Market Overview - The biopharmaceutical sector experienced a slight decline of 0.12% on October 9, with Rongchang Biopharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Stock Performance - Notable gainers in the biopharmaceutical sector included: - ST Sihuan (code: 000518) with a closing price of 2.39, up 4.82% [1] - Wanzhe Co. (code: 000534) with a closing price of 15.93, up 4.46% [1] - Baipu Sais (code: 301080) with a closing price of 61.67, up 3.54% [1] - Rongchang Biopharmaceutical (code: 688331) saw a significant decline of 11.47%, closing at 103.47 [2] Trading Volume and Capital Flow - The biopharmaceutical sector saw a net outflow of 122 million yuan from institutional investors, while retail investors contributed a net inflow of 156 million yuan [2] - The trading volume for Rongchang Biopharmaceutical was 126,100 shares, with a transaction value of 1.329 billion yuan [2] Individual Stock Capital Flow - Main capital inflows were observed in: - Wantai Biopharmaceutical (code: 603392) with a net inflow of 50.12 million yuan [3] - Zhifei Biological (code: 300122) with a net inflow of 34.08 million yuan [3] - Notable outflows included: - Zhifei Biological with a retail net outflow of 4.29 million yuan [3] - Shenzhou Cell (code: 688520) with a retail net outflow of 3.30 million yuan [3]

三叶草生物、诺诚健华、荣昌生物均跌超10%，歌礼制药、创胜集团、佳科思等多股跌超9%。 (本文来自第一财经) ...

国盛证券指出，过节期间，辉瑞和特朗普达成协议，部分解除了海外MNC的政策担忧，海外MNC迎来 修复，同时也带动港股医药情绪有所修复，对CXO带来正面影响，在这个影响下，中小市值创新药-B 公司尤其是未进通的表现弹性较大。这段时间CXO确实表现相对强势，有业绩期比较优势，也有降息 预期影响，也有行业趋势拐点向上预期影响，几点共振，中长期值得期待。创新药近期因为缺少催化， 借势消化筹码，也有企稳迹象，看好十一后，尤其是Q4创新药表现。 消息面上，中泰证券认为，9月板块延续震荡调整，主要由于3月以来医药板块超额明显，短期内板块催 化相对较少，板块缺少持续上行强动力；此外创新药板块年初以来涨幅较大，资金有兑现收益的需求。 该行认为阶段的震荡调整是相对良性的，且基本面来看创新逻辑并未发生变化。受益海外降息预期、订 单回暖等催化，创新产业链CRO&CDMO、上游等带动医疗服务板块取得较好表现。长周期来看当前医 药板块仍处于估值底部，具备较强的安全边际和上升潜力。 来源：智通财经网 医药股今日普遍重挫，截至发稿，三叶草生物-B(02197)跌14.43%，报2.49港元；荣昌生物(09995)跌 11.54%，报105.4 ...

（文章来源：每日经济新闻） 每经AI快讯，医药股今日普遍重挫，截至发稿，三叶草生物-B(02197.HK)跌14.43%，报2.49港元；荣昌 生物(09995.HK)跌11.54%，报105.4港元；诺诚健华(09969.HK)跌11.48%，报16.65港元；歌礼制药- B(01672.HK)跌9.16%，报10.51港元；泰格医药(03347.HK)跌7.08%，报43.86港元。 ...

医药股今日普遍重挫，截至发稿，三叶草生物-B(02197)跌14.43%，报2.49港元；荣昌生物(09995)跌 11.54%，报105.4港元；诺诚健华(09969)跌11.48%，报16.65港元；歌礼制药-B(01672)跌9.16%，报10.51 港元；泰格医药（300347）(03347)跌7.08%，报43.86港元。 国盛证券指出，过节期间，辉瑞和特朗普达成协议，部分解除了海外MNC的政策担忧，海外MNC迎来 修复，同时也带动港股医药情绪有所修复，对CXO带来正面影响，在这个影响下，中小市值创新药-B 公司尤其是未进通的表现弹性较大。这段时间CXO确实表现相对强势，有业绩期比较优势，也有降息 预期影响，也有行业趋势拐点向上预期影响，几点共振，中长期值得期待。创新药近期因为缺少催化， 借势消化筹码，也有企稳迹象，看好十一后，尤其是Q4创新药表现。 消息面上，中泰证券（600918）认为，9月板块延续震荡调整，主要由于3月以来医药板块超额明显，短 期内板块催化相对较少，板块缺少持续上行强动力；此外创新药板块年初以来涨幅较大，资金有兑现收 益的需求。该行认为阶段的震荡调整是相对良性的，且基本面来看创 ...

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].