that the Hong Kong stock market may perform strongly following the Federal Reserve's potential interest rate cuts, with historical data indicating an average increase of 35.4% in the Hang Seng Index over the following 12 months [11]

Group 1 - A total of 161 stocks reached a 52-week high as of September 15, with notable performers including Yaojie Ankang-B (02617) at 71.60%, Chengan Technology (08131) at 60.83%, and Brainstorm Aurora-B (06681) at 45.51% [1] - The highest closing price for Yaojie Ankang-B was 415.000, with a peak of 431.400, indicating strong market interest [1] - Chengan Technology's stock closed at 0.128, reaching a high of 0.193, reflecting significant growth potential [1] Group 2 - Other notable stocks that reached new highs include Baize Medical (02609) with a high rate of 33.61%, and BENG SOON MACH (01987) at 27.66% [1] - The list of stocks achieving new highs also includes Jinsheng Group (00794) at 26.67% and Feiyu Technology (01022) at 21.52% [1] - The data indicates a robust performance across various sectors, suggesting a positive market sentiment [1] Group 3 - The report also highlights stocks that reached new lows, with Minshang Chuangke (01632) experiencing a decline of 34.71% [5] - Other stocks that saw significant drops include XI Ernan Tesla (07366) at -17.65% and XI Ernan Tesla-U (09366) at -17.17% [5] - The presence of declining stocks alongside those reaching new highs indicates a mixed market environment [5]