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创新药板块震荡调整 超百亿元资金借道ETF进场
Shang Hai Zheng Quan Bao·2025-08-24 15:36

Core Viewpoint - The innovative drug sector is experiencing fluctuations and adjustments, but the rise of AI drug development technologies is injecting new vitality into the industry, enhancing research efficiency and reducing costs, which is expected to bolster the sector's growth [1][4]. Group 1: Market Activity - Over 100 billion yuan has flowed into innovative drug-themed ETFs since August, with significant net subscriptions recorded, including 42.36 billion yuan for the Huatai-PineBridge Hong Kong Innovative Drug ETF and 40.93 billion yuan for the GF Hong Kong Innovative Drug ETF [2]. - On August 19, despite a drop of over 3% in several innovative drug ETFs, more than 30 billion yuan was still invested, indicating strong market interest [2]. - Several ETFs have reached record high shares since their inception, with the Huatai-PineBridge Hong Kong Innovative Drug ETF reaching 8.338 billion shares [2]. Group 2: Fund Management Actions - Multiple actively managed funds heavily invested in the innovative drug sector have restricted large subscriptions, such as the Changcheng Medical Industry Selected Mixed Fund limiting purchases to 1 million yuan [3]. - The Huatai-PineBridge Hong Kong Advantage Selected Mixed Fund has also suspended subscriptions, reflecting a cautious approach amid market volatility [3]. Group 3: Institutional Insights - Fund managers believe that the innovative drug sector has significant long-term growth potential, driven by advancements in AI and ongoing policy support, which could position Chinese innovative drug companies more prominently in the global market [4][5]. - The profitability of leading innovative drug companies is improving, supported by a large domestic market and the potential for Chinese innovative drugs to capture 30% to 50% of the global market share, translating to a profit scale of 20 billion to 30 billion USD [5]. - The innovative drug sector is expected to continue its upward trajectory, with a focus on companies with strong fundamentals, while remaining vigilant about potential risks associated with market-driven stocks [5].