医药生物行业行业研究：黄金及铜有色股份带动医药BD交易大涨

• The Hang Seng Index rose by 2.2% over the week, closing at 23,792 points, while the Hang Seng Tech Index also increased by 2.2%, closing at 5,286 points[1] - The market was influenced by the anticipation of a call between the US and Chinese presidents, leading to increased trading volume to HKD 235.6 billion, although the average daily turnover decreased by 7.6% to HKD 203.9 billion[1] - The materials and healthcare sectors saw significant gains, with their respective indices rising by 5.6% and 4.1%, driven by stocks in gold, copper, and innovative drug BD transactions in China[1] - The net inflow of HKD 14.9 billion into the Hong Kong Stock Connect indicated a continued preference for high-dividend stocks[1] - The overall market sentiment was supported by a rise in global risk appetite, although the current valuation has significantly recovered, leading to a low AH premium index and a generally volatile market[1] - The call between the US and Chinese presidents helped ease bilateral tensions and reduce uncertainty, potentially improving market sentiment in Hong Kong[1] - However, significant differences remain between the US and China on issues such as tariffs, high-end chip imports, market reforms, industrial subsidies, and fentanyl, suggesting slow and repetitive progress in reaching consensus[1]