Core Viewpoint - The report from CMB International indicates that the Hang Seng Index rose by 1.9% during the week of September 9-16, 2025, while the Hang Seng Healthcare Index fell by 3.0%, ranking 12th among industry indices and underperforming the market [1] Group 1: Market Performance - The Hang Seng Index increased by 1.9% during the specified week [1] - The Hang Seng Healthcare Index decreased by 3.0%, underperforming the overall market [1] Group 2: Investment Trends - Domestic investors maintained a stable holding ratio through the Hong Kong Stock Connect, while foreign investors slightly reduced their holdings in Hong Kong pharmaceuticals since mid-year [1] - Domestic investors increased their positions in leading and innovative pharmaceutical companies, while foreign investors favored cost-effective CXO companies [1] - There was a reduction in positions for innovative drug targets favored by domestic investors [1] Group 3: Regulatory Concerns - Recent statements by Trump regarding increased restrictions on the import of Chinese pharmaceuticals have raised market concerns about the overseas prospects of domestic innovative drugs [1] - The actual impact of these statements is considered limited due to the low participation of multinational corporations (MNCs) and the increasing reliance of MNCs on Chinese pharmaceutical innovation [1] - The report emphasizes the importance of timing and stock selection in the innovative drug sector after a broad market rally, recommending gradual positioning during market corrections [1]
交银国际：行业波动中内外资略有分歧 择时布局创新药产业链低估优质标的