Market Performance - A-shares and Hong Kong stocks weakened collectively, while the pharmaceutical sector showed active performance, with the Hang Seng Shanghai Shenzhen Hong Kong Innovative Drug Selected 50 Index (HSSSHID.HK) rising by 0.63% [1] - Within this index, Haoyuan Pharmaceutical increased by over 5%, while WuXi AppTec, Kelun Pharmaceutical, and Ganli Pharmaceutical rose by over 3% [1] - The National Biopharmaceutical Index (399441.SZ) fell by 0.55%, with Ganli Pharmaceutical up nearly 3%, and Rongchang Biopharmaceutical and Zhaoyan New Drug both rising by over 1% [1] ETF Performance - The Tianhong Innovative Drug ETF (517380) saw an intraday increase of over 2%, currently up by 0.7%, with a net inflow of 307 million yuan over the last 10 trading days [1] - The latest circulation size of this ETF is 1.428 billion yuan, with a total circulation of 1.664 billion shares [1] - The Biopharmaceutical ETF (159859) decreased by 0.45%, with a trading volume of 42.47 million yuan and a net inflow of 5.6463 million yuan on the previous trading day [1] Drug Procurement Policy - On September 20, the National Medical Insurance Administration released the 11th batch of centralized drug procurement documents, emphasizing principles such as "stabilizing clinical use, ensuring quality, preventing collusion, and countering internal competition" [2] - The procurement policy requires selected enterprises to be the primary responsible party for supply assurance and to respond promptly to medical institutions' orders [2] Clinical Trials and Drug Approvals - Watson Bio announced that its subsidiary, in collaboration with several institutions, has applied for clinical trials for a freeze-dried mRNA vaccine for shingles, which has received acceptance notification from the National Medical Products Administration [2] - Sinopharm announced that its self-developed Class 1 biological drug "Tykasimon Antibody Injection" has received acceptance for its market application from the National Medical Products Administration [2] Industry Outlook - Guojin Securities believes the upward trend in the innovative drug industry remains unchanged, with multinational corporations facing patent cliffs and seeking to fill revenue gaps through business development [4] - The second half of the year is expected to see increased global cooperation in innovative drug product licensing, with the innovative drug sector awaiting further business development catalysts [4] - The recent interest rate cut by the Federal Reserve is expected to lower financing costs for biotech companies, encouraging increased R&D investment and generating more orders for CXO companies [4]

Group 1 - The Hang Seng Medical ETF managed by Harvest has shown active trading with a turnover of 10.03% and a transaction volume of 28.177 million yuan, indicating a vibrant market activity [3] - As of June 17, the latest scale of the Hang Seng Medical ETF reached 282 million yuan, marking a new high in nearly a year, with a significant increase of 13 million shares over the past week [3] - The net inflow of funds into the Hang Seng Medical ETF was 11.5645 million yuan, with a total of 14.6068 million yuan accumulated over the last five trading days [3] Group 2 - The Hang Seng Medical ETF has achieved a net value increase of 56.06% over the past year, ranking 15th out of 119 QDII equity funds, placing it in the top 12.61% [3] - The ETF's highest monthly return since inception was 23.84%, with the longest consecutive monthly gains being four months and a maximum cumulative increase of 35.08% [3] - The average monthly return during the rising months was 7.62% [3] Group 3 - The Hang Seng Medical ETF closely tracks the Hang Seng Healthcare Index, which reflects the overall performance of healthcare-related securities listed in Hong Kong [4] - The top ten weighted stocks in the Hang Seng Healthcare Index include Innovent Biologics, BeiGene, WuXi Biologics, CSPC Pharmaceutical Group, CanSino Biologics, China National Pharmaceutical Group, JD Health, 3SBio, Hansoh Pharmaceutical, and Zai Lab, collectively accounting for 58.13% of the index [4] Group 4 - The Hong Kong stock market has performed well this year, with institutional investors believing that external disturbances have limited impacts on the fundamentals, and corporate earnings remain resilient [6] - The combination of domestic growth stabilization policies and improved global liquidity conditions is expected to support the Hong Kong stock market, potentially leading to new highs [6] Group 5 - Wanlian Securities suggests focusing on opportunities in the innovative drug sector, emphasizing high technical barriers and rapid iteration in niche markets, while also considering companies' R&D and commercialization capabilities [7] - The outlook for domestic high-end equipment and key raw materials is promising, with a recovery in biotech financing expected to boost orders for CXO companies [7] - Investors without stock accounts can consider the Hang Seng Medical ETF Harvest Connect Fund (018433) to gain exposure to investment opportunities in the Hong Kong healthcare sector [7]