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][2]. - The Hong Kong innovative drug index experienced a significant drop of 8.51% from June 16 to June 20, yet funds continued to flow into innovative drug ETFs during this period [2]. - The recent performance of innovative drug stocks has been influenced by the high valuations already priced in, leading to increased sensitivity to any negative news [3][4]. Group 2: Business Development (BD) Impact - On June 26, the announcement from Rongchang Biopharmaceuticals regarding a licensing deal with Vor Bio led to a sharp decline in its stock price, with A-shares dropping over 18% and H-shares over 11% [3][4]. - The market's reaction to the BD announcement was notably negative, attributed to the lower-than-expected upfront payment and the nature of the partner company, which lacks commercialized products [4]. - Analysts suggest that the current market dynamics reflect a disconnect between actual BD outcomes and optimistic market expectations, contributing to volatility in the sector [4][5]. Group 3: Investment Considerations - The innovative drug sector's high volatility necessitates a longer-term investment perspective, as short-term trading strategies may not yield favorable returns [5][6]. - Companies with robust competitive positions and comprehensive business logic are viewed as more favorable investment targets amidst the current market conditions [5][6]. - The potential for significant market value remains in overseas markets, particularly in Europe and the U.S., despite short-term fluctuations in the domestic market [6].