创新药板块“每调买机”？选A股还是港股？

Core Viewpoint - The pharmaceutical sector, particularly innovative drugs, is performing well amid market fluctuations, with Hong Kong's innovative drug ETF significantly outperforming its A-share counterpart [1][2]. Group 1: Market Performance - The Hong Kong Innovative Drug Index has seen a one-year increase of 38.36%, outperforming the A-share Innovative Drug Industry Index, which rose by 9.58% [1]. - The Hong Kong Innovative Drug ETF (513120) has achieved a year-to-date increase of 36.36%, compared to the A-share Innovative Drug ETF (515120) which has risen by 9.76% [1]. Group 2: Index Composition and Investor Suitability - The Hong Kong Innovative Drug Index primarily consists of biotech companies, aligning well with current market trends such as AI+pharmaceuticals and internationalization, making it suitable for high-risk investors with experience in Hong Kong stocks [1]. - The A-share Innovative Drug Industry Index is weighted towards established pharmaceutical companies and CROs, offering lower volatility, thus appealing to investors seeking stable growth in the domestic innovative drug sector [1]. Group 3: Fund Management and Size - Guangfa Fund is noted for its extensive experience in index management and has launched over 100 public index products, including both Hong Kong and A-share innovative drug ETFs [2]. - The total scale of Guangfa Fund's innovative drug ETFs exceeds 13 billion yuan, with the Hong Kong ETF at 9.8 billion yuan and the A-share ETF at over 3.5 billion yuan, making it the largest in the industry [2]. Group 4: ETF Comparison - The Hong Kong Innovative Drug ETF (513120) has a latest scale of 9.8 billion yuan and an average daily trading volume exceeding 2.1 billion yuan, ranking first among similar products [3]. - The A-share Innovative Drug ETF (515120) has a scale of 3.5 billion yuan and an average daily trading volume of over 100 million yuan, also ranking first in its category on the Shanghai market [3].