无惧利空，港股通创新药ETF（520880）水下8%拉起，黑马股狂飙30%力挺！全天放量溢价，基金经理：难得的买点

Core Viewpoint - The AH innovative drug sector experienced significant volatility due to external negative news, but ultimately managed to stabilize after initial panic selling [1][4]. Market Performance - The A-share innovative drug ETF (562050) initially dropped over 4%, while the Hong Kong Stock Connect innovative drug ETF (520880) saw a decline of nearly 8% at the start [1]. - By the end of the trading day, the A-share ETF closed down 0.7%, and the Hong Kong ETF finished down 1.82%, with an intraday fluctuation of 6.67% and a trading volume of 928 million yuan, an increase of over 88% compared to the previous day [1]. Stock Performance - Major stocks in the innovative drug sector faced declines, including: - Kangfang Biotech (9926) down 4.34% with a market cap of 117.6 billion yuan [2] - Innovent Biologics (1801) down 2.51% with a market cap of 166.3 billion yuan [2] - Stone Pharmaceutical (1093) down 7.50% with a market cap of 116.6 billion yuan [2] - Conversely, smaller-cap stocks like Yaojie Ankang-B (2617) surged over 30%, and other stocks like InnoCare Pharma-B (9606) and Rongchang Biotech (1801) rose by 16.86% and 10.16%, respectively [4]. External Factors - Reports indicated that the Trump administration might draft legislation imposing strict restrictions and reviews on Chinese pharmaceuticals, raising concerns about potential disruptions to Chinese innovative drug business development [2][4]. Market Sentiment and Future Outlook - Fund manager Feng Chen stated that the likelihood of the U.S. banning Chinese innovative drug business development is minimal, as the proposed legislation is not a priority [5]. - The innovative drug sector is expected to see significant divergence in market sentiment, with potential buying opportunities for high-quality innovative drug stocks following the recent market adjustments [5]. - The Hong Kong Stock Connect innovative drug ETF (520880) has seen substantial inflows, with a total of 280 million yuan over the past week and a net inflow rate exceeding 187% over the last 60 days [5]. Index Adjustments - The Hong Kong Stock Connect innovative drug ETF (520880) underwent a "purification" adjustment on September 8, removing CXO stocks to better reflect the innovative drug industry's development trends [7]. - Prior to this adjustment, the index had achieved a year-to-date increase of 119.75%, outperforming other innovative drug indices [7].