创新药意外跳水，中国生物制药领跌7%！行情到哪了？

Core Viewpoint - The Hong Kong stock market for innovative drugs experienced a notable pullback, with the Hong Kong Innovative Drug ETF (520880) declining by 2.6% on August 19, despite a positive sentiment indicated by a real-time premium rate of 0.28% [1][3]. Group 1: Company Performance - China National Pharmaceutical Group reported a revenue of 17.57 billion yuan and a net profit of 3.39 billion yuan for the first half of the year, reflecting year-on-year growth of 10.7% and 140.2% respectively, marking three consecutive reporting periods of double-digit stable growth [3]. - The strong performance of China National Pharmaceutical Group was attributed to better-than-expected revenue growth from innovative products and dividend income [3]. Group 2: Market Trends - As of August 18, the Hong Kong Innovative Drug ETF (520880) tracked the Hang Seng Hong Kong Innovative Drug Selected Index, which has seen a year-to-date increase of 112.33%, significantly outperforming the Hang Seng Index (23.50%) and the Hang Seng Technology Index (22.05%) by 86.82 and 87.46 percentage points respectively [3]. - The adjustment in the market is viewed as a technical correction following a rapid increase, with long-term support expected from domestic policy and overseas value recognition for Chinese innovative drugs [3][6]. Group 3: Industry Outlook - The innovative drug industry is anticipated to undergo a value reassessment, supported by national policy and a clear trend of industry development and upgrading [5][6]. - The innovative drug sector is entering a 2.0 era, with domestic products gradually transitioning from following to leading innovation, benefiting from a favorable environment including engineer advantages, rich clinical resources, and supportive policies [6]. - The Hong Kong Innovative Drug ETF (520880) is the first ETF to passively track the Hang Seng Hong Kong Innovative Drug Selected Index, focusing on the innovative drug industry chain with a high concentration of leading stocks [6].