Core Viewpoint - The pharmaceutical sector experienced a pullback in early trading, with various indices reflecting declines in the healthcare and pharmaceutical sectors in Hong Kong and mainland China [1][4][6][10][14]. Group 1: Index Performance - The Hang Seng Hong Kong Stock Connect Innovative Drug Index fell by 1.9% [1] - The CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index decreased by 1.7% [1] - The CSI Innovative Drug Industry Index saw a decline of 0.3% [1] - The CSI Biotechnology Theme Index dropped by 0.2% [1] - The CSI 300 Pharmaceutical and Health Index experienced a slight decrease of 0.1% [1] Group 2: Fund Flows - The Pharmaceutical ETF (512010) recorded a net inflow of 400 million yuan over the past four trading days [1] - The Hang Seng Innovative Drug ETF (159316) attracted over 1.6 billion yuan in the past month [1]

Group 1 - The Hang Seng Hong Kong Stock Connect Innovative Drug Index decreased by 3.0% [1] - The CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index fell by 2.8% [1] - The CSI Innovative Drug Industry Index declined by 2.3% [1] Group 2 - The CSI Biotechnology Theme Index and the CSI 300 Pharmaceutical and Health Index both dropped by 1.8% [1] - Despite the market downturn, there was a significant net subscription for the Hang Seng Innovative Drug ETF (159316) and the Biotechnology ETF (159837), with net subscriptions reaching 44 million units and 40 million units respectively [1]

Group 1 - The index focuses on leading innovative drug companies in the A-share market, consisting of no more than 50 stocks primarily involved in innovative drug research and development [4] - As of the midday close, the index has decreased by 1.5%, with a rolling price-to-earnings ratio of 53.3 times and a valuation increase of 80.9% since its launch [5] - The biotechnology ETF tracks the China Securities Biotechnology Theme Index, which also focuses on leading biotechnology companies in the A-share market, comprising stocks related to gene diagnosis, biopharmaceuticals, blood products, and other human biotechnology [6][7] Group 2 - The pharmaceutical ETF tracks the CSI 300 Healthcare Index, focusing on leading companies in the A-share pharmaceutical and healthcare sector, covering segments such as chemical pharmaceuticals, medical services, and medical devices [9] - As of the midday close, this index has decreased by 0.4%, with a rolling price-to-earnings ratio of 31.1 times and a valuation increase of 48.5% since its launch [10]