乐观BD预期退潮？港股通创新药ETF（520880）创5个半月新低！场内延续宽幅溢价，机构：基本面无虞

Core Viewpoint - The Hong Kong innovation drug sector continues to adjust, with the Hong Kong Innovation Drug ETF (520880) falling over 1.5%, reaching a new low since July 11, indicating strong buying interest despite the downturn [1][7]. Market Performance - The leading stocks in the sector are experiencing a broad decline, with notable drops including Kangfang Biotech and Kelun-B, both down over 2%, and others like Baijie Shenzhou, China Biopharmaceutical, and Innovent Biologics all falling over 1% [1][8]. - Recent trading data shows that 4.1 million yuan entered the market as investors took advantage of the price drop [1][7]. Sector Analysis - According to Zhongyou Securities, the innovation drug sector is in a continuous correction phase, primarily driven by a retreat from previously optimistic business development (BD) expectations [1][10]. - Despite the downturn, recent clinical data from events like ESMO Asia and ASH conferences have validated the trends for domestic new drugs, aligning with expectations [1][10]. Future Outlook - Looking ahead to 2026, the maturity of clinical data is expected to be a key factor driving the innovation drug market, with BD becoming a necessary outcome of enhanced competitiveness for domestic new drugs [1][10]. - The current adjustment phase, which began in September and has lasted over three months, presents a favorable configuration window for the Hong Kong Innovation Drug sector, with the ETF price nearing its issuance price [1][10]. ETF Characteristics - The Hong Kong Innovation Drug ETF (520880) tracks the Hang Seng Hong Kong Innovation Drug Select Index, which has three unique advantages: it is purely focused on innovative drugs, has a high concentration of leading companies (over 72% in the top ten), and offers better risk control by reducing the weight of less liquid stocks [1][10][11]. - The top ten holdings in the ETF account for 72.57% of the total weight, highlighting the dominance of leading firms in the sector [1][12].