4月港股创新药ETF领涨，A500ETF基金(512050)蓄势待发

Market Performance - In April, major A-share indices, except for the Wind Micro-Pan Index, closed in the green, but all major indices recorded monthly declines, with long lower shadow candlesticks [1] - The Shanghai Composite Index fell by 1.7% to 3279 points, the Shenzhen Component Index dropped by 5.75% to 9899 points, and the ChiNext Index decreased by 7.4% to 1948 points [1] - The growth-oriented indices experienced smaller declines, with the Sci-Tech 50, Sci-Tech Composite, and Sci-Tech 100 down by 1%, 1.18%, and 1.35% respectively [1] - The Hang Seng Index and Hang Seng Tech Index also saw declines of 4.8% and 6.95% respectively in April [1] ETF Performance - The "Global Vision, Bet on China" top ten core ETFs reported a monthly decline of 2.57% in April [3] - The Hong Kong Innovative Drug ETF was the best performer in April, rising by 1.41%, with a year-to-date increase of 28.69% [7] - The Consumption ETF saw a slight increase of 0.62% in April [12] A500 Index Insights - The A500 Index, as the first core broad-based index post "National Nine Articles," is supported by policies promoting consumption and technological self-reliance, aiming to accelerate the development of new economy enterprises [5] - The A500 Index covers all 35 secondary industries and 91 tertiary industries, with a 100% coverage of primary industries, significantly reducing the weight of the financial sector while over-allocating to emerging industries like industrials and information technology [5] - The A500 Index is currently at a low valuation with a PETTM of 14.2 times, which is in the 46.58% historical percentile over the past decade, indicating potential for earnings improvement [6] Innovative Drug Sector - The continuous strength of the Hong Kong innovative drug sector is attributed to ongoing policy benefits, including financial support for innovative drugs and improved approval processes [9] - Several Hong Kong innovative drug companies are expected to report strong financial results in 2024, with notable revenue growth and international expansion [11] - The Hong Kong Innovative Drug ETF tracks the Hong Kong Innovative Drug Index, covering around 50 listed companies focused on innovative drug development [11] Consumption Policies - The government has prioritized boosting consumption as a key task for 2025, with various local governments implementing measures to stimulate consumer spending, including the issuance of consumption vouchers [14][15] - The Consumption ETF focuses on essential consumer stocks, with a significant allocation to food and beverage sectors [15]