交银国际表示，9月以来，内资通过港股通持有医药股的比例持续增加，而外资持仓则从年中开始略有 回落，但内外资加大创新药布局的大方向不变。该行称，ESMO大会将于今年10月中下旬举行，建议重 点关注康方生物、科伦博泰、荣昌生物、恒瑞医药（600276）等有重磅数据读出的公司。9月港股医药 板块表现相对平淡，10月起，随着行业催化剂增多（各项学术大会、利好政策落地），行情有望重启。 东莞证券研报指出，近期，医药生物板块持续跑输同期沪深300指数，此前部分涨幅较大的创新药公司 迎来回调，受美国降息预期走强以及投融资数据改善，医疗研发外包板块持续走强，目前已经进入业绩 真空期，后续建议关注创新药等有BD预期催化的板块投资机会。 医药股再度走低，截至发稿，诺诚健华(09969)跌11.37%，报14.73港元；圣诺医药-B(02257)跌11.05%， 报13.36港元；荣昌生物(09995)跌10.4%，报95.15港元；歌礼制药-B(01672)跌8.57%，报9.6港元；维亚 生物(01873)跌8.14%，报2.82港元。 ...

Core Viewpoint - The pharmaceutical sector is experiencing a decline, with significant drops in stock prices for various companies, while there is an increasing trend in domestic investment through the Hong Kong Stock Connect, indicating a mixed sentiment in the market [1]. Group 1: Stock Performance - Notable declines in pharmaceutical stocks include: - Innovent Biologics (09969) down 11.37% to HKD 14.73 - Sanofi (02257) down 11.05% to HKD 13.36 - Rongchang Biopharmaceutical (09995) down 10.4% to HKD 95.15 - Galenica (01672) down 8.57% to HKD 9.6 - Viatris (01873) down 8.14% to HKD 2.82 [1]. Group 2: Investment Trends - According to CICC, since September, the proportion of domestic investors holding pharmaceutical stocks through the Hong Kong Stock Connect has been increasing, while foreign investment has slightly decreased since mid-year [1]. - Despite the decline, the overall trend of increasing investment in innovative drugs remains unchanged [1]. Group 3: Future Outlook - The upcoming ESMO conference in mid-October is highlighted as a key event, with recommendations to focus on companies like CanSino Biologics, Kelun-Biotech, Rongchang Biopharmaceutical, and Heng Rui Medicine, which are expected to release significant data [1]. - Dongguan Securities reports that the pharmaceutical and biotechnology sector has underperformed compared to the CSI 300 index, with some previously high-performing innovative drug companies experiencing corrections [1]. - The medical research outsourcing sector is showing strength due to improved financing data and expectations of catalysts in innovative drugs, suggesting potential investment opportunities [1].