再创历史新高！全市场规模最大的港股创新药ETF(513120)涨超3%

Core Viewpoint - The Hong Kong stock market is experiencing a collective rise, with the innovative drug sector leading the gains, particularly the Hong Kong innovative drug ETF (513120), which has reached a historical high and attracted significant capital inflow [1][3]. Group 1: Market Performance - The Hong Kong innovative drug ETF (513120) saw an intraday increase of over 3%, reaching a price of 1.273 yuan, marking a new historical high [1]. - The ETF's trading volume exceeded 9 billion yuan, making it the most actively traded pharmaceutical ETF in the market [1]. - Over the past month, the ETF has received a net capital inflow of over 1.1 billion yuan, with an average daily trading volume of 6.8 billion yuan [1]. - The ETF has achieved a return of 101.62% over the past year, ranking first among international equity funds in the market [1]. Group 2: Investment Advantages - The Hong Kong innovative drug ETF (513120) is favored by investors due to its scale, liquidity, and performance, benefiting from the purity of its underlying index, the China Hong Kong Innovative Drug Index (CNY) [3]. - The top ten constituents of the ETF are highly representative of innovative drug investments [3]. - Chinese pharmaceutical companies have made significant strides in overseas license-out transactions, showcasing their global competitiveness in innovative drug development [3]. - With support from policies and AI advancements, the innovative drug sector is expected to enter a harvest period around 2025-2026, as the typical R&D cycle for innovative drugs is 5 to 7 years [3]. Group 3: Historical Performance Metrics - From 2019 to the present, the cumulative return of the Hong Kong innovative drug sector is 82.2%, with an annualized return of 9.6%, significantly outperforming other pharmaceutical indices [4]. - The volatility of the innovative drug sector is only 30.4%, which is notably lower than that of other pharmaceutical indices [4]. - The higher return and lower volatility result in a superior Sharpe ratio of 0.15 for the Hong Kong innovative drug sector compared to other major pharmaceutical indices [4]. - The index demonstrates greater elasticity during market rebounds and better resilience during downturns, as evidenced in various time frames [4]. Group 4: Sector Weightings - The sector weightings for the Hong Kong innovative drug ETF (CNY) show that 45.6% is allocated to other biopharmaceuticals, followed by 40.0% to chemical preparations, and 7.6% to medical R&D outsourcing [5]. - The top three sectors account for 93.1% of the total weight in the Hong Kong innovative drug ETF [5]. Group 5: Comparative Performance - The Hong Kong innovative drug sector has shown a cumulative return of 82.2% with a Sharpe ratio of 0.15, while other indices have lower cumulative returns and Sharpe ratios [6]. - The annualized volatility for the Hong Kong innovative drug sector is 30.4%, which is competitive compared to other indices [6].