Core Viewpoint - The article discusses the recent performance of U.S. stock indices, the anticipated interest rate cuts by the Federal Reserve, and the potential impacts on global markets, particularly focusing on Chinese assets and the RMB exchange rate. Market Performance - As of September 16, U.S. stock indices showed a collective decline, with the Dow Jones Industrial Average at 45,723.21, down 0.35% year-to-date increase of 7.47% [2] - The Nasdaq China Golden Dragon Index rose by 1.05%, reaching 8,540 points, marking a year-to-date increase of over 26% [1][2] - Notable performances among tech giants included Tesla rising by 2.38% and Amazon by 1.51%, while Google and Microsoft experienced slight declines [2] Federal Reserve Interest Rate Cuts - The Federal Reserve is expected to announce a rate cut of at least 25 basis points, with a small chance of a 50 basis point cut during the upcoming meeting [6][10] - There are concerns about potential dissent within the Fed, which could lead to a divided vote, marking a significant moment since 2019 [6][10] - Analysts suggest that the Fed's decision could trigger a global wave of interest rate cuts, impacting markets worldwide [11] Impact on Chinese Assets - The anticipated Fed rate cuts may provide a boost to the A-share market, potentially leading to a second wave of upward momentum in the "golden September and silver October" period [11] - Historical analysis indicates that during previous Fed rate cuts, A-shares and Hong Kong stocks showed varied performance, with growth sectors benefiting from low interest rates [12] - The Fed's actions could alleviate pressure on the China-U.S. interest rate differential, attracting foreign investment into Chinese bonds, particularly government and policy financial bonds [12][13] RMB Exchange Rate - The article suggests that the Fed's rate cuts and the impact of U.S. tariffs on the economy may exert downward pressure on the U.S. dollar index, providing upward momentum for the RMB [13] - It is expected that the RMB exchange rate will remain stable, with limited risks of rapid appreciation or significant depreciation [13]

Market Overview - The market sentiment is positive, with the Wind All A Index reaching a new 10-year high, driven by two main themes: the US-China talks and the Federal Reserve's interest rate cut expectations [1] - A significant development is the agreement between the US and China regarding TikTok, which is seen as a strategic move ahead of the upcoming midterm elections in the US [1] Company Analysis - The Hong Kong pharmaceutical stock, Jiajie Ankang, experienced extreme volatility, dropping from a peak of approximately 680 to below 200, resulting in a market value loss of 200 billion [3] - Jiajie Ankang was listed at 13, with zero revenue and a net loss of over 200 million last year, indicating it is a speculative investment with uncertain future profitability [5] - The stock's volatility was exacerbated by its inclusion in multiple Hang Seng Index series, leading to significant passive buying from index funds, which attracted speculative trading [9] Dividend Sector Insights - The dividend sector has shown signs of stagnation, with many investors losing patience; however, the long-term outlook for Hong Kong dividends remains favorable due to tax advantages for institutional investors [11][12] - The comparison of the dividend yield of the China Securities Dividend Index against the 10-year government bond yield indicates a clear advantage for dividend stocks [14] - Historical performance suggests that fluctuations in the dividend sector are normal, and the focus should remain on long-term trends rather than short-term volatility [16] Investment Strategy Recommendations - Investors are advised to gradually build positions in undervalued sectors when they are out of favor, while managing expectations regarding long-term results [18] - A diversified approach is recommended, focusing on regional balance and multi-asset allocation to optimize long-term investment experiences [18]

此外，在当前A股市场波动加大的情况下，"固收+"基金管理人会如何调整资产配置以争取收益？倪伟 表示，从组合管理的维度来说，目前债券利率比较低，意味着"固收+"产品基础的安全垫是不高的，所 以在权益资产暴露的时候要确定好风险预算和仓位。其次，要对大势有一个判断，即股市大概率是震荡 向上，还是有比较大的下行风险。如果判断是前者，就还是要保留一定的权益仓位，可以做一些股票持 仓结构的调整；如果判断是后者，就要系统性的降低权益仓位。"我们一般是通过仓位和子策略间的负 相关性和分散度来控制回撤的。"倪伟表示。 谈到可转债资产时，倪伟认为，今年以来，随着可转债持续上涨和估值提升，其"进可攻、退可守"的属 性有所下降。目前，可转债和股票的相关性会更强，可转债更多的是交易价值而不是配置价值。"我们 比较看好未来股票市场行情持续性，所以可转债也是有机会的，但更多的是偏股型转债的交易机 会。"倪伟表示。 中证报中证网讯(记者王雪青)9月16日晚间，汇百川基金公募投资部联席总经理倪伟在"中证点金汇"直 播间表示，展望后市行情，比较看好股票市场的表现。在板块方面，更加关注有产业周期驱动的成长性 行业，比如AI、机器人、创新药、新消费 ...

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 ...

药捷安康成为最近港股备受瞩目的焦点。 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。 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。 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。 也是因此，替恩戈替尼可以说是药捷安康最具价值的核心资产之一，且除了替恩戈替尼，药捷安康的其他管线，都还处于相对早期的研发阶段，关注度也 不如替恩戈替尼。 也是因此，目前药捷安康还没有商业化产品，业绩也仍处于亏损状态。 ...

Report Overview - Report Date: September 16, 2025 [1] - Analyst: Zhang Hesheng [1] - SAC Number: S0870523100004 [1] 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - A shares and gold may experience sideways fluctuations, while the bond market presents an opportunity for long - positions. A shares are likely to remain in a high - level oscillation with good structural opportunities in areas like new energy, innovative drugs, rare earths, artificial intelligence, and securities. Long - term interest - rate bonds in the bond market are gradually becoming suitable for long - positions. Gold may move sideways in the short term and potentially break through upwards in the long term [11] 3. Summary by Related Content Stock Market - **US Stocks and Hong Kong Stocks**: In the past week (20250908 - 20250914), the Nasdaq, S&P 500, and Dow Jones Industrial Average changed by 2.03%, 1.59%, and 0.95% respectively, and the Nasdaq China Technology Index changed by 5.64%. The Hang Seng Index changed by 3.82% [2] - **A - shares**: Most A - share sectors rose. The Wind All - A Index rose 2.12%. The CSI A100, CSI 300, CSI 500, CSI 1000, CSI 2000, and Wind Micro - cap stocks changed by 1.54%, 1.38%, 3.38%, 2.45%, 2.16%, and 2.55% respectively. Among different styles, the Shanghai blue - chips and growth sectors (represented by SSE 50 and STAR 50) rose by 0.89% and 5.48% respectively, and the Shenzhen blue - chips and growth sectors (represented by SZSE 100 and ChiNext Index) rose by 1.66% and 2.10% respectively. The North Exchange 50 Index changed by - 1.07% [3] - **Industry Performance**: 26 out of 30 CITIC industries rose, with electronics, real estate, agriculture, forestry, animal husbandry, fishery, media, and computer leading the gains with weekly increases of over 4%. Semiconductor, science and technology innovation, chip, integrated circuit, and information technology innovation ETFs performed well, with weekly increases of over 7% [4] Bond Market - **Domestic Interest - rate Bonds**: In the past week (20250908 - 20250914), the 10 - year Treasury bond futures main contract fell 0.22% compared to September 5, 2025. The yield of the 10 - year active Treasury bond rose 4.10 BP to 1.8670%. Yields of all maturity varieties increased, with those of 20 - year and above varieties rising more [5] - **Funding Costs and Market Operations**: As of September 12, 2025, R007 was 1.4651%, up 0.85 BP from September 5, 2025, and DR007 was 1.4575%, up 2.03 BP. The central bank's net injection in the open market operations (reverse repurchase and central bank bill swaps) in the past week (20250908 - 20250914) was 196.1 billion yuan [6] - **Bond Market Leverage**: The bond market leverage level increased. The 5 - day average of inter - bank pledged repurchase volume increased from 7.31 trillion yuan on September 5, 2025, to 7.49 trillion yuan on September 12, 2025 [8] - **US Treasury Bonds**: In the past week (20250908 - 20250914), US Treasury bond yields decreased. As of September 12, 2025, the 10 - year US Treasury bond yield fell 4 BP to 4.06%. Yields of 10 - year and above maturity varieties decreased [9] Commodity Market - **Dollar and Gold**: In the past week (20250908 - 20250914), the US dollar index fell 0.12%. The US dollar depreciated against the euro, pound, and the on - shore and off - shore RMB. Gold prices rose, with the London spot gold price rising 1.57% to $3651.10 per ounce, and the COMEX gold futures price rising 1.26% to $3646.30 per ounce. Domestic gold prices also increased, with the Shanghai spot gold rising 2.33% to 830.41 yuan per gram and the futures rising 2.22% to 832.50 yuan per gram [10]

Core Viewpoint - The stock of the biopharmaceutical company Yaojie Ankang-B (02617.HK) experienced extreme volatility, soaring by 63.73% to a peak of 679.5 HKD per share before plummeting by over 75% within the same trading day, highlighting the disconnect between stock performance and the company's fundamental financial health [1][3][5]. Company Summary - Yaojie Ankang, founded in 2014, focuses on developing innovative therapies for cancer, inflammation, and cardiovascular diseases, and went public on June 23, 2023, with an IPO price of 13.15 HKD per share [5]. - The company's stock price surged dramatically after announcing clinical trial progress for its core product, Tinengotinib, which is the first FGFR inhibitor in clinical registration for treating cholangiocarcinoma [5][6]. - Despite the stock's meteoric rise, Yaojie Ankang has not achieved commercial profitability, reporting losses of 252 million CNY, 343 million CNY, and 275 million CNY for 2022, 2023, and 2024 respectively, totaling 870 million CNY in losses over three years [7]. Industry Summary - The innovative drug sector in China has seen significant activity, with the sector's index rising over 50% year-to-date as of September 16, 2023, indicating a heightened interest and investment sentiment in the market [8]. - Analysts suggest that the current market enthusiasm for innovative drug companies should be tempered with a rational analysis of their R&D progress, commercialization potential, and cash flow status [8]. - The future of China's innovative drug industry is viewed positively, with expectations for increased capital market support to enhance R&D and international expansion, aiming to elevate China's position from a "pharmaceutical giant" to a "pharmaceutical powerhouse" [9].

Group 1 - The core viewpoint of the article is that XinNuoWei announced on September 16 that it will actively utilize various policy measures introduced by national ministries to promote the high-quality development of innovative drugs [2] Group 2 - The company expressed its commitment to leveraging the recent supportive measures for the innovative drug sector to drive its own innovation and development [2]

Core Viewpoint - The article discusses the dramatic fluctuations in the stock price of the biopharmaceutical company Yaojie Ankang-B, highlighting the volatility and the disconnect between its stock performance and fundamental business metrics [1][6][8]. Stock Performance Summary - On September 16, Yaojie Ankang-B's stock price surged to a peak of 679.5 HKD per share, representing a 63.73% increase, with a market capitalization nearing 270 billion HKD [1]. - However, the stock experienced a sharp decline, dropping to a low of 165 HKD per share, resulting in a maximum intraday loss of over 75%, and closing at 192 HKD, down 53.73% from the previous day [1][3]. - The stock's price had increased over 50 times since its IPO at 13.15 HKD per share just three months prior [6][8]. Company Background and Financials - Yaojie Ankang, established in 2014, focuses on developing innovative therapies for cancer, inflammation, and cardiovascular diseases, currently in the registration phase [6][8]. - The company has not achieved commercial profitability, reporting losses of 252 million CNY, 343 million CNY, and 275 million CNY for the years 2022, 2023, and 2024 respectively, totaling 870 million CNY in losses over three years [8]. - As of mid-2025, the company had cash and cash equivalents of only 449 million CNY, with a significant drop in revenue of 90.4% year-on-year [8]. Market Dynamics and Investor Sentiment - The stock's volatility is attributed to speculative trading, particularly following the announcement of a clinical trial for its core product, Tinengotinib, which is the first FGFR inhibitor for certain cancer patients [7][8]. - The inclusion of Yaojie Ankang in the Hong Kong Stock Connect program has also contributed to increased trading volume and market activity [7]. - Analysts suggest that the current market sentiment towards innovative drugs is high, but caution against making investment decisions based solely on market emotions without considering the company's fundamentals [10][11]. Industry Outlook - The innovative drug sector in China has seen significant activity, with many collaborations and milestones achieved, leading to a 50% increase in the sector's stock performance this year [10]. - The future of China's innovative drug industry is viewed positively, with expectations for enhanced support from capital markets to foster research and international expansion [11].

今日，机器人概念股集体发力，半导体板块表现活跃，带动科创板系列指数上涨。截至收盘，上证科创板50成份指数上涨1.3%，上证科创板成长指数、科 创综指均上涨1.1%，科创100指数上涨0.7%。 国际半导体协会报告显示，2025Q2全球半导体设备出货金额达到330.7亿美元，同比增长24%，从具体各区域半导体设备销售额来看，中国大陆销售额达 113.6亿美元，环比增长11%，以约34.4%的份额稳居全球第一大半导体设备市场。 性较灯的IUU只放宗丑以,荣焦甲 小科创企业,电子、医药生物、电 力设备、计算机行业合计占比超 80%,其中电子、医药生物行业占 比较高 该指数污 0. 7 科创综指ETF易方达 ( 跟踪上证科创板综合指数 令日 该指数污 科创成长50ETF 跟踪上证科创板成长指数 该指数由科创板中营业收入与净利 润等业绩指标增长率较高的50只股 票组成,成长风格突出,业绩高增 令日 该指数污 1. 1! 该指数由科创板全市场证券组成, 全面覆盖大、中、小盘风格,聚焦 人工智能、半导体、新能源、创新 药等核心前沿产业,覆盖科创板上 市的全部17个一级行业,兼具高成 长性与风险分散特征 每日经济新闻 ...