医药板块本周震荡调整，恒生创新药ETF（159316）受资金持续关注

Core Insights - The pharmaceutical sector experienced significant fluctuations this week, with various indices showing declines, including the CSI Innovation Drug Industry Index down by 4.1% and the CSI Biotech Theme Index down by 4.4% [1][3] - Despite the downturn, the Hang Seng Innovation Drug ETF (159316) attracted substantial investment, with a total net subscription of 1.5 billion yuan over the first four trading days and an additional 230 million yuan on the last day [1] - CITIC Securities noted that China's pharmaceutical industry is continuously enhancing its competitiveness, driven by supportive national policies for innovation and improved global liquidity favoring innovative drug pricing [1] Index Performance - The Hang Seng Innovation Drug Index fell by 5.2%, while the CSI Hong Kong Pharmaceutical Comprehensive Index decreased by 5.7% [3] - The rolling P/E ratios for the indices are as follows: Hang Seng Innovation Drug Index at 64.8x, CSI Hong Kong Pharmaceutical Comprehensive Index at 30.0x, and CSI Innovation Drug Industry Index at 55.3x [3] - Year-to-date performance shows the Hang Seng Innovation Drug Index up by 84.5%, while the CSI Innovation Drug Industry Index is up by 28.9% [8] Investment Opportunities - The focus on leading companies in the Hong Kong innovation drug sector includes around 40 stocks involved in research, development, and production of innovative drugs [4] - The CSI Innovation Drug Industry Index comprises up to 50 stocks primarily engaged in innovative drug R&D, indicating a concentrated investment opportunity in this segment [4] - The CSI Biotech Theme Index targets companies involved in gene diagnostics and biopharmaceuticals, further highlighting potential growth areas within the healthcare sector [4]