罕见大爆发，年内已翻倍

Core Viewpoint - The Hong Kong innovation drug index has doubled in value this year, reflecting a significant rebound in the pharmaceutical sector, particularly in innovative drugs [4][5]. Market Performance - On August 29, the Hang Seng Index rose by 0.32% to 25,077.62 points, while the Hang Seng Technology Index increased by 0.54% to 5,674.31 points. The Hang Seng Biotech Index surged by 3.71% to 16,719.20 points, indicating strong performance in the biotech sector [2][3]. - The total market turnover was HKD 335.6 billion, with net inflows from southbound funds amounting to HKD 12.046 billion [2][3]. Pharmaceutical Sector Highlights - The Hong Kong innovation drug index saw a year-to-date increase of over 100%, outperforming the broader market and healthcare sector [5][7]. - Notable stocks in the innovation drug index include Rongchang Biologics, WuXi Biologics, and Innovent Biologics, all of which experienced significant price increases [5][7]. Regulatory Developments - On August 28, the National Healthcare Security Administration announced a preliminary review of the drug list for the 2025 medical insurance and commercial insurance innovation drug directory, focusing on new drugs, including CAR-T products and several unique global offerings [7]. Future Market Outlook - Analysts predict that the Hong Kong stock market will continue to attract international capital, driven by the anticipated interest rate cuts by the Federal Reserve and the ongoing reforms in the listing system [11][12]. - The market is expected to experience a trend of upward fluctuations in the third quarter, with potential for valuation and earnings recovery in the fourth quarter due to supportive policies and advancements in the AI sector [12].