Core Viewpoint - The innovative drug concept stocks experienced a significant decline in the afternoon trading session, influenced by President Trump's announcement regarding drastic cuts in drug prices and potential tariffs on pharmaceuticals, which could create both opportunities and challenges for the global pharmaceutical industry, particularly for Chinese biotech stocks [1] Group 1: Stock Performance - Innovent Biologics (01801) fell by 5.3%, trading at HKD 94.65 [1] - Innovent Biologics (09969) decreased by 3.72%, trading at HKD 17.35 [1] - Federated Pharmaceutical (03933) dropped by 3.03%, trading at HKD 16.31 [1] - Hutchison China MediTech (00013) declined by 1.98%, trading at HKD 24.74 [1] Group 2: Regulatory Impact - President Trump stated that drug prices would be reduced to 1/1400 to 1/1500 of current prices, with immediate tariffs on pharmaceuticals [1] - Analysts suggest that if implemented, this could cause significant disruption in the global pharmaceutical industry [1] Group 3: Market Analysis - Morgan Stanley's report indicates that the likelihood of tariffs on outbound licensing deals (BD) payments is low [1] - Current U.S. tariffs primarily target tangible goods, focusing on production repatriation, while service-related revenues, including intellectual property transfers, are less affected [1] - Most BD agreements grant development and manufacturing rights to global licensees, with some licensees planning to produce approved licensed drugs locally in the U.S. after receiving approval [1]

| 名称 | 最新价 | 涨跌幅 | | --- | --- | --- | | 恒生指数 | 25773.56 | -0.22% | | 800000 | | | | 国企指数 | 9237.89 | -0.11% | | 800100 | | | | 恒生科技指数 | 5840.71 | +0.27% | | 800700 | | | 格隆汇8月26日｜港股上午盘三大指数低开高走，恒生科技指数率先翻红，午间收涨0.27%再度刷新阶 段新高，恒生指数、国企指数分别下跌0.22%及0.11%，市场情绪总体平稳。 盘面上，大型科技股部分由跌转涨，网易、快手、小米、腾讯均翻红，阿里巴巴仍跌超1%，美团、百 度小幅走低；美联储转"鸽"，降息预期下金价上涨逻辑更为清晰，黄金股带领有色金属股齐涨，中国黄 金国际涨7%，灵宝黄金涨超6%；9月新品催化苹果概念股普升，高伟电子、蓝思科技(300433)领涨；濠 赌股拉升，金界控股绩后放量大涨超20%表现最佳，且刷新阶段新高，汽车股、纸业股、乳制品股、航 空股多数上涨。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | ...

Market Overview - The Hong Kong stock market opened lower but rebounded, with the Hang Seng Tech Index rising by 0.27%, reaching a new high for the period [1] - The Hang Seng Index and the China Enterprises Index fell by 0.22% and 0.11% respectively, indicating overall stable market sentiment [1] Sector Performance - Major tech stocks such as NetEase, Kuaishou, Xiaomi, and Tencent turned positive, while Alibaba dropped over 1% and Meituan and Baidu saw slight declines [1] - Gold stocks surged, led by China Gold International, which rose by 7%, and Lingbao Gold, which increased by over 6%, as the Federal Reserve shifted to a dovish stance, making the logic for rising gold prices clearer [1] - Apple-related stocks saw a broad increase due to new product catalysts in September, with companies like GoerTek and Lens Technology leading the gains [1] - Gaming stocks also performed well, with Kwan Hung Holdings surging over 20% post-earnings, marking a new high for the period [1] - Other sectors such as automotive, paper, dairy, and aviation stocks mostly experienced gains [1] Declines in Specific Sectors - Biopharmaceutical stocks generally declined following Trump's announcement of potential tariffs on drugs, with companies like Innovent Biologics and CSPC Pharmaceutical Group seeing drops [1] - The recent adjustment of purchase limits in Shanghai led to a decline in previously strong domestic property stocks, while military, Chinese brokerage, and semiconductor stocks showed weak performance [1]

其他方面，科网股涨跌不一，网易、小米、腾讯涨超1%，哔哩哔哩跌近5%；创新药概念延续涨势，先声药业涨超4%；黄金股活跃，珠峰黄金涨超2%。 跨境ETF方面，港股汽车ETF、中韩半导体ETF涨超3%，港股通汽车ETF涨超2%；港股科技ETF、恒生科技ETF、教育ETF、中概互联网ETF等涨超1%。 盘面上，新消费概念股普涨。其中，名创优品公布财报后，早盘涨超14%。财报显示，2025年上半年，公司实现营业收入93.93亿元，同比增长21.1%。其 中，第二季度营收为49.7亿元，同比增长23.1%。此外，布鲁可涨超2%，六福集团、新秀丽、巨星传奇等跟涨。 其他方面，新能源汽车板块表现强势。其中，小鹏汽车、蔚来涨超9%。昨晚，蔚来新车开启预售，受到市场关注。 每经记者｜曾子建 每经编辑｜肖芮冬 8月22日早盘，港股市场小幅高开。截至发稿时，恒生指数报25206点，上涨0.40%；恒生科技指数报5533点，上涨0.65%。 ...

8月21日早盘，创新药概念集体高开，恒瑞医药绩后涨超1%;，港股医药ETF (159718.SZ)现涨0.66%。成 分股平安好医生(01833)上涨7.69%，丽珠医药(01513)上涨5.95%，金斯瑞生物科技(01548)上涨4.62%， 中国生物制药(01177)，科伦博泰生物-B(06990)等个股跟涨。 港股医药ETF板块构成均衡，不仅包含创新药，还涵盖CXO、互联网医疗、创新器械等港股特色标的， 是投资者配置港股医药板块的便捷标准化工具。建议关注港股医药ETF(159718.SZ)及其联接基金(A 类:019598,C类:019599)。 消息面上，恒瑞医药发布半年报，25H1营业收入157.61亿元,同比增长15.88%；归母净利润44.5亿元， 同比增长29.67%；第二季度营业收入85.56亿元，同比增长12.53%；归母净利润25.76亿元，同比增长 24.88%。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 值得注意的是，恒瑞拟以自有资金，采用集中竞价交易方式从二级市场回购A股股份，用于A股员工持 股计划。拟使用资金总额不低于人民币10亿元，不超过人民币20 ...

Group 1 - The Hong Kong stock market opened slightly higher on August 21, with the Hang Seng Index at 25,216 points, up 0.20%, while the Hang Seng Tech Index was at 5,528 points, down 0.23% [1] - Hong Kong Exchanges and Clearing (HKEX) reported record high revenue and net profit for the first half of 2025, with total revenue of HKD 14.076 billion, a year-on-year increase of 33%, and net profit of HKD 8.519 billion, up 39% [3] - The increase in trading volume in the cash market, derivatives market, and Stock Connect was attributed to the recovery of the Hong Kong stock market and growing global investor interest in non-USD assets [3] Group 2 - HKEX CEO Charles Li indicated that the exchange will explore a 24-hour trading mechanism, which positively impacted the stock price, reaching a high of HKD 447, up 1.31% [4] - Domestic brokerage stocks saw a significant rise, with Guotai Junan International up over 5% and Guotai Haitong up over 2%, while other firms like Zhongzhou Securities and China Galaxy also experienced gains [4] - Various cross-border ETFs, including the Hong Kong Stock Connect Innovative Drug ETF and Hong Kong Securities ETF, showed strong performance, with increases of over 1% [5]

Market Overview - The Hong Kong stock market showed mixed performance with the Hang Seng Index up by 0.2% at 25,216.42 points, while the Hang Seng Tech Index fell by 0.03% to 5,539.65 points [1] - Major tech stocks exhibited varied movements, with Alibaba down by 0.17%, NetEase up by 1.09%, Meituan up by 0.17%, and Bilibili down by 0.15% [1] - Innovative drug concepts opened strong, with Hengrui Medicine rising over 1% post-earnings [1] - Stablecoin stocks surged, with ZhongAn Online increasing by over 6% [1] - Building materials and cement stocks rebounded, while new energy vehicle stocks opened lower [1] Company News - Baidu Group reported Q2 revenue of 32.7 billion yuan, a year-on-year decrease of 4%, but net profit increased by 33% to 7.322 billion yuan [2] - China State Construction International recorded approximately 56.643 billion yuan in revenue for the first half of the year, a 0.1% year-on-year growth, with net profit rising by 5.1% to approximately 5.259 billion yuan [2] - Hong Kong and China Gas reported a revenue of 27.514 billion HKD for the first half, a 0.07% year-on-year increase, but net profit decreased by 2.5% to 2.964 billion HKD [2] - Wynn Macau's revenue for the first half was approximately 13.63 billion HKD, down 7.5% year-on-year, with net profit plummeting by 85.5% to approximately 231 million HKD [2] - Huazhu Group reported a revenue of approximately 11.8 billion yuan for the first half, a 3.5% year-on-year increase, with net profit rising by 41.3% to approximately 2.4 billion yuan [3] - China Evergrande's listing status will be canceled by the Hong Kong Stock Exchange on August 25 [4] Institutional Insights - Industrial Securities noted that the Hong Kong stock market is experiencing a volatile phase, focusing on mid-year performance and value [5] - Guotai Junan Securities highlighted a significant investment of 1.2 trillion yuan in the Tibet Yarlung Tsangpo River downstream hydropower project, which is expected to boost demand for UHV and GIL equipment [5] - CITIC Securities observed that the capital market was active in the first half of the year, benefiting various brokerage services, and sees investment opportunities in the brokerage sector for the second half [5] Industry Trends - Guotai Junan Securities emphasized the rise of China's innovative drugs, particularly in the oncology field, focusing on ADC and immunotherapy innovations [6] - The firm anticipates significant opportunities for independent development and large-scale transactions in the drug sector, particularly in TCE and other innovative therapies [6]

Market Overview - The Shanghai Composite Index closed down 0.02% at 3727.29 points, the Shenzhen Component Index down 0.12% at 11821.63 points, the ChiNext Index down 0.17% at 2601.74 points, and the STAR 50 Index down 1.12% at 1112.27 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 25,883.69 billion [1] Sector Performance - The robotics concept continues to show strength, with innovative drug concepts also gaining momentum, leading to stocks like New Tian Pharmaceutical hitting the daily limit [1] - Huawei-related stocks were active, with companies like Tenglong Co. also reaching the daily limit [1] - The liquid cooling concept maintained its strong performance, with companies like KSD also hitting the daily limit [1] Stock Movements - A total of 2,984 stocks rose, while 2,255 stocks fell, with 185 stocks remaining flat or suspended [5] - The number of stocks with gains exceeding 7% reached 165, while those with losses exceeding 7% totaled 30 [5] Notable Stocks - Innovative drug stocks such as Shenlian Bio and Furuida Co. saw significant gains due to collaborations and product launches [6] - Tenglong Co. and other Huawei-related stocks benefited from developments in the automotive and energy sectors [6] - Companies in the robotics sector, including Yueda Investment and Shanghai Mechanical & Electrical, also experienced notable stock price increases [7] Industry Highlights - The robotics industry is advancing towards commercialization, with major product lines being launched on platforms like JD.com [8] - Huawei's HarmonyOS ecosystem has surpassed 10 million terminal devices, marking a significant milestone in its development [8]

我们再来看看板块的情况：1、华为概念股震荡走强。8月16日央视《对话》节目关注到鸿蒙操作系统生 态的最新进展，华为余承东透露鸿蒙5.0终端用户超千万，标志着其生态体系取得重大突破。有机构认 为，鸿蒙6发布后，生态建设将加速，吸引更多开发者和厂商加入，形成良性循环，推动鸿蒙生态持续 繁荣。 2、CPO等算力硬件股维持强势。有研报指出，全球模型厂商在2025年第二季度将加速推出高性能产 品。用户对token的消耗增长，推动算力需求持续上升。在后GPT-5时代，算力仍是关键资源。 3、创新药概念活跃。国内创新药领域授权交易热度不减。2024年全年创新药授权交易共94次，较上年 增长6%；交易金额总计519亿美元，同比增长26%；首付款总额达41亿美元，增幅为16%。交易数量与 金额均创下历史新高。2025年第一季度，该领域共有33笔授权交易，同比增长32%；交易金额同比激增 超过250%。随着中国创新药研发水平的稳步提升，未来创新药授权交易的数量和金额预计将保持强劲 增长，国产创新药的海外授权交易有望成为常见现象。 第三，今天银行板块没跌，但券商和保险板块跌麻了，不但没有对指数形成支撑，还拖累了指数。 也就是说，今 ...

Market Performance - The stock indices continued to show strength, with the Shanghai Composite Index and Shenzhen Component Index both rising slightly, and the ChiNext Index increasing by over 1% at one point. The North Star 50 Index surged more than 3% [1] - As of the midday close, the Shanghai Composite Index rose by 0.3% to 3739.26 points, the Shenzhen Component Index also increased by 0.3%, the ChiNext Index was up by 0.39%, and the North Star 50 Index gained 3.16%. The total trading volume across the Shanghai, Shenzhen, and North exchanges reached 16,785 billion yuan [1] Sector Performance - On the sector front, insurance, brokerage, and banking sectors experienced declines, while sectors such as liquor, pharmaceuticals, real estate, automotive, agriculture, and food and beverage saw gains. Additionally, sectors related to copper cable connections, CPO concepts, rare earths, and innovative pharmaceuticals were active [1] Market Outlook - According to CITIC Securities, the market is expected to maintain a medium-term slow bull pattern. External conditions show no significant negative factors, with some easing in tariff disputes and geopolitical conflicts, an increase in expectations for FED interest rate cuts, and improvements in domestic economic data. Although sentiment indicators suggest some localized overheating, the market has not reached a point of significant overall overheating, maintaining a pattern of advancing three steps and retreating two [1] - Overall, the market does not currently meet conditions for a bearish outlook, with two potential scenarios for future evolution: one being a market adjustment and consolidation that slows the pace of increase, allowing the slow bull pattern to continue; the other being a rapid market peak, potentially leading to a significant correction due to overheating or deteriorating trading structure, which could end the current slow bull trend [1]