Group 1: Market Performance - A-shares' three major indices collectively rose, with the Shanghai Composite Index reaching a new high for the year, closing up 0.18% [1] - The Shenzhen Component Index increased by 1.17%, and the ChiNext Index rose by 1.90%, with total trading volume exceeding 1.3 trillion yuan [1] Group 2: Innovation Drug Sector - The Hong Kong innovation drug sector demonstrated significant elasticity, with multiple ETFs rising over 4% following the release of new policies to support high-quality development of innovative drugs [2][3] - The new policies introduced by the National Healthcare Security Administration and the National Health Commission aim to address industry challenges and promote the growth of the innovative drug market, which is expected to exceed 1.3 trillion yuan in 2024, with a growth rate of 12%-15% anticipated for 2025 [3] Group 3: Investment Trends - Southbound funds have significantly increased their investment in Hong Kong stocks, with a net purchase amount reaching 725.973 billion HKD in the first half of 2025, surpassing the previous year's level [4] - Major companies like Tencent, Alibaba, and Xiaomi have seen their market values increase by over 10 billion HKD due to strong performance and improved liquidity in the market [4] Group 4: ETF Activity - The Hong Kong innovation drug ETF (513120) recorded the highest trading volume among stock products, reaching 9.712 billion yuan, while other bond ETFs also showed strong trading activity [5] - The turnover rate for the benchmark national debt ETF (511100) was notably high at 827.90%, indicating strong trading interest in the sector [6] Group 5: New ETF Launch - The Huaxia Hong Kong Stock Connect Medical ETF (520510) is set to begin fundraising, focusing on core enterprises in the medical field within the Hong Kong Stock Connect range [7] - The index tracks 50 selected stocks, primarily in medical services and innovative drug sectors, highlighting significant coverage of the pharmaceutical outsourcing and innovative drug industry chain [7]

长按即可免费加入哦 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：古月奇谭 来源：雪球 早上打开雪球指数估值 ，一个惊人发现跃入眼帘 ，中概互联指数当前PE （ TTM ）为21.51倍 ，处于历 史13.88%分位水平 。按照传统估值逻辑 ，PE历史分位低于30%即视为低估区间 ，超过70%则属于高估 。难道说中概互联还是个钻石底 ？ 不过指数年初至今已累计上涨30% ，若从去年0.82元的低点计算 ， 涨幅更是达到84.5% 。股价大幅回升的同时估值分位依然低迷 ，中概互联是不是真的被低估了 ？ 这 背后是否存在市场认知偏差 ？ 如果光看历史分位数可能就要被误导了 ，中概互联成分股其实已从成长期的"烧钱扩张"转向成熟期 的"利润兑现" 。2017-2021年行业平均PE高达60倍 ，彼时企业将90%收入用于市场扩张 ； 如今这些企 业已经进入成熟期 ，这导致PE绝对值虽低 ，但历史分位数失真 。 从中概互联持仓结构分析 ，前十大成分股合计占比91% ，呈现高度集中特征 。 回溯指数发展轨迹 ，中概互联自2017年1月成立以来 ，8年间总回报率55% ，年化收益 ...