港股创新药回暖，520880放量反弹1%！标的指数本轮回撤16%，调整到位了吗？

Core Viewpoint - The Hong Kong innovative drug sector has shown signs of recovery after a period of decline, with the Hong Kong Stock Connect Innovative Drug ETF (520880) rising by 1.09% on December 4, ending a four-day losing streak and indicating a significant rebound in market sentiment [1][8]. Market Performance - The Hong Kong innovative drug sector has been in a phase of adjustment since early September, with the Hong Kong Stock Connect Innovative Drug ETF (520880) index experiencing a decline of nearly 16% from its previous high, suggesting that prior high-risk levels have been adequately released [3][11]. - The ETF's trading volume reached 248 million yuan, reflecting increased market activity and interest in the sector [1][8]. Positive News Factors - Two major positive developments have been reported: the launch of the Chinese drug price registration system on December 2, which provides market price references for drug imports and exports, and the anticipated release of the new basic medical insurance drug list and the first commercial insurance innovative drug list by the end of the week, which could optimize the payment structure for innovative drug companies [3][11]. Investment Outlook - Short-term forecasts from CITIC Securities suggest that innovative drugs are expected to be a primary upward trend in the market heading into 2026, supported by a robust domestic demand base and comprehensive manufacturing capabilities within the pharmaceutical industry [5][13]. - The current market conditions may present a favorable opportunity for medium to long-term investments in core innovative drug assets, as the sector is entering a critical phase of "innovation realization and global layout" [5][11]. ETF Characteristics - The Hong Kong Stock Connect Innovative Drug ETF (520880) is noted for its significant concentration in leading stocks, with the top ten holdings accounting for 72.57% of the index, indicating a strong representation of core innovative drug companies [6][14]. - The ETF is characterized by its focus on pure innovative drug companies, excluding CXO firms, and aims to provide comprehensive coverage of the innovative drug development sector [5][13].