Zhitong Hong Kong Stock Exchange Unravels | Favorable policies have divided production, and the pharmaceutical sector has once again become a safe haven
[Anatomy Dashboard]
At the end of September, the market was disgraced. The favorable policy came out yesterday. At last, the sentiment stabilized. Hong Kong stocks also opened lower and higher, closing up 0.37%.
Negotiations between the US and Iran have not progressed. Trump said that he did not offer any conditions to Iran to end the war, and denied media reports quoting US officials. In addition, voluntary AI security agreements have been signed with tech giants, and data center expansion has been strongly supported. Technology stocks have stabilized slightly, but this is not obvious because they have not seen very exciting benefits. Cambridge Technology (06166) rose more than 3%. In the software category, Mifushi (02556) performed well, up more than 6%. See Individual Stock Nuggets for details.
Good real estate discounts came out yesterday. This morning, ICBC, the Agricultural Bank, the Bank of China, and China CITIC Bank announced in response to the new policy that they will adopt a “free license and enjoy” process. In the future, procedures will be simplified and the implementation of the policy will be promoted as soon as possible. As for this benefit, it can only be said that it is not very strong. First, it is not a new policy. Currently, more than 20 cities across the country have implemented mortgage interest rate discount policies; this time, it is just a pilot shift to full roll-out; second, it targets the third- and fourth-tier small and medium-sized cities that are just needed for the first set. According to restrictions, the vast majority of first-tier/second-tier listings have basically been excluded. Looking at the margin, 50,000 red envelopes in 5 years. According to the calculation of a loan of 1 million yuan, the monthly monthly payment is reduced by 520 yuan, and the interest rate discount will be reduced by up to 47,300 yuan. If 1 million households benefit, the total interest rate discount for 5 years is about 47.3 billion yuan, an average of about 9.5 billion yuan per year, accounting for only 0.03% of the country's annual fiscal expenditure. As a result, real estate stocks are all opening sharply lower today. However, later, bottom-up capital came in to grab a rebound. The main focus was on real estate stocks, which have been low for a long time, and fundamentals have improved somewhat, but expectations are not high. The main beneficiaries were medium- and low-energy cities. The good gains were Times China Holdings (01233), which rose nearly 28%, while Country Garden (02007) and China Overseas Hongyang (00081) rose more than 3%.
As real estate continued to be poor, technology and inaction, capital was once again diverted to pharmaceuticals.
Modena, a US vaccine concept stock, is doing well: Summaries of three new individualized mRNA antigen therapies under development jointly developed by the company and MSD have been accepted for presentation at the 2026 European Society of Medical Oncology Conference held in Madrid from October 23 to 27. Cansino Shanghai, a subsidiary of Cansino Biotech (06185), previously signed a cooperative framework agreement with Depus Biotech to jointly develop personalized mRNA oncology vaccines. Cansino provides mRNA delivery and formulation capabilities, and Depus provides a platform for the discovery and design of new AI antigens. Today it surged more than 17%.
Red Queen Bio, a biosafety startup invested by OpenAI, has raised a total of 36 million US dollars to develop antibody drugs that can fight various viruses, and plans to launch the first batch of clinical trials in 2027. The global AI-enabled drug development cost market is expected to increase from US$11.9 billion in 2023 to US$74.6 billion in 2032, with a compound growth rate of 22.6%, which is significantly faster than the overall increase in R&D expenditure. Several core varieties all performed well. In September, Zhitong Jinshu Insilicon Smart (03696): AI small molecule drug discovery, self-developed pipeline+external BD authorized two-wheel drive, up more than 8%; Jietai Technology-P (07666): AI nanopharmaceutical delivery (LNP lipid delivery), the only domestic level; the world's first AI delivery platform listed company, up more than 11%; Baiosetu-B (02315): AI applications have covered all categories of drug development optimization such as small molecules, antibodies, micronucleic acid, mRNA, and CAR-T, the industry forms the three cores of computing power, data, and models Barrier, the closed loop of dry and wet is the ultimate high-level barrier integrating the three major barriers, rising more than 8%; Jingtai Holdings (02228): full-stack AI4S drug development platform, small molecules, molecular adhesives, peptides, small nucleic acids, supporting robotic wet test laboratories, increased nearly 4%.
Hengrui Pharmaceutical (01276), which was announced yesterday, has only risen until today. This situation is not uncommon, because foreign investors in Hong Kong stocks are quite cautious, and the stock price did not move yesterday. As of today, because the overall sector sentiment is very good, and foreign investment research reports are optimistic. It is expected to move in a positive direction, and capital has moved in quickly. Today, it has risen by more than 10%. Innovative Pharmaceuticals Group (01093), Junshi Biotech (01877), Hanson Pharmaceuticals (03692), and BeiGene (06160) all increased by more than 5%.
The CXO class cannot be circumvented. Zhaoyan New Drug (06127): The leading CRO in non-clinical safety evaluation in China, has been deeply involved in drug safety evaluation for many years. It has a full set of GLP qualifications from NMPA, FDA, and OECD. It can provide one-stop pre-clinical and early clinical supporting new drug evaluation services from early drug detection, pharmacological toxicology tests to clinical sample testing, and has significant industry advantages in the field of non-human primate testing. Today, it surged more than 15%; other comprehensive CXO companies, Pharmacom Kangde (02359), Kanglong Chemical (03759), CDMO Kalein (06821), Pharmacomics (02269), and Clinical CRO Tiger Pharmaceuticals (03347) all rose more than 3%.
The sub-IPO Shenzhen Intelligence (02723) also showed impressive performance. The reason is that the company plans to split each share into 10 shares. After the split, the unit value of each lot will be reduced from 44,840,000 yuan to 4,384 yuan, with the aim of lowering the investment threshold and improving transaction liquidity and transaction efficiency. Today, it surged 20%.
Jinxin Reproduction (01951) announced yesterday evening that it plans to issue asset-backed securities, or inter-agency REITs, for Shenzhen hospital properties, which have been officially accepted by the Shanghai Stock Exchange. Simply put, it is to securitize Shenzhen Zhongshan Hospital's property assets, revitalize its heavy assets, and obtain about 1.2 billion dollars in net cash. The leverage has dropped significantly. The net debt/EBITDA has been reduced from 2.8 times to 0.9 times. This money prioritizes debt repayment, reduces interest expenses, increases financial safety cushions, reduces the pressure on financing costs, and improves the balance sheet. It has already been accepted by the Shanghai Stock Exchange, and still needs to be approved by the Shanghai Stock Exchange and a vote at the shareholders' meeting. Today, the increase is more than 6%.
Daikin Heavy Industries (01081), which was mentioned yesterday by individual stock Nuggets, showed another performance. The company recently officially signed a design contract with Ulstein, a well-known Norwegian ship design company, for a new-generation Ulstein HX122 with U-STERN offshore foundation installation ship. This marks the official entry of Daikin Heavy Industries into the offshore wind power installation process. Also, on September 27, the KING Series No. 3 large deck carrier, KINGTHREE, which was independently designed and fully built by Daikin Heavy Industries, was officially delivered at Daikin Heavy Industries' Panjin base. It indicates the completion of the KING series's own ocean transport fleet, which will rise by nearly 8% today.
[Section Focus]
Guojin Securities said that airline pre-sale prices increased 11.5% year-on-year during the National Day holiday. According to DAST data, during the 2026 National Day holiday (October 1-7), the average tax-inclusive domestic economy class ticket price was 959.6 yuan, up 11.5% from 860.4 yuan in the same period in 2025; the average price of naked tickets was 848.8 yuan, up 6.4% year on year. This week, domestic tax-inclusive ticket prices and seat revenue were +2.2% and +2.5%, respectively, and the passenger occupancy rate was 87.8%. In terms of air transport, the latest September 21 Baltic Sea air transport index was +0.9% month-on-month and +20.9% year-on-year, while the Pudong and Hong Kong departure indices were +0.6% and +0.3% month-on-month respectively, +19.7% and +19.6% year-on-year respectively. The agency believes that air freight rates have maintained a high year-on-year growth rate, the economy is still resilient, and the passenger transport side is concerned about the fulfillment of volume and price during the National Day holiday.
Main varieties: Air China (00753), China Eastern Airlines (00670), China Southern Airlines (01055), Cathay Pacific (00293).
[Individual Stock Mining]
McFTSE (02556): Significant land purchases to build R&D centers contribute to overseas business expansion
On September 30, plot 83-02E in the Beihongqiao area, Jiangqiao Town, Jiading District, was contested by Maifushi (Shanghai) Intelligent Technology Co., Ltd. to sell 9093.85 square meters, with a total investment of about 250 million yuan to build an artificial intelligence R&D center. It is expected to be completed and put into operation in September 2029, with annual sales revenue of about 5 billion yuan after delivery.
Comment: Daring to buy large amounts of land to build an R&D center at this stage highlights the company's full confidence in future development. Maifushi's fund-raising continues to increase computing power infrastructure, and token voucher subsidies in some cities are expected to further shorten the payback period. Token-related revenue continues to increase as a share of AI application revenue. In the second half of the year, AI R&D agents began to be sold abroad and overseas business expansion are expected to contribute to the increase.
Maifushi accelerated the launch of foreign trade AI agents, and the explosive growth in profits showed impressive performance. The company's overseas trade revenue for the full year of 2025 was 759.34 million yuan, +134.4% year-on-year, far exceeding the domestic business growth rate. In the first half of 2026, overseas revenue was +89% year-on-year, and there were 982 overseas paying customers. The company's AI business exploded in 2026, with AI accounting for more than half. 2026Q1 AI revenue was +110.5%, traditional marketing +0.9%, and precision marketing service revenue was about 1,331 billion yuan, an increase of nearly 86% over the previous year, providing enterprises with more flexible online promotion solutions in advertising and marketing data analysis.
The company's core AI-AgentForce 3.0 platform plus self-developed GEO large model - self-developed multi-model fusion framework can schedule large models such as Tforce+ Baidu/Ali, with optimal cost and controllable results. Thousands of reusable knowledge maps have been accumulated, and a total of 210,000 enterprises have been served. The company's core partners include Baidu and Alibaba Cloud General Large Model+Cloud Computing Power Platform. Mu Xi Co., Ltd. (domestic GPU) has jointly built a “domestic chip+smart device” all-in-one computer, suitable for Xinchuang, cost reduction+safety. Beijing Union Guoxin, OceanBase (Ant): Xinchuang server, database, autonomous and controllable.
Globalization is accelerating, the company will focus on Southeast Asia, the Middle East and Europe in 2026, directly serving local enterprises, and increasing the share of overseas revenue. AI all-in-one machines, GEO intelligent assistants, and industry vertical agents continue to iterate to build a “term factory” (pricing based on output value). The self-sufficiency rate of computing power reached 60% +, making it one of the few leading AI applications in China that are self-sufficient in computing power. The token factory model is mature, and payment is based on call volume/performance, and revenue certainty and gross profit are significantly improved. The number of the company's KA customers doubled, AI agent penetration increased, overseas travel accelerated, and pay-for-performance ratio increased (higher gross profit). Localized deployment of overseas (Southeast Asia/Middle East) computing power opens up a second growth curve.
The company's AI smart orders have been placed in batches. The long-term framework orders for the consumer, automotive and financial industries are sufficient, the renewal rate is extremely high, and the share of AI orders has increased rapidly. The company's AI application revenue doubled, and long-term growth opportunities brought about by the implementation of the Token economy model and overseas business expansion.