王者归来！高纯度+高弹性标的——港股通创新药ETF（520880）放量涨超4%，机构重申牛市核心赛道

Core Viewpoint - The Hong Kong stock market experienced a slight rebound, particularly in the innovative drug sector, driven by expectations of a more accommodative monetary policy from the Federal Reserve, which is anticipated to boost liquidity and investment opportunities in the biotech industry [1][5]. Group 1: Market Performance - The Hong Kong innovative drug ETF (520880) saw a significant increase, reaching a peak of 4.66% during the day and closing up 4.41%, recovering both the 5-day and 20-day moving averages [1]. - Major stocks in the sector, such as Innovent Biologics and CSPC Pharmaceutical Group, rose over 6%, while others like 3SBio and China Biologic Products increased by more than 5% [2][3]. Group 2: Federal Reserve Policy Impact - Market speculation regarding the Federal Reserve's easing policy is growing, with over 80% probability of a rate cut in September according to the Chicago Mercantile Exchange [1][5]. - Historical data indicates that during previous Fed rate cuts, the Nasdaq Biotechnology Index outperformed the Nasdaq Composite by approximately 40% and 20% in the 2001-2003 and 2008-2009 periods, respectively [5]. Group 3: Company Performance - BeiGene reported a revenue of 2.433 billion yuan for the first half of the year, a year-on-year increase of 44.73%, with a net profit of $95.59 million, exceeding market expectations [5][6]. - Innovent Biologics also showed strong performance with a revenue of 5.95 billion yuan, a 50.6% increase year-on-year, and a net profit of 1.21 billion yuan, surpassing market forecasts [6]. Group 4: Investment Opportunities - The innovative drug sector is expected to benefit from a combination of domestic policy support, international expansion, and enhanced global competitiveness, which may drive a revaluation of the sector [5][6]. - The Hong Kong innovative drug ETF is the first of its kind to track the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, focusing on companies primarily engaged in innovative drug development [7]. Group 5: Index Performance - The Hang Seng Hong Kong Stock Connect Innovative Drug Select Index has seen a cumulative increase of 101.58% year-to-date as of July 31, significantly outperforming the Hang Seng Index and the Hang Seng Tech Index by 78.08 and 79.53 percentage points, respectively [9][10].