AH医药宽幅震荡，医疗ETF（512170）、港股通创新药ETF（520880）振幅超3%！基金经理策略：板块内部均衡布局

Core Viewpoint - The pharmaceutical sector in both A-shares and Hong Kong stocks experienced significant declines, particularly in innovative drugs and CXO concepts, despite a slight recovery towards the end of the trading session [1][3]. A-Share Market Summary - The largest medical ETF in A-shares (512170) fell by 1.81%, marking its fourth consecutive decline, with a trading volume increase of over 50% to 846 million yuan [1]. - The pharmaceutical sector remained sluggish, with both innovative drugs and traditional Chinese medicine concepts declining, as evidenced by the only drug ETF (562050) dropping 1.61% for three consecutive days [1]. Hong Kong Market Summary - In the Hong Kong market, the innovative drug ETF (520880) saw a decline of 1.42% after a brief rebound, with a trading volume of 327 million yuan [3]. - Among the 37 constituent stocks of the Hong Kong innovative drug ETF, 31 stocks fell, with the largest drop being 5.12% for Yimeng Biotechnology [3]. Market Dynamics - Despite the downturn, both the A-share medical ETF and the Hong Kong innovative drug ETF are trading at a premium, indicating an influx of capital seeking to buy at lower prices [6]. - The Hong Kong innovative drug ETF has attracted nearly 680 million yuan over 14 consecutive trading days from September 2 to 19 [6]. Policy and Industry Outlook - The National Healthcare Security Administration recently released the 11th batch of centralized drug procurement documents, emphasizing quality assurance and reasonable profit margins for pharmaceutical companies [6]. - The fund manager of the Hong Kong innovative drug ETF believes that the new procurement policies will support innovation in the pharmaceutical sector and enhance the industry's profitability [6]. Investment Strategy - The fund manager suggests a potential rotation towards large-cap blue-chip companies in the mid-term, while small-cap companies may lose investor interest if they fail to deliver performance [7]. - A balanced investment approach is recommended, combining innovative drugs with sectors like medical devices and healthcare services [7]. ETF Characteristics - The Hong Kong innovative drug ETF (520880) focuses exclusively on innovative drug research and development, while the medical ETF (512170) includes a broader range of healthcare sectors [8]. - The medical ETF is the largest in the market, with a scale of 26.5 billion yuan, while the drug ETF is the only one tracking the China Pharmaceutical Index [9].