多空激战！港股通创新药ETF（520880）放量守住10日线，上涨动能重启？机构：2026年创新药仍将是投资主线

Core Viewpoint - The Hong Kong stock market experienced fluctuations, but the biotechnology sector showed resilience, with leading stocks like BeiGene, Innovent Biologics, and 3SBio rebounding, while the Hong Kong Stock Connect Innovative Drug ETF (520880) demonstrated strong performance despite a slight decline at the end of the trading day [1][3]. Group 1: Market Performance - The Hong Kong Stock Connect Innovative Drug ETF (520880) opened lower but quickly rebounded, ultimately closing down 0.54% while managing to record a positive daily line [1]. - The ETF's trading volume significantly increased, indicating potential new capital entering the market [1]. - The ETF's technical analysis showed a "中" character candlestick, reflecting intense competition between bulls and bears, with bullish momentum slightly prevailing [1]. Group 2: Fund Flows - The ETF saw a net subscription of nearly 86 million yuan yesterday, accumulating over 300 million yuan in the past ten days, indicating strong investor interest in the innovative drug sector [3]. - The current market position is considered attractive for allocation, as prior profit-taking has largely completed, and some leading stocks may have entered an absolute return zone [3]. Group 3: Industry Fundamentals - The fundamentals of the innovative drug sector remain positive, with accelerated business development (BD) overseas, a dense pipeline of products, and supportive policies contributing to a global rise and commercialization of domestic innovative drugs [3]. - According to Dongwu Securities, innovative drugs will remain a key investment theme through 2026, driven by the sector's improving international standing, explosive growth in BD, significant market capitalization potential, and a transition to profitability for many companies [3]. Group 4: ETF Characteristics - The Hong Kong Stock Connect Innovative Drug ETF (520880) exclusively tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, which has three unique advantages: it is purely focused on innovative drug companies, has a high concentration of leading firms, and effectively manages tail risks by reducing the weight of less liquid stocks [4][5]. - As of early November, the ETF's total assets surpassed 2 billion yuan, making it the largest and most liquid ETF tracking this index [6].