倒车接人？四连阳的港股创新药精选ETF（520690）午后跌2%，标的指数9月将迎来“创新药”提纯！

Core Insights - The Hong Kong Innovative Drug Selected ETF (520690) experienced a decline of 2% after a four-day rally, with a turnover rate of 19.16% [1] - Since its launch on August 1, the ETF has seen a net inflow of 58.5 million yuan, increasing its total size to 404 million yuan, facilitating T+0 trading for convenient allocation to the innovative drug theme in Hong Kong [1] - The ETF tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Selected Index, focusing on leading innovative drug companies and high R&D attributes, making it suitable for aggressive investors seeking exposure to the innovative drug sector [1] Industry Developments - The Hang Seng Hong Kong Stock Connect Innovative Drug Selected Index will undergo adjustments in September, removing CXO companies, which will enhance the "purity" of the innovative drug index to 100%, concentrating on core innovative drug R&D [1] - The innovative drug sector in Hong Kong has shown strong performance this year, with the index for the ETF rising by 107% year-to-date, and the latest PE (TTM) standing at 30.87 times, which is at the 33.03% historical percentile over the past decade, indicating a valuation at historical lows [1] - Industry experts believe that with the upcoming concentrated realization period for innovative drugs and continued clear support from national policies, the development trend and upgrade of the innovative drug industry have become increasingly evident [1]