Group 1 - The report suggests that the Hong Kong stock market is entering an adjustment phase at the end of the year, but it remains in a long-term upward trend [1] - The report emphasizes a continued positive outlook on AI technology, predicting a marginal recovery in Hong Kong's EPS in the first quarter of next year [2] - There is an increased allocation towards dividend stocks due to a decline in market sentiment and a historical trend showing higher win rates for dividend stocks in November and December [2] - The report maintains a favorable view on innovative pharmaceuticals, citing benefits from potential Federal Reserve interest rate cuts and a clear trend in the innovative drug industry [2] Group 2 - The report lists a selection of "golden stocks" with detailed financial metrics, including Alibaba, XPeng Motors, CICC, Shenzhou International, Innovent Biologics, Kelun-Biotech, 3SBio, Gree Power, Sinopec, and Guoquan [3][8] - Alibaba is highlighted for its leadership in AI and cloud computing, with significant revenue growth expected from its cloud business [11][12] - XPeng Motors is projected to achieve substantial revenue growth, with a focus on developing a platform for mass-market vehicles [17][19] - CICC is expected to benefit from a recovering IPO market and increased trading activity, enhancing its competitive position in investment banking and wealth management [24][26] - Shenzhou International is anticipated to see sales growth driven by strong demand from major clients like Adidas and Nike [30][32] - Innovent Biologics is expected to achieve profitability in 2025, with a strong pipeline of innovative drugs [35][40] - Kelun-Biotech is advancing its clinical trials and commercialization efforts, maintaining a positive outlook [44][46] - 3SBio is positioned for growth with its innovative drug pipeline and international expansion [48][50] - Gree Power is expected to improve its financial performance through increased cash flow and dividend potential [52][56] - Sinopec is focusing on upstream exploration and development, with a strong outlook for its natural gas segment [60][62] - Guoquan is experiencing improved same-store sales and expansion in rural areas, indicating strong operational capabilities [66][68]

Core Viewpoint - The article highlights a significant surge in the innovative drug sector in China, driven by the introduction of a new commercial insurance innovation drug directory and an increase in business development (BD) activities for domestic innovative drugs, indicating a shift towards global market integration [3][6][8]. Group 1: Market Performance - On October 31, A-share innovative drug stocks experienced a collective surge, with notable gains such as 20% limit-up for Sangfor and 19.99% for Shuyitai [4][5]. - Other stocks like Zai Lab and Yifang Bio also saw increases exceeding 10%, reflecting a strong market sentiment towards innovative drugs [4][5]. Group 2: Policy Changes - The 2025 National Medical Insurance negotiations commenced on October 30, introducing a "commercial insurance innovation drug directory" mechanism, which aims to include innovative drugs that are not yet part of the basic medical insurance directory but have high clinical value [6][7]. - A total of 121 drug names passed the preliminary review for the commercial insurance directory, indicating a robust pipeline of innovative drugs awaiting approval [6]. Group 3: Business Development Activities - There has been a notable acceleration in the "going global" strategy for Chinese innovative drugs, with significant BD transactions reported, including a $11.4 billion deal between Innovent Biologics and Takeda [8][9]. - As of October 21, 2023, there were 115 licensing agreements for Chinese innovative drugs, totaling $101.24 billion, surpassing the entire amount for 2024 [8][9]. Group 4: Industry Outlook - Analysts suggest that the innovative drug sector in China is transitioning from a focus on generics to a more robust innovative landscape, with a long-term positive growth trend evident in BD transaction volumes [9]. - The introduction of the commercial insurance directory is expected to create broader market opportunities for innovative drugs, enhancing their commercial viability [6][7].

截至2025年10月30日 13:37，恒生港股通创新药精选指数下跌2.08%。成分股方面涨跌互现，四环医药 领涨2.74%，映恩生物-B上涨2.68%，MIRXES-B上涨2.29%；信达生物领跌4.79%，药捷安康-B下跌 4.63%，先声药业下跌3.78%。港股创新药精选ETF(520690)下跌2.22%，最新报价0.88元。 流动性方面，港股创新药精选ETF盘中换手18.09%，成交9143.64万元，市场交投活跃。拉长时间看， 截至10月29日，港股创新药精选ETF近1年日均成交1.19亿元。 消息方面，10月30日，2025年国家医保谈判在北京开启。今年国谈在延续医保目录常规调整机制的基础 上，首次正式引入"商保创新药目录"机制。商保创新药目录主要纳入超出保基本定位、暂时无法纳入基 本目录，但创新程度高、临床价值大、患者获益显著的创新药，推荐商业健康保险、医疗互助等多层次 医疗保障体系参考使用。据国家医保局8月28日公告，2025年基本药品目录调整有535个药品通用名通过 形式审查。商保创新药目录有121个药品通用名通过形式审查，其中同时申报基本医保目录和商保创新 药目录的有79个。 10月30 ...

实际上，近期港股通创新药连续调整区间，低吸资金不在少数。昨日港股通创新药ETF（520880）单日 再获3318万元净申购，至此，近10个交易日累计吸金超2.1亿元。 消息面，美联储明晨将公布最新利率决议。目前市场普遍预计，基于较弱的就业数据，美联储或将进行 今年内的第二次降息。 分析人士指出，降息环境直接利好医药板块，尤其是创新药。港股市场流动性回归，有望助力创新药行 情向上。 【创新药"新势力"——港股通创新药ETF（520880）：纯正创新药，聚焦真龙头，港股高弹性】 港股通创新药ETF（520880）被动跟踪恒生港股通创新药精选指数，该指数完全不含CXO，100%布局 创新药研发类公司，超7成仓位押注大市值创新药龙头，是精准表征创新药硬核力量的纯正创新药指 数。场外投资者可关注其联接基金：025221。 10月29日午后，100%创新药研发标的——港股通创新药ETF（520880）场内价格突然直线拉升，折溢 价形势180度反转，买盘集中发力迹象明显。 今日因重阳节假期，港股休市。港股通创新药ETF（520880）场内价格充分反映多空博弈过程。 今年以来，恒生港股通创新药精选指数在同类指数中弹性更高，进 ...

Core Viewpoint - The Hong Kong stock market for innovative drugs is experiencing a recovery, with several stocks such as Hengrui Medicine, Junshi Biosciences, and others rising over 3% [1][3]. Group 1: Market Performance - The Hong Kong Stock Connect Innovative Drug ETF (520880) showed positive movement, with trading volume exceeding 260 million yuan in less than half a day [1]. - The Hang Seng Hong Kong Stock Connect Innovative Drug Select Index has increased by 108.14% year-to-date, outperforming other innovative drug indices [6][7]. Group 2: Technical Analysis - The ETF's index is currently testing a critical half-year line, with future movements dependent on whether it breaks below or stabilizes above this line [3]. - If the index stabilizes and moves upward, it may signal a stop in the downward trend, presenting a higher probability for entry [3]. Group 3: Fundamental Analysis - The market is shifting from a broad-based rally to a focus on quality factors, emphasizing the importance of innovative drugs with strong clinical data and commercialization capabilities [5]. - The ETF exclusively tracks innovative drug companies, with over 70% of its holdings in large-cap leaders, indicating a strong focus on high-quality investments [5][6]. Group 4: ETF Details - The ETF has a total fund size of 1.806 billion yuan and has the highest liquidity among similar indices, with an average daily trading volume of 493 million yuan since its inception [7].

【导读】三季报密集披露，绩优基金调仓曝光 伴随公募三季报密集披露，绩优基金经理持仓动向备受市场关注。 10月25日，融通产业趋势、平安核心优势、万家趋势领先等基金披露三季报，这些基金大多重仓了人工智能、创新药、有色金属等今年以来热门赛道。在 前十大重仓股中，还涌现出多只"翻倍股"。 在三季报中，基金经理表示，A股市场今年涨幅较大，但从历史规律判断此轮上行趋势大概率没有结束，市场整体估值依然处于合理水平。 李进：此轮上行趋势大概率没有结束 看好人工智能、储能和互联网等 10月25日，融通产业趋势披露2025年三季报。最新持仓显示，前三大重仓股为海博思创、工业富联、中际旭创，持仓市值在2200万元～2500万元区间。值 得注意的是，截至10月24日，海博思创、工业富联、中际旭创年内股价涨幅分别高达313.46%、218.92%、301.99%。 海博思创、工业富联、剑桥科技、中创新航、沪电股份、长飞光纤光缆"新晋"其十大重仓股。 融通基金权益投资部副总经理、融通产业趋势基金经理李进在三季报中表示，A股市场今年涨幅较大，但从历史规律判断，此轮上行趋势大概率没有结 束，这种级别的市场上行大概率都会从悲观到合理估值到疯 ...

截至2025年10月23日 13:34，恒生医疗保健指数下跌2.71%。成分股方面涨跌互现，巨子生物领涨 6.58%，石四药集团上涨0.66%，讯飞医疗科技上涨0.34%；药捷安康-B领跌7.86%，佰泽医疗下跌 6.95%，科伦博泰生物-B下跌6.31%。恒生医疗ETF(513060)下跌2.41%，最新报价0.65元。拉长时间看， 截至2025年10月22日，恒生医疗ETF近3月累计上涨3.42%，涨幅排名可比基金1/3。 流动性方面，恒生医疗ETF盘中换手11.25%，成交7.63亿元，市场交投活跃。拉长时间看，截至10月22 日，恒生医疗ETF近1年日均成交17.15亿元，排名可比基金第一。 截至2025年10月23日 13:34，恒生港股通创新药精选指数下跌3.70%。成分股方面，荣昌生物领跌 11.58%，药捷安康-B下跌7.86%，科伦博泰生物-B下跌6.31%，再鼎医药下跌5.78%，乐普生物-B下跌 5.39%。港股创新药精选ETF(520690)下跌3.26%，最新报价0.89元。 流动性方面，港股创新药精选ETF盘中换手21.44%，成交9851.77万元，市场交投活跃。拉长时间看， 截 ...

港股创新药概念股走低，科伦博泰生物-B跌超6%，三生制药跌超5%，再鼎医药、石药集团跌超4%，药 明生物、中国生物制药跌超3%。 受盘面影响，多只港股创新药相关ETF跌约3%。 | 代码 | SEM | 名称 | 现价 | 涨跌 | 4 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 520500 | 跨 | 恒生创新药ETF T+0 | 1.729 | -0.054 | -3.03% | | 159892 | 跨 | 恒生医药ETF T+0 | 0.843 | -0.025 | -2.88% | | 520880 | 覧 | 港股通创新药ETF T+0 | 0.551 | -0.017 | -2.99% | | 159567 | 臂 | 港股创新药ETF T+0 | 0.824 | -0.024 | -2.83% | | 159570 | 跨 | 港股通创新药ETF T+0 | 1.700 | -0.051 | -2.91% | | 520700 | 覧 | 港股创新药ETF基金 T+0 | 1.646 | -0.049 | -2.89% | | 159217 | ...

Group 1: Fund Performance and Holdings - The performance of the "Champion Fund" Yongying Technology Smart Selection has seen a remarkable increase, with a year-to-date return of nearly 195% and a net asset value growth of 234% since its inception [2][3][9] - The fund's scale surged nearly tenfold in the third quarter, growing from 1.166 billion to 11.521 billion yuan, with the number of shares increasing from 700 million to 3.466 billion [5][9] - The fund maintains a high stock position, with over 91% in equities, focusing heavily on the cloud computing sector [2][3] Group 2: Key Holdings in Cloud Computing - The top three holdings of Yongying Technology Smart Selection include Xinyi Technology, Zhongji Xuchuang, and Tianfu Communication, each with a market value exceeding 1 billion yuan [3][2] - Significant increases in holdings were observed for Huadian Co., Taicheng Light, and Tianfu Communication, with growth rates of 502.17%, 642.80%, and 347.47% respectively [3][2] Group 3: Longcheng Pharmaceutical Industry Selection - Longcheng Pharmaceutical Industry Selection has also performed well, achieving a return of 102.02% in the first three quarters, qualifying it as a "doubling fund" [7][9] - The fund's scale increased from 1.132 billion to 1.790 billion yuan in the third quarter, marking a growth of nearly 60% [9] - The fund's top three holdings include Innovent Biologics, 3SBio, and Hotgen Biotech, with each holding a market value exceeding 100 million yuan [8][7] Group 4: Investment Focus and Strategy - The investment strategy of Yongying Technology Smart Selection emphasizes the cloud computing industry, with a focus on optical communication and PCB sectors, anticipating significant technological advancements by 2027 [6][2] - Longcheng Pharmaceutical Industry Selection is shifting its focus towards clinical data, overseas licensing, and domestic sales, indicating a strategic pivot towards non-oncology sectors [9][7]

Market Overview - The market opened lower and experienced low-volume fluctuations, with Hong Kong pharmaceutical stocks declining due to market sentiment despite positive news regarding overseas expansion [1] - The Hong Kong Stock Connect Innovation Drug ETF (159570) fell over 2%, with a trading volume exceeding 1.6 billion yuan during the session [1] - As of October 21, the latest scale of the Hong Kong Stock Connect Innovation Drug ETF (159570) exceeded 20.9 billion yuan, maintaining a leading position in scale and liquidity among peers [1] Strategic Collaborations - Innovent Biologics announced a global strategic partnership with Takeda Pharmaceutical to accelerate the development of its next-generation IO and ADC therapies, including two late-stage candidates and one early-stage project [3] - The collaboration includes an upfront payment of 1.2 billion USD, with potential milestone payments totaling up to 10.2 billion USD, bringing the total deal value to a maximum of 11.4 billion USD [3] Business Development (BD) Trends - A surge in business development activities was noted, with five BD announcements totaling 4.266 billion USD made on October 16 and 17 alone [4] - Major companies involved include Hansoh Pharmaceutical, Prigen, and others, with upfront payments ranging from 0.07 billion to 1.2 billion USD [4] - The Hong Kong Stock Connect Innovation Drug ETF (159570) saw mixed performance among its constituent stocks, with notable declines in several companies despite positive news for Innovent Biologics [4] Industry Insights - According to Huaxin Securities, the pace of outbound licensing for innovative drugs has resumed, with 93 transactions recorded by August 2025, accounting for 32% of global transactions [6] - The total upfront payments for these transactions reached 4.3 billion USD, exceeding the total for the previous year and expected to set a new high in nearly a decade [6] - The report indicates that multinational corporations (MNCs) continue to favor early-stage assets from China, particularly in hot areas like bispecific antibodies and ADCs [7] Future Outlook - The fourth quarter is expected to see concentrated BD activities, particularly with the ESMO conference and upcoming quarterly reports [7] - The trend of BD transactions is anticipated to continue as MNCs seek to fill revenue gaps from patent expirations of blockbuster products [7] - The performance of the Hong Kong Stock Connect Innovation Drug ETF (159570) has shown significant growth, with a year-to-date increase of over 109% [9]