药品集采新规发布，坚决反内卷！100%创新药研发标的“520880”翘尾涨1.77%！ 基金经理：继续重点看多创新药

Core Viewpoint - The Hong Kong Stock Connect innovative drug sector experienced a rebound on September 22, following five days of adjustments, with the Hong Kong Stock Connect Innovative Drug ETF (520880) rising by 1.77% and achieving a trading volume of 331 million yuan [1][2]. Market Performance - The innovative drug ETF (520880) opened high and reached a peak increase of 2.57% during the day, closing above the five-day moving average [1]. - Among the 37 constituent stocks, MIRXES-B surged by 27.68%, while major stocks like Innovent Biologics and Kintor Pharmaceutical rose by 2.88% and over 1%, respectively [1]. - Conversely, Lepu Biopharma-B and Junshi Biosciences saw declines of 5.1% and 4.67% [1]. Fund Flows - As of September 19, the innovative drug ETF (520880) had attracted nearly 680 million yuan over 14 consecutive days [2]. Policy Developments - The National Healthcare Security Administration released the 11th batch of centralized drug procurement documents on September 20, emphasizing principles such as "stabilizing clinical use, ensuring quality, preventing collusion, and countering internal competition" [4]. - The fund manager of the innovative drug ETF interpreted the new procurement policy as a move away from a "low-price only" approach, requiring companies to commit to prices not lower than their costs while ensuring quality [4]. Investment Sentiment - Recent volatility in the innovative drug market has highlighted opportunities for low-cost entry, with analysts suggesting that September may be a good time to invest in innovative drugs [5]. - Several large private equity firms have indicated maintaining a medium to high level of investment in quality innovative drug stocks [5]. Industry Outlook - The supportive policy environment is expected to enhance reasonable profits for pharmaceutical companies, aligning with the positive outlook for the pharmaceutical sector [6]. - Feedback from business development experts indicates that the innovative drug industry remains unaffected by potential U.S. policies, with a peak period for business development transactions anticipated in October and November [6]. - The innovative drug ETF (520880) is noted for its high elasticity and strong offensive capability, having achieved a year-to-date increase of 119.75% prior to its recent adjustments [7][8].