Core Viewpoint - The stock of Yaoke Ankang experienced extreme volatility, soaring 63% to 679.5 HKD before plummeting 53.7% to 192 HKD, resulting in a market value loss exceeding 190 billion HKD [2][6]. Company Overview - Yaoke Ankang, established in 2014, is a biotech company focused on developing innovative therapies for cancer, inflammation, and cardiovascular metabolic diseases, with its core product Tinengotinib in the registration clinical stage [4][6]. - The company has not generated any revenue and is marked with a "-B" designation by the Hong Kong Stock Exchange, indicating it is a pre-revenue biotech firm [4][6]. - Yaoke Ankang reported losses of 343 million RMB and 275 million RMB for 2023 and 2024, respectively, with a loss of 123 million RMB in the first half of 2025 [4]. Market Dynamics - The stock's dramatic rise was attributed to its inclusion in the Hong Kong Stock Connect Innovative Drug Index, leading to passive buying from ETFs, which raised questions about the index's decision to include a company that had been listed for less than three months [3][7]. - The limited float of shares (only 549,000 shares available for trading) contributed to the stock's volatility, as small amounts of capital could significantly impact the price [7][8]. ETF Impact - Several ETFs tracking the National Index for Hong Kong Stock Connect Innovative Drugs were implicated in high-level buying during the stock's surge, raising concerns about their role as "bag holders" after the price drop [3][8]. - On September 15, the stock was included in the ETF subscription and redemption list, leading to a significant price increase, but the subsequent drop on September 16 caused the ETFs to decline in value [8][9]. Transparency Issues - There are concerns regarding the transparency of index component adjustments, as the specific date of Yaoke Ankang's inclusion in the index was not publicly disclosed, potentially misleading retail investors [9].

"吃瓜吃到自己买的基金身上。" 近期，港股创新药企业 药捷安康 股价出现大幅波动，引发市场广泛关注，而由于药捷安康被"悄然"纳入了包 括国证港股通创新药指数在内的多只指数，导致相关ETF被动买入，更是引发了众多投资者在社交平台上声 讨。 这一极端个案不仅让众多基民"踩雷"，更将指数编制规则的潜在漏洞与ETF规模扩张带来的"双刃剑"效应，再 次推至聚光灯下。 ETF"踩雷"药捷安康 公开资料显示，药捷安康于2025年6月23日在港股上市，是一家以临床需求为导向、处于注册临床阶段的生物 制药公司，专注于发现及开发肿瘤、炎症及心脏代谢疾病小分子创新疗法。 上市近三个月以来，药捷安康的股价一直处于小幅上涨的态势，直到9月8日被纳入港股通，同时被纳入恒生综 合指数、恒生综合中小型股指数、恒生医疗保健指数、恒生创新药指数等9只恒生系列指数，短期内形成集中 买盘，开启了"狂飙"模式。 Wind数据显示，自9月8日药捷安康被调入港股通标的以来， 南向资金 持续加码，截至9月15日净买入306.25万 股，公司股价在9月12日上涨77.09%，9月15日更是大涨115.58%，令人咋舌。 但到了9月16日，药捷安康突然上演高台 ...

由于药捷安康被"悄然"纳入了包括国证港股通创新药指数在内的多只指数的成份股，导致相关ETF被动 买入，引发了众多投资者在社交平台上讨论。 这一极端个案不仅让部分基民"踩雷"，更将指数编制规则的潜在漏洞与ETF规模扩张带来的"双刃剑"效 应，再次推至聚光灯下。 ETF"踩雷"药捷安康 公开资料显示，药捷安康于2025年6月23日在港股上市，是一家以临床需求为导向、处于注册临床阶段 的生物制药公司，专注于发现及开发肿瘤、炎症及心脏代谢疾病小分子创新疗法。 上市近三个月以来，药捷安康的股价一直处于小幅上涨的态势，直到9月8日被纳入港股通，同时被纳入 恒生综合指数、恒生综合中小型股指数、恒生医疗保健指数、恒生创新药指数等9只恒生系列指数，短 期内形成集中买盘，开启了"狂飙"模式。 数据显示，自9月8日药捷安康被调入港股通标的以来，南向资金持续加码，公司股价在9月12日上涨 77.09%，9月15日更是暴涨115.58%。 但到了9月16日，药捷安康突然上演高台跳水，其股价早盘一度大涨63%，但下午便断崖下跌，截至收 盘下跌53.73%，股价从679.5港元/股掉落至192港元/股，堪比"过山车"。 这一巨幅波动引起了 ...

Core Viewpoint - The "2025 Asset Management Annual Conference" is set to take place in August in Shanghai, focusing on key topics such as asset allocation, AI models, green transformation, pension finance, and ETF passive investment, aiming to explore the development trends and future directions of the asset management industry [1][2]. Group 1: Event Overview - The annual conference, organized by the 21st Century Financial Research Institute, has been held since 2007 and will celebrate its 19th edition this year [1]. - The event will feature leaders and experts from financial regulatory bodies, academic institutions, and major financial organizations to discuss cutting-edge topics in the asset management sector [1]. Group 2: Research and Evaluation - The "Golden Shell" asset management competitiveness case study for 2025 will upgrade previous evaluations by including new exemplary practices from financial institutions [2]. - The 21st Century Financial Research Institute was established in 2015 to serve the asset management market, focusing on major topics through forums, closed-door discussions, research reports, and educational initiatives [2]. Group 3: Participation and Categories - Financial institutions are invited to participate in the annual conference and the "Golden Shell" asset management competitiveness evaluation, covering a wide range of entities including banks, insurance companies, securities firms, and independent wealth management companies [3][4]. - Three main categories for submissions have been established: institutional, product, and brand categories, with further subdivisions available [4]. Group 4: Evaluation Principles and Process - The evaluation will adhere to principles of fairness, openness, and impartiality, utilizing data from institutional submissions, public sources, and proprietary research [5]. - The evaluation process consists of four phases: data collection from May 6 to June 30, data analysis from July 1 to July 6, expert review from July 7 to July 20, and final results announcement at the annual conference in August [6][7].