港股创新药概念拉升走强，科伦博泰生物、歌礼制药涨超8%，恒瑞医药涨超6%，同源康医药、先声药业涨超5%，翰森制药、信达生物涨超4%，四环医药、复兴药业、石药集团、三生制药涨超3 消息面上，特朗普推迟药品关税以就药品价格作协商。美国总统特朗普上周曾威胁称，将从周三起对药品进口征收三位数关税。但白宫现在表示，可能无需实施这些关税。据一名白宫官员透露 太平洋证券发布研报认为，就行业层面，我们建议关注：1）美联储利率政策的变化，2）投融资的边际变化，3）海外需求的逐步复苏，4）中美关系及地缘政治，5）医保丙类目录、商业保险以 责任编辑：郝欣煜 ...

此外，又见公司股价暴跌。今日早间，新明中国(02699.HK)下跌超80%，股价最低报0.51港元，大跌之后该公司市值已低于6000万港元。9月30日，公司公 布中期业绩亏损1.37亿元，上年同期亏3.35亿元。 该公司主要从事物业开发、物业投资以及物业租赁，主要通过三个分部运营其业务。物业开发分部从事物业开发及销售；物业租赁分部从事出租物业；其 他分部从事投资控股。 盘面上，科网股涨跌不一，快手涨超4%，阿里巴巴、京东涨超2%，网易跌超2%，哔哩哔哩跌超1%。黄金股部分上涨，紫金黄金国际涨超9%；创新药概 念多数高开，三生制药涨超5%；芯片股普涨，贝克微涨超4%。 今日(10月2日)是国庆节第二天，港股市场恢复交易，港股早盘小幅高开。截至发稿，恒生指数开盘报26918点，上涨62点，涨幅0.23%；恒生科技指数报 6483点，上涨17点，涨幅0.27%。 焦点公司方面，宁德时代（300750）(03750.HK)早间高开近5%，股价突破600港元大关。而在本周二，宁德时代A股报收于402元人民币，截至今日开盘， 宁德时代H股较A股溢价幅度达36.63%。 太平洋证券表示，根据公司半年度报告，宁德时代2025 ...

每经记者｜曾子建 每经编辑｜袁东 今日（10月2日）是国庆节第二天，港股市场恢复交易，港股早盘小幅高开。截至发稿，恒生指数开盘报26918点，上涨62点，涨幅0.23%；恒生科技指数报 6483点，上涨17点，涨幅0.27%。 焦点公司方面，宁德时代（03750.HK）早间高开近5%，股价突破600港元大关。而在本周二，宁德时代A股报收于402元人民币，截至今日开盘，宁德时代H 股较A股溢价幅度达36.63%。 盘面上，科网股涨跌不一，快手涨超4%，阿里巴巴、京东涨超2%，网易跌超2%，哔哩哔哩跌超1%。黄金股部分上涨，紫金黄金国际涨超9%；创新药概念 多数高开，三生制药涨超5%；芯片股普涨，贝克微涨超4%。 后市展望： 太平洋证券表示，根据公司半年度报告，宁德时代2025年上半年实现收入1788.86亿元，同比增长7.27%；实现归母净利润304.85亿元，同比增长33.33%；扣 非净利润271.97亿元，同比增长35.62%。宁德时代全球市占率持续领先，电池产量稳步增长。同时，公司盈利能力稳步提升，创新产品矩阵升级构筑新增长 引擎。此外，宁德时代全球化布局加速，产能建设稳步推进。考虑公司在动力电池、储能 ...

9月26日，港股三大指数集体收跌，恒生科技指数跌2.89%报6195点，恒生指数跌1.35%再度回到26000 关口附近，国企指数跌1.49%险守9300点。 | 代码 | 名称 √ | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 800000 | 恒生指数 | 0 | 26128.20 | -356.48 | -1.35% | | 800700 | 恒生科技指数 | | 6195.11 | -184.08 | -2.89% | | 800100 | 国企指数 | | 9303.10 | -141.12 | -1.49% | 盘面上，重科技股集体下挫，小米大跌超8%，京东、快手、阿里巴巴跌超3%；机器人概念股集体下 跌，地平线机器人跌超8%；特朗普表示10月1日起对任何品牌或专利的医药产品征收100%的关税，生 物医药股集体下跌，创新药方向跌幅明显；美国考虑限制海外芯片进口，半导体芯片股多数出现下跌行 情，龙头中芯国际跌5%。另一方面，2025年1-7月中国风力发电量产量累计增长10.4%，风电股全天表 现强势，金风科技涨超4%；重型 ...

创新药概念股持续走低，博瑞医药跌超8%，西藏药业跌超7%，福元医药、振东制药、迈威生物纷纷下 挫。 ...

Market Overview - The Hong Kong stock market opened slightly higher on September 19, with the Hang Seng Index at 26,583.03 points, up 38.18 points, a gain of 0.14% [1] - The Hang Seng Tech Index opened at 6,298.91 points, increasing by 27.69 points, a rise of 0.44% [1] Analyst Ratings and Predictions - Goldman Sachs maintains an "overweight" rating for both A-shares and H-shares, predicting potential upside of 8% and 3% respectively over the next 12 months [3] - The firm recommends investors to buy on dips, focusing on themes such as "Top Ten Private Enterprises in China," AI, anti-involution, and shareholder returns [3] - Goldman Sachs has raised its growth assumptions for Alibaba Cloud for fiscal year 2026 to 30%-32%, increasing its target price for Alibaba's U.S. stock from $163 to $179 and for its Hong Kong stock from HKD 158 to HKD 174, maintaining a buy rating [3] - Citigroup also maintains a buy rating for Tencent, setting a target price of HKD 735, anticipating that Tencent will leverage its AI capabilities to enhance core business monetization [3] Company-Specific Developments - Sunhigh Holdings (山高控股) saw its stock price drop nearly 15% in early trading [3] - The Hong Kong Securities and Futures Commission reported that as of September 1, 2025, 20 shareholders collectively held 24% of Sunhigh Holdings, along with two major shareholders holding 68.46%, totaling 92.46% of shares [5] - The stock price of Sunhigh Holdings increased by 193.6% from HKD 5.82 to HKD 17.09 between April 16, 2025, and September 1, 2025, and was at HKD 14.80 as of September 17, 2025, reflecting a 154.3% increase since April 16 [6] Sector Performance - Technology stocks showed mixed performance, with JD.com rising over 2% and Xiaomi increasing nearly 1%, while NetEase fell over 3% [6] - Chip stocks continued to rise, with Beike Micro (贝克微) gaining over 5% [6] - The innovative drug sector was active, with Xiansheng Pharmaceutical (先声药业) rising over 1% [6] - New consumption concepts mostly opened higher, with NIO (蔚来) increasing over 3% and Jinfang Pharmaceutical-B (劲方医药-B) surging over 115% on its first trading day [6]

Core Viewpoint - The recent inclusion of multiple Hong Kong stocks into the Stock Connect program has led to significant price volatility and increased trading activity, driven by various factors including index adjustments, new capital inflows, speculative trading, and limited share availability [1][2][4]. Group 1: Stock Performance - Several stocks, such as药捷安康-B and佰泽医疗, experienced dramatic price movements after being included in the Stock Connect, with药捷安康-B seeing a peak increase of over 1000% shortly after inclusion, followed by a sharp decline of 53.73% [2][4]. - The average trading volume for these stocks surged significantly post-inclusion, with some stocks experiencing increases in daily trading volume by several times to dozens of times compared to before [3][4]. Group 2: Reasons for Volatility - The adjustment of index constituents has led to passive buying from ETFs tracking these indices, contributing to the volatility of newly included stocks [4][5]. - The inclusion of these stocks has opened up opportunities for mainland investors, resulting in a notable influx of capital into these stocks [5][6]. - Speculative trading has also played a role, particularly in the healthcare sector, where stocks with innovative drug concepts have attracted attention [6][7]. - Many of the stocks included are relatively new to the market, with limited free-floating shares, making them more susceptible to extreme price fluctuations when capital flows in [6][7].

Core Viewpoint - The recent inclusion of multiple Hong Kong stocks into the Stock Connect program has led to significant price volatility, with stocks experiencing sharp increases followed by drastic declines [1][2][3] Group 1: Stock Performance - After being included in the Stock Connect, stocks like Yaojie Ankang-B saw a price surge of 20.13% on September 8, followed by a staggering drop of 53.73% on September 16 [1] - Baize Medical experienced a price increase of over 27% on September 12, with daily volatility reaching 85.55% on September 16 [2] - Other stocks such as Brain Dynamics-B and Xixiang Group also exhibited similar volatile trends post-inclusion [2] Group 2: Market Reactions - The market attributes the volatility to several factors, including adjustments in index constituents leading to passive buying from related ETFs [3] - The new status of these stocks as Stock Connect eligible has expanded the investor base, bringing in more capital and increasing buying pressure [3] - Speculative trading has also played a role, particularly for stocks in the pharmaceutical sector that have recently made significant announcements [3] Group 3: Trading Volume - The average trading volume of the stocks included in the Stock Connect has surged significantly, with some stocks experiencing increases of several times or even dozens of times compared to their pre-inclusion volumes [2]

Group 1 - The innovative drug concept stocks experienced a significant surge, with Dezheng Health hitting the daily limit up [1] - Other companies such as Boteng Co., Zhaoyan New Drug, Enhua Pharmaceutical, Kangchen Pharmaceutical, and Shanghai Yizhong also saw increases in their stock prices [1]

Market Overview - The A-share market experienced a pullback after an initial rise, with all three major indices closing lower. The Shanghai Composite Index fell by 0.12%, the Shenzhen Component Index decreased by 0.43%, and the ChiNext Index dropped by 1.09% [3]. - The total trading volume in the Shanghai and Shenzhen markets reached 2.52 trillion yuan, an increase of 832 billion yuan compared to the previous trading day [1][6]. Sector Performance - The market showed a mixed performance with over 3,300 stocks declining. The non-ferrous metals sector was notably active, with Shengda Resources hitting the daily limit [1]. - The storage chip sector also saw gains, with Demingli reaching the daily limit. Additionally, innovative drug concept stocks experienced localized surges, exemplified by Zhaoyan New Drug achieving three consecutive daily limits in six days [1]. - Conversely, the large financial, liquor, and gaming sectors faced collective declines [2]. Trading Metrics - The limit-up performance rate was recorded at 74%, with 66 stocks hitting the limit and 23 stocks touching the limit [6]. - The performance of stocks that hit the limit yesterday showed a 3.01% return today, with a high opening rate of 68% and a profit rate of 61% [6].