港股市场今日上午出现大幅波动，创新药板块成为重灾区。其中，荣昌生物（09995）盘中大跌10.69%，领跌创新药概念股。同时，诺诚健华跌幅超过11%，歌礼制药跌超8%，康龙化成、药明生物等多只医药股也出现不同程度的下跌。
此前，交银国际发布的研报指出，9月以来，内资通过港股通持有医药股的比例持续增加，而外资持仓则从年中开始略有回落。然而，内外资加大创新药布局的大方向并未改变。本周外资持续加仓当前性价比较高的创新药标的，同时也增持了包括潜在受益于降息的CXO企业和"AI+医疗"概念相关标的在内的服务类股票。
值得注意的是，即将于本月中下旬举行的ESMO大会可能成为扭转医药股颓势的契机。交银国际建议投资者关注康方生物、科伦博泰生物、荣昌生物、恒瑞医药等有重磅数据公布的公司。分析师预计，随着10月起产业催化剂增多，医药板块行情有望重启。然而，今日的大跌似乎表明市场对此持谨慎态度，投资者仍需密切关注后续发展。
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