Innovative drug concept stocks are experiencing sustained downward pressure in Hong Kong trading. As of the latest update, LEPU BIO (02157) has declined 3.91% to HK$38.05, while REMEGEN (09995) fell 2.69% to HK$72.40. INNOVENT BIO (01801) slipped 2.23% to HK$92.25, and CSPC PHARMA (01093) dropped 2.05% to HK$8.59.

On the news front, the on-site negotiations and price consultations for the 2026 National Reimbursement Drug List (NRDL) have officially concluded, marking the beginning of the waiting period for final results. The updated National Basic Medical Insurance Drug Catalog and the commercial insurance innovative drug catalog are expected to be officially announced in November, with unified implementation scheduled for January 1, 2027.

Adding to market pressures, energy supply risks have escalated sharply, pushing the 10-year U.S. Treasury yield to near three-year highs. Market pricing now indicates an approximately 70% probability that the Federal Reserve will implement a 25-basis-point rate hike next week.

Market analysts attribute the recent correction in the innovative drug sector to multiple factors, including fluctuating overseas interest rate expectations, rising oil prices fueling inflation concerns, clinical risk event disruptions, and capital style rotation. Short-term sentiment volatility, however, does not alter the pace of clinical advancement and technological iteration at the industry level.

With major international oncology conferences such as WCLC approaching, clinical data from multiple domestic bispecific antibodies, ADCs, and combination therapies are set to be released in a concentrated manner. This could redirect market focus toward the efficacy validation and global competitiveness of Chinese innovative assets.