港股回调，南向资金抢筹超200亿！港股通创新药ETF（520880）“韧性”冲高2%，溢价资金狂涌

Market Overview - The Hong Kong stock market experienced a pullback today, with the Hang Seng Index and Hang Seng Tech Index both declining over 1%. However, southbound capital saw accelerated inflows, with a net purchase amount of HKD 20.184 billion in a single day [1] - The innovative drug sector remained active throughout the day, showing resilience despite a midday pullback. The Hong Kong Stock Connect Innovative Drug ETF (520880) reached a historical high, with an intraday increase of 2.89% and a closing increase of 0.61%, with a trading volume of HKD 222 million [1][4] Company Performance - Notable individual stock movements included WuXi Biologics, which surged over 8% at one point and closed up more than 5%. Other gainers included Crystal Digital Holdings, Green Leaf Pharmaceutical, and Xiansheng Pharmaceutical, all showing significant increases [3] - WuXi Biologics announced an expected revenue growth of over 60% year-on-year for the first half of the year, with net profit expected to grow over 50%, exceeding market expectations [3] Industry Trends - The innovative drug sector in Hong Kong has shown strong performance this year, with the Hang Seng Stock Connect Innovative Drug Select Index rising 58.95% year-to-date, outperforming other indices by significant margins [6][9] - According to the National Medical Products Administration, 43 innovative drugs were approved in China in the first half of the year, a year-on-year increase of 59%, nearing the total expected for 2024 [5] - Goldman Sachs noted that Chinese biotech companies contribute nearly 33% to global innovation, while their overall market capitalization is only 14%-15% of their U.S. counterparts [6] Future Outlook - HSBC Qianhai Securities anticipates that the innovative drug sector's valuation has not yet fully reflected its growth potential, with at least three catalysts expected to support the sector in the second half of the year [6] - Upcoming academic conferences, active overseas licensing deals, and a favorable policy environment are expected to drive further momentum in the innovative drug sector [6][7]