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].

随后，A股、港股创新药板块显示出强大韧性，跌幅大大收窄。A股创新药指数跌幅由早盘大跌近4%，收窄至约1%。 创新药"难受的一天"！ 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。 不过，盘中创新药跌幅大幅收窄，益方生物翻红，百济神州跌幅收窄至5%以内，药明康德跌幅约3%。 突然下跌 黑天鹅突袭创新药。 今日早盘，港股相关板块全线杀跌。歌礼制药盘中暴跌超16%，基石药业大跌超8%，中国生物制药、百济神州、石药集 团等股票全线大跌。A股创新药亦跟随走弱，泰格医药、百济神州、新诺威、普蕊斯、艾迪药业等大跌。 旗手仍强CALL 虽有利空突袭，但资本圈不少人似乎仍认为，创新药杀跌反而是做多机会。 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 ...

新浪财经主办、银华基金独家合作的"第二届金麒麟最佳投资顾问评选"活动火热进行中！我国财富管理 行业迈入超级大年，随着居民理财意识逐渐升华，中国财富管理行业已经迎来高增长周期，投资顾问作 为财富管理"最后一公里"的引路人，其触达客户、沟通客户、服务客户的属性直接影响着全民资产配置 的走向。在此背景下，投资顾问面临哪些机遇和挑战？他们该如何"修炼内功"？金麒麟最佳投资顾问评 选活动旨在为投资顾问提供一个展示形象、扩围服务、提升能力的舞台，为优秀投资顾问与大众投资人 搭建沟通对话的桥梁，助推中国财富管理行业健康发展。 针对投资顾问的优异表现，新浪财经将从投顾服务理念、财富管理大时代下投顾挑战等方面，采访表现 优秀投顾，向投资者展示投顾的服务能力与独特理念。 来自东兴证券沙县李纲中路证券营业部的投资顾问曹小红（执业证书编号：S1480623120001）公募基 金模拟配置组合评比中荣获8月月榜第八名，目前模拟组合总收益率超20%。 在谈到自己的模拟组合优异表现时，曹小红表示"模拟组合"收益率基于对市场数据的分析和理解，对市 场上的信息进行深度解读，分辨信息的真伪和影响，做到信息非对称，即比其他投资者更早、更准确地 理 ...

来源：红星新闻、中国新闻周刊 近日，韩国三星电子掌门人李在镕的长子李智昊，放弃了美国国籍回到韩国，并以海军候补军 官的身份，开始服兵役。 三星电子9月10日发布声明称，李智昊已放弃美国国籍，以履行服兵役的义务，他将被任命为 少尉。 李智昊将在韩国海军服役39个月。他将先在海军学院接受为期11周的候补生课程，内容包括 军事操练、战斗技巧和领导力训练。 李智昊2000年出生在纽约，持有韩国和美国双重国籍。他考入巴黎政治学院，后又去美国做 交换生。在韩国，所有健康男性必须服至少18个月的义务兵役，但李智昊的父亲李在镕，以及 三星集团创始人李秉喆的大多数男性后代，都因身体疾病或其他原因免于兵役。 创新药，大跌 ...

Core Viewpoint - The pharmaceutical sector is experiencing fluctuations, with the Medical Innovation ETF (516820.SH) showing a significant rebound after a sharp decline, indicating potential investment opportunities in innovative drugs [1] Group 1: Market Performance - The Medical Innovation ETF rose over 2% after a decline, currently down 1.69% [1] - Individual stocks showed mixed performance, with Aier Eye Hospital (300015) leading gains at 1.88%, while Hengrui Medicine (600276) led losses at 4.85% [1] - The 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] Group 2: Investment Sentiment - According to Founder Securities, the strong mainline attribute of innovative drugs remains unchanged, with September potentially marking a new wave for innovative drugs [1] - Key factors supporting this sentiment include the clearing of mid-year reports, upcoming significant academic conferences, and strong catalysts from individual stocks [1] - The latest financing buy-in amount for the Medical Innovation ETF reached 5.53 million yuan, with a financing balance of 45.45 million yuan [1] Group 3: Global Economic Context - The expectation of interest rate cuts in the U.S. is likely to enhance global liquidity and benefit technology stocks, providing an opportunity for investors to capitalize on the rebound in core pharmaceutical assets through the Medical Innovation ETF [2]

Group 1 - The innovative drug concept stocks have shown signs of recovery, with Ji Min Health achieving a six-day consecutive increase [1] - Shu Tai Shen has risen over 7%, while Rejing Bio has increased by more than 5% [1] - Other stocks such as MediX, Guangsheng Tang, and Borui Pharmaceutical have also experienced upward movement [1]

9月11日早盘，港股创新药集体暴跌，恒生生物科技指数一度跌超7%，中国生物制药、翰森制药、石药 集团、诺诚健华、百济神州、药明生物、药明康德（603259）等领跌；恒生医药ETF（159892）、港股 通医疗ETF（520510）跟随指数调整。 ③全球化趋势未发生根本转变，中国创新药凭借其研发效率和成本优势，依然是全球药企重要的合作伙 伴，2025年有望继续达成多项十亿级别以上的对外授权交易。 相关ETF： 港股通医疗ETF（520510）：聚焦CXO+AI医疗等主线，CXO含量全市场领先。 恒生医药ETF（159892）：聚焦创新药，同指数下规模最大，流动性良好。 从海外消息来看，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，一是美国制药公司从中国 药企收购药物权益的交易将面临更严格的审查，需接受美国外国投资委员会（CFIUS）的"强制性审 查"，二是要求FDA进行更严格审查并收取更高监管费用，阻止制药企业依赖来自中国患者的临床试验 数据。 以史为鉴，参考2024年生物安全法案对CXO的影响过程，创新药板块在短期内可能受情绪压制，市场 波动或难以避免；但从中长期看，行业向好的基本面并未改变： ①国内创 ...

资金流向上，Wind数据显示，港股科技30ETF（513160）近期获资金布局明显，8月29日以来的9个交易 日中，港股科技30ETF（513160）持续获资金净流入，累计"吸金"超7亿元。截至9月10日年内新增份额 超25.76亿份，份额增长率达1659.91%。 9月11日早盘，港股开盘后持续下挫，恒生指数、恒生科技指数均跌超1%。相关ETF中，港股科技 30ETF（513160）截至发稿跌1.01%，成交额已超6500万元，溢折率0.19%，盘中频现溢价交易。 港股科技30ETF（513160）紧密跟踪恒生港股通中国科技指数，该指数跟踪可经港股通买卖，从事科技 业务并于香港上市的内地公司之表现。前十大重仓股包括中芯国际、快手-W、腾讯控股、阿里巴巴- W、小米集团-W等多只科技龙头股。 中泰证券指出，近期港股板块表现整体平稳，美元负债端出现明显好转，美国8月非农就业数据远低于 市场预期，引发美债利率大幅下探，港股流动性环境明显好转；展望未来，港股市场在美联储降息预期 和A股情绪持续回暖的支撑下，短期有望延续结构性上涨，科技、消费将是最值得期待的方向。 方正证券表示，看好港股后市表现，四大因素支撑市场向上 ...

Group 1 - The Hong Kong Stock Connect Innovative Drug ETF (520880) experienced a significant drop of nearly 8% on September 11, indicating strong buying interest as funds increased their positions by 98.49 million yuan during the dip, totaling nearly 280 million yuan over seven consecutive days [1] - The "purification" revision of the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index took effect on September 8, removing CXO stocks and adding 14 pure innovative drug companies, which is expected to enhance the index's performance during future innovative drug market rallies [1] - The cumulative increase of the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index reached 119.75% year-to-date as of September 5, leading among similar innovative drug indices [1] Group 2 - Future prospects for the innovative drug sector remain optimistic, with the long-term bullish trend potentially continuing as the commercial value of innovative drug assets driven by China's engineering talent has yet to be fully realized [2] - The valuation of the Hong Kong innovative drug sector is relatively low, with a high certainty of business development (BD) deals, particularly in emerging areas such as small nucleic acids and oral GLP-1, indicating strong potential for growth [2] - The ongoing high bidding and acquisition amounts in the sector suggest a robust outlook for explosive growth in the innovative drug market [2]