ETF复盘0728-国产创新药获“出海”里程碑，香港医药ETF（513700）实现三连涨

Market Overview - On July 28, A-shares saw a slight increase across all three major indices, with the Shanghai Composite Index rising by 0.12%, the Shenzhen Component Index by 0.44%, and the ChiNext Index by 0.96% [1] - Approximately 2,700 stocks in the market experienced an increase, with the ChiNext 50 Index leading with a rise of 1.29% [1] - In the Hong Kong market, the Hang Seng Index increased by 0.68%, while the Hang Seng China Enterprises Index and the Hang Seng Technology Index saw declines of 0.09% and 0.24%, respectively [4][5] Sector Performance - The defense and military industry led the gains with an increase of 1.86%, followed by non-bank financials at 1.51% and pharmaceuticals at 1.47%. Conversely, coal, steel, and transportation sectors faced declines of 2.60%, 1.41%, and 1.38%, respectively [7] Key Developments - In the pharmaceutical sector, 3SBio announced a global licensing agreement with Pfizer for the PD-1/VEGF dual antibody SSGJ-707, marking a significant milestone for domestic innovative drugs going international. The total transaction amount is $60.5 billion, with an upfront payment of $12.5 billion, setting a record for upfront payments for Chinese innovative drugs [8] - Pfizer also invested an additional $1.5 billion to gain exclusive commercialization rights for SSGJ-707 in mainland China and subscribed to $1 billion worth of shares in 3SBio [8] - According to research from Industrial Securities, the internationalization of differentiated innovative drugs from China has shown remarkable performance in 2024, with ongoing acceleration in transactions related to new technologies such as dual antibodies and ADCs [8] Financial Sector Insights - Recent data from the Shanghai and Shenzhen stock exchanges revealed that competition in the brokerage ETF business remains intense, with leading brokerages excelling across multiple tracks while some smaller firms achieved notable success in niche markets [9] - Dongwu Securities highlighted that the non-bank financial sector currently has a low average valuation, providing a safety margin. The insurance industry is expected to benefit from economic recovery and rising interest rates, with a significant increase in the sales proportion of savings-type products [9] - The securities industry is anticipated to experience new growth points due to transformation, benefiting from market recovery and a favorable policy environment [9]