创新药突然爆发，基金经理火线解读！多头猛攻，港股通创新药ETF（520880）大阳线拔地而起，放量摸高5.25%！

Core Viewpoint - The innovative drug sector experienced a significant surge on October 31, with notable performances in both A-shares and Hong Kong stocks, driven by the initiation of the 2025 national medical insurance negotiations and the introduction of a "commercial insurance innovative drug catalog" mechanism [1][3]. Market Performance - The drug ETF (562050) in A-shares rose by 2.46%, while the Hong Kong innovative drug ETF (520880) surged by 5.25%, indicating high elasticity in the sector [1]. - Major stocks such as Sanofi and InnoCare Pharmaceuticals saw gains of 11% [1]. Policy Impact - The introduction of the "commercial insurance innovative drug catalog" is expected to alleviate the payment pressure for high-value innovative drugs, providing a supportive policy environment for the sector [1][3]. Technical Analysis - The Hong Kong innovative drug ETF (520880) showed strong technical indicators, including a significant increase in trading volume and a bullish reversal pattern, suggesting a potential trend change [1]. - The MACD indicator also indicated a reduction in bearish momentum, signaling a possible shift towards bullish sentiment [1]. Fund Manager Insights - The fund manager of the Hong Kong innovative drug ETF (520880) expressed optimism about the sector, citing the recent U.S.-China summit as a factor that may reduce risk factors previously affecting the sector [3]. - The current earnings season, with strong performances from companies like Innovent Biologics and Hengrui Medicine, is expected to boost confidence in the sector [3]. ETF Composition - The Hong Kong innovative drug ETF (520880) tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, which focuses entirely on innovative drug development companies, with over 70% of its holdings in large-cap leaders [4][5]. - The top ten holdings account for 71.63% of the index, highlighting the dominance of leading companies in the sector [4]. Performance Metrics - As of September 30, the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index has seen a year-to-date increase of 108.14%, outperforming other innovative drug indices [5]. - The Hong Kong innovative drug ETF (520880) has a fund size of 1.806 billion and an average daily trading volume of 493 million since its inception, making it the largest and most liquid ETF in its category [5].