创新药迎来多重利好，生物医药板块表现活跃

Core Viewpoint - The article discusses the positive impact of the Federal Reserve's interest rate cut on the innovative pharmaceutical industry, highlighting the potential for increased investment and growth in the sector [1]. Market Performance - On September 22, the Shanghai Composite Index opened up by 0.05%, while the ChiNext Index rose by 0.1% [1]. - The cobalt sector saw a strong performance, and the IPO of Moer Thread is set to take place this week, leading to a collective surge in related stocks [1]. - Conversely, the robotics sector experienced a continuous pullback, with declines in the optical chip and oil and gas sectors [1]. Federal Reserve's Interest Rate Cut - The Federal Reserve announced a 25 basis point interest rate cut on September 2025, marking its first cut of the year [1]. - Historical trends indicate that interest rate cuts typically benefit the innovative pharmaceutical sector [1]. Investment Environment - The long development cycles and significant funding needs of innovative drug research suggest that a recovering global financing environment may enhance investment activity in the pharmaceutical industry [1]. - Past interest rate cut cycles have shown a general upward trend in the global biopharmaceutical sector, indicating significant elasticity [1]. - The biopharmaceutical sector in the A-share market has historically performed well during bull market conditions [1]. Recent Developments - Jinfang Pharmaceutical was listed on the Hong Kong Stock Exchange on September 19, 2025, becoming a focal point in the Hong Kong 18A sector [1]. - The company raised $268 million, setting a new high for the sector since 2022, with cornerstone investors subscribing for $100 million, also the highest since 2022 [1]. Future Outlook - In the short term, improved liquidity and market sentiment may drive a valuation recovery in the innovative pharmaceutical sector [1]. - In the long term, lower financing costs are expected to support corporate research and international collaboration, fostering innovation and high-quality development in the industry [1]. - The biopharmaceutical sector has historically performed exceptionally well in environments characterized by interest rate cuts and bull markets [1].