关税再升级，对医药板块影响多大？基金经理提示“TACO交易”机会，港股通创新药ETF（520880）溢价高企

Group 1 - The core viewpoint of the news is that the escalation of US-China trade tensions, particularly the announcement of a 100% additional tariff on Chinese goods and new export controls on key software products, has led to significant volatility in global markets [1] - The Chinese stock market experienced a downward trend, with major indices falling over 1% and the Hang Seng Index dropping more than 3% [1] - The A-share market saw a decline in the innovative drug sector, with notable drops in companies like Hengrui Medicine and WuXi AppTec [1][3] Group 2 - The Hong Kong stock market also faced declines in innovative drugs, with the Hong Kong Stock Connect Innovative Drug ETF (520880) experiencing a drop of over 10% for leading stocks [3] - Despite the downturn, the Hong Kong Stock Connect Innovative Drug ETF (520880) showed strong buying interest, accumulating over 680 million yuan in inflows over the past 20 days [3] - East Wu Securities believes that the impact of tariff policies on China's pharmaceutical industry is limited, as the market had already anticipated the drug tariffs [5] Group 3 - The analysis indicates that many Chinese innovative pharmaceutical companies utilize licensing and new overseas company models, which are not affected by tariffs as they involve intellectual property transactions rather than physical drug exports [6] - The CRO (Contract Research Organization) services are not impacted by tariffs, and the long-term competitiveness of China's CRO/CDMO (Contract Development and Manufacturing Organization) remains intact [6] - The report suggests that the medical device sector is minimally affected by tariffs, with a positive outlook for domestic substitution and self-control [6] Group 4 - The fund manager of the Hong Kong Stock Connect Innovative Drug ETF (520880) noted that macro geopolitical factors have become significant in pricing the innovative drug sector, leading to increased volatility in stock prices [7] - The market is expected to eventually return to fundamentals, considering the interconnectedness of the US and Chinese biopharmaceutical industries [7] - The TACO trading strategy, which bets on Trump's tendency to back down from threats, is highlighted as a potential investment approach during market downturns [7] Group 5 - Investment strategies suggested include focusing on innovative drugs, leading pharmaceutical companies, and medical leaders, with specific ETFs recommended for each category [7] - The medical ETF has the largest scale in the market at 26.4 billion yuan, while the drug ETF is the only one tracking the China Pharmaceutical Index [8]