Group 1 - As of July 31, 12 public funds have achieved a net value growth rate exceeding 100% in 2023, primarily focusing on themes such as innovative drugs, biomedicine, and healthcare, closely linked to the strong performance of the Hong Kong innovative drug sector [1][2] - The top-performing fund, Huatai-PB Hong Kong Advantage Selection A, boasts a 143.24% year-to-date net value growth rate, heavily invested in Hong Kong innovative drugs, with its top ten holdings all being Hong Kong innovative drug stocks [2][3] - Other notable funds with over 100% growth include Changcheng Medical Industry Selection A and Bank of China Hong Kong Stock Connect Medical A, along with several ETFs focused on innovative drugs [2][3] Group 2 - The strong performance of the Hong Kong innovative drug sector is driven by three main factors: increased collaboration needs due to multinational pharmaceutical companies facing "patent cliffs," many biotech companies approaching breakeven within three to five years, and comprehensive policy support from research to payment [3] - The manager of Huatai-PB Hong Kong Stock Connect Innovative Drug ETF noted a significant acceleration in Chinese innovative drug companies' overseas expansion since 2025, with multiple large overseas licensing deals indicating global recognition of China's innovation capabilities [3] - The manager of Huatai-PB Hong Kong Advantage Selection Mixed Fund emphasized that with the recovery of market risk appetite, innovative drug companies with core competitiveness will demonstrate long-term growth value, focusing on globally competitive innovative drug firms and high-quality medical device leaders [3] Group 3 - The Hong Kong stock market has seen significant liquidity improvement and increased trading activity in 2023, enhancing its resilience and attracting global capital to quality assets [4] - The Hang Seng Index has outperformed major global markets with over a 20% increase in the first half of the year, and net inflows from southbound funds exceeded 700 billion yuan, marking a record high [4] - Looking ahead, the Hong Kong market is expected to continue its diversification trend, supported by improving free cash flow and increasing share buybacks among listed companies, which may lay a solid foundation for long-term stable performance [4]

Core Viewpoint - The article highlights the significant growth in the pharmaceutical sector, particularly in innovative drug funds, with the number of "doubling funds" increasing from 4 to 13 in a short period, indicating strong investor interest and market momentum [1][2]. Group 1: Fund Performance - As of July 31, 2023, 13 public funds have achieved a net value growth rate exceeding 100% this year, with the top performer, 汇添富香港优势精选A, showing a remarkable increase of 143.24% [1]. - Five Hong Kong innovative drug ETFs have also joined the "doubling fund" ranks, reflecting a strong focus on the innovative drug sector by investors [2]. Group 2: Market Trends - The "doubling fund" list indicates that the innovative drug sector is the biggest winner in the capital market this year, with 11 out of 13 funds directly related to "medicine" or "innovative drugs" [3]. - The innovative drug sector has shown high growth in product revenue and licensing deals, with a 23.9% year-on-year increase in licensing transactions and a staggering 383% increase in upfront payments for these deals [3]. Group 3: Investment Insights - Fund managers express optimism about the innovative drug sector's fundamentals, suggesting that the valuation remains reasonable and that returns are expected to be favorable [4]. - The rise of passive index products, particularly ETFs, indicates a shift in market dynamics, with investors increasingly favoring low-cost, transparent investment vehicles during bullish market conditions [5][6]. Group 4: Cautionary Notes - Despite the strong performance of innovative drug funds, there are warnings about potential volatility and risks associated with high returns, as past performance has shown significant drawdowns [7]. - Investment strategies are suggested to focus on sectors with lagging performance, such as A-share innovative drugs and medical devices, to capitalize on potential valuation improvements [8].

Core Viewpoint - The article highlights the emergence of two additional "doubling funds" in the innovative drug sector, bringing the total to four funds that have achieved over 100% growth in net asset value year-to-date, driven by a strong performance in the innovative drug market [2][4]. Group 1: Fund Performance - As of July 17, 2023, the net asset value growth rates for the newly added funds are 103.61% for China Universal Hong Kong Stock Connect Medicine A and 102.12% for Yongying Medicine Innovation Selection A, marking them as the third and fourth "doubling funds" of the year [4]. - Previously, two funds, Huatai PineBridge Hong Kong Advantage Selection A and Great Wall Medicine Industry Selection A, had already achieved over 100% growth, with respective growth rates of 120.87% and 115.1% [5]. - The performance of these funds is primarily focused on the innovative drug industry, with a significant concentration on Hong Kong stocks [5]. Group 2: Market Trends - The innovative drug sector has seen a strong rally, with the A-share innovative drug index rising over 3% on July 17, 2023, and nearly 20 related stocks hitting the daily limit or rising over 10% [4]. - The overall market for funds focused on innovative drugs has been robust, with 20 funds reporting over 80% growth year-to-date, indicating a strong trend in this sector [7]. Group 3: Future Outlook - Fund managers express optimism about the innovative drug sector's mid-term outlook, emphasizing the importance of entering the large European and American pharmaceutical markets for Chinese innovative drug companies [2][8]. - Key investment opportunities in the innovative drug sector include overseas licensing trends and domestic sales growth, which will be influenced by quarterly reports and negotiations with medical insurance and commercial insurance [8][9].

Core Viewpoint - The article discusses the emergence of the first ETF that has doubled in value within the year, highlighting the evolving landscape of ETFs and their potential for significant returns [1]. Group 1: ETF Performance - The first ETF to double in value this year has been identified, showcasing a remarkable performance in the current market environment [1]. - The article emphasizes the rapid growth and popularity of ETFs, indicating a shift in investor preferences towards these financial instruments [1]. Group 2: Market Trends - There is a notable trend of increasing investor interest in ETFs, driven by their flexibility and potential for high returns [1]. - The article points out that the performance of this ETF could signal a broader trend in the market, potentially influencing future investment strategies [1].