医药板块集体回调，资金逆势布局，港股通创新药ETF易方达(159316)全天净申购超2000万份

Core Viewpoint - The pharmaceutical sector experienced a collective pullback today, with various indices showing declines, while there is still significant capital inflow into innovative drug ETFs, indicating a potential recovery in demand for CRO and CDMO services [1]. Group 1: Market Performance - The Hang Seng Hong Kong Stock Connect Innovative Drug Index fell by 1.4% [1]. - The CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index and the CSI Innovative Drug Industry Index both decreased by 1.1% [1]. - The CSI Biotechnology Theme Index dropped by 0.8%, and the CSI 300 Pharmaceutical and Health Index declined by 0.7% [1]. - Despite the overall market decline, the E Fund Innovative Drug ETF (159316) saw a net subscription of over 20 million units throughout the day [1]. Group 2: Industry Outlook - According to Zhongtai Securities, multiple factors are driving a gradual recovery in demand for CRO and CDMO services within the pharmaceutical sector [1]. - The past three years have seen a continuous clearing of supply, suggesting that the sector may experience a "Davis Double Play" with simultaneous improvements in profitability and valuation [1].