资金流入！创新药大反攻

Core Viewpoint - The innovative drug sector has rebounded strongly after a brief correction, with significant inflows into Hong Kong innovative drug ETFs, indicating renewed investor interest and confidence in the sector [1][3]. Fund Flow and Market Activity - As of June 23, multiple innovative drug-themed ETFs saw trading volumes exceeding 3%, with the total inflow into Hong Kong innovative drug ETFs surpassing 3 billion yuan since June [1][3]. - The trading activity on June 23 was particularly high, with the GF Hong Kong Innovative Drug ETF achieving a transaction volume of 9.228 billion yuan, ranking first among all equity ETFs [3]. - The net subscription amount for innovative drug-themed ETFs reached 3.54 billion yuan since June 1, with significant contributions from the Huatai-PB Hong Kong Innovative Drug ETF and GF Hong Kong Innovative Drug ETF [3]. Future Fundraising and Opportunities - More incremental capital is expected in the innovative drug sector, with several new funds being launched, including the Huabao Hong Kong Innovative Drug ETF and the Xinyuan China Innovative Drug Index Fund [4]. - The current market sentiment suggests a focus on innovative drug companies with validated commercialization capabilities and breakthroughs in AI-assisted research [6]. Performance and Market Sentiment - Despite recent adjustments, funds heavily invested in the innovative drug sector have outperformed, with some funds reporting returns exceeding 60% year-to-date [6]. - The short-term adjustments in the innovative drug sector are attributed to market sentiment fluctuations and capital rotation, but the long-term fundamentals remain intact [6]. - The innovative drug sector is characterized by high risks, high barriers, high returns, and long cycles, reflecting a strategic pricing logic in the capital market [7]. Investment Considerations - Investors are advised to focus on companies with reliable management, sound equity structures, forward-looking pipeline layouts, efficient clinical progress, and suitable commercialization partners [8]. - The innovative drug sector is currently in a phase where performance is expected to continue improving, but caution is advised as the final stages of market cycles may lead to significant bubbles [8].