南向资金涌入，创新药再创阶段新高，恒生医药ETF涨近2%

Core Viewpoint - The Hong Kong stock market experienced a collective adjustment on September 3, with the innovative drug sector rising against the trend, indicating strong investor interest and potential growth in this area [1] Group 1: Market Performance - The Hang Seng Pharmaceutical ETF (159892) saw an intraday increase of over 2%, with a year-to-date growth exceeding 101%, reaching a new high for the period [1] - Notable gains were observed in the minimally invasive robotic sector, with companies like Qihuang Pharmaceutical, Ark Health, and WuXi AppTec leading the charge [1] Group 2: Investment Trends - According to Zhongyou Securities, the basic medical insurance fund in China is experiencing stable growth in revenue and expenditure, providing a solid support for pharmaceutical payments [1] - The innovative drug sector benefits from China's rich asset reserves in innovative drugs, high clinical research efficiency, and advantages in the industrial chain, with continued opportunities for overseas business development [1] Group 3: Capital Inflows - As of September 2, southbound funds recorded a net inflow exceeding 10,000 billion HKD in 2025, setting a historical record, with significant capital flowing into the pharmaceutical industry [1] - An analysis of different periods shows that southbound funds bought over 66.2 billion HKD in pharmaceuticals quarterly, ranking second among industries in the CITIC Hong Kong Stock Connect [1] - On a monthly basis, southbound purchases in the pharmaceutical sector exceeded 15 billion HKD, placing it third in terms of inflows [1]