创新药激战资金借道ETF“越跌越买”

Core Viewpoint - The domestic innovative drug sector has shifted from a previous upward trend to a phase of volatility, with market participants showing a tendency to buy more as prices drop, indicating a potential long-term investment interest despite short-term fluctuations [1][2]. Group 1: Market Trends - From June 16 to June 25, medical-themed ETFs saw a net inflow of over 6.4 billion yuan, with several leading innovative drug ETFs attracting more than 1.5 billion yuan [1]. - Despite a significant drop of 8.51% in the Hong Kong innovative drug index from June 16 to June 20, funds continued to flow into innovative drug ETFs, with net inflows of 8.89 billion yuan and 7.10 billion yuan for specific ETFs during that period [2]. - The innovative drug sector experienced a brief recovery at the beginning of the week, with continued strong inflows into ETFs, totaling over 6.4 billion yuan since June 16 [2]. Group 2: Company Developments - On June 26, the innovative drug sector faced another decline, influenced by the announcement from Rongchang Biopharmaceuticals regarding a licensing deal with Vor Bio, which raised concerns about the actual value of business development (BD) deals compared to market expectations [3]. - Rongchang Biopharmaceuticals will receive 125 million USD in cash and warrants, with potential milestone payments reaching up to 4.105 billion USD, but the initial payment was perceived as low, leading to market skepticism [3]. - Following the announcement, Rongchang's A-shares fell over 18% and H-shares dropped over 11%, impacting several ETFs heavily invested in the stock [3]. Group 3: Investment Insights - Analysts suggest that the innovative drug sector's high volatility necessitates a longer-term investment perspective, as short-term trading often fails to yield satisfactory returns [5]. - Companies with higher confidence, better competitive positioning, and more complete business logic are viewed as more favorable investment targets in the innovative drug space [5]. - The innovative drug sector's underlying logic for recent growth includes asset revaluation and the influx of multinational corporations (MNCs) into China for business development opportunities [4].