Group 1 - The innovative drug concept stocks have experienced significant declines, with notable drops including: Heptares Therapeutics-B down 9.15% to HKD 12.81, Tiansheng Bo Pharmaceutical-B down 7.56% to HKD 1.59, Rongchang Biopharmaceutical down 5.83% to HKD 80, and Innovent Biologics down 6.18% to HKD 86.5 [1] - There are signs of cooling in the innovative drug business development (BD) sector, with data indicating that the total transaction amount in the first half of 2025 in China is projected to be USD 60.8 billion, a year-on-year increase of 129%. In the first three quarters of this year, the transaction amount reached USD 93.7 billion, reflecting a year-on-year growth of 64% [1] - The decline in growth rates for domestic innovative drug BD transactions began in the third quarter, indicating a potential slowdown in the sector [1] Group 2 - The U.S. September employment report shows economic resilience, leading Morgan Stanley to abandon its previous prediction of a 25 basis point rate cut by the Federal Reserve in December [1] - Morgan Stanley now forecasts that the Federal Reserve will lower interest rates in January, April, and June of 2026, bringing the target policy rate range down to 3%-3.25% [1] - Analysts suggest that the cooling expectations for Federal Reserve rate cuts may impact the valuations of the innovative drug sector and overseas biopharmaceutical investment and financing [1]
港股异动 | 创新药概念股跌幅居前 创新药BD已有降温迹象 降息预期降温或冲击估值及投融资