中报密集披露，创新药企业绩高增！100%纯度的港股通创新药ETF(159570)两连阴后反攻，资金已连续第23天大举净流入！

Core Viewpoint - The Hong Kong stock market shows mixed performance, with the Hong Kong Stock Connect Innovative Drug ETF (159570) rebounding after two days of decline, indicating strong investor interest and significant capital inflow [1][8]. Group 1: ETF Performance - The Hong Kong Stock Connect Innovative Drug ETF (159570) experienced a nearly 1% increase, with trading volume surpassing 1.1 billion HKD, and a net inflow of 32 million HKD on the day, marking 23 consecutive days of net inflow, totaling over 1 billion HKD in the last 20 days [1]. - As of August 19, the latest scale of the Hong Kong Stock Connect Innovative Drug ETF (159570) exceeded 16.5 billion HKD, leading in both scale and liquidity [1]. Group 2: Stock Performance - Most constituent stocks of the Hong Kong Stock Connect Innovative Drug ETF (159570) showed positive performance, with notable increases including Rongchang Bio up over 4%, and several others like Yuanda Pharmaceutical and King’s Ray BioTech up over 3% [3]. - A detailed performance table shows various stocks with their respective changes, highlighting the mixed performance across the sector [4]. Group 3: Company Financials - H Company reported a significant increase in its financial performance for the first half of 2025, achieving a revenue of 15.76 billion CNY, a year-on-year growth of 15.88%, and a net profit of 4.45 billion CNY, up 29.67% [4][6]. - The company’s operating cash flow reached 4.3 billion CNY, reflecting a 41.80% increase, with R&D investment totaling 3.87 billion CNY, of which 3.23 billion CNY was capitalized [6][7]. Group 4: Market Outlook - The outlook for the Hong Kong stock market remains optimistic, with improving profitability in the innovative drug sector and a high earnings forecast rate, suggesting a potential lead over A-shares in the upcoming market cycle [8]. - The introduction of a new initial review directory for innovative drugs by the National Healthcare Security Administration is expected to provide additional growth opportunities, with 121 out of 141 drug names passing the initial review [9]. Group 5: Upcoming Events - The 2025 World Lung Cancer Conference (WCLC) is scheduled for September 6-9 in Barcelona, which will showcase significant research outcomes from domestic innovative drugs [5][9].