Core Viewpoint - The stock of药捷安康-B (02617) has experienced a significant decline, dropping nearly 18% to a low of 150.2 HKD, which represents a decrease of over 77% from its intraday high of 679.5 HKD on Tuesday [1] Company Overview -药捷安康 was listed on the Hong Kong Stock Exchange on June 23, with an initial offering price of 13.15 HKD and a total share capital of approximately 397 million shares, resulting in an initial market capitalization of around 5.2 billion HKD [1] - The IPO involved a public offering of 15.281 million shares, with cornerstone investors subscribing to about 9.79 million shares, leaving only approximately 5.49 million shares available for trading in the market [1] Market Dynamics - The limited market float of药捷安康 indicates that there are very few tradable shares available in the secondary market, which can lead to increased volatility [1] - On September 8,药捷安康 was included in several indices, including the Hang Seng Innovative Drug Index and the Hang Seng Hong Kong Stock Connect Innovative Drug Index, which may have contributed to its stock price fluctuations [1] - The initial weight of药捷安康 in these indices was approximately 2.63%, suggesting that related index funds would need to passively allocate at least over 600 million HKD to this stock, potentially triggering significant price movements [1]

Group 1 - The core indices related to the pharmaceutical sector showed positive performance, with the CSI Innovation Drug Industry Index and the CSI Biotechnology Theme Index both rising by 2.7%, while the CSI 300 Healthcare Index increased by 2.4% and the CSI Hong Kong Stock Connect Healthcare Comprehensive Index rose by 0.7%. However, the Hang Seng Hong Kong Stock Connect Innovation Drug Index experienced a slight decline of 0.1% [1] - The Hang Seng Innovation Drug ETF (159316) saw a net inflow of 330 million yuan last week, bringing its total size to 1.598 billion yuan, marking a historical high [1] Group 2 - The Hang Seng Innovation Drug Index focuses on leading innovative drug companies listed in Hong Kong, comprising no more than 40 stocks involved in innovative drug research, development, and production [2] - The Hang Seng Healthcare ETF tracks the CSI Hong Kong Stock Connect Healthcare Comprehensive Index, which includes 50 stocks from the healthcare sector, such as medical devices, biopharmaceuticals, and chemical drugs [2] - The CSI Innovation Drug Industry Index concentrates on leading innovative drug companies in the A-share market, consisting of no more than 50 stocks primarily engaged in innovative drug research and development [2]

Core Viewpoint - The pharmaceutical sector experienced a significant rebound, with various indices showing notable increases, particularly following the implementation of a new index scheme that focuses solely on core innovative drug companies [1]. Group 1: Market Performance - The Hang Seng Hong Kong Stock Connect Innovative Drug Index rose by 3.7% [1] - The CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index increased by 3.6% [1] - The CSI Innovative Drug Industry Index saw a rise of 2.9% [1] - The CSI Biotechnology Theme Index grew by 2.5% [1] - The CSI 300 Pharmaceutical and Health Index climbed by 2.2% [1] Group 2: Index Changes - The new index scheme for the Hang Seng Hong Kong Stock Connect Innovative Drug Index has officially taken effect, which excludes CXO companies [1] - The revised index will focus exclusively on core innovative drug companies, achieving a "purity" of 100% among the indices tracked by ETFs [1]

Group 1 - The Hang Seng Hong Kong Stock Connect Innovative Drug Index fell by 1.3%, while the CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index decreased by 0.9% [1] - The CSI Innovative Drug Industry Index declined by 0.4%, whereas the CSI Biotech Theme Index increased by 0.1% [1] - The Hang Seng Innovative Drug ETF (159316) saw a net subscription of 21 million units today, marking three consecutive days of net inflow, with the latest scale reaching 1.15 billion yuan, a historical high [1] Group 2 - The recent revision of the Hang Seng Hong Kong Stock Connect Innovative Drug Index's compilation plan has taken effect, explicitly excluding CXO companies and focusing on innovative drug companies, achieving a "purity" of 100% for the first time among ETF tracking indices [1] - Backtesting data indicates that since the adjustment, the index has shown higher annualized returns and Sharpe ratios since its launch on July 10, 2023 [1]

Group 1 - The CSI Hong Kong Stock Connect Healthcare Composite Index increased by 0.1%, while the Hang Seng Hong Kong Stock Connect Innovative Drug Index rose by 0.03%. In contrast, the CSI 300 Healthcare Index fell by 1.1%, the CSI Biotech Theme Index decreased by 1.5%, and the CSI Innovative Drug Industry Index dropped by 1.6% [1] - The Hang Seng Innovative Drug ETF (159316) saw a net inflow of 90 million yuan this week, bringing its latest scale to 1.08 billion yuan [1] - The Hang Seng Hong Kong Stock Connect Innovative Drug Index announced a revision to its compilation scheme, which will take effect next Monday. The revision will exclude CXO companies, focusing solely on core innovative drug companies, making it one of the first indices tracked by ETFs to achieve a "purity" of 100% in innovative drugs [1] Group 2 - The rolling price-to-earnings ratio for the indices shows varying valuations, with the CSI Hong Kong Stock Connect Healthcare Composite Index at 31.5 times, and the CSI Innovative Drug Industry Index at 51.0 times [2] - Year-to-date performance indicates significant growth, with the Hang Seng Innovative Drug Index up by 98.1%, while the CSI Biotech Theme Index has increased by 29.04% [2] - Over the past year, the Hang Seng Innovative Drug Index has surged by 120.3%, reflecting strong market interest and performance in the innovative drug sector [2]

Group 1 - The Hang Seng Hong Kong Stock Connect Innovative Drug Index rose by 4.4%, with a year-to-date increase of over 100% [1] - The CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index increased by 4.0%, while the CSI Innovative Drug Industry Index rose by 3.0% [1] - The CSI Biotechnology Theme Index and the CSI 300 Pharmaceutical and Health Index saw increases of 2.6% and 2.5%, respectively [1] Group 2 - The Hang Seng Innovative Drug ETF (159316) has seen continuous inflows for 10 trading days, reaching a record size of over 800 million yuan [1] - The CSI Biotechnology Theme Index, which focuses on A-share biotechnology leaders, has a rolling price-to-earnings ratio of 59.8 times and has increased by 2.6% [4] - The CSI 300 Pharmaceutical and Health Index, which covers leading companies in the pharmaceutical and health industry, has a rolling price-to-earnings ratio of 31.4 times and has increased by 2.5% [4]