Core Insights - The innovative drug ETF Tianhong (517380) has seen significant trading activity, with a transaction volume of 34.38 million yuan and a strong index performance, reflecting a 3.66% increase in the Hang Seng Shanghai-Shenzhen Hong Kong Innovative Drug Selected 50 Index [1] - The introduction of a commercial insurance innovative drug directory marks a significant step in China's multi-tiered medical security system, aimed at improving the accessibility and affordability of high-priced innovative drugs [2] - BeiGene reported a turnaround in profitability for the third quarter of 2025, achieving a net profit of 689 million yuan, driven by strong sales of its flagship product, Zanubrutinib [2] - Citic Securities anticipates a stable growth trend in the pharmaceutical industry, supported by policy initiatives and a return to a market pricing system based on clinical value and demand [3] Group 1: ETF Performance - The innovative drug ETF Tianhong (517380) reached a new high in scale at 1.398 billion yuan as of November 12, with a net inflow of 83.52 million yuan over the past ten trading days [1] - The ETF covers the entire industry chain from preclinical research to commercialization, capturing opportunities in the innovative drug sector [1] Group 2: Policy Developments - The recent conclusion of the national medical insurance negotiations and the introduction of a commercial insurance innovative drug directory are expected to enhance the market for high-value innovative drugs [2] - The new directory will focus on rare disease medications and unique innovative drugs, potentially breaking existing sales bottlenecks [2] Group 3: Company Performance - BeiGene's third-quarter revenue reached 10.077 billion yuan, a year-on-year increase of 41.1%, with a total revenue of 27.595 billion yuan for the first three quarters, reflecting a 44.2% growth [2] - The global sales of Zanubrutinib amounted to 7.423 billion yuan in the third quarter, with the U.S. market contributing 5.266 billion yuan, highlighting strong demand in the hematologic oncology sector [2] Group 4: Market Outlook - The pharmaceutical industry is expected to benefit from a stable and continuous growth trend, driven by supportive policies and a focus on clinical value [3]

Core Viewpoint - The Tianhong Guozheng Hong Kong Stock Connect Technology ETF (code: 159128) was officially listed on November 13, 2023, and has shown active trading with a turnover of 7.83% and a transaction volume of 50.54 million yuan by midday [1]. Product Highlights - The Tianhong Hong Kong Technology ETF closely tracks the Guozheng Hong Kong Stock Connect Technology Index, which consists of the top 30 Hong Kong stocks highly related to technology themes, with the top ten constituents accounting for over 75% [2]. - The index focuses on "hard technology" and "new economy" sectors, with significant exposure to semiconductors, consumer electronics, and high-end manufacturing, while also covering internet and consumer technology [2]. - The PE valuation of the index is at the 38th percentile over the past five years, indicating a high margin of safety [2]. - The ETF aims to capture strategic opportunities in AI, smart vehicles, and innovative pharmaceuticals, with core assets still at historical low valuations [2]. Institutional Perspectives - As earnings reports are released, the resilience and recovery momentum of technology giants are expected to gradually emerge, with companies like Tencent, Meituan, JD Group, Bilibili, and SMIC set to announce their earnings [3]. - Southbound capital has continuously increased its holdings in the Hong Kong stock market, with a cumulative net purchase amount reaching 1.3 trillion HKD by November 11, 2023, which is 1.6 times last year's total [3]. - Despite some short-term fluctuations in the Hong Kong market, institutions believe this rally is not merely a temporary rebound, with expectations for continued steady progress driven by economic recovery signals and improved global liquidity [3].

生物科技ETF(0) 一 跟踪中证生物科技主题指数 该指数聚焦A股生物科技龙 头,由不超过50只业务涉 及基因诊断、生物制药、血 液制品及其它人体生物科技 的公司股票组成。 港股医药板块早盘走强，截至午间收盘，恒生港股通创新药指数上涨4.3%，中证港股通医药卫生综合 指数上涨3.3%，中证创新药产业指数上涨1.9%，中证生物科技主题指数上涨1.4%，沪深300医药卫生指 数上涨1.3%。Wind数据显示，恒生创新药ETF（159316）近一个月合计"吸金"14亿元。 ··· ////////// 注3:基金有风险,投资须谨慎,详阅基金法律文件及交易所,结算公司等相关业务规则, 159837 ONLY 同标的指数中唯一挂钩的ETF ETF。"低费率"标签指管理费率0.15%/年,托管费率0.065/年。 注 !: "歧指数"指各上达基金产品具体跟您的指数。数据来自■ind, 招数涨跌幅截至2025年11月13日午间收盘,深动市盈率,估值分位戴至2025 年11月12日,滚动市盈米=总书值/2近四个学建归属母公司股东的净利润,该估值指标和企业盈利派密相关。适用于盈利相对稳定且受周期影响 较小的行业。估值分位指滨指 ...

Core Viewpoint - The Hong Kong stock market for innovative drugs is experiencing significant growth, with major companies like 3SBio and BeiGene seeing substantial stock price increases, which is positively impacting various ETFs related to innovative drugs and healthcare [1][6]. Group 1: Market Performance - 3SBio's stock rose over 7%, while BeiGene's increased by more than 6%, contributing to a rise of over 4% in several innovative drug ETFs [1]. - The top-performing ETFs include the Southern Hong Kong Stock Connect Innovative Drug ETF, which rose by 4.15%, and the Fortune Hong Kong Stock Connect Medical ETF, which increased by 4.08% [3]. Group 2: Company Performance - BeiGene reported a third-quarter revenue of 10.077 billion yuan, a year-on-year increase of 41.1%, and a net profit of 689 million yuan, marking a return to profitability [6]. - For the first three quarters, BeiGene's revenue reached 27.595 billion yuan, up 44.2%, with a net profit of 1.139 billion yuan, also indicating a turnaround [6]. Group 3: Industry Trends - The innovative drug sector is witnessing a fundamental improvement driven by policy support, performance realization, and accelerated international expansion [6][7]. - The introduction of a new "commercial insurance innovative drug catalog" in 2025 is expected to create new payment channels for high-priced innovative drugs, enhancing cash flow for pharmaceutical companies [6]. - The industry is transitioning from a "research investment phase" to a "commercialization phase," with many leading drug companies showing strong performance in their third-quarter reports [7]. Group 4: International Expansion - From January to October 2025, the total value of international licensing transactions for Chinese innovative drugs exceeded 100 billion USD, indicating a growing recognition of Chinese drug pipelines by multinational corporations [7][8]. - The increasing global competitiveness of Chinese pharmaceutical companies is being validated through successful international collaborations and licensing agreements [8].

A股市场今天（11月13日）上午整体表现较好，主要指数不同程度上涨。电力设备板块和锂矿概念板块大涨，成为上午A股市场主要亮点。 港股市场今天上午低位震荡，多数时间小幅下跌。 涨停潮！ 消息面上，今天上午国内碳酸锂期货合约大涨，盘中涨幅一度超过3%。 两大板块掀起涨停潮 A股市场今天上午整体表现较好，主要指数不同程度上涨，截至中午收盘，上证指数上涨0.44%，深证成指上涨1.8%，创业板指上涨2.68%，科创50指数上 涨1.79%，北证50指数上涨3.47%。 主要行业板块和赛道方面，若按照申万一级行业划分，电力设备板块领涨，板块盘中涨幅接近5%，个股掀涨停潮，其中华盛锂电、上能电气 （300827）"20cm"涨停，海科新源（301292）、新宙邦（300037）、万润新能等多股涨幅超过10%，另外，维科技术（600152）、石大胜华（603026）、 联泓新科（003022）、恩捷股份（002812）、野马电池（605378）、摩恩电气（002451）、奥特迅（002227）等多股涨停。 有色金属、综合、基础化工、建筑材料、钢铁等板块涨幅居前。 概念板块方面，锂矿概念暴涨，盘中涨幅超过8%。天华新能（30 ...

Market Performance - A-shares showed a positive performance on November 13, with major indices rising to varying degrees. The Shanghai Composite Index increased by 0.44%, the Shenzhen Component Index rose by 1.8%, and the ChiNext Index climbed by 2.68% [2][4] - The total trading volume reached 1.27 trillion yuan, with a predicted turnover of 1.98 trillion yuan, an increase of 146 billion yuan [5] Sector Highlights - The electric equipment sector led the gains, with a nearly 5% increase, and several stocks hit the daily limit, including Huasheng Lithium and Shangneng Electric [5] - The lithium mining concept surged, with an average increase of over 8%. Notable stocks included Tianhua New Energy, which rose over 18%, and several others that also hit the daily limit [7] Company Performance - Innovent Biologics reported a significant increase in revenue, with Q3 2025 revenue reaching 10.077 billion yuan, a year-on-year growth of 41.1%. The net profit attributable to shareholders was 689 million yuan, marking a turnaround from losses [9] - Samsonite Holdings saw its stock rise over 25% in Hong Kong, despite a slight decline in sales net revenue of 872.7 million USD for Q3 2025, down 0.6% year-on-year. However, the company reported a 4.6% increase in operating profit [10][12]

格隆汇11月13日｜今日黄金和创新药板块延续近期涨势，黄金ETF华夏今日上涨1.41%，弹性更大的黄 金股ETF涨3.12%，恒生医药ETF涨3.36%，录得两连阳。 消息面上： ①隔夜现货黄金继续反弹至4196.54美元/盎司，剑指4200美元关口，最新报道显示，美国总统特朗普在 白宫签署了国会两院通过的一项联邦政府临时拨款法案，结束了已持续43天的史上最长联邦政府"停 摆"。这将改善近期紧张的美元流动性，从而带动风险资产、避险资产同步上涨。 ②百济神州绩后大涨超6%创4年新高，第三季度营收100.77亿元，同比增长41.1%；第三季度、前三季 度的净利润双双扭亏为盈。 资金面上：黄金重启反弹之下，黄金ETF重获资金净流入，昨日SGE黄金9999指数单日净流入12.6亿 元，其中黄金ETF华夏连续10日吸金，近20日合计净流入20.15亿元。创新药板块近期震荡回调依旧获 资金净申购，恒生医药ETF近20日合计净流入4.1亿元。 左手黄金+右手科技是如今市场青睐的配置组合方式： 黄金投资"利器"：黄金ETF华夏(518850)，跟踪SGE黄金9999指数，综合费率为0.2%，属于同类最低； 黄金股ETF(15 ...

ETFIFANE ETHERE ETFEEDS >>>> ETFEFR演 515000 科技EIF T TA 1908.00 5.55% >>>> 年配置 数据来源：iFind、沪深交易所、华宝基金，截至2005.11.12; "：ET?涨跌幅、近6月涨跌幅致器分别搭其场内价 格的当日器跌幅变化及近6月涨跌幅变化数据。300取金流ETF、药ETF、港股通近利ETF基金风险等级均为R3- 中等风险，适宜平衡型（C3）及以上的投资者，港股通创新药ETF、香港大盘3DETF基金风险等级均为AF中高 风险,适宜积极型（C4）及以上的投资者。法：港股通创新药ETF成立于2025.6.27，香港大盘30ETF成立于 2025.9.24,暂无近6月涨跌幅数据。 ETFILERS 0 0 0 0 (44) 0- 速评大事件 键 搜索: 港股 创新药 港股创新药板块强劲反弹! 焦点1 当前创新药向上风险已大于向下风 险,建议高胜率区间积累底部筹码 cosed CE 11月12日,港股创新药板块强劲反弹!创新 药含量100% -- 港股通创新药指数收盘涨近 3%,前十大权重股集体收红,其中"创新药一 哥"百济神州或受业绩提振大涨 ...

11月13日，港股创新药逆市爆发！恒生港股通创新药精选指数100%布局创新药研发类公司，盘中一度 涨逾4%，领跑一众恒生创新药主题指数！ 港股通创新药ETF（520880）所覆盖的37家创新药研发类公司30股上涨，龙头股领衔本轮反弹！三生制 药大涨超7%，"创新药一哥"百济神州盘初摸高8%续创三年新高，中国生物制药、信达生物均大幅跟 涨。 | 序号 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | --- | --- | | 1 | HSSCPB | 恒生港股通创新药精选 | 2562.86 | 92.04 | 3.73% | | 2 | HSIDI | 恒生创新药 | 3134.40 | 112.32 | 3.72% | | 3 | HSSCID | 恒生港股通创新药 | 3649.82 | 129.53 | 3.68% | | 4 | HSSCHI | 恒生港股通创新药及医疗保健指数 | 3577.56 | 121.49 | 3.52% | | 5 | HSSCPBI | 恒生港股通药品及生物技术(可投资 | 2454.50 | 67.43 | ...

Group 1 - The Hong Kong stock market indices collectively declined, with tech stocks mostly falling while innovative drug concepts rose [1] - The Hang Seng Tech Index ETF (513180) followed the index decline, with notable stocks like Tencent Music and Li Auto leading the losses, while Baidu and NetEase saw slight gains [1] - Citic Securities remains optimistic about AI applications and content consumption, predicting accelerated commercialization in 2025 and a focus on AI integration with existing products in 2026 [1] Group 2 - As of November 12, the Hang Seng Tech Index ETF (513180) had a latest valuation (PETTM) of 23.08 times, indicating it is in a historically undervalued range, below 70% of its historical valuation period [2] - The tech sector in Hong Kong is expected to benefit from the current AI-driven industry trends, with potential foreign capital inflow due to anticipated interest rate cuts by the Federal Reserve [2] - Investors without a Hong Kong Stock Connect account can consider the Hang Seng Tech Index ETF (513180) for exposure to core Chinese AI assets [2]