2025.09. 16 本文字数：756，阅读时长大约2分钟 作者 | 第一财经 林志吟 在经历了四个交易日连续暴涨后，今日，药捷安康（02617.HK）股价上演了一场"高台跳水"行情。 今日早盘，该公司股价最大涨幅超过60%，冲到670港元/股以上；午后开盘后，股价又一路滑落， 最后以暴跌53.73%收盘，股价仅剩下192港元/股，市值跌回千亿港元以下，为762.04亿港元。 药捷安康于2025年6月23日才在港股市场挂牌交易，彼时公司IPO首发价只有13.15港元/股，公司当 前股价较首发价涨幅仍高达13.6倍。上一交易日，即9月15日，公司收盘价曾高达415港元/股，股价 较IPO首发价涨幅约30.6倍，总市值达到1647.13亿港元。 药捷安康是一家处于注册临床阶段的创新药公司，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。截至2025年6月30日，公司主要管线包括六款临床阶段候选产品及多款临床前阶段候 选产品。替恩戈替尼是药捷安康研发进度最快的产品，同时也是公司的核心产品，这是一款选择性聚 焦多激酶抑制剂，主要靶向三个关键通路——FGFR/VEGFR、JAK和Aurora激酶，但进度最快 ...

港股互联网 ：降息交易叠加AI扩散，具备最佳社交场景和生态的互联网平台作为应用落 地率先受益的方向，扩散逻辑更加顺畅。 【宏观策略精选】 9月景气投资轮动加速 兴业策略认为，8月以来市场共识偏强，行业轮动强度持续逆季节性下行，而9月是行业轮 动强度上行的传统窗口，市场倾向于扩散寻找机会。 与此同时，9月下半月到10月，随着1 0月底三季报披露期临近，股价与业绩的相关性将逐 渐提升，是景气投资有效性逐步提升的阶段。 那后续哪些方向有望符合景气投资+行业轮动扩散的方向，兴业策略建议，后续继续坚守 强产业趋势的同时，以景气为锚作扩散，兼顾胜率与赔率，重点关注： 创新药 ：拥挤度已降至中等水平，情绪已消化较为充分，9月及四季度具备降息交易、 WCLC（（界肺癌大大会）和ESMO（（洲肿瘤内内科会）等行业大会催化。 新能源 ：技术突破与反内卷双轮驱动，提供弹性新方向。 新消费 ：当前赔率已较高，旺季催化和景气预期提高胜率。 景气周期（有色、化工）："外外松+反内卷+细分成长"多重催化，尤其化工龙头估值已 具备较高安全边际；战略性小金属、化工新材料提供细分领域成长逻辑。 【产业追踪】 ...

Core Viewpoint - The Hong Kong stock market experienced significant net selling from northbound capital, totaling HKD 31.89 billion on September 16, with the majority coming from the Shanghai-Hong Kong Stock Connect [1] Group 1: Northbound Capital Flow - Northbound capital had a net selling of HKD 29.76 billion through the Shanghai Stock Connect and HKD 2.13 billion through the Shenzhen Stock Connect [1] - The stocks with the highest net buying included Alibaba-W (09988), Meituan-W (03690), and Baize Medical (02609) [1] - The stocks with the highest net selling included the Tracker Fund of Hong Kong (02800), Xiaomi Group-W (01810), and SMIC (00981) [1] Group 2: Individual Stock Performance - Alibaba-W (09988) saw a net inflow of HKD 30.31 billion, supported by recent announcements related to its mapping service and AI developments [4] - Meituan-W (03690) recorded a net inflow of HKD 7.15 billion, bolstered by the successful launch of its international delivery brand Keeta in Kuwait [5] - Baize Medical (02609) and Tongyuan Kang Medical-B (02410) received net inflows of HKD 3.27 billion and HKD 2.96 billion, respectively, following regulatory changes that enhance the clinical trial approval process for innovative drugs [5] Group 3: Notable Net Selling - The Tracker Fund of Hong Kong (02800) faced a significant net outflow of HKD 46.38 billion, with analysts suggesting that while short-term interest rates may benefit the Hong Kong market, the overall outlook remains cautious due to weakening fundamentals [7] - Xiaomi Group-W (01810), SMIC (00981), and Tencent (00700) experienced net outflows of HKD 5.69 billion, HKD 4.12 billion, and HKD 3.86 billion, respectively [8]

Core Viewpoint - The influx of mainland capital into the Hong Kong stock market has accelerated in 2025, with a net buying amount of 1.09 trillion HKD by September 15, surpassing the total for the entire year of 2024, indicating a significant shift in market dynamics and pricing logic towards a new era of domestic pricing in Hong Kong stocks [2][3][4]. Group 1: Capital Inflow Dynamics - As of September 15, 2025, the net buying amount of southbound funds reached 1.09 trillion HKD, exceeding the total net buying amounts from 2020 to 2024, which were 672.125 billion HKD, 454.396 billion HKD, 386.291 billion HKD, 318.842 billion HKD, and 807.869 billion HKD respectively [3]. - The continuous inflow of southbound funds is reshaping the pricing logic and ecological structure of the Hong Kong stock market, leading to a liquidity boom driven by these funds [3][4]. Group 2: Investment Focus and Trends - The primary focus of the inflow is on high-growth sectors such as innovative pharmaceuticals and technology, with significant interest in leading internet companies like Alibaba, Meituan, and Tencent [2][5]. - By September 15, 2025, southbound funds had net purchases of over 130 billion HKD in Alibaba, more than 50 billion HKD in Meituan, and approximately 25 billion HKD in Tencent, highlighting strong investor confidence in these companies [5][6]. Group 3: Market Outlook - Multiple institutions express optimism about the future of the Hong Kong stock market, suggesting that liquidity easing and improving corporate earnings will support a structural market rally, particularly in technology and finance sectors [7][8]. - The potential for a U.S. interest rate cut could further enhance the attractiveness of the Hong Kong market, allowing it to capture more international capital seeking higher-risk assets [7][8].

2025年9月16日，恒生创新药ETF（520500.SH）收跌1.37%，主力资金（单笔成交额100万元以上）净流 出2824.82万元，居全市场第一梯队。 与此同时，该基金最新成交量为3.35亿份，最新成交额跌破6.80亿元，全市场排名较上一交易日下降17 位。 ...

粤港澳大湾区是我国开放程度最高、经济活力最强的区域之一，在这片热土之上，生物医药大健康产业 作为重点发展的战略性新兴产业，正加速崛起产业新高地。 9月15日，围绕"粤澳联动，共促生物医药大健康产业高质量发展"主题，第三届粤港澳大湾区发展工商 大会举办了一场平行专题研讨，推介澳合作平台、撮合产业对接。来自大湾区的工商界人士，围绕合作 机制建设、供应链协同、贸易投资便利化、跨境电商等议题展开研讨，为区域经济发展注入新动能。 在生物医药大健康产业方面，广东不仅拥有庞大的消费市场，产业规模、集聚效应、创新能力也优势明 显；澳门与葡语系国家、东盟等之间长期紧密联系，在大健康产业方面具有快速进入海外市场的独特国 际认证优势、国际渠道优势、国际品牌优势等。双方合作，可以资源共享、优势互补。 工商界人士建议，粤澳要用好"澳门注册+横琴生产"和横琴粤澳深度合作区专项扶持政策，共同推动中 医药、创新药、医疗器械等领域的标准化、国际化发展，形成"澳门研发+横琴转化+广东制造"的产业 联动新模式，共同促进粤澳生物医药大健康产业协同发展。 中医药大健康是粤澳合作的重要抓手 （原标题：澳门研发+横琴转化，粤澳探路生物医药大健康产业合作新 ...

Core Viewpoint - The stock price of药捷安康 (02617.HK) has surged dramatically, reaching a market capitalization of over 240 billion HKD within three months of its IPO, despite the company not having any commercialized products and reporting a loss of 123 million HKD in the first half of the year [1][7]. Market Performance - As of September 16, the market capitalization of药捷安康 reached 249.3 billion HKD, surpassing established innovative pharmaceutical companies and approaching the market leader百济神州's valuation of 300 billion HKD [2]. - The stock price increased by nearly 600% over five trading days, with a peak price of 679.5 HKD on September 16 [1][6]. Investor Dynamics - The surge in stock price is attributed to significant inflows from southbound funds, which purchased over 300 million HKD worth of shares in two days [3]. - Key investors, including康方生物 and药石科技, have seen their investments yield over 50 times returns, with康方生物's shares valued at 517 million HKD compared to an initial investment of 10 million HKD [5][6]. Clinical Development - The stock's rise was triggered by the announcement of the clinical trial approval for its core product,替恩戈替尼, which targets multiple cancer pathways [3]. - As of June 30,替恩戈替尼 was involved in nine clinical trials globally, indicating a robust pipeline despite the company's current lack of revenue [3][7]. Financial Status - The company reported a net loss of 123 million HKD in the first half of the year, with research and development expenses of 98.43 million HKD and management expenses of 27.47 million HKD [7]. - As of June 30, the company held cash and cash equivalents of 449 million HKD, with total equity of 582 million HKD [7].

2025年9月16日，Wind数据显示，A股三大指数今日集体红盘报收，沪指涨0.04%；深证成指涨0.45%；创业板指涨0.68%。沪深两市成交额达到23414亿。 涨幅方面，汽车零部件ETF(562700)领涨 具体来看，汽车零部件ETF(562700)、机器人ETF鹏华(159278)涨超5%；汽车零部件ETF(159565)、汽车零件ETF(159306)、机器人ETF易方达(159530)、机器 人50ETF(159559)、机器人产业ETF(560630)、机器人ETF基金(159213)、机器人ETF基金(562360)、机器人ETF(562500)涨幅居前。 宇树科技计划在2025年四季度递交IPO材料，智元机器人拟受让上纬新材29.99%股权。 开源证券指出，宇树、智元等头部明星企业资本化加速，国内产业支持力度强劲，国产机器人出货量有望迎来大幅增长，核心受益两大方向：（1）核心供 应链：包括核心零部件、头部供应链及代工制造。目前国内人形机器人企业大部分没有上市，长于研发而短于制造，通过与具备成熟制造能力的公司合作， 有望率先实现量产。（2）应用场景：特种行业、巡检、物流、生活健康服务、教育五大 ...

9月16日午后，创新药ETF天弘（517380）截至发稿跌1.14%，成交额超4000万元。溢折率0.28%，盘中 频现溢价交易。 生物医药ETF(159859）紧密跟踪生物医药指数。国证生物医药指数以A股市场属于生物医药产业相关上 市公司为样本空间，根据市值规模和流动性的综合排名，选出前30只股票作为指数样本股（数量不足时 则按实际数量选入），反映了生物医药行业的整体运行情况，向市场提供了细分行业的指数化投资标 的。该ETF还配备了联接基金（A：011040，C：011041）。 中信建投证券称，从中报业绩来看，创新药、CXO、生物制药等医药行业细分板块均迎来业绩修复， 中国医药产业当前已具备全球竞争力，长期看好医药行业走出全球性大公司。 中金公司表示，在国内工程师红利、丰富临床资源和支持性政策多边加持下，国产创新药已经从跟随时 代走向FIC/BIC创新，进入 2.0时代的创新药产业已经逐步完成质的提升，看好创新药长期产业发展趋 势，下半年10月中旬围绕ESMO会议前后相关临床数据读出与BD有望带来板块新一轮投资机遇。 资金流向上看，截至9月15日，创新药ETF天弘（517380）近6日持续获资金净流入，累 ...

来源：同壁财经 美联储降息预期下，中国资产大涨，隔夜纳斯达克中国金龙指数涨0.87%，理想汽车、哔哩哔哩涨超6%，阿里巴巴涨1.92%。 海外主动资金再度回流，EPFR数据显示，截至9月10日，港股与ADR一周净流入6402万美元，时隔5周再度回流。 场内热门ETF方面，港股科技50ETF（159750）近20日获资金净流入1.17亿元。 华泰证券认为，虽然恒生指数今年以来大涨30%引发广泛关注，但事实上在美元贬值和油价下跌的金融条件宽松下，全球股市几乎都在上行。 往后看，全球金融流动性或继续趋于宽松，不仅仅因为美联储降息，还有全球财政货币的协同、美国金融去监管等，全球资产受益，人民币相 对美元还有补涨空间。港股作为中国离岸人民币资产同样受益于全球流动性充裕和外资回流。从PB-ROE框架下看，港股与全球其他资产比处 于性价比中游水平，同样并未显著高估。 数据来源: Wind,截至2025.9.12 6 指数介绍 中证香港科技指数 (CNY) (931574CNY00.CSI) 简称 港股科技指数(CNY) . 主要覆盖50家市值较大、研发 投入较高且营收增速较好的科技公司。行业分布较为广 泛,不仅集中于互联网 ...