Core Viewpoint - Several biotechnology companies, including Sanofi Biologics, Innovent Biologics, and Rongchang Biologics, experienced significant stock declines, with drops exceeding 10% [1] Company Performance - Sanofi Biologics, Innovent Biologics, and Rongchang Biologics all saw their stock prices fall by more than 10% [1] - Other companies such as Gilead Sciences, Chuangsheng Group, and Jakeson also faced declines, with drops exceeding 9% [1]

Group 1 - The pharmaceutical sector experienced a significant decline, with notable drops in stock prices for companies such as Clover Biopharmaceuticals (-14.43%), Rongchang Biopharmaceuticals (-11.54%), and Innovent Biologics (-11.48%) [1] - According to Zhongtai Securities, the sector has been in a state of adjustment since September, primarily due to the substantial outperformance of the pharmaceutical sector since March, leading to a lack of strong upward momentum in the short term [1] - The report suggests that the current phase of adjustment is relatively healthy, with the fundamental innovation logic remaining unchanged, and the pharmaceutical sector is still at a valuation bottom with strong safety margins and upside potential in the long term [1] Group 2 - Guosheng Securities noted that during the holiday period, Pfizer and Trump reached an agreement that alleviated policy concerns for overseas multinational corporations (MNCs), positively impacting the sentiment in the Hong Kong pharmaceutical market [2] - The CXO sector has shown relative strength, benefiting from performance advantages during earnings periods, expectations of interest rate cuts, and an upward trend in the industry, indicating a positive outlook for the medium to long term [2] - Recent lack of catalysts for innovative drugs has led to a digestion of positions, but there are signs of stabilization, with optimism for performance improvement in Q4, especially after the National Day holiday [2]

Group 1 - Pharmaceutical stocks experienced a significant decline today, with notable drops across various companies [1] - Clover Biotech-B (02197.HK) saw a decrease of 14.43%, trading at 2.49 HKD [1] - Rongchang Biotech (09995.HK) fell by 11.54%, with a current price of 105.4 HKD [1] - Nuo Cheng Jianhua (09969.HK) dropped 11.48%, now priced at 16.65 HKD [1] - Gilead Pharmaceuticals-B (01672.HK) decreased by 9.16%, trading at 10.51 HKD [1] - Tigermed (03347.HK) experienced a decline of 7.08%, with a price of 43.86 HKD [1]

Group 1 - Pharmaceutical stocks experienced a significant decline, with notable drops in companies such as Clover Biopharmaceuticals-B (down 14.43%), Rongchang Biopharmaceutical (down 11.54%), and others [1] - Zhongtai Securities indicated that the pharmaceutical sector has been in a state of adjustment since September, primarily due to the substantial outperformance since March, leading to profit-taking by investors [1] - The report suggests that the current adjustment phase is relatively healthy, with no fundamental changes in the innovation logic of the sector, and that the pharmaceutical sector remains at a valuation bottom with strong upside potential [1] Group 2 - Guosheng Securities noted that during the holiday period, Pfizer and Trump reached an agreement that alleviated policy concerns for overseas MNCs, positively impacting the sentiment in the Hong Kong pharmaceutical market [2] - The CXO sector has shown relative strength due to performance advantages during earnings periods, expectations of interest rate cuts, and an anticipated upward trend in the industry [2] - There are signs of stabilization in the innovative drug sector, which has been lacking catalysts recently, with expectations for improved performance in Q4 following the National Day holiday [2]

Group 1 - Pharmaceutical stocks experienced a significant decline, with notable drops in companies such as Clover Biopharma-B (down 14.43% to HKD 2.49), Rongchang Biopharma (down 11.54% to HKD 105.4), and Innovent Biologics (down 11.48% to HKD 16.65) [1] - According to Zhongtai Securities, the pharmaceutical sector has been in a phase of adjustment since September, primarily due to the substantial outperformance since March, leading to a lack of strong upward momentum in the short term [1] - The firm views the current phase of adjustment as relatively healthy, with the fundamental innovation logic remaining unchanged, and anticipates that the pharmaceutical sector is still at a valuation bottom with strong safety margins and upside potential in the long term [1] Group 2 - Guosheng Securities noted that during the holiday period, Pfizer and Trump reached an agreement that alleviated policy concerns for overseas MNCs, positively impacting the sentiment in the Hong Kong pharmaceutical market and benefiting CXO companies [2] - The CXO sector has shown relative strength due to performance advantages during earnings periods, expectations of interest rate cuts, and an anticipated upward trend in the industry, making it a sector to watch for medium to long-term potential [2] - Recent lack of catalysts for innovative drugs has led to a phase of digestion of positions, but there are signs of stabilization, with optimism for performance improvement post-October, particularly in Q4 [2]

Core Viewpoint - The Hong Kong biopharmaceutical sector experienced a significant decline, with major companies reporting substantial drops in stock prices, indicating a bearish trend in the market [1]. Group 1: Stock Performance - Innovent Biologics (099660) saw a decline of 11.54%, with a latest price of 16.640 and a market capitalization of 293.36 billion, despite a year-to-date increase of 171.90% [2]. - Rongchang Biologics (09995) dropped by 9.20%, priced at 108.600, with a total market value of 612.08 billion, and a remarkable year-to-date increase of 654.17% [2]. - Kelun-Biotech (06990) fell by 7.71%, with a latest price of 533.000 and a market cap of 1,242.88 billion, while still showing a year-to-date increase of 226.39% [2]. - Tigermed (03347) decreased by 6.86%, priced at 43.960, with a market capitalization of 378.51 billion and a year-to-date increase of 44.25% [2]. - WuXi AppTec (02268) experienced a decline of 6.22%, with a latest price of 77.650 and a market cap of 954.09 billion, maintaining a year-to-date increase of 153.34% [2]. - CanSino Biologics (09926) dropped by 5.15%, priced at 134.500, with a market capitalization of 1,238.94 billion, and a year-to-date increase of 121.58% [2]. - Other companies like Junshi Biosciences (01877) and BeiGene (06160) also reported declines, with respective decreases of 3.16% and 2.48% [2].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 榮昌生物製藥（煙台）股份有限公司 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 | 2. 股份分類 | 普通股 | | 股份類別 | A | | 於香港聯交所上市 (註1) | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 688331 | 說明 | | 在上海證券交易所上市 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 355,027,004 | | 0 | | 355,027,004 | | 增加 / 減少 (-) | | | | 0 | | 0 | | | | 本月底結存 | | | | 355,027,004 | | 0 | | 355,027,004 | | 1. 股份分類 | 普通股 | 股份類別 | ...

Core Viewpoint - The biopharmaceutical sector experienced a slight increase of 0.49% on September 30, with Rongchang Biopharmaceutical leading the gains. The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1]. Group 1: Stock Performance - Rongchang Biopharmaceutical (688331) closed at 116.88, with a rise of 6.25% and a trading volume of 85,900 shares, totaling a transaction value of approximately 988.6 million yuan [1]. - Kangbuno (688185) saw a closing price of 79.52, increasing by 2.59% with a trading volume of 16,800 shares, amounting to around 133 million yuan [1]. - Other notable performers included Sanyuan Gene (837344) with a 2.49% increase, closing at 26.74, and Wowo Biopharmaceutical (300357) with a 2.24% rise, closing at 29.19 [1]. Group 2: Capital Flow - The biopharmaceutical sector experienced a net outflow of 31.34 million yuan from institutional investors, while retail investors saw a net outflow of 161 million yuan. Conversely, speculative funds recorded a net inflow of 193 million yuan [2]. - The capital flow data indicates that Junshi Biosciences (688180) had a net inflow of approximately 28.17 million yuan from institutional investors, while it faced a net outflow of 22.59 million yuan from retail investors [3]. - Other companies like Olin Biopharmaceutical (688136) and Wowo Biopharmaceutical (300601) also showed varied capital flows, with Olin experiencing a net inflow of 20.08 million yuan from institutional investors [3].

Core Viewpoint - The A-share market is experiencing a rebound, particularly in the innovative drug sector, with significant inflows into the ETF focused on this area, indicating growing investor confidence and interest in the sector [1][2]. Group 1: Market Performance - As of September 30, the ETF for innovative drugs, Huatai-PineBridge (589120), rose by 2%, marking a potential two-day consecutive increase, with net inflows for two days [1]. - The performance of constituent stocks varied, with companies like BaiLi Tianheng and Rongchang Biologics seeing gains of over 3%, while others like TeBao Biologics experienced a pullback [3]. Group 2: Company Developments - Rongchang Biologics has submitted its innovative ophthalmic drug, RC28, for market approval to treat diabetic macular edema (DME), following a significant agreement with Santen Pharmaceutical for exclusive rights in several Asian markets, valued at 1.295 billion yuan [1]. - At the upcoming ESMO conference in Berlin from October 17 to 21, Rongchang Biologics will present 11 original research results, including a pivotal study on RC48-C016 for treating urothelial carcinoma [1]. Group 3: Industry Trends - The innovative drug sector is at a turning point, with a decade of development leading to a robust ecosystem, and a significant number of overseas licensing deals expected in 2025, which will enhance the valuation of ongoing projects [5]. - The industry is transitioning from a research-driven model to one that emphasizes both research and commercialization, with leading companies poised to enter a profitability phase [5]. - The upcoming ESMO conference and other authoritative academic meetings are anticipated to stimulate business development (BD) events, which have been lacking in recent months [2].

Group 1: Hong Kong Stocks - China Metallurgical Group (01618) rose nearly 7%, with institutions stating that the value of this resource-rich construction company needs urgent reassessment [1] - Rongchang Bio (09995) increased over 5%, as its innovative ophthalmic drug RC28 has been submitted for listing, following a partnership with Santen China [1] - Laikang Pharmaceutical-B (02105) surged nearly 6%, with a cumulative increase of 36% over the last three trading days, driven by positive preliminary results from the Phase I clinical MAD study of LAE102 [1] - UBTECH Robotics (09880) rose over 5%, with a report from CMB International recommending UBTECH as the top pick in the humanoid robot sector and raising its target price [1] - Innovent Biologics (09969) increased over 6%, as the company announced the first prescriptions for Tanshitumomab in several provinces [1] - BrainCo-B (06681) surged over 16%, benefiting from policy catalysts in the brain-computer interface industry, with its cognitive impairment digital therapy product having a first-mover advantage [1] - Yaoshi Bang (09885) rose over 10%, with high-margin business accelerating growth and POCT devices expected to see increased deployment in the second half of the year [1] - DCH Holdings (00179) fell over 7%, as Citigroup downgraded its investment rating from "Buy" to "Neutral," citing limited upside potential for the stock [1] - Minmetals Resources (01208) rose over 2%, planning to issue $500 million zero-coupon convertible bonds maturing in 2030 for overseas debt refinancing [1][2] Group 2: US Stocks - Alibaba (BABA.US) rose 4.65%, with Morgan Stanley reiterating an "Overweight" rating and raising the ADR target price from $165 to $200 [3] - Li Auto (LI.US) increased 3.57%, as the Li One officially commenced delivery at the Changzhou smart manufacturing base, with a report indicating that the i6 model's sales performance is expected to outperform the i8 [3] - JD.com (JD.US) rose 0.15%, announcing that the 2025 Double 11 shopping festival will start on October 9 at 8 PM, two days earlier than last year [3] - Xpeng Motors (XPEV.US) increased 1.76%, with the company announcing that the Xpeng MONA M03 has delivered a total of 180,000 units [3] - New Oriental (EDU.US) rose 4.38%, with a report indicating that the overall business development of the group is stabilizing [3] - Merus (MRUS.US) surged 35.97%, following an agreement with Danish biotech company Genmab for a cash acquisition at $97 per share [3] - Novo Nordisk (NVO.US) fell 0.20%, as Morgan Stanley downgraded its rating to "Sell" and reduced the target price from $99 to $47 [4] - MoonLake (MLTX.US) plummeted 89.93%, with trial results for its therapeutic drug falling far below expectations, leading to a significant target price cut by RBC [4] - TSMC (TSM.US) fell 0.05%, reaffirming that it has not engaged in discussions regarding potential investments or collaborations with any companies [4] - Micron Technology (MU.US) rose 4.22%, with Morgan Stanley predicting that the storage industry price increase cycle may continue into next year [4]