《即日市評》恆指「六連跌」累挫千二點 生物製藥股捱沽
受生物醫藥及汽車股拖累，港股今日反覆向下。美股昨晚因獨立日假期，美國金融市場休市；執筆之時美國十年期國債孳息率跌至1.426釐，美匯指數跌至92.11；美股今日假期休市。亞太區股市個別發展，上證綜指全日跌4點或0.11%收3,530點、深證成指跌0.35%、內地創業板指數跌1.8%，滬深兩市成交額共1.12萬億人民幣。
特首林月娥指暫無中港通關時間表，續與中央溝通。恆指今早低開6點後表現反覆，早段曾跌238點一度見27,904點，其後曾倒升，最終全日跌70點或0.25%，收28,072點，連跌六個交易日(累跌1,215點或4.1%)；國指跌4點或0.04%，收10,269點；恆生科技指數跌65點或0.85%，收7,646點。大市全日成交總額1,448.58億元，滬港通南下交易淨流入15.3億元人民幣，深港通南下交易淨流出8.74億元人民幣。
【生物製藥股呈下挫 憂新政策成本趨升】
藥明生物(02269.HK)全日股價挫8.4%收126.4元，復星醫藥(02196.HK)及康哲藥業(00867.HK)各跌8.6%及6.9%，石藥(01093.HK)、信達生物(01801.HK)、石四藥(02005.HK)及綠葉製藥(02186.HK)各跌3.8%至4.9%。國藥(01099.HK)及中生製藥(01177.HK)各跌2.9%及2.7%。
摩根士丹利發表報告表示，就中國國家藥品監督管理局藥品審評中心(CDE)上週五(2日)發佈新政策，徵求《以臨牀價值爲導向的抗腫瘤藥物臨牀研發指導原則》意見的通知，強調以患者爲中心和基於臨牀價值的臨牀試驗設計方法，指是內地上調對腫瘤學臨牀試驗的門檻。
該行指，內地新規提倡在腫瘤試驗中儘可能用最佳支持療法(BSC)代替安慰劑作爲對照臂。這將提高內地藥品創新者的門檻，因需要開發與市場上的療法相比真正差異化的療法，而且還要將藥物與昂貴的現有藥物進行比較，此將會提高臨牀試驗的成本。大摩指將CDMO(醫藥製造外包)行業視爲一個羣體，尤其是藥明生物，是這些更高標準的淨受益者。對於真正的創新者而言，這一變化在各自的藥物類別中設置了更高的準入門檻，使相關公司有可能享受更良好盈利能力。該行指該政策可能對短期需求構成挑戰，但從長遠來看將導致市場整合，併爲差異化和技術領先的參與者帶來上行潛力。
【下跌股份錄一千隻 小鵬暗盤輕微高開】
港股今日主板市寬轉弱，主板股票的升跌比率爲17比24(上日爲18比23)，下跌股份1,005只(跌2.3%)；恆指成份股今日18只股份上升，下跌股份38只，升跌比率爲31比66(上日爲67比28)；大市今日錄沽空195.23億元，佔可沽空股份成交1,236.5億元的15.789%(上日14.23%)。
市場焦點之一是明天掛牌的小鵬汽車-W(09868.HK)，下午暗盤輕微高開0.06%報165.1元獲承接，最高見166元，其上市價爲165元。小鵬於2015年成立，短短六年時間內已成爲內地領先的智能電動汽車公司之一，以領先軟件、數據及硬件技術爲核心，爲自動駕駛、智能互連和核心汽車系統帶來創新。根據IHS Markit數據，憑藉小鵬智能電動汽車技術，公司是第一家也是唯一一家實現全棧自研自動駕駛解決方案商業化的中國汽車公司。
小鵬今次以雙重上市形式在港掛牌，其中5%公開發售獲近14倍超購，認購一手中籤率10%；股份最終定價165元(較招股最高發售價180元低8.3%)，料集資淨額約137.81億元。小鵬汽車去年8月才以每股ADS爲15美元在美國上市。(wl/a)
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