对于创新药近期掉头下跌，机构认为，调整只是前期上涨过多过快的技术性回调，从中长期看，国内政 策支持与海外价值认可将支撑中国创新药行情的持续，中国创新药产业将整体迎来价值重估。 拉长时间看，港股通创新药ETF（520880）持续吸金，上交所数据显示，其近4日连续获资金净流入合 计4710万元，近10日资金更是累计增仓7.15亿元。 | 分时 多日 1分 * | | | | F9 盘前盘后 酷加 九轮 演线 工具 @ (1 > | | | | | | 港股通创新药ETF ① | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1.22 | | | 520880[甜酸通创新药ETF] 10:21 价 1.176 露膜 -0.014(-1 -- 2.70% = | | | | 1.176 -0.014 -1.18% | | | | STATUTE OF | | | 1.20 | | | | | 1.35% | | SSE CNY 10:21:22 交易中 | | | | T40 # 0 # | ...

Group 1 - The core viewpoint of the article highlights a significant pullback in the innovative drug sector, attributed to disappointing mid-term earnings and potential tariffs on imported drugs proposed by Trump, which have created market uncertainty [1] - Institutions believe the recent adjustment is a technical correction following a rapid increase, and they maintain a long-term positive outlook on the innovative drug sector due to domestic policy support and overseas value recognition [1][2] - The National Healthcare Security Administration's confirmation of a "first launch price mechanism" for new drugs is expected to provide higher pricing freedom and efficiency for high-quality innovative drugs, leading to faster cash flow returns for developers [1] Group 2 - Despite the recent market pullback, there has been a trend of increased investment, with the Hong Kong Stock Connect innovative drug ETF (520880) seeing a net inflow of 47.1 million yuan over four days and 715 million yuan over ten days [2] - The Hong Kong Stock Connect innovative drug ETF (520880) passively tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, focusing on the innovative drug industry chain with a high concentration of leading stocks [4] - The Hang Seng Hong Kong Stock Connect Innovative Drug Select Index has outperformed other indices significantly, with a year-to-date increase of 101.58%, surpassing the Hang Seng Index and Hang Seng Technology Index by 78.08 and 79.53 percentage points, respectively [6]

Core Viewpoint - The innovative drug sector has shown a sharp upward trend, attracting funds that previously focused on other pharmaceutical segments to increase their positions in innovative drugs [1][3][10]. Group 1: Fund Movements - Several funds have shifted their focus towards innovative drugs, with notable examples including Huafu Health Entertainment, which initially held positions in various pharmaceutical stocks but has now significantly adjusted its portfolio towards innovative drugs [3][4]. - Funds like Yongying Pharmaceutical Health and Shenyin Wanguo Pharmaceutical Pioneer have also shown similar trends, indicating a broader movement within the fund management community towards innovative drugs [4][5]. Group 2: Market Dynamics - There is a notable influx of new innovative drug-themed funds entering the market, alongside existing funds reallocating their investments [2][8]. - Despite the positive sentiment, some institutions have warned of potential overvaluation and market overheating in certain stocks within the innovative drug sector [2][11]. Group 3: Performance Metrics - Data from Wind indicates that on June 17, a fund's estimated net value dropped by 0.75%, while the Hang Seng Hong Kong Stock Connect Innovative Drug Index fell by 4.77%, highlighting the correlation between fund performance and the innovative drug index [4]. - A significant increase in ETF shares related to innovative drugs has been observed, with 17 out of 20 ETFs showing positive growth during a recent market correction [7]. Group 4: Future Outlook - Industry experts believe that the current market dynamics reflect a rational correction of previously overly pessimistic expectations regarding the innovative drug sector, with strong long-term growth potential anticipated [10][11]. - However, challenges remain, including high research and development costs, long timelines, and a low success rate for drug development, which necessitate careful investment strategies [11].