新催化密集涌现，创新药发力续升！高弹性港股通创新药ETF（520880）涨逾2%，机构：调整后蓄势待发

Core Viewpoint - The Hong Kong stock market for innovative drugs showed strength on the first trading day of September, with the Hong Kong Stock Connect Innovative Drug ETF (520880) rising by 2.39% and returning above all moving averages [1][4]. Group 1: Market Performance - The Hong Kong Stock Connect Innovative Drug ETF (520880) opened high and experienced a brief fluctuation before rapidly increasing, closing at 0.642, up 2.39% from the previous day [1][2]. - Major stocks within the innovative drug sector performed well, with companies like BeiGene and CSPC Pharmaceutical rising over 4%, and Innovent Biologics increasing over 3% [1][3]. Group 2: Policy and Economic Environment - On August 28, the National Healthcare Security Administration announced the preliminary review of the 2025 medical insurance and commercial insurance innovative drug directory, featuring new drugs including CAR-T products and several "first and only" global products [4]. - The expectation of high interest rates from the Federal Reserve is anticipated to improve the investment environment, providing significant development opportunities for the global innovative drug industry, with Chinese innovative drugs expected to benefit from this global cycle [4]. Group 3: Future Outlook - CITIC Securities forecasts an increase in innovative drug catalyst events in September, suggesting that the recent technology switch has cleared out short-term speculative money, allowing innovative drugs to continue their upward trend [4]. - The Hong Kong Stock Connect Innovative Drug ETF (520880) passively tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, which focuses on the innovative drug industry chain, indicating a high concentration of leading stocks [4][6].