Core Insights - On September 23, 2025, Alibaba-W (09988), SMIC (00981), and Shandong Hi-Speed (00412) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 76.09 billion, 58.35 billion, and 55.48 billion respectively [1] - Alibaba-W (09988), SMIC (00981), and Shandong Hi-Speed (00412) also led the trading volume in the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, with trading amounts of 46.11 billion, 35.19 billion, and 19.51 billion respectively [1] Southbound Stock Connect Trading Activity - The top three active companies in the Southbound Stock Connect (Shanghai-Hong Kong) were: - Alibaba-W (09988): 76.09 billion with a net buy of 7.12 billion - SMIC (00981): 58.35 billion with a net buy of 5.73 billion - Shandong Hi-Speed (00412): 55.48 billion with a net sell of 47.24 million [2] - The top three active companies in the Southbound Stock Connect (Shenzhen-Hong Kong) were: - Alibaba-W (09988): 46.11 billion with a net buy of 9.61 billion - SMIC (00981): 35.19 billion with a net sell of 70.31 million - Shandong Hi-Speed (00412): 19.51 billion with a net buy of 17.09 million [2]

Group 1: Market Performance - The Hong Kong Innovation Drug ETF (159570) experienced a decline of 1.48% with a trading volume of nearly 2 billion CNY on September 23, 2025, and has seen a net inflow of over 15 billion CNY in the past 10 days [1] - As of September 22, 2025, the total size of the Hong Kong Innovation Drug ETF (159570) exceeded 21.6 billion CNY, leading its peers in both size and liquidity [1] - The underlying index components of the ETF mostly showed negative performance, with notable declines in China Biologic Products and CSPC Pharmaceutical Group, while Kangfang Biotech rose over 4% due to positive research news [1] Group 2: Industry Trends - Morgan Stanley noted that the total market capitalization of Chinese biotech stocks listed in Hong Kong has increased by 154% year-to-date, significantly outperforming the Hang Seng Index's 34% increase, indicating a major shift in market recognition of local pharmaceutical innovation capabilities [2] - The pharmaceutical sector is entering a new development phase driven by innovation, with major companies showing stable growth and transitioning from generic to innovative drugs [3][4] - The pharmaceutical industry is expected to benefit from ongoing policy support for innovative drugs, with recent announcements from the National Medical Insurance Bureau indicating a focus on optimizing drug procurement and supporting innovative products [5] Group 3: Company Performance - Hengrui Medicine reported a revenue of 15.76 billion CNY for H1 2025, a year-on-year increase of 15.88%, with a net profit of 4.45 billion CNY, up 29.67% [4] - China Biologic Products achieved a revenue of 17.58 billion CNY in H1 2025, reflecting a year-on-year growth of 9.8%, with a net profit increase of 13.10% [4] - Innovent Biologics demonstrated significant growth in innovative drug revenue, with a 26% increase in H1 2025, contributing to a 32% rise in net profit [4] Group 4: Future Outlook - The pharmaceutical sector is expected to continue benefiting from improved global liquidity and supportive national policies for innovation, with a focus on emerging technologies and international competitiveness [7] - The industry is anticipated to see long-term growth opportunities, particularly in innovative drugs and medical devices, as well as potential challenges associated with international expansion [7] - The recent adjustments in the national drug procurement policy are expected to stabilize the market for generic drugs, reducing the impact of price competition on the sector [5]

每经AI快讯，9月23日，港股康方生物(09926.HK)涨近5%，截至发稿，涨4.96%，报137.5港元，成交额 12.12亿港元。 ...

Core Viewpoint - Kangfang Biotech (09926) shares rose nearly 5%, currently up 4.96% at HKD 137.5, with a trading volume of HKD 1.212 billion, driven by the upcoming presentation of its innovative bispecific antibody drug, Ivosidenib, at the ESMO 2025 conference [1] Company Summary - Kangfang Biotech's Ivosidenib (PD-1/VEGF bispecific antibody) is set to be featured in a Late-Breaking Abstract at the ESMO 2025 conference, with a significant presentation by Professor Lu Shun, the principal investigator of the Phase III clinical study comparing it to Tislelizumab for treating advanced squamous non-small cell lung cancer (sq-NSCLC) [1] - The company is recognized for its innovative capabilities, which have contributed to a substantial increase in its stock value [1] Industry Summary - Morgan Stanley reported that the total market capitalization of Chinese biotech stocks listed in Hong Kong has increased by 154% year-to-date, significantly outperforming the Hang Seng Index's 34% rise, indicating a major shift in market recognition of local pharmaceutical innovation [1] - The expectation of accelerated interest rate cuts by the Federal Reserve is anticipated to enhance risk appetite, directing funds towards growth sectors like Chinese biotech [1] - Despite the positive outlook, Morgan Stanley cautioned that individual stock performance will still depend on company fundamentals, including commercialization execution and innovation progress, highlighting companies with short-term catalysts, such as Kangfang Biotech [1]

Group 1 - The core viewpoint of the article highlights the significant rise in the stock price of Kangfang Biotech (09926), which increased by nearly 5% to HKD 137.5, with a trading volume of HKD 1.212 billion [1] - Kangfang Biotech's innovative bispecific antibody drug, Ivosidenib (PD-1/VEGF bispecific), has been selected for a Late-Breaking Abstract presentation at the 2025 European Society for Medical Oncology (ESMO) annual meeting, scheduled for October 17-21 in Berlin [1] - The primary investigator, Professor Lu Shun from Shanghai Chest Hospital, will present the results of the pivotal Phase III clinical study (AK112-306/HARMONi-6) comparing Ivosidenib combined with chemotherapy against Tislelizumab combined with chemotherapy for first-line treatment of advanced squamous non-small cell lung cancer (sq-NSCLC) at the Presidential Symposium [1] Group 2 - Morgan Stanley's report indicates that the total market capitalization of Chinese biotech stocks listed in Hong Kong has increased by 154% year-to-date, significantly outpacing the Hang Seng Index's 34% rise, reflecting a major shift in market recognition of local pharmaceutical companies' innovation capabilities [1] - The report anticipates that the Federal Reserve's accelerated interest rate cuts will enhance risk appetite, directing funds towards growth sectors such as Chinese biotech [1] - However, Morgan Stanley notes that the performance of individual stocks will still depend on the companies' fundamentals, including commercialization execution and innovation research progress, expressing optimism for companies with short-term catalysts like Kangfang Biotech [1]

Group 1 - The core point of the article highlights that the total market capitalization of Chinese biotech stocks listed in Hong Kong has increased by 154% year-to-date, significantly outperforming the Hang Seng Index's 34% rise, indicating a major shift in market recognition of local pharmaceutical companies' innovation capabilities [1] - The report anticipates that the Federal Reserve's accelerated interest rate cuts will enhance risk appetite, directing funds towards growth sectors such as Chinese biotechnology [1] - However, the performance of individual stocks is expected to depend on company fundamentals, including commercialization execution and innovation research progress [1] Group 2 - The report expresses optimism for companies with short-term catalysts, specifically naming Kangfang Biotech (09926), Nuo Cheng Jian Hua (09969), and others as potential beneficiaries [1] - Additionally, it assigns an "outperform" rating to Weisheng Pharmaceutical-B (02561) and Zai Lab (09688) [1]

Group 1 - The total market capitalization of Chinese biotech stocks listed in Hong Kong has increased by 154% year-to-date, significantly outperforming the Hang Seng Index's 34% rise, indicating a major shift in market recognition of local pharmaceutical companies' innovation capabilities [1] - The expectation of the Federal Reserve accelerating interest rate cuts is anticipated to boost risk appetite, directing funds towards growth sectors such as Chinese biotech [1] - Individual stock performance will still depend on company fundamentals, including commercialization execution and innovation research progress [1] Group 2 - Companies with short-term catalysts that are favored include Kangfang Biotech (09926), Innovent Biologics (09969), Huyou-B (02256), Sinopharm (01801), and Eucure Biopharma-B (09606) [1] - Morgan Stanley has given "outperform" ratings to Weisheng Pharmaceutical-B (02561) and Zai Lab (09688) [1]

Group 1 - The Hong Kong Innovative Drug ETF (159567) closed with a gain of 1.50% on September 22, with a trading volume of 1.263 billion yuan [1] - The fund was established on January 3, 2024, with a management fee of 0.50% and a custody fee of 0.10% [1] - As of September 19, 2024, the fund's latest share count was 8.17 billion shares, with a total size of 7.676 billion yuan, reflecting a year-to-date increase of 1966.38% in shares and 1931.78% in size compared to December 31, 2023 [1] Group 2 - The current fund manager is Ma Jun, who has managed the fund since its inception, achieving a return of 87.92% during the management period [2] - The top holdings of the fund include Innovent Biologics (9.52%), WuXi Biologics (9.47%), BeiGene (8.73%), and others, with their respective market values and share counts detailed [2] - The cumulative trading amount over the last 20 trading days reached 37.235 billion yuan, with an average daily trading amount of 1.862 billion yuan [1][2]

Core Viewpoint - The Hong Kong Innovative Drug ETF (159567) has shown significant growth in both share volume and fund size since its inception, indicating strong investor interest in the innovative drug sector [1][2]. Fund Performance - As of September 18, 2024, the fund's share volume reached 8.17 billion shares, with a total size of 7.839 billion yuan, reflecting an increase of 1966.38% in share volume and 1974.81% in size compared to its initial figures on December 31, 2023 [1]. - The fund manager, Ma Jun, has achieved a return of 90.14% since taking over management on January 3, 2024 [2]. Trading Activity - The ETF recorded a trading volume of 12.58 billion yuan on September 19, 2024, with an average daily trading amount of 18.71 billion yuan over the last 20 trading days [1]. - Year-to-date, the ETF has accumulated a total trading amount of 206.404 billion yuan over 176 trading days, averaging 11.73 billion yuan per day [1]. Top Holdings - The ETF's major holdings include: - Innovent Biologics (9.52% holding, 263 million yuan market value) - WuXi Biologics (9.47% holding, 258 million yuan market value) - BeiGene (8.73% holding, 238 million yuan market value) - CanSino Biologics (7.62% holding, 208 million yuan market value) - China National Pharmaceutical Group (7.17% holding, 196 million yuan market value) [2].

Core Viewpoint - Kangfang Biotech (09926) has received Orphan Drug Designation from the FDA for its novel anti-CD47 humanized IgG4 monoclonal antibody, Lefacitinib (AK117), for the treatment of acute myeloid leukemia (AML) [1][2] Group 1: Company Developments - Kangfang Biotech's stock rose nearly 3% in early trading, currently up 1.98% at HKD 133.5, with a trading volume of HKD 150 million [1] - The Orphan Drug Designation will provide various incentives for the development and commercialization of Lefacitinib in the U.S., including tax credits for clinical trial costs, waiver of BLA application fees, and potential R&D funding [1] Group 2: Product Details - Lefacitinib specifically binds to CD47 expressed on tumor cells, blocking its interaction with the SIRPα receptor, which enhances macrophage phagocytosis of tumor cells and inhibits tumor growth [2] - The drug's unique design prevents red blood cell aggregation, significantly improving its safety and efficacy compared to other drugs targeting the same pathway, enhancing therapeutic convenience [2]