港股创新药板块继续回调！恒生创新药ETF（520500）连续6个交易日获资金加仓

Core Viewpoint - The Hong Kong innovative drug sector is experiencing a continuous pullback, attributed to three main factors: profit-taking by investors as the year-end approaches, liquidity tightening due to various monetary policy changes, and disappointing BD events for some companies [1][3][4]. Group 1: Market Dynamics - Investors are showing a strong tendency to realize profits as the year-end approaches, leading to a decline in market risk appetite [1][3]. - Liquidity in the Hong Kong market is tightening due to the Federal Reserve's interest rate cuts, rising expectations of interest rate hikes by the Bank of Japan, and a slowdown in southbound capital inflows [1][3]. - Some industry-specific BD events have underperformed expectations, negatively impacting market sentiment [1][3]. Group 2: Investment Opportunities - Despite the current market pullback, it is viewed as a short-term risk release that does not alter the narrative of accelerated nationalization, technological breakthroughs, and payment system innovations in the innovative drug sector [1][4]. - The Hang Seng Innovative Drug ETF (520500) has seen a net inflow of 235 million yuan over six consecutive trading days, reaching a historical high of 1.251 billion shares since its inception [4]. - The ETF has an average daily trading volume of 729 million yuan since Q4 2025, indicating substantial scale and liquidity [4]. Group 3: Future Outlook - Tianfeng Securities suggests that after a systematic asset value reassessment in 2025, the main theme for innovative drug investments will be the reduction of risks, leading to enhanced predictability and sustained competitiveness for companies [4]. - The National Medical Security Work Conference held on December 13, 2025, encouraged the inclusion of more reasonable medical expenses outside the basic medical insurance catalog into commercial health insurance, which is expected to boost investment in innovative drugs [4].