国产创新药BD“新王”诞生！股价天量巨振！港股通创新药ETF（520880）全天放量溢价，资金加速“抄底”？

Core Viewpoint - The Hong Kong stock market experienced a pullback despite a significant $11.4 billion strategic collaboration between Innovent Biologics and Takeda Pharmaceutical, marking a record for Chinese innovative drug business development (BD) transactions [3]. Group 1: Market Performance - The Hong Kong Innovation Drug ETF (520880) opened high but closed down 2.74%, losing its 5-day moving average, despite a trading volume of 374 million HKD, which increased by 30% compared to the previous period [1]. - The ETF has seen high capital inflow recently, with 7 out of the last 10 trading days attracting a total of 176 million HKD [1]. - Major stocks within the ETF, such as Innovent Biologics, saw a trading volume of 6.288 billion HKD, marking a historical high, but closed down 1.96% with a volatility exceeding 13% [1]. Group 2: Strategic Collaborations - Innovent Biologics announced a groundbreaking $11.4 billion global strategic partnership with Takeda Pharmaceutical to accelerate the development of next-generation IO and ADC therapies, setting a new record for BD transactions in China's innovative drug sector [3]. - Analysts noted that despite the market's downturn, the high premium on the ETF indicates that "bottom-fishing" capital is already in action, highlighting the current value in innovative drug investments [3]. Group 3: ETF Composition and Performance - The Hong Kong Innovation Drug ETF (520880) passively tracks the Hang Seng Hong Kong Innovation Drug Select Index, which exclusively invests in innovative drug development companies, with over 70% of its holdings in large-cap innovative drug leaders [4]. - The top ten constituent stocks account for 71.63% of the ETF's weight, showcasing a significant concentration in leading companies [5]. - As of the end of September, the Hang Seng Hong Kong Innovation Drug Select Index has risen 108.14% year-to-date, outperforming other innovative drug indices [6].