海外利空突袭，中国创新药韧性凸显！港股通创新药ETF（520880）探底回升，场内放量溢价，买盘强劲

Core Viewpoint - The recent news indicates a significant negative impact on the A-share and Hong Kong stock markets for innovative drugs, primarily due to potential U.S. government actions targeting Chinese innovative drug companies [1][3]. Market Reaction - On September 11, the A-share innovative drug ETF (562050) dropped by 5% in early trading, while the Hong Kong innovative drug ETF (520880) saw a decline of over 7% at one point, with many constituent stocks experiencing declines exceeding 10% [1]. - After initial panic, the Hong Kong innovative drug ETF's decline narrowed to over 3%, with most constituent stocks' losses falling below 10% [1]. Potential U.S. Actions - Reports suggest that the U.S. may issue an executive order aimed at cutting off the import of innovative drugs from China, targeting both acquisitions by U.S. pharmaceutical companies and the use of clinical trial data from Chinese patients [3]. Industry Resilience - Analysts believe that the proposed U.S. executive order may not be implemented, similar to the previous CXO-related legislation, but it could lead to significant negotiations and market dynamics [4]. - The Chinese innovative drug industry is expected to withstand this pressure, as it has become a crucial source of global innovative drugs, reflecting an irreversible trend in the optimization of global innovative resources [4]. Market Activity - Despite initial declines, the Hong Kong innovative drug ETF (520880) showed strong buying interest, with a trading volume of nearly 600 million yuan, significantly exceeding the previous day's total [4]. - The ETF has seen continuous inflows, accumulating nearly 280 million yuan over the past week, indicating robust investor confidence [4]. Index Adjustments - The Hong Kong innovative drug ETF (520880) underwent a "purification" adjustment on September 8, removing CXO stocks and including 14 pure innovative drug companies, enhancing its focus on genuine innovative drug firms [6]. - Following this adjustment, the index has shown a year-to-date increase of 119.75%, outperforming other innovative drug indices [6][7].