巨震！资金凶猛买入

Core Insights - The article highlights a significant influx of capital into the Hong Kong innovative pharmaceutical sector, driven by southbound funds and ETF investments, indicating strong market confidence in Chinese innovative drug companies [4][12]. Fund Flows - On September 11, southbound funds purchased HKD 18.989 billion worth of Hong Kong stocks, with innovative pharmaceuticals accounting for six of the top ten active stocks, totaling a net buy of HKD 2.929 billion, which represents 36.07% of the top ten net buy scale [4][5]. - ETFs also saw substantial inflows, with a total net inflow of HKD 15.558 billion on the same day, where the pharmaceutical index captured eight spots in the top 30, with innovative pharmaceutical indices collectively attracting HKD 6.183 billion, making up 39.74% of the total inflow [6][8]. Performance Metrics - The Hong Kong innovative pharmaceutical index has shown a year-to-date increase of 107.29%, with a price-to-earnings (P/E) ratio at a historical high, indicating a strong performance but also raising caution regarding potential overvaluation [2][12]. - The article notes that since 2025, there have been 540 business development (BD) transactions globally in innovative drugs, with Chinese companies involved in 83 transactions, amounting to USD 84.531 billion, which is 51.73% of the global total [12]. Investor Sentiment - Global funds are increasingly allocating resources to Chinese assets, with a notable rise in hedge fund positions in China, reaching a two-year high, reflecting a positive outlook on the Chinese market [13][14]. - Both Goldman Sachs and Morgan Stanley emphasize that breakthroughs in technology and supportive policies in China are key factors attracting foreign investment [14].