作者 |郑理 来源 | 独角金融 从暴涨557.69%，到单日暴跌53.73%，创新药概念股药捷安康（2617.HK）用短短8个交易日，在港股市 场上演了一场"过山车行情"。 从9月8日至9月15日的6个交易日，凭借同步纳入港股通标的范围内、跻身恒生港股通创新药精选指数的 双重利好，药捷安康股价一路飙升，市值一举跻身千亿俱乐部，成为创新药板块中耀眼的"明星"。 令人唏嘘的是，9月16日剧情反转，该股价格经历了盘中一度涨逾60%，最终下跌53.73%，收报192港 元/股，当日总市值以762亿港元惨淡收场。 面对如此剧烈的股价波动，市场纷纷追问究竟为何，而药捷安康9月16日午间紧急发布公告，却给出 了"概不知悉股价异动原因，业务营运及财务状况无重大变动"的回应。 尽管药捷安康已针对股价波动作出回应，但市场疑惑仍未消除：股价异常波动是资金的短期博弈，还是 背后另有隐情？ 此次多只ETF"踩雷"药捷安康，也让国证港股通创新药指数的样本调整与编制备受争议。未盈利且仅上 市3个月的企业，是什么原因被纳入到指数基金成分股中？ 1 股价上演"过山车行情" 广发证券的评论文章指出，从资本运作的角度观察，本轮股价暴涨暴跌呈现出 ...

Core Viewpoint - The A-share market showed resilience in Q2, with nearly half of individual investors reporting profits, leading to increased optimism for Q3 [4][24]. Investor Performance - 48% of investors reported profits in Q2, an increase of 6 percentage points from the previous quarter [5]. - The majority of profitable investors had gains of 10% or less, accounting for 34% of respondents [5]. - The percentage of investors reporting losses decreased significantly to 20%, down 11 percentage points from the previous quarter [5]. Market Trends - A-share indices experienced a "V" shaped recovery after a significant drop in early April, with the Shanghai Composite Index recovering to above 3400 points by the end of Q2 [4][24]. - Investor sentiment shifted from cautious to optimistic, with 70% expecting the A-share market to rise in Q3, a 12 percentage point increase from the previous quarter [17][24]. Asset Allocation - There was a notable increase in the proportion of individual investors' securities account assets relative to their total financial assets, with 27% reporting an increase [8]. - 36% of investors plan to increase their allocation to equity assets, reflecting a growing confidence in the market [8]. Sector Preferences - Investors maintained a strong interest in technology growth stocks, with an average holding of 23.94%, significantly higher than other sectors [12]. - The cyclical sector saw increased attention, with a rise in average holdings to 20.21% in Q2 [12]. - New consumption concepts gained traction, with 55% of investors participating in the Hong Kong new consumption sector [15]. Future Outlook - 70% of investors believe the Shanghai Composite Index will close positively in Q3, with expectations for a trading range between 3400 and 3500 points [18][19]. - The liquidity outlook is improving, with 44% of investors expecting current liquidity levels to be maintained [20][21]. - 57% of investors anticipate continued growth in the Hong Kong market, with a significant portion willing to increase their investments [23].

Market Performance - The three major A-share indices collectively rose today, with the Shanghai Composite Index up by 0.82%, the Shenzhen Component Index up by 1.72%, the ChiNext Index up by 2.63%, and the North Star 50 Index up by 2.89% [1] - The total market turnover reached 1.34 trillion yuan, an increase of 118.5 billion yuan compared to the previous day [1] - Over 4,100 stocks in the market experienced gains [1] Sector Performance - The military industry, robotics, Apple supply chain, rail transit equipment, photovoltaic equipment, and solid-state battery sectors saw the largest gains [1] - Conversely, the precious metals, agriculture, innovative pharmaceuticals, electricity, and beverage manufacturing sectors experienced declines [1] Notable Stocks - Military stocks surged again, with over 20 stocks hitting the daily limit, including Qifeng Precision, Kunshan Intelligent, AVIC Chengfei, Morningstar Aviation, and Aerospace Nanhu [1] - Stocks in the Apple supply chain rebounded collectively due to favorable news from US-China negotiations, with Blue Technology, Luxshare Precision, and GoerTek leading the gains [1] - The robotics sector was also active, with TOSYDA hitting the daily limit, and Efort rising over 10%, along with Sanfeng Intelligent, Yijiahe, and Estun following suit [1] - Innovative pharmaceutical stocks weakened, with Maiwei Biotech down over 10%, BeiGene down over 9%, and other companies like Shutai Pharmaceutical, Xinlitai, and Hengrui Medicine also declining [1] - Gold stocks underperformed, with Western Gold, Sichuan Gold, and Xiaocheng Technology among those with the largest declines [1]