鲍威尔重磅发言提振，科创创新药ETF（589720）盘中领涨，连续4日净流入

Core Viewpoint - The market is experiencing strengthened expectations for interest rate cuts following Powell's dovish remarks on October 14, which has positively impacted the innovative drug sector and related ETFs [2][3]. Group 1: Market Reaction - The innovative drug ETF (589720) saw a rise of over 3% during the day, marking a net inflow of over 150 million yuan for four consecutive days [1]. - The ETF has outperformed the Hang Seng Hong Kong Stock Connect Innovative Drug Index since the "924 market" rebound [5][6]. Group 2: Economic Outlook - Powell's speech indicated that the Federal Reserve may end its balance sheet reduction in the coming months, supporting investor expectations for a potential interest rate cut this month [3]. - Current indicators suggest a cooling job market in the U.S., with low levels of layoffs and hiring, which further supports the case for a rate cut [3]. Group 3: Industry Fundamentals - The innovative drug industry is benefiting from three key drivers: performance realization, policy support, and improved market conditions [4]. - The performance realization is driven by high-demand BD transactions, as U.S. pharmaceutical companies face patent cliffs and need to replenish their pipelines with new products from domestic innovative drug firms [4]. - Continuous policy support includes the inclusion of 37 high-priced innovative drugs in commercial insurance and expedited clinical review processes, which enhance the operational efficiency of drug companies [4]. - The market environment is expected to shift into a "slow bull" phase starting mid-June 2025, which will provide a favorable backdrop for the innovative drug sector [4]. Group 4: Investment Opportunities - The innovative drug industry is poised for significant growth due to ongoing breakthroughs in international markets, continuous policy benefits, and the steady improvement of Chinese innovative drug companies' R&D capabilities [5]. - Investors are encouraged to focus on the innovative drug ETF (589720) to capitalize on the high growth potential and internationalization trends within the sector [5][6].