创新药仍在阶段性调整区间。9月19日，A股市场上，康弘药业跌6%，信立泰、科伦药业跌逾3.8%，重 仓A股创新药的药ETF（562050）场内跌1.91%。 港股方面，100%聚焦创新药研发的港股通创新药ETF（520880）高开低走，场内跌1.58%，成交3.35亿 元。成份股映恩生物-B跌14.22%居前，权重股信达生物跌5.44%。 【港股通创新药ETF（520880）：不含CXO，纯正创新药，港股高弹性】 值得关注的是，港股通创新药ETF（520880）盘中翻绿走低区间，场内再起溢价，且跌幅愈深，溢价愈 高，反映或有资金逢跌吸筹。 近期行情波动加大，低吸资金持续涌入。数据显示，截至9月18日，520880已连续13日吸金，金额合计 超6.7亿元。兴证全球策略首席张忆东日前提示，9月份或是创新药布局良机。 本周（9月15日-19日），港股通创新药板块波动进一步加大，高弹性港股通创新药ETF（520880）场内 累跌4.01%，周线两连阴，单周成交21.59亿元，环比显著缩量。 短期波动不改板块长期逻辑，消息面上并无实质性利空，港股通创新药ETF（520880）基金经理丰晨成 认为，现在应保持对创新药板块 ...

药捷安康近期股价走势 本报（chinatimes.net.cn）记者栗鹏菲 叶青 北京报道 一场围绕创新药企药捷安康的资本狂欢，在经历9月16日的"惊天"震荡后余波未平。截至2025年9月18日 收盘，药捷安康-B（2617.HK）的股价为183.2港元，当日跌幅为12.43%，较9月16日历史高点下跌超 70%，市值维持在727.12亿港元左右。 受药捷安康股价剧烈波动影响，作为跟踪国证港股通创新药指数的代表性产品，港股通创新药ETF （520880）在2025年9月15日至9月17日期间，连续三个交易日净值下跌，累计跌幅为2.4%。跟踪恒生 创新药指数的恒生创新药ETF（520500），同样累计跌幅为2.41%。 药捷安康股价异动的导火索，源于一则临床进展公告。9月10日，公司宣布核心产品替恩戈替尼联合疗 法获国家药监局临床默示许可。尽管消息面利好，公司基本面却未发生实质改变：截至今年6月末，公 司尚无药品上市销售，上半年营收为零，净亏损1.23亿元。在缺乏业绩支撑的背景下，其股价被资金迅 速推高后又急速回落，凸显出创新药领域投资的高风险特性。 资金推动下的估值泡沫：流通盘成炒作温床 药捷安康是一只典型的 ...

| | (2025-01-02日) - 4 2025-09-09日) (170日) | | | --- | --- | --- | | 涨跌幅 | 120.19% 年化收益率 | 219.24% | | 行业对比 2 | - 最大回散 2 | -29.27% | | 涨跌 | 1602.84 开盘价 | 1332.85 | | 收盘价 | 2936.42 最高价 | 2986.61 | | 均价 | 1936.32 最低价 | 1230.69 | | 振 幅 | 131.67% 阳 线 | | | 成交额 | 2.24万亿 阴 线 | 77 | | 成交量 | 1559.30亿 平线 | 0 | | 区间换手 | 179.30% 最大量 | 21.21亿 | | 日均换手 | 1.05% 最小量 | 1.06亿 | 近期调整是什么原因？见顶信号，还是"倒车接人"？ 港股通创新药ETF（520880）基金经理丰晨成最新 解读来了！ 近两周时间，创新药板块接连调整，截至9月18日，创新药含量100%的港股通创新药ETF（520880）近 9个交易日中，仅有1日微涨0.15%报收。 1、创新药缘何涨势暂歇？ 近期生 ...

Core Viewpoint - The stock of Yaoke Ankang experienced a dramatic rise and fall within a short period, reflecting the volatile nature of the market and investor sentiment towards innovative drug companies in Hong Kong [3][4]. Company Overview - Yaoke Ankang, a company focused on the drug Tinengotinib, saw its stock price surge by 10 times after its IPO three months ago, reaching a market capitalization close to 270 billion HKD [3][6]. - The company was included in the national index for innovative drugs, which attracted significant passive investment, leading to a rapid increase in stock price [3][8]. Market Dynamics - The stock price increased by 447% from September 8 to September 15, 2023, driven by positive clinical trial news and inclusion in major indices, but then plummeted by 53.73% on September 16 [3][8]. - The limited free float of shares (approximately 549,000 shares, or 1.38% of total shares) contributed to the stock's volatility, as it made the price more susceptible to market sentiment [3][6]. Investor Behavior - Investors in the secondary market tend to focus on short-term gains, often leading to speculative trading behaviors such as "chasing highs" and "panic selling" [3][7]. - The influx of mainland capital through the Hong Kong Stock Connect has intensified speculative trading in the innovative drug sector, which may undermine long-term investment confidence [9]. Future Outlook - The market's current enthusiasm for innovative drugs presents a unique opportunity for companies to secure funding for research and development, but it also raises concerns about the sustainability of such valuations [9][11]. - Yaoke Ankang's reliance on a single core asset and the timing of its IPO may hinder its ability to maintain a stable market valuation without significant clinical milestones [11][13].

Core Viewpoint - The recent volatility in the Hong Kong innovative drug sector, particularly the extreme price fluctuations of Yaojie Ankang-B (2617.HK), has raised questions about the rationale behind its inclusion in major indices despite lacking revenue and being newly listed [3][10]. Group 1: Stock Performance and Market Reaction - Yaojie Ankang experienced a dramatic stock price increase of over 550% within six days, reaching a market capitalization of HKD 164.7 billion, entering the "billion-dollar club" [7][8]. - On September 16, the stock saw a "bungee jump" pattern, soaring over 63% before closing down 5.73%, with a total intraday fluctuation of nearly 124% [6][7]. - Following this volatility, several innovative drug ETFs, including the Silver Hua National Innovation Drug ETF, fell by 2.98%, leading the decline in cross-border ETFs [5][6]. Group 2: Inclusion in Indices and Controversy - The inclusion of Yaojie Ankang in the National Innovation Drug Index raised concerns, as the company had been listed for less than three months and reported no revenue, with a pre-tax loss of HKD 123 million for the first half of the year [10][11]. - The index's criteria for inclusion require companies to have no significant violations or financial issues, which Yaojie Ankang did not meet due to its lack of operational history and ongoing product development [10][11]. - The rapid inclusion of new stocks in indices has sparked debate, particularly regarding the impact on passive investment products that must track these indices, leading to significant volatility in their net asset values [12][13].

港股创新药板块近期上演了一场罕见的"心跳"行情。 药捷安康-B（2617.HK，下称"药捷安康"）前一天刚玩完"暴涨63%又闪崩收跌"的蹦极走势，多只港股 创新药ETF又在9月17日开盘时，就"霸榜"跨境ETF跌幅榜，多只产品跌超1%。 这家刚上市不足三个月、还没一分钱营收的生物制药公司，短短六天股价飙涨超550%，甚至一举跻身 千亿市值俱乐部，更火速被纳入多只指数成分股，引得指数产品被动"上车"，同时引发"凭什么？"的广 泛争议。 剧烈波动背后，不仅ETF投资者很"受伤"，创新药投资的高风险特性再次引人深思。有指数投研人士受 访称，核心争议在于，为什么一只上市不到三个月、尚无业绩支撑的新股，可以被纳入指数成分股，且 占据了不低的比重。 而相关基金公司人士向第一财经透露，事件发生后，已和指数公司进行沟通。 港股创新药ETF领跌 9月17日，港股创新药主题ETF早盘即陷入调整，并占领跨境ETF的跌幅榜。截至收盘，银华国证港股 通创新药ETF下跌2.98%，位居跌幅榜首；汇添富国证港股通创新药ETF同样下跌2.29%；此外，博时恒 生港股通创新药精选ETF、工银国证港股通创新药ETF等多只产品跟跌，跌幅均超1%。 ...

药捷安康"魔幻行情"引爆争议 港股创新药板块近期上演了一场罕见的"心跳"行情。 药捷安康-B（2617.HK，下称"药捷安康"）前一天刚玩完"暴涨63%又闪崩收跌"的蹦极走势，多只港股 创新药ETF又在9月17日开盘时，就"霸榜"跨境ETF跌幅榜，多只产品跌超1%。 这家刚上市不足三个月、还没一分钱营收的生物制药公司，短短六天股价飙涨超550%，甚至一举跻身 千亿市值俱乐部，更火速被纳入多只指数成分股，引得指数产品被动"上车"，同时引发"凭什么？"的广 泛争议。 剧烈波动背后，不仅ETF投资者很"受伤"，创新药投资的高风险特性再次引人深思。有指数投研人士受 访称，核心争议在于，为什么一只上市不到三个月、尚无业绩支撑的新股，可以被纳入指数成分股，且 占据了不低的比重。 而相关基金公司人士向第一财经透露，事件发生后，已和指数公司进行沟通。 港股创新药ETF领跌 9月17日，港股创新药主题ETF早盘即陷入调整，并占领跨境ETF的跌幅榜。截至收盘，银华国证港股 通创新药ETF下跌2.98%，位居跌幅榜首；汇添富国证港股通创新药ETF同样下跌2.29%；此外，博时恒 生港股通创新药精选ETF、工银国证港股通创新药ETF ...

牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限 量发放！先到先得！ 今年以来，创新药板块表现亮眼，成为引领市场上行的主流板块之一。近期海外创新药相关 消息扰动市场，整体波动加大，对此基金经理如何看待？行至当下，创新药板块的真实投资 价值几何？基本面又有哪些变化？医药板块还有哪些细分领域的机会值得关注？记者邀请了 三位聚焦创新药领域投资的基金经理——嘉实基金大健康研究总监郝淼，平安基金权益投资 部医药基金经理周思聪，长城基金权益投资部副总经理、基金经理谭小兵，对上述议题展开 探讨。 调整充分利好共振 估值层面，创新药板块经历3年深度调整后迎来修复，资金大幅回流进而推动板块估值修复。 记者：近年来，企业积极出海，叠加政策支持，将如何影响创新药行业竞争格局？ 周思聪：BD和医保政策，如同硬币的两面，正从外部和内部双向驱动，深刻地改变中国创新 药行业的竞争格局。 海外授权主要带来三方面影响：第一，加速国产创新药企业的新陈代谢；第二，"输血"效应 加剧分化；第三，倒逼研发全球化，提高国产创新药企业自身的研发标准和国际化视野。 医保政策带来的影响也主要体现在三方面：第一，确立了 ...

（文章来源：第一财经） 开源证券研报表示，2025年上半年中国Biotech企业收入整体维持稳定增长，净亏损呈现快速收窄趋 势。中国创新药资产迎来出海浪潮，BD交易总金额持续刷新纪录。未来6-12个月，建议关注包括下一 代IO、减重、小核酸等在内的市场空间较大的7个创新药赛道。这些领域正在发生着积极变化或在短期 内有望迎来价值拐点，国内相关公司亦在积极布局，甚至在某些领域做到了全球领先。 ...

Investment Rating - The industry investment rating is "Buy" (maintained) [2] Core Viewpoints - The domestic innovative drug industry is entering a turning point in 2025, shifting from capital-driven to profit-driven operations, with ongoing support from fundamentals and policies expected to continue the dual recovery trend in performance and valuation [6][38] - The demand side shows significant certainty advantages, while the supply side is improving in terms of industry and market competition, leading to an overall optimization of the supply-demand structure [6][41] Summary by Sections Market Analysis and Outlook - The innovative drug sector is experiencing a recovery, with key policies supporting market expansion, including the introduction of the first Class B medical insurance directory and ongoing support for innovative drug pricing mechanisms [6][39][40] - Recent performance data shows a median weekly decline of 2.62% among 85 sample innovative drug companies, with notable performers including Yaoke Ankang-B and Shengnuo Pharmaceutical-B [7][18] Clinical Progress and Investment Opportunities - The KRAS G12D clinical progress indicates significant unmet clinical needs in pancreatic cancer, with promising data from Revolution Medicines showing improved efficacy compared to traditional chemotherapy [7][30][36] - The report highlights two main investment lines: 1. Pharma companies transitioning to innovation, with strong performance resilience and a focus on companies like Sanofi Pharmaceutical and Aosaikang [8][41] 2. Biotech companies with potential for overseas product registration, emphasizing the growth of R&D platforms and commercialization [8][41] Performance Metrics - The annual performance from January 1, 2025, to September 13, 2025, shows significant gains, with the Hang Seng Biotech index up 103.30%, A-share biotech up 53.54%, and NASDAQ biotech up 10.57% [10][20]