Core Viewpoint - The innovative drug sector is currently experiencing a phase of adjustment, with significant fluctuations in stock prices and ongoing capital inflows into the market [1][3][5]. Group 1: Market Performance - On September 19, A-share market saw a decline in innovative drug stocks, with Kanghong Pharmaceutical down 6% and Xinlitai and Kelun Pharmaceutical dropping over 3.8% [1]. - The Hong Kong Stock Connect innovative drug ETF (520880) opened high but closed lower, with a decline of 1.58% and a trading volume of 335 million yuan [1]. - The ETF has seen continuous capital inflow for 13 days, totaling over 670 million yuan as of September 18 [3]. Group 2: Investment Opportunities - Despite short-term volatility, the long-term logic of the innovative drug sector remains intact, with no substantial negative news impacting the market [5]. - The current macroeconomic environment is favorable, with the Federal Reserve restarting its interest rate cut cycle, which may benefit the global pharmaceutical sector [5][6]. - The trend of innovative drugs is clear, with several products entering advanced negotiation stages for overseas markets, potentially leading to continuous cash flow [6]. Group 3: ETF Adjustments - The Hong Kong Stock Connect innovative drug ETF (520880) has undergone a "purification" revision, completely excluding CXO companies and focusing solely on innovative drug R&D firms [6][7]. - As of September 5, the ETF had achieved a year-to-date increase of 119.75%, outperforming other innovative drug indices [7][8]. - The ETF is the first in the market to track the Hang Seng Hong Kong Stock Connect Innovative Drug Selected Index, with a fund size exceeding 1.7 billion yuan and the highest liquidity among similar products [8].
深蹲蓄力?港股通创新药ETF(520880)周线两连阴!短期波动不改长期逻辑,创新药行情仍有三大支撑!
Xin Lang Ji Jin·2025-09-21 12:22