Core Points - The Hong Kong Innovative Drug ETF (159567) closed down 0.12% with a trading volume of 797 million yuan on October 24, 2024 [1] - The fund was established on January 3, 2024, with a management fee of 0.50% and a custody fee of 0.10% [1] - As of October 23, 2024, the fund's latest share count was 8.225 billion shares, with a total size of 6.801 billion yuan, reflecting a year-to-date increase of 1980.29% in shares and 1700.12% in size [1] Fund Performance - The current fund manager is Ma Jun, who has managed the fund since its inception, achieving a return of 65.38% during the tenure [2] - The fund's performance benchmark is the National Index for Hong Kong Innovative Drugs, adjusted for valuation exchange rates [1] Liquidity and Trading Activity - Over the last 20 trading days, the ETF has accumulated a trading amount of 22.849 billion yuan, with an average daily trading amount of 1.142 billion yuan [1] - Since the beginning of the year, the ETF has recorded a total trading amount of 227.996 billion yuan over 195 trading days, averaging 1.169 billion yuan per day [1] Top Holdings - The ETF's top holdings include: - Innovent Biologics (9.52% holding, 26 million yuan market value) - WuXi Biologics (9.47% holding, 25.8 million yuan market value) - BeiGene (8.73% holding, 23.8 million yuan market value) - CanSino Biologics (7.62% holding, 20.8 million yuan market value) - China National Pharmaceutical Group (7.17% holding, 19.6 million yuan market value) [2]

Market Performance - The Hong Kong stock market saw all three major indices rise, with the Hang Seng Index up 0.74% to close at 26,160.15 points, the Hang Seng Tech Index rising 1.82% to 6,059.89 points, and the National Enterprises Index increasing by 0.68% [1] - The total trading volume for the day reached 226.614 billion HKD [1] Sector Highlights - The semiconductor sector performed exceptionally well, with Hua Hong Semiconductor soaring nearly 14% to 82.4 HKD per share, and SMIC rising by 8% [1] - Research indicates that strong AI demand is expected to drive continued growth in the storage market, with price increases for storage products likely to persist until Q4 2025 due to limited capacity from major overseas suppliers [1] Capital Flows - Southbound funds continued to show a net inflow, with a net purchase of 3.414 billion HKD for the day [1] - The top three net purchases were Meituan-W (655 million HKD), SMIC (602 million HKD), and CNOOC (571 million HKD), while Pop Mart, CSPC Pharmaceutical, and UBTECH faced net sell-offs of 629 million HKD, 247 million HKD, and 211 million HKD respectively [1][2] Future Outlook - Institutions remain optimistic about the Hong Kong stock market, with expectations of a significant style shift in Q4, favoring low-position growth sectors like Hang Seng Tech [3] - CITIC Securities believes that the potential restart of the Federal Reserve's rate cut cycle will benefit the Hong Kong market, particularly the tech sector within the AI industry chain [3] - Huatai Securities notes that the market's central tendency remains unchanged, supported by ample liquidity, stable domestic policies, and positive trends in AI, new consumption, and pharmaceuticals [3]

Core Viewpoint - The announcement highlights that the pharmaceutical company has received approval from the National Medical Products Administration of China for its self-developed Class 1 chemical new drug SYH2061 injection, a double-stranded small interfering RNA (siRNA) drug, to conduct clinical trials in China [1] Group 1: Product Details - SYH2061 is designed for liver-targeted delivery using GalNAc conjugation and aims to effectively reduce levels of complement protein C5 [1] - The drug is administered subcutaneously and is the first domestically developed ultra-long-acting siRNA drug to enter clinical trials for lowering C5 levels, targeting conditions such as IgA nephropathy and other complement-mediated diseases [1] Group 2: Clinical Development Value - Preclinical studies indicate that SYH2061 demonstrates superior drug activity and efficacy duration compared to similar siRNA products, showcasing prolonged effects, good safety profiles, and high patient compliance [1] - The differentiated advantages of the drug suggest a high clinical development value [1]

Core Viewpoint - The company, Shiyao Group, has received approval from the National Medical Products Administration of China to conduct clinical trials for its self-developed chemical Class 1 new drug SYH2061 injection, a double-stranded small interfering RNA (siRNA) drug [1] Group 1: Product Details - SYH2061 is designed for liver-targeted delivery through the conjugation of N-acetylgalactosamine (GalNAc) and aims to effectively reduce the levels of complement protein C5 [1] - The drug is the first domestically developed ultra-long-acting siRNA drug to enter clinical trials for lowering C5 levels, suitable for treating IgA nephropathy and other complement-mediated diseases [1] Group 2: Clinical Development Value - Preclinical studies indicate that SYH2061 demonstrates superior drug activity and sustained efficacy compared to similar siRNA products, showcasing differentiated advantages such as prolonged drug action, good safety profile, and high patient compliance [1]

Core Viewpoint - The announcement highlights that the company has received approval from the National Medical Products Administration of China for its self-developed chemical Class 1 new drug SYH2061 injection, a double-stranded small interfering RNA (siRNA) drug, to conduct clinical trials in China [1] Group 1: Product Details - SYH2061 is designed for liver-targeted delivery of siRNA through the conjugation of N-acetylgalactosamine (GalNAc) and aims to effectively reduce levels of complement protein C5 [1] - The drug is administered subcutaneously and is the first domestically developed ultra-long-acting siRNA drug to lower C5 levels, suitable for treating IgA nephropathy and other complement-mediated diseases [1] Group 2: Clinical Development and Advantages - Preclinical studies indicate that SYH2061 demonstrates superior drug activity and sustained efficacy compared to similar siRNA products, showcasing long-lasting effects, good safety profiles, and high patient compliance [1] - The product has significant clinical development value due to its differentiated advantages in drug action and safety [1]

SYH2061注射液（雙鏈小干擾RNA藥物） 在中國獲臨床試驗批准 石 藥 集 團 有 限 公 司（「 本 公 司 」， 連 同 其 附 屬 公 司 統 稱「 本 集 團 」）董 事 會（「 董 事 會 」）欣 然 宣 佈，本集團自主研發的化學1類新藥SYH2061注射液（ 雙鏈小干擾RNA（「si RNA」）藥物 ）（「該 產品」）已獲得中華人民共和國國家藥品監督管理局批准，可在中國開展臨床試驗。 該產品是一款通過偶聯乙醯半乳糖胺(Gal NAc)實現肝臟靶向遞送的si RNA 藥物，以皮下給 藥的方式靶向補體蛋白C5（「C5」），能有效降低C5水平。通過優化序列和化學修飾的策略， 該產品可實現更持久的基因沉默效果，是國內自主研發並進入臨床試驗階段的首款超長效 降低C5水平的si RNA藥物，適用於治療Ig A腎病及其他補體介導相關性疾病。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產 生或因倚賴該等內容而引致之任何損失承擔任何責任。 CSPC PHARMACEUTICAL GROUP LIMI ...

Group 1 - The Hang Seng Index rebounded, closing up 0.72%, with the internet sector leading the gains, followed by banking, industry, technology, and real estate sectors [1] - The internet sector saw a rise of 1.07%, with Meituan up 4.06%, Alibaba up 1.67%, Tencent Holdings up 1.52%, JD Group up 1.5%, and Baidu Group up 1.22%. However, companies like SenseTime, Bilibili, and Kingdee International experienced declines [3] - The banking sector opened strong and maintained a consolidation above the midline, closing up 0.88%, with Postal Savings Bank rising 4.59% and Minsheng Bank up 2.39% [3] Group 2 - The consumer sector rebounded, closing up 0.35%, with notable gains from companies like Chenzi Biological up 6.68%, Li Ning up 6.55%, and Sands China up 4.4% [3] - The healthcare sector opened low and saw a slight reversal near the end, closing down 1.31%, with CSPC Pharmaceutical down 2.96% and China Biopharmaceutical down 2.78% [3]

Core Viewpoint - The Hong Kong stock market's innovative drug sector is experiencing a decline, with the Hong Kong Stock Connect Innovative Drug ETF (520880) dropping over 3.5% as of the report, indicating a potential buying opportunity for investors despite the downturn [1] Group 1: Market Performance - The Hong Kong Stock Connect Innovative Drug ETF (520880) has seen a trading volume exceeding 200 million yuan, continuing to exhibit high premiums in the market [1] - The innovative drug sector faced a significant drop recently, with the ETF attracting over 75 million yuan in a single day, totaling over 120 million yuan in the last four days [1] Group 2: Recent Developments - The ESMO 2025 conference recently showcased positive data for several core projects of Chinese innovative drugs [1] - On October 22, Innovent Biologics announced a global strategic partnership with Takeda Pharmaceutical worth 11.4 billion USD, setting a record for the value of business development (BD) transactions in China's innovative drug sector, involving three product rights and pipeline development [1] Group 3: Future Outlook - Huafu Securities suggests that the recent adjustments in the Hong Kong innovative drug sector may present a significant opportunity for investment in late October [1] - The long-term outlook remains positive for companies with commercialization capabilities and rich pipelines, particularly in BioPharma, potential BD targets, and cutting-edge technology [1] - The innovative drug industry is expected to benefit from interest rate cuts, with performance anticipated to improve, and the end-of-year BD period may act as a catalyst for growth [1] Group 4: Index Composition - The Hong Kong Stock Connect Innovative Drug ETF (520880) and its linked fund (025220) passively track the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, which includes top ten weighted stocks such as BeiGene, China Biologic Products, Innovent Biologics, and others [1]

Core Insights - The report from Guojin Securities highlights the significant advancements in China's innovative drug research presented at the ESMO conference, indicating a potential boost for the international expansion of these drugs [1] Group 1: Innovative Drug Research - The number of significant research publications from Chinese pharmaceutical companies at ESMO has reached a historical high, making it a focal point of the conference [1] - A total of 35 Chinese studies were included in the regular oral abstracts for the 2025 ESMO conference, with 14 formal oral presentations, a significant increase from 5 in 2024 [1] - The inclusion of 23 Chinese studies in the Late-Breaking Abstracts (LBA) category also set a new record, showcasing the research strength and academic influence of Chinese companies on the international stage [1] Group 2: ADC Developments - Domestic ADCs are demonstrating the potential to redefine existing clinical treatment standards, with notable products like Kelun's SKB264 showing promising Phase III clinical data for NSCLC and HR+/HER2- breast cancer [2] - The mOS data for SKB264 in the second-line EGFRm NSCLC treatment is particularly impressive, with a hazard ratio of 0.60, indicating a significant survival benefit [2] - Bai Li Tian Heng's ADC, iza-bren, has achieved breakthroughs in treating nasopharyngeal carcinoma, marking a critical milestone from concept validation to efficacy verification [2] Group 3: Bispecific and Multi-specific Antibodies - Bispecific and multi-specific antibodies are poised to upgrade existing immunotherapy and targeted therapy, with significant data from Kangfang Biotech's PD-1/VEGF bispecific antibody showing superior results compared to traditional treatments for advanced squamous NSCLC [3] - The mPFS for the combination of the bispecific antibody and chemotherapy was reported at 11.14 months versus 6.90 months for the comparator, with a hazard ratio of 0.60, indicating a strong potential to reshape first-line treatment standards [3] - The HER2 bispecific antibody KN026 from Shiyao Group/Kangning Jierei has shown promising results in III phase trials for gastric cancer, indicating its potential as a global leader in this category [3]

Core Insights - The article highlights the significant performance of certain funds in the third quarter, particularly the "Yongying Technology Smart Selection" fund, which achieved a remarkable 194% increase, making it the top-performing fund of the year [1][2] - The report indicates a substantial growth in fund size, with "Yongying Technology Smart Selection" increasing from 1.166 billion to 11.521 billion yuan, nearly a ninefold increase in a single quarter [2] - The article also discusses the ongoing optimism in the innovative pharmaceutical sector, with funds like "Great Wall Pharmaceutical Industry Selection" showing over 100% growth [1][4] Fund Performance - "Yongying Technology Smart Selection" fund's top holdings include leading optical module stocks such as "Yizhongtian" (Xinyi Sheng, 300502), Zhongji Xuchuang (300308), and Tianfu Communication (300394), which significantly contributed to its net value [2] - The fund's share count surged from 700 million to 3.466 billion, resulting in a profit of 4.715 billion yuan for investors in the third quarter [2] - The "Great Wall Pharmaceutical Industry Selection" fund also saw its size grow from 1.132 billion to 1.790 billion yuan, with a share increase from 678 million to 932 million [5] Sector Insights - The global cloud computing industry remains a focal point, with AI model valuations increasing and a notable 100% quarter-on-quarter growth in token numbers [3] - The innovative pharmaceutical sector continues to attract attention, with funds maintaining high stock positions despite recent market adjustments [6][8] - The article suggests that the technology and pharmaceutical sectors may still have upward potential, although careful stock selection is advised [8] Future Outlook - The article indicates that the technology sector, particularly AI and cloud computing, is expected to see increased investment, with potential for new opportunities in the industry chain [9] - The innovative pharmaceutical sector is projected to strengthen its global competitiveness, supported by upcoming industry conferences and positive data trends [8] - The article emphasizes the importance of not solely relying on past performance to predict future outcomes in the cloud computing sector, highlighting the need for caution [9]