创新药阶段调整期，资金加速"抄底"核心资产！ 以创新药含量100%的港股通创新药ETF（520880）为例，其标的指数自9月上旬开始回调，截至12月16 日收盘回撤逾22%，港股通创新药ETF（520880）近日迭创近5个月新低。 随着场内价格持续走低，港股通创新药ETF（520880）份额逆向走高，反映部分资金看好板块当前配置 性价比。截至12月16日，520880连续7日获资金净申购，最新基金份额升至41.72亿份，续创上市以来新 高！ 就港股创新药板块调整原因，分析指出，12月港股市场整体承压，创新药等前期涨幅大、估值弹性高的 板块更易成为资金出逃对象。同时，市场预期日本央行将在12月加息，外部流动性收紧预期或加剧板块 波动。此外，年底市场风险偏好下降、机构资金获利了结调仓等也有一定影响。 但从投资逻辑来看，中长期维度，驱动中国创新药发展的底层逻辑"出海加速、技术升级和商业化兑 现"并未改变。有机构表示，预计行业大会（临床数据进展，1月JPM大会）、重磅BD交易、新技术突 破等仍将持续为行业带来正面催化，时点上或可重点关注2026年一季度。 把握港股创新药低吸窗口期，认准同类最大港股通创新药ETF（52 ...

12月16日，港股通创新药加速筑底，核心标的港股通创新药ETF（520880）盘中一度下探3%，场内价 格收跌1.91%再创近5个月新低，逼近上市初价格水平。所覆盖的37家创新药研发类上市公司29跌8涨， 复星医药跌5.81%居首，权重股石药集团、三生制药跌逾2%。 12月以来的12个交易日里，港股通创新药ETF（520880）仅有2日收涨，"跌跌不休"所为何？分析指 出，12月港股市场整体承压，创新药等前期涨幅大、估值弹性高的板块更易成为资金出逃对象。同时， 市场预期日本央行将在12月加息，外部流动性收紧预期或加剧板块波动。此外，年底市场风险偏好下 降、机构资金获利了结调仓等也有一定影响。 从资金动向来看，近期逢跌分批吸筹动作明显。昨日板块大幅调整，港股通创新药ETF（520880）单日 获超7500万元净申购，至此520880已连续6日吸金合计超2亿元，份额升至41.48亿份新高！今日场内延 续宽幅溢价，显示买盘资金仍强势。 从配置性价比角度，港股通创新药ETF（520880）标的指数自9月上旬开始进入阶段调整期，截至今日 收盘回撤幅度超过22%，调整较为充分，并释放出弹性空间。 港股通创新药调整何时休？ ...

Core Viewpoint - The Hong Kong innovative drug sector is experiencing a strong performance, with significant gains in stock prices and increased investment inflows into related ETFs, indicating a shift towards commercialization and profitability for many companies in the sector [1]. Group 1: Market Performance - Innovative drug concept stocks in Hong Kong have shown strength, with BeiGene rising over 4%, Antengene Corporation increasing by more than 3%, and Rongchang Biopharma up over 2% [1]. - The Hong Kong Innovative Drug ETF (159567) opened lower but rebounded to gain over 1% during the session [1]. - Since October, the Hong Kong Innovative Drug ETF (159567) has seen an increase of 1.587 billion shares, with a total net inflow of over 1.3 billion yuan [1]. Group 2: Company Developments - More innovative drug companies are transitioning from the "R&D investment phase" to the "commercialization phase," leading to steady growth in core product sales revenue [1]. - Some companies have successfully transitioned from losses to profitability, providing solid support for stock prices [1]. - Institutional investors, including public funds, are increasing their allocation to high-quality targets, reflecting a growing market recognition [1]. Group 3: Investment Opportunities - The Hong Kong Innovative Drug ETF (159567) tracks the Guozheng Hong Kong Stock Connect Innovative Drug Index, aiming to reflect the operational characteristics of listed companies in the innovative drug sector within the Hong Kong Stock Connect [1]. - Retail investors can also access the Hong Kong Innovative Drug ETF through linked funds (Class A: 023929, Class C: 023930) to capitalize on upward opportunities in the sector [1].