米酷聊财经A

On August 26, BeiGene rose 1.42%, with trading volume of RMB 1.1255 billion (11.25亿元), turnover rate of 3.48%, and total market capitalization of RMB 430.298 billion (4302.98亿元).
Anomaly analysis
Innovative drugs + RMB depreciation benefits
1. June 13, 2025, on the Interactive Yi platform: The company is a globally leading oncology innovative therapeutics company. It develops innovative anti-cancer drugs for cancer patients worldwide, improving drug accessibility and affordability.
2. According to the 2024 annual report, the overseas revenue contribution accounted for 62.85%, benefiting from RMB depreciation.
(Disclaimer: The analysis content comes from the internet and does not constitute investment advice. Please make independent judgments based on different market conditions.)

(Source: Caixun)
mRNA tumor vaccine clinical breakthrough validates the technology’s potential, with AI deeply involved in drug design, highlighting the value across the industry chain. The support system for innovative drugs and medical devices continues to improve.
At the midday close on August 26, the Shanghai Composite Index rose 0.70%, the Shenzhen Component Index rose 1.20%, and the ChiNext Index rose 1.37%. Sectors such as industrial metals, metal lead, and metal zinc led the gains.
In the ETF sector, the Huaxia Hang Seng Healthcare ETF (159892) rose 1.10%. Among its constituent stocks, Sinopharm/ Xinda Bio and Kangfang Bio jumped more than 5%, while Hansoh Pharma, BeiGene, China Biopharmaceutical, Shijiazhuang Pharma Group, Ascentage Pharma, Innovent Bio-B, Sinopharm Holding, and Yabao Pharma, among others, also rose.

People's Finance and News, August 26—BeiGene announced that on August 26, the U.S. Food and Drug Administration (FDA) has approved the supplementary Biologics License Application (sBLA) for Bazean? (terelentuzumab, formerly known as telituximab). The approval is for a new indication: first-line treatment in adult patients with locally advanced unresectable or metastatic HER2-positive gastric, gastroesophageal junction, or esophageal adenocarcinoma (GEA, referred to as “gastroesophageal adenocarcinoma”), in combination with Beihaian? (zenidatamab, formerly known as zetontamab) and chemotherapy.

(Source: Financial News)
Breakthroughs in clinical mRNA cancer therapies have boosted expectations for innovative drugs. Institutions believe that innovative drug valuations will be reshaped, and that the industry chain and upstream R&D services will see improved market conditions.
As of 10:23 a.m. on August 26, the SSE Composite Index was up 0.52%, the Shenzhen Component Index was up 0.54%, and the ChiNext Index was up 0.46%.
As for ETFs, the Hang Seng Biotech ETF (E Fund, 159105) rose 2.18%. Component stocks including Innovent Biologics (01801.HK), CanSino Biologics (09926.HK), and CSPC Pharmaceutical (00013.HK) gained more than 5%. Other gainers included Shijiazhuang Pharma Group (01093.HK), China Biopharmaceutical (01177.HK), BeiGene (688235.SH), Ascentage Pharma (06855.HK), Yingan Bio-B (09606.HK), Innovent Pharma (02096.HK), Hansoh Pharmaceutical (03692.HK), among others.

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（Source: 21st Century Business Herald）
On August 26, all three major Hang Seng Indexes opened higher collectively. Innovative drug and internet stocks rose together! The Hong Kong Stock Connect Technology ETF Founder (159125) rose 1.26%; constituent stock Innovent Biologics surged more than 11%. BeiGene, Alibaba, and Meituan rose more than 2%, while Semiconductor Manufacturing International Corporation and Xiaomi Group rose more than 1%. Tencent Holdings and Wuxi Biologics also followed up with gains.
Industry analysis indicates that the core drivers behind today's rebound in Hong Kong stocks are two main lines: “AI monetization from the internet sector being realized + performance and catalysts for innovative drug companies resonating together.” On the internet side, after Alibaba's HK$80 billion AI placement was subscribed nearly three times over, the increased holdings by Jack Ma and management signaled strong confidence; on the innovative drug side, the half-year report profit of Innovent Biologics exceeded the total for all of 2025, while CanSino Biologics partnered with DpH to develop an mRNA tumor vaccine, together with earlier Phase III breakthroughs for mRNA cancer vaccines by Moderna/Merck & Co., leading to a concentrated release of market sentiment across the sector.

【Overview】Hong Kong Stock Connect Medical ETFs “took over” the gainers list—an investment map at a glance
China Fund News reporter Cao Wenjing
On August 25, the A-share market saw intraday fluctuations, with the three major indices moving in different directions.
As for ETFs, driven by related news, ETFs related to healthcare, robotics, and biopharmaceuticals delivered outstanding performance.
Gold-stock ETFs, rare-metals ETFs, and non-ferrous mining ETFs were among the biggest decliners.
Hong Kong Stock Connect Medical ETF “took over” the gainers list
Today, Hong Kong stock healthcare sector saw a collective rally. The Huabao Hong Kong Stock Connect Medical ETF rose nearly 4.7%, while the Huaxia Hong Kong Stock Connect Medical ETF and the Yongying Hong Kong Stock Connect Medical ETF gained more than 4%. The Silver Age Hong Kong Stock Connect Medical ETF, the CSI Huaxia Hong Kong Stock Connect Medical ETF, the Harvest Hong Kong Stock Connect Medical ETF, the E Fund Hong Kong Stock Connect Medical ETF, and others all rose by more than 3%.

As of August 25, 2026, the three major A-share indices moved in different directions. The Shanghai Composite Index closed up 0.19% at 3,889.44 points; the Shenzhen Component Index closed down 0.35% at 13,745.87 points; and the ChiNext Index closed down 1.00% at 3,397.52 points. Total trading value across the two markets was 1.83 trillion yuan.
Judging by industry momentum, small home appliances have performed remarkably well, surging 8.02% on the day. Cosmetics and real-estate services follow closely, rising 5.23% and 4.37%, respectively.
As of the close today, a total of 840 non-money-market ETFs across the entire market were up, with the proportion of those rising reaching 52%. The CSI Hong Kong-Hong Kong Stock Connect Medical Theme Index rose 3.91%; the CSI Hong Kong-Hong Kong Stock Connect Innovative Drug Index rose 3.06%; and the National Securities BioPharmaceuticals Index rose 2.97%.

On August 25, BeiGene fell 0.57%, with trading volume of RMB 968 million, turnover rate of 3.04%, and total market value of RMB 424.283 billion.
Price movement analysis
Benefiting from innovative drugs + RMB depreciation
1. On June 13, 2025, in an interaction on Yi YI: The company is a globally leading innovative oncology treatment company. It develops innovative anti-cancer drugs for cancer patients worldwide, improving drug accessibility and affordability.
2. According to the 2024 annual report, the company’s overseas revenue accounted for 62.85%, benefiting from RMB depreciation.
(Disclaimer: The analysis content is sourced from the internet and does not constitute investment advice. Investors should make independent judgments based on different market conditions.)

? Operator Finance Network Internship student Liu Jiawen / Written by
Recently, a subsidiary of Fosun Pharma Holding Company signed a (cooperation framework agreement) with Sandoz, a global leader in biosimilar drugs. In reviewing Fosun Pharma’s core management team, Operator Finance Network noted the relatively new Chief Financial Officer, Huang Zhi, and attempted to sort through his past experience.
Public information shows that Huang Zhi graduated from the business school of Daldin University in the U.S., and holds a master’s degree in banking and finance.
Baidu Baike shows that Daldin University in the U.S. is a private liberal arts and comprehensive college in New York founded in 1955. In 2014, the school’s credit rating was downgraded to Ca by Moody’s due to a decline in enrollment rate and failure to pass fiscal indicators. On June 3, 2016, it officially announced its closure due to accumulated liabilities of $54 million.

Hunan Finance Securities released a research report saying that domestic pharmaceutical companies and others are upgrading through models such as Co-Co and NewCo to gradually keep value within domestic entities. The firm believes that in the future, more global pharmaceutical companies will emerge that establish “base camps,” and that their role will drive the sector for a systematic repricing. It maintains a “Buy” rating for the pharmaceutical industry and recommends focusing on three main themes: (1) investing in Biotech companies that build specific innovation-drug technology platforms, such as small-nucleic-acid frontier biotech; (2) diversified pharmaceutical companies; and (3) upstream innovation-drug industry chain opportunities, including CXOs and scientific research reagents.
Hunan Finance Securities’ main views are as follows:
A scissors gap in China-US pharmaceutical stock performance; value retention has become the core contradiction

On the news front, on August 24, WuXi He althcare (Wuxi United?) released its 2026 interim results. The financial report shows that in the first half of 2026, WuXi He althcare generated comprehensive income of RMB 3.701 billion. Based on the actual exchange rate (AER), this represents a year-on-year increase of 37.0%; based on the constant exchange rate (CER), the year-on-year increase is 41.5%. Gross profit grew 40.6% year-on-year to RMB 1.371 billion, and gross margin further improved to 37.0%. Adjusted net profit attributable to the parent company increased 37.4% year-on-year to RMB 1.027 billion, and adjusted net profit margin remained stable at 27.8%.
In its analysis, Everbright Securities notes that China’s innovative drug companies are gradually shifting from a “guerrilla warfare” model that relies on License-out toward a “base” model that builds a closed-loop of local value through Co-Co (co-development) and NewCo (newly established companies). BeiGene has delivered full-year profitability thanks to global rights to zanubrutinib. Meanwhile, Innovent Biologics’ collaboration with BMS preserves global commercialization choice. These developments indicate that leading companies are starting to systematically keep intellectual property and the associated revenue mechanisms within domestic entities. This shift not only reshapes how capital markets value innovative drug firms, but also drives more sustainable demand growth for upstream industries such as CXO and research reagents.