智通财经网·2025-09-30 03:43Core Viewpoint - The pharmaceutical sector is experiencing strong performance, with notable stock increases for several companies following Trump's announcement of a 100% tariff on all brand/patent drugs starting in October, which is not applicable to generic drugs, biosimilars, and active pharmaceutical ingredients (APIs) [1] Group 1: Stock Performance - Companies such as HAPO (02142) saw an 8.2% increase, trading at HKD 15.71; Zai Lab (09688) rose by 6.83% to HKD 26.6; Innovent Biologics (09969) increased by 6.61% to HKD 18.87; WuXi AppTec (02359) gained 5.37%, reaching HKD 115.7 [1] Group 2: Tariff Impact Analysis - The new tariff policy is expected to have a limited impact on China's innovative drug industry, as most companies have either established production capacity in the U.S. or outsourced manufacturing to local Contract Manufacturing Organizations (CMOs) [1] - The majority of Chinese innovative drugs exported are in the form of APIs or raw biological extracts, which are not affected by the new tariffs, while the export ratio of finished dosage forms is relatively low [1] Group 3: Future Catalysts - Upcoming catalysts include the ESMO conference scheduled for mid to late October, and the results of medical insurance negotiations along with the first version of the commercial insurance innovative drug catalog expected to be released between October and November [1]