（文章来源：证券日报） 证券日报网讯 12月10日，国际医学在互动平台回答投资者提问时表示，国家推进基本医保省级统筹是 健全全民医保制度的重要举措，有利于增强医保制度的保障能力，提高基金使用效率，满足群众的多元 化医疗需求。省级统筹强化了基金在区域内的统一调度与支付能力。公司旗下医院打造了脑科、心血 管、消化、胸科、肿瘤、血液病、骨科等多个优势专科，开展了一系列技术含量高、难度大的复杂型医 疗项目，构建了坚实的医疗"护城河"。经过近几年的发展，公司旗下医疗机构外地患者占比从刚开诊时 的不足10%增长至2025年第3季度的42%。公司在服务本地患者的同时，也在发挥辐射作用，加快构建 立足西安，覆盖陕西，辐射中西部的综合医疗服务版图。在此背景下，公司作为区域内优质医疗资源提 供者的价值将更加凸显。面对行业变革，公司积极调整业务结构，增强服务附加值，在医美整形、康 复、妇儿、健康管理、中医、辅助生殖、精神心理、特需服务、老年护理、质子治疗等板块进行布局， 满足群众日益增长的多样化健康需求。 ...

Core Insights - The core focus of the national medical reform is to establish a "tiered diagnosis and treatment" system and implement a healthcare payment reform primarily based on DRG/DIP [1] Group 1: Industry Trends - The reform aims to guide medical institutions towards enhancing service quality and innovating service models, with tertiary hospitals being more competitive in complex case management, clinical pathway optimization, and medical resource utilization efficiency [1] - The company is actively adjusting its business structure to enhance service value and build competitive advantages through differentiated strategies [1] Group 2: Company Strategy - The company has developed multiple specialized departments, including neurology, cardiovascular, digestive, thoracic, oncology, hematology, and orthopedics, and is engaged in high-tech, complex medical projects that align with the DRG reform direction [1] - The company is expanding into various business segments such as aesthetic medicine, rehabilitation, maternal and child health, health management, traditional Chinese medicine, assisted reproduction, mental health, and special services [1] - The company is also opening specialized departments like elderly care facilities, Huibin departments, and proton therapy to meet market demand [1]

Group 1 - ST Jingfeng (000908) will be subject to delisting risk warning starting October 23, 2025, due to the acceptance of a reorganization application by the Changde Intermediate People's Court [1] - The stock will be renamed to "*ST Jingfeng" with a daily price fluctuation limit of 5%, and it will be suspended for one day on October 22, 2025 [1] - As of the end of 2023, ST Jingfeng reported negative net assets and faced liquidity issues, leading to overdue bonds and previous delisting risk warnings [1] Group 2 - Yushu Technology has completed the first phase of its IPO guidance work, with the report published on the CSRC website detailing the progress [3][5] - The guidance period started on July 18, 2025, and aims to improve corporate governance and operational standards [5] - Yushu Technology plans to submit its IPO application documents between October and December 2025, with relevant operational data to be disclosed at that time [6] Group 3 - The Yushu Robotics concept stocks have shown strong performance this year, with an average price increase of 71.37%, significantly outperforming the Shanghai Composite Index [7] - Notable stocks include Zhejiang Rongtai, Wolong Electric Drive, and Zhongdali De, with year-to-date price increases of 316.38%, 240.73%, and 202.54% respectively [8] - Companies like Aobi Zhongguang-UW have reported positive earnings forecasts, benefiting from advancements in the 3D vision perception industry and expanding application scenarios [9]

Core Viewpoint - The appointment of Jiang Ying as the new Secretary of the Board at Luoxin Pharmaceutical is a significant development, although her lack of experience in listed company secretary roles raises questions about her suitability for the position [3][6]. Company Overview - Luoxin Pharmaceutical, founded in 1988, has a diverse product range covering various medical fields including gastrointestinal diseases, pediatrics, oncology, and more [6]. - The company has experienced significant performance fluctuations in recent years, primarily due to the impacts of the COVID-19 pandemic, impairment provisions, and adjustments in financial liabilities [6]. Financial Performance - For the first half of 2025, Luoxin Pharmaceutical reported a revenue of 1.077 billion, a decrease of 14.45% year-on-year, while achieving a net profit attributable to shareholders of 17.695 million, marking a turnaround from losses in the previous year [6][7]. - The total revenue for the latest reporting period was 1.077 billion, with a total cost of 1.098 billion, resulting in an operating profit of 39.41 million, which is a 133.12% increase year-on-year [7]. - The net profit attributable to the parent company's shareholders was 17.695 million, reflecting a 119.95% increase compared to the same period last year [7]. Management Background - Jiang Ying, the newly appointed Secretary of the Board, has a strong academic background with dual degrees in Science and Economics from Peking University, as well as a Master's in Management from Peking University and a Master's in Finance from the University of Hong Kong [3][5]. - Prior to her appointment, Jiang Ying worked in various roles at Guotai Junan Securities, Everbright Pramerica Fund, and Guotai Fund, but lacks experience in listed company secretary positions [3][5].

Group 1: Market Overview - Global equity markets reported positive returns in Q2 2025, driven by U.S. trade deals and expected fiscal stimulus in Europe, which countered tariff challenges and geopolitical tensions [1] - The Clearbridge Global Value Improvers Strategy outperformed the benchmark MSCI World Value Index in the quarter, with strong contributions from industrials and IT holdings [1] Group 2: Corcept Therapeutics Incorporated - Corcept Therapeutics Incorporated (NASDAQ:CORT) is a biotechnology company focused on developing medications for severe endocrinologic, oncologic, metabolic, and neurologic disorders [2] - The stock of Corcept Therapeutics saw a one-month return of 23.24% and an impressive 88.16% increase over the last 52 weeks, closing at $85.48 per share with a market capitalization of $9.01 billion on October 2, 2025 [2] - Portfolio activity for the Clearbridge Global Value Improvers Strategy included exiting Uber Technologies and adding Corcept Therapeutics, which specializes in cortisol management with broader implications than previously understood [3] Group 3: Financial Performance - Corcept Therapeutics reported revenue of $194.4 million in Q2 2025, an increase from $163.8 million in Q2 2024 [4] - Despite the potential of Corcept as an investment, certain AI stocks are considered to offer greater upside potential and less downside risk [4]

Core Viewpoint - The stock of pharmaceutical company Yaojie Ankang (2617.HK) has experienced extreme volatility, soaring over 50 times post-IPO and then plummeting 53.73% in a single day, highlighting concerns about the stock's liquidity and the mechanisms of index inclusion [2][3][4]. Group 1: Stock Performance - Yaojie Ankang's stock price closed at 149.9 HKD per share on September 19, with a maximum drawdown of 78% within just four trading days, leading to a market capitalization drop from nearly 270 billion HKD to 59.4 billion HKD [3]. - The stock was listed on June 23 at an IPO price of 13.15 HKD per share, with a market cap of approximately 5.2 billion HKD, and saw a steady increase to 54.15 HKD per share by the end of August [4]. - The stock price surged dramatically after being included in multiple Hang Seng indices on September 8, with increases of 77.09% and 115.58% recorded on September 12 and 15, respectively [5]. Group 2: Market Reactions and ETF Involvement - The extreme fluctuations in Yaojie Ankang's stock price have led to passive buying by several ETFs tracking the National Index of Hong Kong Innovative Drugs, raising concerns about the ETF's role in high-level buying at inflated prices [3][7]. - The largest ETF tracking this index bought 3 million shares of Yaojie Ankang on September 15, representing about 2.62% of the fund's net value, contributing to significant capital inflow during the stock's volatility [7]. Group 3: Index Inclusion and Regulatory Concerns - The rapid inclusion of Yaojie Ankang in the index has sparked discussions about the prudence of current index compilation rules, particularly regarding the lack of an observation period for new stocks [8][9]. - Concerns have been raised about the transparency and timeliness of information regarding index adjustments, which can lead to severe supply-demand imbalances and extreme stock price fluctuations [9]. - Recommendations have been made to adjust the initial inclusion ratio for new stocks and to enhance the assessment of liquidity factors to mitigate the impact of passive investment strategies on stocks with small trading volumes [9].

Core Viewpoint - The stock price of the Hong Kong innovative drug company, Yaojie Ankang, has experienced significant volatility due to its recent inclusion in multiple indices, leading to passive buying by related ETFs and sparking widespread investor discussion on social media [1][2]. Group 1: Stock Performance - Yaojie Ankang was listed on June 23, 2025, and initially saw a steady increase in stock price until its inclusion in the Hong Kong Stock Connect on September 8, which triggered a surge in buying activity [1]. - Following its inclusion, the stock price skyrocketed, with a 77.09% increase on September 12 and a further 115.58% rise on September 15 [1]. - However, on September 16, the stock price plummeted by 53.73%, dropping from 679.5 HKD to 192 HKD, illustrating extreme volatility [2]. Group 2: ETF Impact - The inclusion of Yaojie Ankang in the National Index of Hong Kong Innovative Drugs led to significant passive buying by ETFs, with one major ETF purchasing 3 million shares worth approximately 578 million HKD, accounting for about 2.62% of its net asset value [2][3]. - The total scale of ETFs tracking the National Index is approximately 35.963 billion HKD, suggesting a passive buying amount of around 940 million HKD [2]. Group 3: Index Adjustment and Methodology Issues - The adjustment of the National Index was not publicly announced in advance, leading to a lack of awareness among investors regarding Yaojie Ankang's inclusion [3]. - The index's sample selection criteria have been criticized for potential loopholes, as Yaojie Ankang had been listed for less than three months and did not fully meet the trading volume requirements [4]. - The index's selection method is considered simplistic, failing to account for factors like liquidity, which contributed to Yaojie Ankang's price volatility due to its small float [4]. Group 4: Broader Market Implications - The expansion of ETFs, surpassing 5 trillion HKD, has made passive funds a significant force in market movements, particularly during quarterly adjustments [5]. - The passive buying and selling driven by ETF mechanisms can lead to substantial market volatility, as seen with other indices experiencing similar adjustments [5][6]. - Analysts suggest that as ETF holdings increase, the short-term price fluctuations resulting from index adjustments may intensify, creating a non-diversifiable risk for investors [6].

Core Viewpoint - The recent volatility in the Hong Kong innovative drug sector, particularly the extreme price fluctuations of Yaojie Ankang-B (2617.HK), has raised questions about the rationale behind its inclusion in major indices despite lacking revenue and being newly listed [3][10]. Group 1: Stock Performance and Market Reaction - Yaojie Ankang experienced a dramatic stock price increase of over 550% within six days, reaching a market capitalization of HKD 164.7 billion, entering the "billion-dollar club" [7][8]. - On September 16, the stock saw a "bungee jump" pattern, soaring over 63% before closing down 5.73%, with a total intraday fluctuation of nearly 124% [6][7]. - Following this volatility, several innovative drug ETFs, including the Silver Hua National Innovation Drug ETF, fell by 2.98%, leading the decline in cross-border ETFs [5][6]. Group 2: Inclusion in Indices and Controversy - The inclusion of Yaojie Ankang in the National Innovation Drug Index raised concerns, as the company had been listed for less than three months and reported no revenue, with a pre-tax loss of HKD 123 million for the first half of the year [10][11]. - The index's criteria for inclusion require companies to have no significant violations or financial issues, which Yaojie Ankang did not meet due to its lack of operational history and ongoing product development [10][11]. - The rapid inclusion of new stocks in indices has sparked debate, particularly regarding the impact on passive investment products that must track these indices, leading to significant volatility in their net asset values [12][13].

Core Viewpoint - The recent volatility in the Hong Kong innovative drug sector, particularly the dramatic price fluctuations of药捷安康, has sparked widespread debate regarding the legitimacy of its rapid inclusion in major indices despite lacking financial performance support [1][7]. Group 1: Stock Performance and Market Reaction -药捷安康's stock price surged over 550% within six days, reaching a market capitalization of 164.7 billion HKD, entering the "billion-dollar club" [4][5]. - On September 16, the stock experienced extreme volatility, with a price increase of over 63% in the morning, followed by a drop of 5.73% by the end of the day, resulting in a total intraday fluctuation of nearly 124% [3][4]. - Following the stock's volatility, several innovative drug ETFs saw significant declines, with the银华国证港股通创新药ETF dropping 2.98% and other related ETFs also experiencing declines exceeding 1% [3][4]. Group 2: Inclusion in Indices and Controversy - The core controversy revolves around the inclusion of药捷安康 in the国证港股通创新药指数, despite the company being listed for less than three months and having no revenue, with a reported pre-tax loss of 123 million HKD for the first half of the year [7][8]. - The index's criteria for inclusion require companies to have no significant violations or financial issues, raising questions about the appropriateness of药捷安康's inclusion given its lack of operational history and financial performance [7][8]. - The rapid inclusion of新股 in indices has led to concerns about the impact on passive investment products, as these products must track indices and thus are subject to the volatility of newly included stocks [9]. Group 3: Trading Volume and Investor Behavior - The trading volume of药捷安康 surged dramatically, with daily trading volume increasing from 0.13 million HKD to 45.43 billion HKD, indicating a significant influx of capital [5][6]. - Southbound capital has been a crucial support factor, with continuous accumulation of药捷安康 shares, reaching a holding value of 789 million HKD by September 16 [6]. - The market's speculative behavior surrounding药捷安康 reflects broader trends in the innovative drug sector, where high volatility is characteristic, particularly for newly listed companies [9].

Core Viewpoint - The stock of Yaojie Ankang (02617.HK) experienced significant volatility, closing at 192 HKD with a decline of 53.73%, after reaching a peak of 679.5 HKD, which represented an increase of 63.73% during the trading session [1] Company Overview - Yaojie Ankang is a biopharmaceutical company focused on discovering and developing innovative small molecule therapies for oncology, inflammation, and cardiovascular metabolic diseases, currently in the clinical registration phase [1] IPO Details - Yaojie Ankang was listed on the Hong Kong Stock Exchange on June 23, 2025, with a total of 15,281,000 H-shares offered. The final number of shares for public offering in Hong Kong was 3,057,000 H-shares, while the international offering accounted for 12,224,000 H-shares [1] - The final offering price was set at 13.15 HKD per share, raising a total of 200.95 million HKD. After deducting the estimated listing fees of 39.61 million HKD, the net proceeds amounted to 161.34 million HKD [1]