2025上半年ETF榜出炉：港股医药飙涨58％，光伏ETF集体重挫超11％

Core Viewpoint - The ETF performance in the first half of 2025 shows a stark contrast, with the Hong Kong innovative drug ETFs surging over 58%, while the photovoltaic industry ETFs faced a decline of over 11% [2][3]. Group 1: Performance of Innovative Drug ETFs - The top-performing ETFs are dominated by the pharmaceutical sector, particularly focusing on Hong Kong innovative drugs and biotechnology, indicating strong investor interest in the innovative drug field [3]. - The leading ETF, Huatai-PB Hong Kong Innovative Drug ETF, achieved a remarkable increase of 58.77%, with a scale of 7.802 billion [4]. - Other notable ETFs include Yinhua and Wanji's Hong Kong Innovative Drug ETFs, both exceeding 57% growth, showcasing significant capital involvement in the sector [4][5]. Group 2: Performance of Photovoltaic and Traditional Energy ETFs - In stark contrast, the coal and photovoltaic industry ETFs experienced significant declines, with the top loser, Guotai Zhongzheng Coal ETF, dropping by 12.28% [6][7]. - The photovoltaic ETFs collectively faced severe downturns, with all listed ETFs in this category recording declines exceeding 11%, reflecting the industry's adjustment pressures [7][8]. Group 3: Underlying Market Dynamics - The extreme market divergence reflects a sensitive response to changes in industry trends, driven by supportive policies for innovative drugs and the challenges faced by traditional energy and photovoltaic sectors [9]. - Recent policies from various government departments have provided robust support for the innovative drug industry, enhancing its development prospects [9][10]. - Conversely, the photovoltaic sector is grappling with overcapacity and financial losses, with expectations for a prolonged adjustment period before recovery [10]. Group 4: Future Outlook - The innovative drug market in China is projected to have significant growth potential, driven by low per capita medical spending and an aging population [11]. - The Hong Kong innovative drug sector is expected to continue its rapid development, supported by policy initiatives and advancements in research and commercialization [11][12]. - Long-term perspectives suggest that innovative drugs represent a "long slope, thick snow" sector, emphasizing the importance of distinguishing between thematic speculation and value growth [12].