On September 30, the last trading day before National Day, the three major A-share indices showed mixed performances, with innovative drugs, liquor, and real estate sectors all rising. Netizens commented humorously about the trio: buying houses, drinking alcohol, and taking medicine.
On September 30, over 2,800 individual stocks across the mainland market declined. Bioproducts, recombinant proteins, CRO (pharmaceutical R&D outsourcing) concepts, medical services, and liquor sectors led the gains, while components, communication services, semiconductors, storage chips, and electronic chemicals ranked among the worst-performing sectors.
*CRO Concept Gains Against the Trend*
The CRO concept gained strength against the market trend, with multiple stocks hitting the daily trading limit. On the news front, another major BD (business development) deal emerged in the innovative drug sector. On September 29, Hengrui Medicine (01276) exclusively licensed the global rights outside Greater China for HRS-1596—a GLP-1/GIP dual antagonist with Phase I readiness and potential for once-weekly oral dosing—to Novo Nordisk, with an upfront payment of USD 300 million, milestone payments up to USD 2.3 billion, a potential total value of USD 2.6 billion, plus sales royalties, expected to close in Q4 2026.
The CRO sector's strength is also supported by policy. The recently issued "15th Five-Year Plan for Pharmaceutical Industry Development" for the first time lists CRO/CDMO as a key industrial chain segment, explicitly setting quantitative targets such as an annual average growth rate of innovative drugs no less than 20% by 2030 and FIC (first-in-class) drugs accounting for over 25% globally.
Caitong Securities believes that domestic pharmaceutical companies' overseas licensing deals for new drugs are driving a gradual recovery in investment and financing, with Biotech R&D demand rebounding. The AI-driven drug discovery value chain is entering a positive cycle, with the model of accelerating design, wet-lab validation (referring to traditional experiments in research requiring real liquid reagents, chemicals, biological samples, or living materials), and feeding results back into AI model iteration now preliminarily established, benefiting upstream segments such as protein synthesis and preclinical CRO first.
Huafu Securities stated that AI-driven drug discovery is currently in an upward phase driven by both external new capital inflows and internal R&D budget increases. Cross-industry investments by tech companies and continued R&D AI investments by MNCs create internal-external synergy. AI-driven drug discovery is expected to become a significant downstream application of large models, and the dry-wet closed-loop model training approach will deterministically amplify wet-lab experimental demand, benefiting the upstream industrial chain continuously.
*Liquor Sector Performs Actively*
On September 30, the liquor sector performed actively. Jinhui Liquor (SSE: 603919) rose about 10% to hit the daily limit, with Gujing Gongjiu (SZSE: 000596), Shanxi Fenjiu (SSE: 600809), Jinshi Yuan (SSE: 603369), Yingjia Gongjiu (SSE: 603198), and舍得酒业 (SSE: 600702) following suit. On the news front, since mid-September, the national wholesale price index for liquor has stopped declining and slightly increased. As of September 28, the national liquor price composite index stood at 106.23, up 0.08%.
Additionally, on the morning of September 28, Duan Yongping posted on a platform saying he "bought some" Kweichow Moutai (SSE: 600519), purchasing 30,000 shares at around RMB 1,230 per share, spending over RMB 36.9 million.
With the National Day holiday approaching and recent strong data performance in the consumer sector, industry insiders are optimistic about the holiday consumption market. CITIC Construction Investment's research report stated that in September, raw milk prices in many areas of Northwest and North China rose significantly, indicating an approaching turning point for milk prices, and expressed optimism for the future performance of the dairy sector.
CITIC Securities' research report believes that the liquor industry is returning to a relatively healthy development state, with distributors placing greater emphasis on sales velocity and average selling prices. Enterprises, distributors, and investors are refocusing on sales velocity, and leading enterprises are actively expanding into new channels, new scenarios, and new consumer groups.
Exchange data shows that on September 30, a total of 10 themes across the market saw net inflows of main capital exceeding RMB 1 billion, with a combined net inflow of RMB 175.9 billion. Among them, two themes saw net inflows exceeding RMB 2 billion.
*Innovative Drugs Attract Major Capital Inflows*
The top five themes by net inflow were: Innovative Drugs (RMB 4.15 billion), CRO (RMB 2.73 billion), E-commerce Concepts (RMB 1.84 billion), Weight-Loss Drugs (RMB 1.54 billion), and CAR-T Cell Therapy (RMB 1.36 billion).
Among them, Innovative Drugs attracted the largest net inflow of main capital at RMB 4.15 billion, with Hengrui Medicine being the stock with the largest net inflow within the theme, at RMB 690 million.
Following themes when buying stocks should be the mainstream choice. Senior Investor, Shek King-chuen
(Investing involves risk; every investor has different risk tolerance—always think independently. The author may trade based on market conditions.)
*Articles published in Economic Times, signed and/or unsigned, represent the authors' personal opinions and do not necessarily reflect the stance of Economic Times. Economic Times serves as a platform providing free expression of views.
On September 30, over 2,800 individual stocks across the mainland market declined. Bioproducts, recombinant proteins, CRO (pharmaceutical R&D outsourcing) concepts, medical services, and liquor sectors led the gains, while components, communication services, semiconductors, storage chips, and electronic chemicals ranked among the worst-performing sectors.
*CRO Concept Gains Against the Trend*
The CRO concept gained strength against the market trend, with multiple stocks hitting the daily trading limit. On the news front, another major BD (business development) deal emerged in the innovative drug sector. On September 29, Hengrui Medicine (01276) exclusively licensed the global rights outside Greater China for HRS-1596—a GLP-1/GIP dual antagonist with Phase I readiness and potential for once-weekly oral dosing—to Novo Nordisk, with an upfront payment of USD 300 million, milestone payments up to USD 2.3 billion, a potential total value of USD 2.6 billion, plus sales royalties, expected to close in Q4 2026.
The CRO sector's strength is also supported by policy. The recently issued "15th Five-Year Plan for Pharmaceutical Industry Development" for the first time lists CRO/CDMO as a key industrial chain segment, explicitly setting quantitative targets such as an annual average growth rate of innovative drugs no less than 20% by 2030 and FIC (first-in-class) drugs accounting for over 25% globally.
Caitong Securities believes that domestic pharmaceutical companies' overseas licensing deals for new drugs are driving a gradual recovery in investment and financing, with Biotech R&D demand rebounding. The AI-driven drug discovery value chain is entering a positive cycle, with the model of accelerating design, wet-lab validation (referring to traditional experiments in research requiring real liquid reagents, chemicals, biological samples, or living materials), and feeding results back into AI model iteration now preliminarily established, benefiting upstream segments such as protein synthesis and preclinical CRO first.
Huafu Securities stated that AI-driven drug discovery is currently in an upward phase driven by both external new capital inflows and internal R&D budget increases. Cross-industry investments by tech companies and continued R&D AI investments by MNCs create internal-external synergy. AI-driven drug discovery is expected to become a significant downstream application of large models, and the dry-wet closed-loop model training approach will deterministically amplify wet-lab experimental demand, benefiting the upstream industrial chain continuously.
*Liquor Sector Performs Actively*
On September 30, the liquor sector performed actively. Jinhui Liquor (SSE: 603919) rose about 10% to hit the daily limit, with Gujing Gongjiu (SZSE: 000596), Shanxi Fenjiu (SSE: 600809), Jinshi Yuan (SSE: 603369), Yingjia Gongjiu (SSE: 603198), and舍得酒业 (SSE: 600702) following suit. On the news front, since mid-September, the national wholesale price index for liquor has stopped declining and slightly increased. As of September 28, the national liquor price composite index stood at 106.23, up 0.08%.
Additionally, on the morning of September 28, Duan Yongping posted on a platform saying he "bought some" Kweichow Moutai (SSE: 600519), purchasing 30,000 shares at around RMB 1,230 per share, spending over RMB 36.9 million.
With the National Day holiday approaching and recent strong data performance in the consumer sector, industry insiders are optimistic about the holiday consumption market. CITIC Construction Investment's research report stated that in September, raw milk prices in many areas of Northwest and North China rose significantly, indicating an approaching turning point for milk prices, and expressed optimism for the future performance of the dairy sector.
CITIC Securities' research report believes that the liquor industry is returning to a relatively healthy development state, with distributors placing greater emphasis on sales velocity and average selling prices. Enterprises, distributors, and investors are refocusing on sales velocity, and leading enterprises are actively expanding into new channels, new scenarios, and new consumer groups.
Exchange data shows that on September 30, a total of 10 themes across the market saw net inflows of main capital exceeding RMB 1 billion, with a combined net inflow of RMB 175.9 billion. Among them, two themes saw net inflows exceeding RMB 2 billion.
*Innovative Drugs Attract Major Capital Inflows*
The top five themes by net inflow were: Innovative Drugs (RMB 4.15 billion), CRO (RMB 2.73 billion), E-commerce Concepts (RMB 1.84 billion), Weight-Loss Drugs (RMB 1.54 billion), and CAR-T Cell Therapy (RMB 1.36 billion).
Among them, Innovative Drugs attracted the largest net inflow of main capital at RMB 4.15 billion, with Hengrui Medicine being the stock with the largest net inflow within the theme, at RMB 690 million.
Following themes when buying stocks should be the mainstream choice. Senior Investor, Shek King-chuen
(Investing involves risk; every investor has different risk tolerance—always think independently. The author may trade based on market conditions.)
*Articles published in Economic Times, signed and/or unsigned, represent the authors' personal opinions and do not necessarily reflect the stance of Economic Times. Economic Times serves as a platform providing free expression of views.
