消息面上，百济神州第三季度营收100.77亿元，同比增长41.1%；归属于上市公司股东的净利润6.89亿 元，同比扭亏为盈。前三季度营收275.95亿元，同比增长44.2%；归属于上市公司股东的净利润11.39亿 元，同比扭亏为盈。 业内指出，在政策支持、业绩兑现、出海加速三重驱动下，创新药板块基本面持续改善，中长期配置价 值显著。 政策端突破：2025年国家医保谈判首次引入"商保创新药目录"，为高价创新药开辟全新支付渠道。该目 录将于12月初发布，2026年1月正式实施，有望显著改善药企现金流，优化创新药支付生态。 格隆汇11月13日｜港股创新药持续上涨，百济神州、三生制药涨超6%，带动恒生创新药ETF(159316)涨 超3.3%。 恒生创新药ETF(159316，联接A/C:024328/024329)目前是市场上唯一跟踪恒生港股通创新药指数的产 品，该指数在编制方案中明确剔除了CXO公司，聚焦创新药产业核心企业，权重股包括百济神州、信 达生物、药明生物、康方生物等龙头公司，为投资者布局港股前沿创新药企提供了便捷工具。 业绩端兑现：多家龙头药企2025年三季报表现亮眼，行业正从"研发投入期"迈入"商业化 ...

Market Overview - The Shanghai Composite Index fell by 0.07% to close at 4000.14 points, with a daily high of 4020.38 points [1] - The Shenzhen Component Index decreased by 0.36% to 13240.62 points, reaching a high of 13312.53 points [1] - The ChiNext Index dropped by 0.39% to 3122.03 points, with a peak of 3137.58 points [1] ETF Market Performance - The median return of stock ETFs was -0.21% [2] - The highest performing ETFs included: - Huatai-PB SSE Sci-Tech Innovation Board Innovative Drug ETF with a return of 1.99% [4] - Fuguo CSI Hong Kong-Shenzhen Innovative Drug Industry ETF at 1.89% [4] - Guotai CSI Hong Kong-Shenzhen Innovative Drug Industry ETF at 1.85% [4] - The worst performing ETFs included: - Penghua SSE Sci-Tech Innovation Board New Energy ETF with a return of -4.68% [5] - Hua'an CSI Photovoltaic Industry ETF at -4.42% [5] - Fuguo SSE Sci-Tech Innovation Board New Energy ETF at -4.32% [5] ETF Fund Flow - The top three ETFs by fund inflow were: - Huaxia SSE Sci-Tech Innovation Board 50 Component ETF with an inflow of 1.286 billion yuan [6] - Huabao CSI All-Index Securities Company ETF with 582 million yuan [6] - Guotai CSI All-Index Securities Company ETF with 577 million yuan [6] - The top three ETFs by fund outflow were: - Guotai CSI Coal ETF with an outflow of 337 million yuan [7] - Hua'an ChiNext 50 ETF at 294 million yuan [7] - E Fund CSI A500 ETF at 287 million yuan [7] ETF Margin Trading Overview - The highest margin buy amounts were: - Huaxia SSE Sci-Tech Innovation Board 50 Component ETF with 639 million yuan [8] - E Fund ChiNext ETF at 522 million yuan [8] - Guotai CSI All-Index Securities Company ETF with 421 million yuan [8] - The highest margin sell amounts were: - Huatai-PB SSE 300 ETF with 49.49 million yuan [9] - Huaxia SSE 50 ETF at 24.32 million yuan [9] - Fuguo CSI A500 ETF at 14.19 million yuan [9] Industry Insights - Everbright Securities noted that the performance growth trend in the innovative drug industry is expected to continue, driven by strong sales and business development transactions [10] - Guoxin Securities highlighted that the innovative drug sector has shown high revenue growth and profitability recovery, indicating a long-term positive development trend [10]

受标的指数提振，热门ETF中，港股创新药ETF（159567）截至9:50涨超3%，成交额超6亿元，较昨日 小幅放量。 中信证券发布研报称，展望2026年医药投资趋势，无论是中国医药企业在创新领域的集中兑现，还是政 策端出台支持创新药械、优化集采、推动商保等一系列产业支持政策，医疗健康产业的内外因催化因素 都有望延续，医疗健康产业开始逐步重新回归到临床价值和需求导向的市场价格定价体系，带来稳定且 持续的国内医药市场环境和长坡厚雪的发展主基调，上市公司也有望迎来持续且稳定的业绩增长趋势， 带来行业成长确定性的贝塔。 11月13日早盘，昨日大涨的港股医药板块再度走强。国证港股通创新药指数高开高走，百济神州、映恩 生物、三生制药等成分股领涨。 资料显示，港股创新药ETF（159567）跟踪国证港股通创新药指数，旨在反映港股通范围内创新药领域 上市公司的运行特征。场外投资者还可通过港股创新药ETF联接基金（A类：023929，C类：023930） 一键布局港股创新药板块上行机遇。 ...

今日，创新药强延续反弹，科创创新药ETF（589720）涨近2%，前期回调期间，资金逢低买入，近10 日净流入额超2.7亿元。 中国银河证券称，医药板块估值经历较长时间调整，近期已呈现显著结构性修复趋势，下半年创新药 BD仍将持续，全球主要央行利率降息趋势有望推动创新药板块估值进一步提升。 科创创新药ETF国泰（589720）聚焦科创板创新药企业，跟踪汇聚30家代表性优质公司的上证科创板创 新药指数，以高成长biotech为主，产品20%涨跌幅限制使其更贴合板块波动。 每日经济新闻 风险提示：提及个股仅供参考，不作为股票推荐，不构成投资建议和承诺。指数/个股短期涨跌仅供参 考，不代表未来表现。观点随市场环境变化，不构成投资建议。提及基金风险收益水平各不相同，请选 择与自身风险偏好匹配的产品，谨慎投资。如涉及基金收益分配原则详见基金法律文件。 ...

Core Viewpoint - The Hong Kong stock market is experiencing a strong rebound in the innovative drug sector, following a significant surge in Xpeng's stock, with the launch of the Hong Kong Technology ETF Tianhong (159128) that focuses on AI, smart vehicles, and innovative drugs [1] Group 1: ETF Launch and Composition - The Hong Kong Technology ETF Tianhong (159128) tracks the Guozheng Hong Kong Stock Connect Technology Index, which focuses on the top 30 core technology assets in Hong Kong [1] - The top ten constituent stocks of the index account for over 75% of its total weight, with a focus on cutting-edge fields such as AI, smart vehicles, and innovative drugs [1] - Compared to the Hang Seng Technology Index, the Guozheng Hong Kong Stock Connect Technology Index has a higher allocation to innovative drugs, and compared to the Hong Kong Internet Index, it has a higher allocation to smart vehicles and biomedicine [1] Group 2: Performance Metrics - As of November 11, the Guozheng Hong Kong Stock Connect Technology Index has increased by 44.83% year-to-date, outperforming the Hong Kong Internet Index and Hang Seng Technology Index, which rose by 39.34% and 32.59% respectively [1] - The annualized return since 2020 for the Guozheng Hong Kong Stock Connect Technology Index is 11.7%, also exceeding the returns of the Hang Seng Technology and Hong Kong Internet indices [1] Group 3: Market Dynamics - The fundamentals of Hong Kong technology giants are showing resilience and recovery momentum, with increasing AI penetration and a recovering domestic economy expected to drive quarterly earnings growth for constituent stocks [1] - There has been a continuous inflow of southbound funds, with a net inflow exceeding 50 billion HKD this year, marking a historical high [1] - The recent weak ADP data has increased the probability of a Federal Reserve rate cut in December, which may further influence market dynamics [1] Group 4: Valuation Metrics - As of November 11, the PE valuation of the Guozheng Hong Kong Stock Connect Technology Index is at the 36th percentile of the past five years, indicating a high safety margin and significant investment value [2] - The Hong Kong Technology ETF Tianhong (159128) has substantial elastic space, with all constituent stocks being eligible for the Shanghai-Hong Kong Stock Connect, thus not subject to QDII quota restrictions and allowing T+0 trading [2]

Core Insights - The year 2025 has been marked by significant market movements, with the Shanghai Composite Index reaching a nearly ten-year high, validating earlier bullish predictions [1] - Key themes for 2025 include the impact of Trump's new policies, domestic policy responses, and the challenges of asset allocation in a low-interest-rate environment [1] - The A-share market has seen a surge in investor participation, with nearly 250 million investors, indicating a robust market environment [2] Market Performance - A-shares and Hong Kong stocks have performed well, driven by sectors like AI and innovative pharmaceuticals, with the ChiNext Index outperforming gold [3] - Among 31 primary industries, 30 have reported positive returns, with a stark contrast between the leading materials sector and the declining food and beverage sector, showing an 80% difference [4] - Various fund types have achieved positive returns, with equity and mixed funds averaging 29.97% and 26.17% returns respectively [7] Fund Performance - Commodity funds have seen unprecedented gains, with returns nearing 40%, while QDII funds have also performed well with a 26.46% increase [8] - FOF funds have benefited from diversified asset allocation, achieving an average return of 15.84%, marking one of the best years historically [8] - Bond funds have lagged, with an average return of only 2.13%, although convertible bond funds have performed better, exceeding 20% returns [8] Investment Trends - The concept of "slow bull" has gained traction, with expectations for a sustainable market rally over the next two to three years, supported by technological innovation and policy backing [16] - Investors are increasingly favoring low-volatility products, with a focus on absolute returns and diversified strategies [14] - The market is characterized by alternating sentiments of fear and greed, with a need for disciplined investment approaches amidst volatility [12][19]

最近华尔街最热闹的戏码，莫过于美联储内部的"鹰鸽大战"。Nick Timiraos那篇分析我反复看了三遍，越看越觉得有意思——这 帮西装革履的经济学家们吵得面红耳赤的样子，像极了我们散户在营业部争论明天大盘走势。 但你可别以为这只是大洋彼岸的闹剧。鲍威尔那句"12月降息绝非板上钉钉"说出口的瞬间，我手机里的量化系统就捕捉到了北向 资金的异常波动。这让我想起2018年那场"贸易战恐慌"，当时多少人被情绪左右，却忽略了数据揭示的真相。 说来讽刺，现在上证指数站上4000点，营业部里反而安静得出奇。那些曾经高谈阔论的老股民突然集体失声，这现象本身就值得 玩味。 我观察到的第一个陷阱：追逐热门股的魔咒。就像追星族非要去挤最火的演唱会，结果发现偶像假唱。今年二季度的创新药、三 季度的芯片股，表面光鲜亮丽，内里鱼龙混杂。我的量化系统显示，同一板块内个股表现差异能达到惊人的300%。 橙色柱体是我跟踪了18年的"机构库存"数据。注意看橙色框区域：机构资金持续活跃却压制股价，这就像赌场里荷官反复洗牌却 不发牌，必然有猫腻。果然一周后该股突然启动30%涨幅。 第二个陷阱更隐蔽：高频交易的幻觉。总有人觉得每天赚1%，一年就能翻十 ...

看着今天油气板块的涨停潮，医药股的集体狂欢，我突然想起十年前在复旦图书馆啃《非理性繁荣》时的顿悟时刻。市场永远在重复同样的故事，只是换了 不同的演员。今天（11月12日）的盘面就像个精分患者——指数低开却挡不住油气开采板块的暴走，石化油服、准油股份这些老面孔又出来刷存在感。更魔 幻的是，脑机接口这种科幻概念居然能带着爱朋医疗们涨超10%，而融资客们正忙着把2.68亿砸进宝丰能源。 | | | 11月11日融资净买入居前个股 | | | | | --- | --- | --- | --- | --- | --- | | 代码 | 简称 | 部资净买入 | 最新融资余额 | 占流通市值 | 行业 | | | | (亿元) | (亿元) | 比例 (%) | | | 600888 | 主丰能源 | 2.68 | 14.53 | 1.00 | 其础化工 | | 301308 | 江波龙 | 2.57 | 28.92 | 3.49 | 申子 | | 601888 | 中国中免 | 2.52 | 53.22 | 3.01 | 商贸零售 | | 688525 | 倡维存储 | 2.51 | 21.17 | 4.71 | 电 ...

Group 1: Performance of ETFs - The innovative drug sector showed strong performance on November 12, with multiple related ETFs rising over 2.5% [1][4] - Defensive ETFs, including financial, consumer, large-cap value, and dividend ETFs, also exhibited significant gains [1][7] - The S&P Biotechnology ETF (159502) and NASDAQ Biotechnology ETF (513290) had notable increases, reflecting the positive trend in the overseas pharmaceutical market [4] Group 2: Fund Flows - The Huaan Gold ETF attracted over 1.4 billion yuan in net inflows over two trading days, driven by rising gold prices [3][9] - Consumer and AI-themed ETFs also saw substantial capital inflows, with several products like the Invesco Hang Seng Consumer ETF and Huatai-PineBridge CSI Major Consumer ETF leading in net inflows [9][10] - The financial sector ETFs, including the non-bank financial ETF, also reported significant net inflows, indicating a shift in investor interest [10] Group 3: Industry Insights - The innovative drug sector is expected to continue its growth trajectory, with a reported revenue increase of 1.98% and a net profit growth of 7.25% year-on-year for the third quarter [11] - The CXO sector showed even stronger performance, with revenue growth of 11.18% and net profit growth of 46.46% [11] - The overall outlook for the innovative drug industry remains positive, supported by domestic policy and a favorable global environment for drug development [11]

Market Overview - Hong Kong stocks showed a positive trend, closing up 0.85% as bulls took control, indicating a lack of negative news is perceived as positive [1] - The U.S. House of Representatives is expected to vote on a compromise plan to end the longest government shutdown in U.S. history, which could restore funding to government agencies [1] - The ADP private sector employment report for October showed a decrease of 45,000 jobs, the largest drop in two and a half years, suggesting a cooling labor market and increasing expectations for a Fed rate cut in December [1] Sector Performance - The banking sector saw a rebound with major banks like Agricultural Bank of China reaching new highs, driven by long-term investments from insurance funds and public funds [1] - Consumer sectors are gaining traction, with companies like "Hushang Auntie" seeing a significant increase of nearly 29%, indicating a recovery in consumer sentiment [2] - Retail sales in Hong Kong are projected to rise by 4% year-on-year in October, benefiting retail rental stocks [3] Company Highlights - Baijie Shenzhou reported a 44.2% increase in total revenue for the first three quarters, driven by sales growth of its self-developed products [3] - Xiaomi announced a significant sales figure of over 29 billion yuan during the Double 11 shopping festival, indicating strong consumer demand [4] - The Ximangdu iron ore project, with reserves exceeding 4.4 billion tons, has commenced production, potentially altering the global iron ore supply landscape and benefiting companies like Maanshan Iron & Steel [5] Industry Developments - The Chinese commercial aerospace sector is set to advance with the upcoming maiden flight of the reusable rocket "Zhuque-3," which aims to reduce launch costs significantly [6] - The sportswear manufacturing sector is expected to see a recovery in demand, with Shenzhou International projecting a 15.3% increase in revenue for the first half of 2025 [7] - The company has expanded its overseas production capacity, with 53% of its garment output coming from international facilities, indicating a strategic shift towards globalization [8]