Core Viewpoint - Pharmaceutical stocks have declined again, with significant drops in various companies' stock prices, indicating a challenging market environment for the sector [1] Group 1: Stock Performance - Nocera Health (09969) fell by 11.37%, trading at HKD 14.73 [1] - Saint Noble Pharmaceuticals-B (02257) decreased by 11.05%, trading at HKD 13.36 [1] - Rongchang Biopharmaceutical (09995) dropped by 10.4%, trading at HKD 95.15 [1] - Gilead Sciences-B (01672) declined by 8.57%, trading at HKD 9.6 [1] - Viatris (01873) fell by 8.14%, trading at HKD 2.82 [1] Group 2: Investment Trends - According to CMB International, domestic investors have increased their holdings in pharmaceutical stocks through the Hong Kong Stock Connect since September, while foreign investment has slightly decreased since mid-year [1] - The overall trend of increasing investment in innovative drugs remains unchanged for both domestic and foreign investors [1] Group 3: Future Outlook - The ESMO conference is scheduled for mid to late October, with a recommendation to focus on companies like CanSino Biologics, Kelun-Biotech, Rongchang Biopharmaceutical, and Hengrui Medicine (600276) that are expected to release significant data [1] - The pharmaceutical sector in Hong Kong has shown relatively flat performance in September, but with the increase in industry catalysts (various academic conferences and favorable policies), the market is expected to rebound in October [1] Group 4: Market Analysis - Dongguan Securities reports that the pharmaceutical and biotechnology sector has consistently underperformed compared to the CSI 300 index, with some previously high-performing innovative drug companies experiencing corrections [1] - The medical research outsourcing sector has been strengthening due to improved expectations of U.S. interest rate cuts and better financing data, entering a performance vacuum period [1] - Future investment opportunities are suggested in innovative drugs and sectors with expected business development catalysts [1]

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].