创新药继续“倒车”，港股通创新药ETF（520880）下探2%，资金加速溢价介入

Group 1 - The core viewpoint of the news is that the recent decline in innovative pharmaceuticals is seen as a technical correction after a rapid increase, with long-term support expected from domestic policies and international recognition of value [1][3] - The Hong Kong Stock Connect Innovative Drug ETF (520880) has experienced significant capital inflows, totaling 471 million yuan over the past four days and 715 million yuan over the past ten days, indicating strong investor interest despite recent price declines [1][4] - The Hang Seng Hong Kong Stock Connect Innovative Drug Select Index has outperformed other indices, with a cumulative increase of 101.58% year-to-date, significantly exceeding the Hang Seng Index and Hang Seng Tech Index by 78.08 and 79.53 percentage points, respectively [6][7] Group 2 - Institutions believe that the innovative drug sector will undergo a value reassessment, supported by domestic engineer advantages, abundant clinical resources, and favorable policies, leading to improved profitability for domestic innovative drug companies [3][4] - The National Healthcare Security Administration's confirmation of a new pricing mechanism for newly listed drugs is expected to provide higher pricing flexibility and efficiency for high-quality innovative drugs, enhancing cash flow returns for manufacturers [3][4] - The innovative drug industry is entering a 2.0 era, with expectations of deeper participation in the global market over the next decade, supported by a virtuous cycle of cash inflows benefiting research and development [3][4]