药捷安康成为最近港股备受瞩目的焦点。 近一周的暴涨的背后，到底是行情驱动，还是精心操纵？ 01 在部分人看来，药捷安康这波行情，并非无的放矢。 今年以来，整个创新药板块均表现不错。截止8月底，港股整个医药板块翻倍股达到16只，板块整体热度较高。 在上周市场纷纷讨论，药捷安康是否配得上其700亿市值之时，昨日，药捷安康股价再次暴涨，市值直接突破2500亿港元，超越康方生物等一众成熟药企。 今日盘中，药捷安康股价更是高见679.5港元，9月以来最大涨幅超10倍。 若从今年6月港股上市时，仅13.15港元/股的发行价算起，不到三个月的时间，药捷安康股价直接暴涨近50倍！ 然而午后，药捷安康突发跳水，较日内高点跌超70%，总市值直接蒸发近2000亿港元。 来源：图虫 而在9月10日，药捷安康发布一则公告，披露其核心产品替恩戈替尼的一项II期临床试验获得了中国药监局的临床默示许可，被视为此次行情的主要推动力 之一。 公开资料显示，替恩戈替尼（Tinengotinib）是一款创新多靶点小分子激酶抑制剂（MKT），靶向FGFR/VEGFR、JAK和Aurora三大通路，通过靶向肿瘤细 胞和改善肿瘤微环境发挥抗肿瘤作用。 目 ...

Core Viewpoint - The recent surge in the stock price of药捷安康 has raised questions about its valuation and market manipulation, with its market capitalization reaching 250 billion HKD before experiencing a significant drop [1][4][11]. Group 1: Stock Performance -药捷安康's stock price increased dramatically, peaking at 679.5 HKD, representing a more than tenfold increase since September [1]. - Since its IPO in June at an issue price of 13.15 HKD, the stock has surged nearly 50 times within three months [1][4]. - However, the stock experienced a sharp decline, dropping over 70% from its intraday high, resulting in a market value loss of nearly 200 billion HKD [1]. Group 2: Market Dynamics - The overall innovative drug sector has performed well, with 16 stocks in the Hong Kong pharmaceutical sector doubling in value by the end of August [4]. - The announcement of a Phase II clinical trial approval for its core product,替恩戈替尼, was a significant catalyst for the stock's rise [4][6]. - The stock's trading dynamics were influenced by its inclusion in the Hong Kong Stock Connect, which typically leads to increased liquidity and speculative trading [9][11]. Group 3: Financial Performance -药捷安康 has not yet commercialized any products and continues to report losses, with pre-tax losses of 252 million, 343 million, and 275 million CNY from 2022 to 2024, totaling 870 million CNY [6][8]. - In the first half of 2025, the company reported zero revenue and a pre-tax loss of 123 million CNY, indicating ongoing financial challenges [8]. Group 4: Regulatory and Structural Issues - The company's share structure, with 98% of shares locked up before the market's speculative trading, has raised concerns about potential manipulation [9][11]. - Historical patterns in the Hong Kong market suggest that stocks with high ownership concentration and low liquidity are prone to significant price volatility [26][30].

Core Viewpoint - The stock of Yaojie Ankang-B experienced extreme volatility on September 16, initially surging over 60% before plummeting to a closing loss of 53.73%, resulting in a market capitalization drop from 245.7 billion HKD to 76.2 billion HKD [1][7]. Group 1: Stock Performance - On September 16, Yaojie Ankang-B's stock price rose over 60% in the morning, reaching 619 HKD per share, with a market cap of 245.7 billion HKD, surpassing other notable biotech firms [1]. - The stock then faced a dramatic decline, closing at 192 HKD per share, marking a 53.73% drop and a market cap reduction to 76.2 billion HKD [1][7]. - Since its listing on June 23, Yaojie Ankang-B's stock has seen a cumulative increase of over 13 times, with significant daily gains of 77% and 116% on September 12 and 15, respectively [4][10]. Group 2: Company Background and Financials - Yaojie Ankang-B is a biopharmaceutical company focused on developing innovative therapies for oncology, inflammation, and cardiovascular metabolic diseases, currently in the clinical trial phase [4]. - The company reported a combined loss exceeding 600 million RMB for 2023 and 2024, with losses of 343 million RMB and 275 million RMB for each respective year [3][6]. - As of September 15, the top 10 brokerage firms held 99.82% of the shares, indicating a high concentration of ownership and limited market liquidity [3][9]. Group 3: Market Dynamics - The stock's volatility is attributed to its small float, with a significant portion of shares held by major stakeholders, including the founder, who owns 32.98% [9]. - The recent surge in stock price is linked to its inclusion in the Hong Kong Stock Connect on September 8, which has attracted significant investment from the program [10]. - The lack of short-selling options in the market exacerbates price movements, making the stock susceptible to rapid increases and subsequent declines [9].

Group 1: Top Net Buy/Sell Companies - Alibaba-W (9988.HK) had the highest net buy amount of ¥179.99 billion with a holding change of 119,120,888 shares[8] - Horizon Robotics-W (9660.HK) ranked second with a net buy of ¥37.96 billion, increasing its holdings by 371,459,400 shares[8] - Pop Mart (9992.HK) led the net sell list with a net sell amount of -¥25.29 billion, decreasing its holdings by 9,136,051 shares[9] Group 2: Industry Distribution of Net Buy/Sell - The report highlights significant net buying in the Consumer Discretionary sector, particularly with companies like Alibaba and Meituan[11] - Financial sector companies like Ping An (2318.HK) and AIA (1299.HK) also saw substantial net buying, indicating investor confidence in financial services[8] - The Information Technology sector experienced notable net selling, particularly with companies like Xiaomi and Kuaishou, reflecting a shift in investor sentiment[9] Group 3: Active Stocks - Alibaba-W (9988.HK) was the most active stock with a total trading volume of ¥87.74 billion and a net buy of ¥20.76 billion on the Shanghai Stock Connect[18] - Meituan-W (3690.HK) had a trading volume of ¥50.99 billion but recorded a net sell of -¥16.35 billion, indicating a decline in investor interest[18] - Tencent Holdings (0700.HK) showed a trading volume of ¥31.72 billion with a slight net buy of ¥1.85 billion, suggesting stable investor confidence[18]

Market Overview - The Hong Kong stock market experienced narrow fluctuations on September 15, with the Hang Seng Index closing at 26,446.56 points, up 58.40 points, or 0.22% [1] - The Hang Seng Tech Index closed at 6,043.61 points, increasing by 54.34 points, or 0.91% [1] Company Highlights - Pharmaceutical company Yaojie Ankang-B (02617.HK) saw its stock price surge by 115.58% to close at HKD 415, after reaching a peak of HKD 431.4 during the day [2][3] - Yaojie Ankang's stock has increased over 30 times since its IPO price of HKD 13.15, with a market capitalization exceeding HKD 120 billion [2] - The company reported zero revenue and a loss of HKD 123 million in the first half of the year, focusing on innovative therapies for cancer and other diseases [3] Clinical Developments - Yaojie Ankang received clinical approval for its core product, Tinengotinib, for treating specific types of breast cancer, indicating promising early clinical results [4] Other Company Movements - Contemporary Amperex Technology Co., Limited (CATL) saw its A-shares rise by 14%, reaching a historical high of HKD 371.52, while its H-shares peaked at HKD 476.8, closing at HKD 465, up 7.44% [7][8] - CATL's global market share remains strong, with a gross margin of 25.58% reported for the first half of 2025, and ongoing expansion in production capacity [9] Sector Performance - The technology sector showed mixed results, with companies like Bilibili-W (09626.HK) rising nearly 5%, while others like Lenovo Group (00992.HK) fell over 2% [12] - The healthcare, technology, and consumer goods sectors are expected to perform well following potential interest rate cuts, while utilities and telecommunications may lag [14]

Market Overview - The Hong Kong stock market experienced narrow fluctuations on September 15, with the Hang Seng Index closing at 26,446.56 points, up 58.40 points, or 0.22% [1] - The Hang Seng Tech Index closed at 6,043.61 points, increasing by 54.34 points, or 0.91% [1] Company Highlights - The stock of Yaojie Ankang-B (02617.HK) surged by 115.58% on the day, reaching a closing price of 415 HKD after hitting a peak of 431.4 HKD, marking a 124% intraday increase [2][3] - Yaojie Ankang's initial public offering price was 13.15 HKD, and within less than three months, its market value has exceeded 120 billion HKD, with a cumulative increase of over 30 times [2][3] - Yaojie Ankang is focused on developing innovative small molecule therapies for oncology, inflammation, and cardiovascular metabolic diseases, currently in the clinical registration phase [3] Clinical Developments - On September 10, Yaojie Ankang received clinical approval from the National Medical Products Administration of China for its core product, Tinengotinib (TT-00420), in a Phase II trial for treating HR+/HER2- breast cancer [4] - Early clinical results indicated promising effects of Tinengotinib in patients who have undergone multiple treatments, suggesting potential breakthroughs in treatment strategies [4] Other Company Movements - Contemporary Amperex Technology Co., Limited (CATL) saw its A-shares rise by 14%, reaching a historical high of 371.52 CNY, while its H-shares peaked at 476.8 HKD, closing at 465 HKD, up 7.44% [7][8] - CATL's global market share remains strong, with a gross margin of 25.58% reported for the first half of 2025, indicating stable profitability [9] Sector Performance - The technology sector showed mixed results, with notable gains in companies like Alibaba (09988.HK), which rose over 2% [10] - The automotive sector also performed well, with NIO-SW (09866.HK) increasing by over 3% [12] - Southbound funds continued to see significant net inflows, exceeding 14 billion HKD on the first trading day of the week [12] Future Market Outlook - Analysts predict that the Hong Kong market will strengthen following the Federal Reserve's potential interest rate cuts, with historical data suggesting an average increase of 35.4% in the Hang Seng Index over the following 12 months [14]

Core Viewpoint - The stock of药捷安康-B (02617) has surged over 50% since its listing on June 23, with a current price increase of 21 times from the initial offering price of 13.15 HKD, reaching 287 HKD and a market capitalization exceeding 110 billion HKD [1] Group 1: Stock Performance - The stock price has increased by 49.09% as of the latest report, with a trading volume of 2.199 billion HKD and a total market value surpassing 110 billion HKD [1] - The stock has experienced a significant volatility with an amplitude of 71% and a turnover rate of only 3.14% [1] Group 2: Regulatory and Clinical Developments - The company has been included in the Hong Kong Stock Connect list effective from September 8, as announced by the Shanghai and Shenzhen Stock Exchanges [1] - On September 10, the company announced that its core product, Tiengogatin combined with Fulvestrant, received clinical implied approval from the National Medical Products Administration for a Phase II trial in treating hormone receptor-positive (HR+) and HER2-negative or low-expressing recurrent or metastatic breast cancer, expected to be completed by September 10, 2025 [1] Group 3: Financial Performance - The company reported no revenue from its main business in the first half of the year, with other income declining from 10.4 million HKD in the first half of 2024 to 3.6 million HKD, a decrease of 65.1% [1] - The pre-tax loss for the first half of the year was 123 million HKD, an improvement compared to a loss of 160 million HKD in the same period of 2024 [1] Group 4: Shareholding Structure - The founder, Wu Yongqian, holds a significant stake of 32.98%, contributing to a limited market float due to substantial institutional holdings [1]

Core Viewpoint - The stock of Hu Shang A Yi (02589) has seen a significant increase, attributed to its inclusion in the Hong Kong Stock Connect list and positive mid-year financial results [1][1]. Financial Performance - For the first half of the year, Hu Shang A Yi reported revenue of 1.818 billion RMB, representing a year-on-year increase of 9.7% [1]. - The profit attributable to the parent company was 203 million RMB, showing a year-on-year growth of 20.9% [1]. - Basic earnings per share were reported at 1.97 RMB [1]. Market Strategy - The company has been optimizing its store structure and steadily opening new locations, focusing on the lower-tier markets [1]. - The number of stores has seen stable growth, contributing to revenue enhancement [1]. - The net profit margin attributable to the parent company increased by 1.0 percentage points year-on-year, reflecting improved profitability [1]. Product Development - Hu Shang A Yi is actively exploring other sub-brands, such as the lower-priced "Tea Waterfall," and has maintained a strong pace in research and new product launches, introducing 136 new products during the period [1]. Competitive Position - The company has demonstrated significant competitiveness in northern markets, and with improved management and adjustments in weaker markets, there is potential for gradual improvement and upward elasticity [1].

Group 1 - Tianyue Advanced (02631) is expected to be included in the Hong Kong Stock Connect after the price stabilization period, which typically lasts for 30 days, with predictions for inclusion around September 15 or mid to late September [1][2] - Inclusion in the Hong Kong Stock Connect is anticipated to attract more southbound capital, enhance market liquidity, and increase the company's visibility in the capital market, which may also boost the entire silicon carbide industry chain [1] - Historical data indicates that stocks included in the Hong Kong Stock Connect often experience significant short-term benefits, with passive funds, especially ETF funds tracking related indices, likely to buy in for allocation needs, providing support for the stock price [1] Group 2 - Tianyue Advanced is recognized as a leading company in the domestic silicon carbide substrate sector, having achieved mass production of 8-inch substrates and being the first to launch 12-inch substrate products, demonstrating technological leadership [2] - The company's customer base includes top international semiconductor manufacturers such as Infineon, Bosch, and ON Semiconductor, with applications in electric vehicles, AI data centers, and photovoltaics, showcasing strong customer recognition and downstream expansion capabilities [2]

Market Overview - The Hong Kong stock market opened higher and slightly retreated, with the Hang Seng Index closing at 26,388.16 points, up 301.84 points, a rise of 1.16% [1] - The Hang Seng Tech Index closed at 5,989.27 points, increasing by 100.50 points, a rise of 1.71% [1] Company Highlights - A notable company,药捷安康 (Jiangsu Hengrui Medicine Co., Ltd.), is focused on discovering and developing innovative small molecule therapies for tumors, inflammation, and cardiovascular metabolic diseases. It was recently added to the Hong Kong Stock Connect list, allowing southbound funds to purchase its shares [3] -药捷安康-B (02617.HK) saw its stock price rise over 130% during the day, ultimately closing with a gain of 77% [4] - Other newly added stocks in the Hong Kong Stock Connect include 博雷顿 (Boreton, 01333.HK), which closed up over 21%, and 曹操出行 (Caocao Chuxing, 02643.HK), which peaked at a 14% increase during the day [5] Market Trends - Analysts noted a strong influx of southbound funds into the Hong Kong stock market, leading to significant price increases for newly added stocks. However, the T+0 trading system in Hong Kong presents risks of high volatility [7] - The technology sector in Hong Kong maintained a strong performance, with notable increases in stock prices for major companies such as 百度集团 (Baidu, 09888.HK) up over 8%, 阿里巴巴 (Alibaba, 09988.HK) up over 5%, and 腾讯控股 (Tencent, 00700.HK) up over 2%, closing at 643.5 HKD, nearing its historical high [7] Future Outlook - 中金公司 (CICC) highlighted that the Hong Kong market's key characteristic this year is structural performance over index performance, with a focus on sectors driven by profit trends [10] - 花旗 (Citi) raised its year-end target for the Hang Seng Index by 7% to 26,800 points, with expectations for further increases to 27,500 points and 28,800 points in the first half and by year-end next year, respectively [10] - 广发证券 (Guotai Junan) analyzed past performance during the Federal Reserve's rate-cutting cycles, indicating that the Hong Kong market tends to rise in the 12 months following the first rate cut, suggesting a favorable environment for A/H assets [10]