Market Overview - The Hang Seng Index slightly declined by 8 points or 0.03%, closing at 438 points on September 16, 2025[1] - The Hang Seng Tech Index rose by 0.6%, closing at 6,077 points[1] - Market turnover was recorded at HKD 294.1 billion, with a net outflow of HKD 3.18 billion from the Hong Kong Stock Connect[1] Economic Indicators - Investor sentiment is cautious, awaiting the outcome of the upcoming FOMC meeting[1] - The U.S. Federal Reserve's potential rate cut is anticipated to have limited impact on Hong Kong stocks due to already high valuations[2] - Sectors sensitive to interest rates, such as AI, robotics, semiconductors, and real estate, may benefit more directly from monetary policy changes[2] Sector Performance - The automotive parts sector saw a significant rise, with Sanhua Intelligent Controls (2050 HK) increasing by 12.8%[3] - The pharmaceutical sector experienced minor declines, with a focus on innovative drugs and leading CXO companies[3] - The renewable energy sector showed mixed performance, with solar stocks generally rising, such as Xinyi Solar (968 HK) up by 2.1%[4] Company Insights - Chaoyun Group (6601 HK) reported a 7.2% increase in revenue to RMB 1.34 billion, with pet category revenue doubling to RMB 96 million, a growth of 101.4%[5][6] - The overall gross margin improved by 2.9 percentage points to 49.3%[5] - The company plans to expand its offline pet store count to 200 by 2027 and is expected to maintain a high dividend payout ratio of 80%[8] Investment Strategy - The report suggests focusing on technology leaders and sectors benefiting from industrial upgrades, such as semiconductors and AI, amidst market volatility[9] - The anticipated rate cut by the Fed is expected to attract foreign capital back to Hong Kong stocks, with a focus on sectors showing strong earnings certainty[9]

高弹硬科技： 华宝ETF策略周报（第4期） 【大势研判】 上周市场基本回到前期高点，且盘中破8月底的高点；恒生指数创年内新高、但恒生科技依然尚未突破 前高，指数内部科技和创新药分别引领行情。对比来看，最近一周中美市场均较为平静的等待接下来的 重大交易周。同时，10年期国债1.8%的位置确也被机构增持，本周再次以2bp的空间进行了新一轮测 试，说明机构流动性资金尚有压力。总体上，A股市场回补力度较强，但波动同步加大。 【要点解析】 【投资策略】 延续对"股市震荡上行"的总体判断，高度重视本周边际资金和定价方向。本周进入方向性博弈的关键阶 段，或可关注三大方向：（1）长期受益于宽松的小盘成长中的制造业（机器人、新能源、机械制造 等）；（2）地产、红利等周期板块；（3）医药等持续吸引活跃资金进入的超跌板块。投资者或可考虑 平配以上板块等待确定性。 【热点关注】 【T+0】港股通创新药ETF（520880）联接A：025220 联接C：025221 【20CM】创业板人工智能ETF华宝（159363）联接A：023407 联接C：023408 【20CM】双创龙头ETF（588330）联接A：013317 联接C：0 ...

据央视财经消息，"十四五"期间，国家药监局共批准创新药210个，保持加速增长态势。此外，我国在 创新药管线、临床试验项目数量上，均位居世界前列，医药创新保持强劲势头。数据显示，今年1—7月 份，国家药监局已批准上市创新药50个，超过去年全年的48个。 兴业证券认为，当前我国创新药已实现从量变到质变的转化，在新靶点、新技术、新疾病领域的布局已 呈现领先趋势。创新药板块景气度可持续，"创新+国际化"创新药产业趋势不变，始终是医药板块的核 心方向。创新药产业预计将持续获得政策支持，中国创新药的全球竞争力持续增强，商业化盈利持续兑 现。 开源证券认为，中国创新药资产迎来出海浪潮。随着中国创新药企研发实力的显著提升，近几年来中国 创新药资产的价值逐渐得到全球认可，出海授权交易成为中国医药产业参与全球竞争、实现产业升级的 重要路径，中国创新药资产正以前所未有的速度和规模涌入跨国药企的研发管线。根据Insight数据统 计，中国创新药资产出海授权交易的首付款与总交易额已从2020年的8.7/99.4亿美元快速提升至2024年 的49.4/561.2亿美元；2025年上半年延续趋势，仅半年时间总交易额已达到635.5亿美元， ...

港股创新药ETF的大跌还是受到特朗普计划对中国药品（尤其是实验性药物）实施严格限制的消息刺激，引发恐慌性抛售。 操作角度，个人认为机器人还能持续一段时间，不过，最好还是在场内进行操作，昨天市场在一个交易日进行了快速的电风扇式板块轮动。 而现在有了机器人概念刺激，再加上容量较高，做多意愿还是挺强的。 值得注意的是，自9月以来，沪指已经高位震荡半个月了，现在的A股全靠消息刺激，仓位上，建议6成左右。 特斯拉CEO马斯克表示，将评估AI5芯片，并召开人工智能/自动驾驶系统及擎天柱（Optimus）机器人的会议。 引发市场对机器人量产和未来应用的预期。 除了特斯拉链，国内如华为、字节、比亚迪、小米等科技厂商也纷纷加码具身智能，推动人形机器人产业链发展。这使得机器人产业形成 了"百花齐放"的格局，吸引了资金关注。 9月16日，A股三大指数顽强翻红。 表现最突出的两个板块是大涨的机器人和大跌创新药。 机器人板块涨幅第一，主要收到一条消息的刺激： 本文为个人观点，观点具有时效性，不作为投资建议，过往业绩不代表未来表现，市场有风险，投资需谨慎。 ...

今日，药捷安康（02617.HK）上演极端行情： 早盘一度暴涨63%至679.5港元/股，午后直线跳水，报收192港元/股，跌幅达53.73%。 公司午间紧急公告，称"概不知悉股价异动原因，业务营运及财务状况无重大变动"。 药捷安康今日分时图 这场异动不仅搅动个股市场，更波及多只医药类ETF。其中，恒生创新药ETF（159316）、港股通创新药ETF（520880）当日分别下跌 1.18%、1.11%。值得注意的是，药捷安康9月8日刚被纳入港股通及三大创新药指数， 而南向资金截至9月15日增持了该股306.25万股。 50倍"妖王"惊天震荡 今日早盘，药捷安康延续前几日的狂热涨势，开盘后便在资金推动下快速突破。截至10时30分，南向资金单日净买入已达1.43亿港元， 助 推股价一路攀升至679.5港元/股的历史高点， 较6月23日13.15港元/股的发行价累计涨幅接近51倍， 市值一度逼近2700亿港元。 药捷安康股价的极端波动，传导至多只创新药ETF，这与该药企近期被密集纳入核心指数密切相关。药捷安康自9月8日正式被调入港股通标 的名单，随之又被纳入多个重要港股创新药指数成分股中， 与其密切关联的创新药ET ...

美联储明年或许将降息7次，一场漫天大水或许就将来了，普通人要如何守护自己的钱袋子呢？ 每一次大放水的过程就是一次财富洗牌的过程。如果你可以盛住大水，那么在大水过后，你就会成为赢家。相反如果你什么都不做，那么大水就会把你的房 子冲倒，让你在大水过后，变得一无所有。 你可能觉得我是在危言耸听，自己就好好搬砖，每月按时领工资，过好自己的小日子，为何说会变得一无所有呢？你可以想一下这几年的情况，或许你就明 白了。 中国房价从2021年开始走入下行通道，目前大部分城市的房价几乎都腰斩了，而中国老百姓的家庭资产90%都是放在楼市，也就是说大部分中国人过去几年 身家就只剩下一半。 事实上账还不是这么算的。我们假设你购买房子时候价值100万，你支付了30万的首付，贷款70万。现在房子只剩下50万，你就已经是资不抵债了。 第二，那趁低抄底买房子行不行？有人经常说刚需就去，不是刚需就不买。这句话我觉得大错特错。刚需的人更应该谨慎。哪怕现在房价低了，对于很多刚 需族来说，依然是掏空两代人的钱袋子，依然是需要从银行贷款。或者说对于大部分普通人来说，这就是一生最大的一笔投资了。哪怕可以买便宜多5%， 这也可以节省一大笔钱。 因此未来房 ...

（原标题：BMJ推动医学创新协同发展，为全球健康事业注入中国力量） 图：中国医院协会常务副会长毛群安 9月13日，中国国际服务贸易交易会期间，由中国医院协会主办的2025首都国际医学大会在京召开， 1500余位领导专家出席会议。国家卫生健康委员会党组书记、主任雷海潮，中共北京市委常委、副市长 靳伟，世界卫生组织驻华代表马丁?泰勒出席会议并致辞。 图：2025首都国际医学大会在京举行 国家卫生健康委党组书记、主任雷海潮指出："人人享有健康，是全人类的共同愿景，也是构建人类命 运共同体的重要内容。中国政府一以贯之地大力推动医学科技研发，集中力量攻克人类健康面临的共同 难题。希望世界各国进一步拓展交流合作的网络，推动医学科技成果在更广范围转化和共享，让全球患 者广泛受益。" 图：北京市卫生健康委党委书记钟东波 医疗科技创新是国家科技创新体系关键支柱，也是推动健康中国战略落地、提升全民健康福祉的核心引 擎。中国医院协会常务副会长毛群安表示："中英两国在医疗科创领域各具特色优势，合作互补性强。 期待此次中英医疗科创论坛为我们带来思想的碰撞与启发，推动中英医疗科技合作走向更务实、更深 入、更广阔的新阶段。" 权威报告发布 ...

近日，国泰海通2025上海先导产业大会暨第14届医药CEO论坛+第5届人工智 能大会在上海成功举行。本次大会聚焦生物医药与科技领域的前沿趋势与跨界机 遇，汇聚近百位行业领袖、近200家上市公司代表及近千位投资者，通过主论 坛、分论坛、座谈交流等多元形式，打造了一场兼具产业深度与投资价值的思想 盛宴。国泰海通副总裁、研究与机构业务委员会总裁、政策和产业研究院院长陈 忠义出席大会并致辞。 陈 忠 义 回 顾 了 大 会 的 发 展 历 程 ， 强 调 国 泰 海 通 是 先 导 产 业 的 " 见 证 者 与 同 行 者"。自2012年首届医药CEO论坛成功举行以来，该论坛伴随中国创新药产业 从萌芽走向成熟，见证了原研药立项、创新药上市、国际化BD合作等关键节 点，更逐步将论坛举办地拓展至纽约、中国香港等，成为连接全球医药资源的重 要桥梁。与此同时，自2019年启动的人工智能大会，亦见证了AI技术从"实验室 概念"到"产业核心驱动力"的跨越，从算力基础设施的持续升级，到模型算法的 快速迭代，再到游戏、医疗、制造等场景的深度落地，AI正以燎原之势重塑全球 竞争格局，而大会始终是捕捉这一变革的前沿平台。未来，国泰海通 ...

Report Overview - Report Date: September 16, 2025 [1] - Analyst: Zhang Hesheng [1] - SAC Number: S0870523100004 [1] 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - A shares and gold may experience sideways fluctuations, while the bond market presents an opportunity for long - positions. A shares are likely to remain in a high - level oscillation with good structural opportunities in areas like new energy, innovative drugs, rare earths, artificial intelligence, and securities. Long - term interest - rate bonds in the bond market are gradually becoming suitable for long - positions. Gold may move sideways in the short term and potentially break through upwards in the long term [11] 3. Summary by Related Content Stock Market - **US Stocks and Hong Kong Stocks**: In the past week (20250908 - 20250914), the Nasdaq, S&P 500, and Dow Jones Industrial Average changed by 2.03%, 1.59%, and 0.95% respectively, and the Nasdaq China Technology Index changed by 5.64%. The Hang Seng Index changed by 3.82% [2] - **A - shares**: Most A - share sectors rose. The Wind All - A Index rose 2.12%. The CSI A100, CSI 300, CSI 500, CSI 1000, CSI 2000, and Wind Micro - cap stocks changed by 1.54%, 1.38%, 3.38%, 2.45%, 2.16%, and 2.55% respectively. Among different styles, the Shanghai blue - chips and growth sectors (represented by SSE 50 and STAR 50) rose by 0.89% and 5.48% respectively, and the Shenzhen blue - chips and growth sectors (represented by SZSE 100 and ChiNext Index) rose by 1.66% and 2.10% respectively. The North Exchange 50 Index changed by - 1.07% [3] - **Industry Performance**: 26 out of 30 CITIC industries rose, with electronics, real estate, agriculture, forestry, animal husbandry, fishery, media, and computer leading the gains with weekly increases of over 4%. Semiconductor, science and technology innovation, chip, integrated circuit, and information technology innovation ETFs performed well, with weekly increases of over 7% [4] Bond Market - **Domestic Interest - rate Bonds**: In the past week (20250908 - 20250914), the 10 - year Treasury bond futures main contract fell 0.22% compared to September 5, 2025. The yield of the 10 - year active Treasury bond rose 4.10 BP to 1.8670%. Yields of all maturity varieties increased, with those of 20 - year and above varieties rising more [5] - **Funding Costs and Market Operations**: As of September 12, 2025, R007 was 1.4651%, up 0.85 BP from September 5, 2025, and DR007 was 1.4575%, up 2.03 BP. The central bank's net injection in the open market operations (reverse repurchase and central bank bill swaps) in the past week (20250908 - 20250914) was 196.1 billion yuan [6] - **Bond Market Leverage**: The bond market leverage level increased. The 5 - day average of inter - bank pledged repurchase volume increased from 7.31 trillion yuan on September 5, 2025, to 7.49 trillion yuan on September 12, 2025 [8] - **US Treasury Bonds**: In the past week (20250908 - 20250914), US Treasury bond yields decreased. As of September 12, 2025, the 10 - year US Treasury bond yield fell 4 BP to 4.06%. Yields of 10 - year and above maturity varieties decreased [9] Commodity Market - **Dollar and Gold**: In the past week (20250908 - 20250914), the US dollar index fell 0.12%. The US dollar depreciated against the euro, pound, and the on - shore and off - shore RMB. Gold prices rose, with the London spot gold price rising 1.57% to $3651.10 per ounce, and the COMEX gold futures price rising 1.26% to $3646.30 per ounce. Domestic gold prices also increased, with the Shanghai spot gold rising 2.33% to 830.41 yuan per gram and the futures rising 2.22% to 832.50 yuan per gram [10]

Investment Rating - The report maintains a positive outlook on innovative drugs, AI healthcare, and brain-computer interfaces [1]. Core Insights - The report analyzes 362 pharmaceutical listed companies, including those on the Sci-Tech Innovation Board, reporting a total revenue of 1,084.5 billion yuan in H1 2025, a decrease of 2.1% year-on-year. The net profit attributable to shareholders was 103.64 billion yuan, down 1.1%, while the net profit excluding non-recurring items was 88.905 billion yuan, down 9.4% [3][17]. - In H1 2025, 165 companies achieved revenue growth, accounting for 46% of the total, while 165 companies also reported positive net profit growth, also 46% [17]. Summary by Relevant Sections Overall Industry Performance - The pharmaceutical industry faced pressure from policies and macroeconomic conditions, leading to a decline in performance in H1 2025 [19]. - The overall revenue for the industry decreased by 2.1%, with a net profit decline of 1.1% [46]. Subsector Analysis - **Innovative Drugs and Formulations**: Revenue was 194.6 billion yuan (-2.0%), with net profit at 25.8 billion yuan (+1.2%) [5]. - **Medical Devices**: Revenue decreased to 96.8 billion yuan (-5%), with net profit down 16.9% [5]. - **CXO Services**: Revenue increased by 13.8% to 44.85 billion yuan, with net profit rising 64.6% [5]. - **Active Pharmaceutical Ingredients**: Revenue remained stable at 52.88 billion yuan, with net profit increasing by 19.1% [5]. - **Life Sciences**: Revenue was 3.9 billion yuan (-1.8%), with net profit down 3.6% [7]. - **Medical Services**: Revenue grew by 0.9% to 28.3 billion yuan, but net profit fell by 10.2% [7]. - **Blood Products**: Revenue was approximately 11.7 billion yuan (-0.3%), with net profit down 14.4% [7]. - **Retail Pharmacies**: Revenue was 57.8 billion yuan (+0.1%), with net profit up 0.9% [9]. - **Pharmaceutical Distribution**: Revenue increased by 0.9% to 404.57 billion yuan, with net profit rising 12.4% [9]. - **Traditional Chinese Medicine**: Revenue decreased by 4.8% to 173 billion yuan, with net profit slightly up by 0.6% [9]. - **Vaccine Sector**: Revenue plummeted by 58.0% to 10.5 billion yuan, with a net loss of 0.5 billion yuan [11]. Financial Metrics - The overall gross margin for the industry was 32.4%, with a decline in the four expense ratios [46][49]. - The report highlights that the CXO sector showed the highest growth in both revenue and net profit, indicating a strong recovery trajectory [34][37].