Group 1 - The innovative drug concept showed a partial recovery in the afternoon on September 11, with companies like Hotgen Biotech and Furuise Co., Ltd. rising over 10% [2] - Jimin Health achieved a remarkable performance with 6 consecutive trading limits over 12 days, indicating strong market interest [2] - Other companies such as Shutai Shen, Rongchang Biotech, Changshan Pharmaceutical, and Medisi also experienced significant gains, contributing to the overall positive sentiment in the sector [2]

Core Viewpoint - The pharmaceutical sector in the A-share market has shown structural performance, with the innovative drug index rising by 60.77% year-to-date, significantly outperforming the overall A-share index by 22.14% [1] Group 1: Pharmaceutical Sector Performance - The pharmaceutical sector has been active this year, with innovative drug indices leading the gains [1] - The performance of pharmaceutical-themed mutual funds has attracted investor attention, with notable returns reported [1] - Zhongyin Fund's pharmaceutical-themed funds have ranked well among peers, with Zhongyin Innovation Medical A achieving top rankings over various time frames [1] Group 2: Fund Manager Insights - Fund manager Zheng Ning employs a long-term pricing focus, filtering out market noise to concentrate on long-term implied returns [3] - The performance of Zhongyin Hong Kong Stock Connect Pharmaceutical A has shown significant growth, with a net value growth rate of 70.08% in the first half of 2025 [3] - Zheng Ning has managed multiple funds, consistently achieving competitive returns compared to benchmarks [4][6] Group 3: Market Drivers - The recent rise in the innovative drug sector is driven by fundamental improvements, including advancements in R&D, successful profit realization, and favorable policies [2] - The innovative drug industry is expected to have substantial growth potential, becoming a strategic industry in China's export structure and a key pillar in the global pharmaceutical industry [2]

Core Viewpoint - A proposed executive order from the Trump administration is causing significant turmoil in the biopharmaceutical market, with major declines in stock prices for several companies [1][6]. Market Reaction - In the A-share market, companies such as Nossger, Huyou Pharmaceutical, and Tigermed saw declines exceeding 5%, with others like Yaoshi Technology and WuXi AppTec also following suit [1][2]. - The Hong Kong market's innovative drug concept index initially dropped over 7%, later narrowing to a 4.39% decline by midday [2]. Proposed Policy Impact - The New York Times reported that the proposed policy would require the FDA to conduct stricter reviews of clinical trial data from China, with companies submitting such data facing higher regulatory fees [3]. - If implemented, these restrictions could disrupt the U.S. pharmaceutical industry and affect the supply of all types of drugs, from generics to advanced therapies [6]. Industry Concerns - Analysts express that this "black swan" event could lead to a global supply chain restructuring, similar to the trade war during Trump's first term [7]. - The potential for drug shortages and rising prices in the U.S. market is a significant concern, particularly for generic drugs [7]. Investment Sentiment - Investor sentiment is divided, with some viewing the situation as a short-term emotional shock, while others worry that the end of the U.S. market could signal the end of the Chinese innovative drug bull market [9]. - Historical data suggests that after similar events, the pharmaceutical sector typically experiences a rebound within 2-4 weeks, with potential gains of 15%-20% [9].

以下文章来源于公募排排网 ，作者康波 公募排排网 . 看财经、查排名、买基金，就上公募排排网，申购费低至0.001折。 本文首发于公众号"公募排排网"。（点击↑↑上图查看详情） 84位百亿主动权益基金经理名单曝光！ 84位百亿主动权益基金经理名单曝光！ 公募排排网 数据显示，管理规模超百亿的基金经理仅有84位。 从学历背景来看，百亿主动权益基金经理均拥有硕士及以上学历。其中， 硕士学历的有 73人，博士学历的为11人 。拥有博士学历的百亿主动 权益基金经理分别是 葛兰、刘格菘、朱少醒、崔宸龙、黄兴亮、周云、曲扬、秦毅、蓝小康、焦巍及王贵重 。 在基金经理年限方面， 截至2025年9月7日， 百亿主动权益基金经理的 平均基金经理年限为 9.41年 。资历较深的有刘彦春（16.37年）、周蔚 文（18.47年）、朱少醒（19.83年）、赵晓东（16.03年）、傅鹏博（15.64年）、冯波（15.70年）、张军（17.52年）、史博（17.33年）。 从所属基金公司角度看， 广发基金、易方达基金、中欧基金和汇添富基金 等公司拥有数量较多的百亿主动权益基金经理，分别为9位、7位、7 位、5位和5位。 （ 点此查看百亿 ...

有消息称，美方或将把矛头对准中国创新药BD。隔夜外媒报道，一项草拟的行政命令威胁要切断从中 国引进创新药的通道，一是针对美国制药公司从中国药企收购药物权益的交易，二是试图阻止制药企业 依赖来自中国患者的临床试验数据。 影响多大？分析认为，该草案或类似于去年的生物安全法案，大概率无法落地，但可能会围绕是否发布 进行一系列的博弈。去年CXO已验证医药脱钩断链不可行，相信中国创新药产业也将承受住压力测 试。目前中国已成为全球创新药不可动摇的源头，中国创新药的崛起不可逆转，这是全球创新资源优化 配置的结果。 创新药波动加剧！9月11日，创新药纯度100%的港股通创新药ETF（520880）低开后一度下挫逾7%， 而后震荡回升，午间收跌3.79%。场内或涌入巨量"抄底"资金，520880持续宽幅溢价，溢价率一度飙至 0．99%，半日成交6．81亿元，已大幅超过上日全天成交额。 | 分时 多日 · | | | F9 盘前盘后 宿加 九轮 图线 工具 @ (2 )> | | | | | | 港股通创新药ETF ① | | | --- | --- | --- | --- | --- | --- | --- | --- | - ...

Group 1 - The pharmaceutical sector showed volatility with the Medical Innovation ETF (516820.SH) initially dropping but later rising over 2.7%, narrowing its decline to 0.97% [1] - Among the constituent stocks, Haikang (002653) led with a gain of 2.42%, while Hengrui Medicine (600276) experienced the largest decline at 3.30% [1] - According to Founder Securities, the strong mainline attribute of innovative drugs remains unchanged, with September potentially marking a new wave for innovative drugs due to several factors including the clearing of mid-year reports and upcoming key academic conferences [1] Group 2 - The Medical Innovation ETF has seen continuous net inflows over the past three days, with a peak single-day net inflow of 12.87 million yuan, totaling 25.11 million yuan [1] - Leverage funds are actively positioning themselves, with the latest financing buy amounting to 5.53 million yuan and a financing balance of 45.45 million yuan [1] - Institutions remain confident in quality innovation and the innovation industry chain, viewing any external disturbances as buying opportunities [2]

Core Viewpoint - The dual innovation leading ETF (588330) has seen significant gains, with a notable increase of 5.12% in intraday trading, reflecting strong market activity and investor interest [1][3]. Group 1: ETF Performance - The dual innovation leading ETF (588330) has achieved a cumulative increase of 31.94% over the past month, ranking first among all broad-based indices in the market [3]. - The current price of the dual innovation leading ETF (588330) is approaching levels seen in December 2021, but remains below the peak of 0.997 yuan reached in July 2021, indicating potential for further upside [4]. Group 2: Composition and Market Trends - The ETF comprises 50 constituent stocks, including major players in the hard technology sector such as New Yisheng, Zhongji Xuchuang, and Cambrian, as well as leading companies in lithium energy and solar power [6]. - Analysts suggest that China is undergoing a transition from old to new growth drivers, with technology innovation and high-end manufacturing being key areas of policy encouragement, which may benefit technology-focused broad indices in the long term [6]. Group 3: Investment Strategy - Investing in broad-based indices like the dual innovation leading ETF allows for risk diversification across various technology sectors, mitigating the volatility associated with individual stocks [7]. - The ETF provides exposure to multiple technology sub-sectors, helping investors capture overall trends and avoid missing out on market movements due to misjudging specific sectors [8]. - The current technology growth trend is driven by policy shifts and expectations, suggesting that investing in broad-based indices could yield significant returns as the economy improves [8].

Market Performance - The A-share market has shown strong performance, with the Shanghai Composite Index breaking through the 3800-point mark and reaching a nearly ten-year high in August [1] - The technology growth style has been particularly prominent, with sectors such as chips, computing power, and innovative pharmaceuticals experiencing significant increases [1] - The ChiNext Index and the Sci-Tech Innovation 50 Index rose over 24% and 28% respectively in August, highlighting the leading position of the technology innovation sector [1] Fund Performance - Everbright Pramerica Fund has performed well due to its foresight in industry trends, with several actively managed equity products showing strong results [2] - The Everbright Industry New Power fund achieved a nearly one-year return of 113.93%, significantly outperforming the benchmark return of 19.44% by over 94% [3] - Other funds managed by the same team, such as Everbright Dynamic Selection and Everbright Prosperity Pioneer, also reported impressive returns of 93.22% and 91.42% respectively, well above their benchmarks [4] Investment Strategy - The fund manager, Fang Lei, emphasizes the importance of technology innovation as the main driver of economic change and maintains confidence in the technology growth sector for the second half of the year [3] - Fang Lei identifies key trends in semiconductor advancements, AI development, and the acceleration of innovative pharmaceuticals as areas of focus for future investments [3] - The manager's extensive experience in both sell-side and buy-side research, along with a macro perspective on asset allocation, supports the fund's investment strategy [4] Policy Environment - The national government is continuously releasing supportive signals for technology innovation, with several significant policies introduced this year to bolster AI and other frontier technologies [5] - These policies aim to provide systematic guidance for enterprises' innovation and technology implementation, addressing industry pain points and enhancing national competitiveness [5] - Despite the current market's high liquidity and potential for short-term volatility, the long-term outlook remains positive, with a shift towards sectors with growth, profitability, and profit expectations [5]

早盘，港股市场创新药集体大跌，其抗肿瘤、辅助生殖、创新药、CXO板块跌幅都一度超过6%。A股 创新药也跟随集体走弱，百济神州、益方生物跌超10%，新诺威、华海药业、微芯生物、荣昌生物、药 明康德等多股跌超6%。消息面上，市场传来一则不利消息。不过，研究机构却集体强CALL，认为此次 杀跌是买入良机。并认为A股和港股医药板块的走势还远没有结束，上涨主升浪还有望中长期持续。消 息面上，刷屏各大投资圈的信息指出，特朗普政府正在考虑对来自中国的药品实施严格限制，包括一项 行政命令草案，该草案可能会扰动中国发明的实验性疗法，并可能会影响美国的制药行业，并限制仿制 药和先进疗法的可用性。不过，值得注意的是，白宫方面表示，没有"积极考虑"该草案。（券商中国） ...

Core Viewpoint - The article discusses the investment strategies and market outlook from various fund managers in light of recent trends in the A-share market, emphasizing growth styles, AI, innovative pharmaceuticals, and new consumption trends as key areas of focus for the upcoming investment period [3][4][6]. Investment Strategies - Fund managers believe that once a trend is established, it is difficult to reverse in the short term, although index volatility may increase. The prevailing logic is driven by liquidity, with a continued focus on growth styles [5]. - The A-share market is showing signs of policy shifts and stabilizing performance, with recommendations to adopt a strategy of "deep digging for Alpha and waiting for Beta" [5]. Key Investment Areas - AI and technology investments are highlighted as critical themes, with a focus on domestic capabilities alongside international developments. Key sectors include optical modules, PCBs, and AI applications [7]. - The innovative pharmaceutical sector is gaining attention, with expectations that the current market capitalization increase will surpass previous cycles. Key areas of focus include innovative drugs, AI in healthcare, and leading companies in non-innovative drug sectors that are still undervalued [8][9]. Consumer Trends - The new consumption trend is reshaping the market, with consumers increasingly favoring "self-pleasing" scenarios. This shift is changing the competitive landscape, making product innovation and precise pricing the core competencies for growth [10]. Bond Market Outlook - The bond market has shifted from a trend-based to a volatile market, influenced by macroeconomic policy changes. The second half of the year is expected to unfold in three phases, with varying trading dynamics and yield expectations [12]. - Current yields on 10-year and 30-year government bonds are seen as attractive, suggesting a gradual accumulation strategy to capitalize on potential market recovery [12].