114亿美元大单！创新药深蹲蓄力？港股通创新药ETF（520880）下挫3%溢价走高，“抄底”资金涌动

Core Viewpoint - The announcement of a significant $11.4 billion strategic partnership between Innovent Biologics and Takeda Pharmaceuticals led to a volatile market reaction, with Innovent's stock initially rising but ultimately closing lower, reflecting broader market trends in the biotech sector [1]. Group 1: Company Developments - Innovent Biologics announced a global strategic collaboration with Takeda Pharmaceuticals, with a total deal value potentially reaching $11.4 billion, aimed at accelerating the global development of Innovent's next-generation IO and ADC therapies [1]. - Despite the positive news, Innovent's stock opened nearly 14% higher but quickly fell, closing down over 2%, indicating market skepticism or profit-taking [1]. Group 2: Market Reactions - The broader biotech sector experienced declines, with notable drops in stocks such as CSPC Pharmaceutical Group (down over 6%) and BeiGene (down over 2%) [1]. - The Hong Kong Stock Connect Innovation Drug ETF (520880), which includes Innovent as its fourth-largest holding with a weight of 9.35%, also saw a decline of over 3% in the afternoon session, despite a significant trading volume exceeding 350 million yuan [1]. Group 3: Investment Trends - The recent surge in business development (BD) transactions in the innovative drug sector is seen as a positive sign, alleviating market concerns and suggesting a sustained interest in Chinese innovative drugs [2]. - The Hong Kong Stock Connect Innovation Drug ETF (520880) has attracted significant net inflows, with 7 out of the last 10 trading days showing net subscriptions totaling 176 million yuan [2]. - The ETF is positioned to focus on high-quality innovative drug leaders, transitioning from a broad market rally to a phase emphasizing quality factors in investment [2]. Group 4: Performance Metrics - The Hang Seng Hong Kong Stock Connect Innovation Drug Select Index has shown strong performance, with a year-to-date increase of 108.14% as of the end of September, outperforming other innovative drug indices [3]. - The Hong Kong Stock Connect Innovation Drug ETF (520880) is the largest in its category, with a fund size of 1.806 billion yuan and an average daily trading volume of 493 million yuan since its inception [3].