港股通创新药再调整， 520880创3个月新低，跌到位了吗？2025国谈开启，首推商保创新药目录

Core Viewpoint - The Hong Kong stock market is experiencing a correction, particularly in the innovative drug sector, with the Hong Kong Stock Connect Innovative Drug ETF (520880) hitting a three-month low, down 2.54% on October 30 [1][3]. Group 1: Market Performance - The Hong Kong Stock Connect Innovative Drug ETF (520880) has seen a price adjustment back to mid-July levels, raising questions about whether the correction has reached its limit [3]. - As of October 29, the ETF has attracted over 200 million yuan in capital over the past ten days, indicating continued investor interest despite the current market downturn [3]. Group 2: Policy and Economic Environment - The 2025 National Medical Insurance Negotiation has officially started, introducing a "commercial insurance innovative drug catalog" mechanism, which is expected to alleviate the payment pressure for high-value innovative drugs through commercial insurance channels [5]. - The Federal Reserve's recent decision to cut interest rates by 25 basis points is seen as a positive factor for the valuation expansion of Hong Kong's innovative drug assets, as a more liquid environment could enhance financing and R&D investments for innovative drug companies [5]. Group 3: ETF Characteristics - The Hong Kong Stock Connect Innovative Drug ETF (520880) passively tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, which exclusively includes innovative drug development companies, with over 70% of its holdings in large-cap innovative drug leaders [6]. - As of September 30, the ETF has recorded a year-to-date increase of 108.14%, outperforming other innovative drug indices [7].