Core Viewpoint - The Hong Kong technology sector is entering a critical phase of value reassessment, driven by a surge in domestic generative AI user adoption, with over 90% of users preferring local models, benefiting local tech companies significantly [1] Group 1: Market Dynamics - The leading technology companies in Hong Kong are not only users of AI technology but also core builders of the industry chain, covering high-growth areas such as software and hardware, new energy vehicles, and innovative pharmaceuticals [1] - The Guozheng Hong Kong Stock Connect Technology Index has a significantly lower price-to-earnings ratio compared to the A-share ChiNext Index, with a horizontal discount exceeding 40%, and the vertical AH share premium index continues to converge [1] Group 2: Investment Opportunities - The influx of southbound capital resonates with global capital, driving the valuation recovery of the sector. In the fourth quarter, the Hong Kong technology sector presents both growth potential and valuation advantages, making it an ideal choice for investing in "new quality productivity" [1] - For ordinary investors, direct individual stock investments may have high thresholds and risks; therefore, investing through related ETFs is recommended. The Hong Kong Stock Connect Technology ETF (159101) closely tracks the Guozheng Hong Kong Stock Connect Technology Index, selecting 30 large-cap stocks with high R&D investment, with the top ten weighted stocks accounting for 7%, covering both internet giants like Tencent and Alibaba, as well as emerging players like Li Auto and BeiGene, thus comprehensively covering popular sectors of "software and hardware + new consumption + innovative pharmaceuticals + new energy vehicles" [1]

Core Viewpoint - The Hong Kong stock market has shown significant liquidity improvement in 2023, with strong inflows from southbound funds, which are expected to support a "slow bull" market trend in the long term [1][1][1] Group 1: Market Performance - The Hong Kong stock market opened lower but rebounded, with the innovative drug sector experiencing a substantial increase, while new consumption and technology sectors showed fluctuating gains [1] - As of 10:18 AM, the Hang Seng Technology Index and the CSI Hong Kong Stock Connect Consumer Theme Index both rose by 0.8% [1] Group 2: Liquidity and Fund Inflows - The average daily trading volume in the Hong Kong stock market reached HKD 412.19 billion in the first nine months of 2023, marking a 126% year-on-year increase [1] - Southbound funds have injected significant vitality into the Hong Kong stock market, with net purchases amounting to approximately HKD 1.3 trillion year-to-date as of November 11, 2023, and over HKD 5 trillion since the program's inception [1] Group 3: Investment Outlook - According to China Merchants Securities, the continuous inflow of southbound funds is expected to drive the capital market back to fundamentals and value-driven approaches, optimizing corporate governance and protecting minority shareholders' interests [1] - Investors interested in the technology and new consumption sectors can consider products like the E Fund Hang Seng Technology ETF (513010) and the E Fund Hong Kong Consumption ETF (513070) for investment opportunities [1]

今日，沉寂了一段时间的创新药板块再度大幅反弹，科创创新药ETF（589720）大涨2.5%，盘中成交额 持续放大。 百济神州业绩点燃创新药行情： 消息面，百济神州近期公布三季度财报，数据显示公司单季度实现总收入14亿美元，较去年同期劲增 41%，创下历史同期新高。三季度最大亮点或许是本季度GAAP净利润为1.25亿美元（约合8.7亿元人民 币），同比扭亏为盈，相比去年同期 1.21 亿美元的净亏损，改善超过 2.46 亿美元。 短期来看，随着三季报期更多MNC披露其对合作管线的投入与规划，以及11-12月国家医保谈判的推 进，市场注意力将重回基本面。优质创新药企的价值或有望得到进一步修复。 资金逢低买入： 资金层面，资金面推动也可能是重要因素。前期创新药持续回调，资金逢低买入，叠加部分光模块龙头 业绩低于预期虽有确收节奏因素，市场活跃资金或有动机进行轮动切换。以科创创新药ETF（589720） 为例，近10日资金逢低买入超3亿元。 创新药长期业绩向好： 中长期来看，市场的焦点正在回归创新药产业的本质，从交易BD预期的博弈阶段，进入验证BD成色的 阶段。市场不再满足于"某公司有BD预期"的模糊故事，而是需要看到 ...

Group 1 - The core viewpoint of the articles highlights a strong performance in the innovative drug sector, with the Medical Innovation ETF (516820.SH) rising by 1.06% and key stocks like Sangfor Technologies (688336) and Baillie Gifford (688506) showing significant gains [1] - Over the past week, the Medical Innovation ETF has seen continuous net inflows, with a peak single-day net inflow of 44.28 million yuan, totaling 78.69 million yuan and an average daily net inflow of 11.24 million yuan [1] - Recent negotiations for the 2025 National Basic Medical Insurance Drug List and commercial insurance innovative drug pricing have been completed, with 120 domestic and foreign companies participating [1] Group 2 - The recent trend in innovative drug business development (BD) is accelerating, with overseas Phase III clinical trials progressing quickly, leading to a recovery in sentiment within the innovative drug sector [1] - The industry is witnessing a positive trend in investment and financing data, orders, and performance, indicating a recovery in the innovative drug supply chain [1] - The expectation of a rate cut in the U.S. is anticipated to enhance global liquidity and support the trend in technology stocks, providing an opportunity for investors to capitalize on the rebound in core pharmaceutical assets through the Medical Innovation ETF [2]

华福证券认为，创新药行情的核心正从广泛的估值修复，转向关注企业的基本面兑现能力。真正具备卓 越的临床数据、强大的商业化能力以及成功的出海潜力的公司，或将成为未来的赢家。 11月12日，回调了两个月的港股创新药板块迎来反攻，创新药含量100%的港股通创新药ETF （520880）场内价格涨逾3%，迅速上穿20日线，开盘不足半小时实时成交额超2亿元，交投活跃。近 期，巨量资金持续逆市加仓港股创新药，11月3日，港股通创新药ETF（520880）基金规模首次突破20 亿元，自7月7日上市以来猛增392%。11月11日，港股通创新药ETF（520880）基金份额升至37.86亿 份，续创上市新高。 港股通创新药ETF（520880）及其联接基金（025221）被动跟踪恒生港股通创新药精选指数，该指数完 全不含CXO，100%布局创新药研发类公司，超7成仓位押注大市值创新药龙头，低流动性成份股也将被 强制降低权重占比，是精准表征创新药硬核力量的纯正创新药指数。今年以来，该指数在同类指数中弹 性更高，进攻力更强，截至9月底，年内累涨108.14%，领涨一众创新药指数。 港股通创新药ETF（520880）基金经理丰晨成最新 ...

Group 1 - The Hong Kong stock market opened slightly higher today, with the Hang Seng Index at 26,754.93 points, up 58.52 points, or 0.22% [1] - The Hang Seng Technology Index rose to 5,939.69 points, increasing by 15.30 points, or 0.26% [3] Group 2 - HeSai-W (HK02525) reported a net income of RMB 795 million for Q3, a year-on-year increase of 47.5%, and a net profit of RMB 256 million, turning from loss to profit. The full-year net profit guidance has been raised to between RMB 350 million and RMB 450 million, with Q4 revenue expected to be between RMB 1 billion and RMB 1.2 billion, a year-on-year growth of approximately 39% to 67% [2] - China General Nuclear Power New Energy (HK01811) announced a cumulative power generation of 15,753.4 GWh for the first ten months, a year-on-year decrease of 3.5% [6] - Dongyao Pharmaceutical-B (HK01875) reported a revenue of RMB 622 million for the nine months ending September 30, 2025, with a net loss attributable to equity holders of RMB 3.371 million [6] Group 3 - The innovative drug sector saw a collective rise in early trading, with companies like BeiGene up over 4%, Kailaiying up over 1.8%, and others like Zhaoyan New Drug, WuXi AppTec, and WuXi Biologics rising over 1% [6] - In the tech sector, Xiaomi rose over 2%, while Tencent and NetEase increased by over 1%. However, Alibaba and Baidu fell by over 2% [8]

Core Viewpoint - The Hong Kong innovative drug sector is experiencing a rise, with notable increases in stock prices for companies like 3SBio and BeiGene, which has positively impacted the Hong Kong Innovative Drug Selected ETF [1] Company Performance - BeiGene reported a total revenue of 27.595 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 44.2% [1] - The net profit attributable to the parent company was 1.139 billion yuan, driven by sales growth from self-developed products and licensed products [1] - The company plans to submit a listing application in Japan for marginal zone lymphoma in the first half of 2026, with expectations of obtaining orphan drug designation [1] Market Trends - Despite recent adjustments in the innovative drug sector, there has been a counter-trend influx of funds, with a net inflow of 114 million yuan into the Hong Kong Innovative Drug Selected ETF over the past 20 days [1] - The ETF tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Selected Index, focusing on leading innovative drug companies and those with high R&D attributes, suitable for aggressive investment strategies [1] Industry Outlook - According to Industrial Securities, the sentiment in the innovative drug sector has recently declined, but the sustainability of the sector's prosperity remains intact due to ongoing business development [1] - The trend of "innovation + internationalization" in the innovative drug industry is expected to continue, with improved fundamentals observed in the industry chain [1] - Positive trends are noted in investment and financing data, orders, and performance metrics within the sector [1]

来源：格隆汇APP 格隆汇11月12日｜港股创新药板块高开高走，三生制药、百济神州涨6%，映恩生物、康方生物分别涨 4.36%、3.72%，带动同标的规模最大的恒生医药ETF涨2%。红利板块延续涨势，港股央企红利ETF涨 超1%，9月26日至今累计涨11%。 ③中国平安11月6日出资50亿买入中国电信港股， 持股比例提升至6.11%。 对于医药板块，兴业证券认为"创新+国际化"创新药产业趋势不变，短期调整后创新药板块弹性进一步 提升。对于红利板块，近期市场卖压盘较重，红利板块重获资金关注，兴业证券认为岁末年初，港股高 股息资产更吸睛。 可采用哑铃策略的产品，及截至发稿涨跌幅： 哑铃左侧，"央企+港股高股息"：港股央企红利ETF(513910)，+1.12%，权重股包含中远海控、东方海 外国际、中信银行、建设银行、中国海洋石油、中国石油股份。 哑铃右侧，全球医药全产业链代表：恒生医药ETF(159892)，+2.85%，同标的规模最大，前十大权重股 包括百济神州、药明生物、康方生物、中国生物制药、三生制药。 消息面上：①百济神州三季度实现总收入14亿美元，同比劲增41%，创下历史同期新高，期内GAAP净 利润为 ...

Core Viewpoint - The performance of Hutchison China MediTech (HCM) has lagged behind the overall market despite the significant rise in the Hong Kong healthcare sector, with its stock price showing only a 36.36% increase year-to-date compared to the sector's peak of 102.6% [1][2]. Market Performance - HCM's stock price has been volatile, particularly after the release of its mid-year report, which showed a revenue decline of 9.2% to $278 million, despite a significant profit increase due to the sale of non-core assets [2][3]. - Following the mid-year report, HCM's stock experienced a sharp decline of 15.99% in a single day, with trading volume reaching a record high of 70.29 million shares, indicating increased market panic and a shift in investor sentiment [3][5]. Investor Sentiment - The recent trading data indicates a shift in investor behavior, with significant net buying from certain brokers, while others have been net sellers, reflecting a divided market view on HCM's future prospects [6][7]. - The stock's price-to-earnings ratio (PE) is currently at 5.64, significantly lower than the industry average of 28.32, suggesting potential for a technical rebound in the short term [6]. Sales Performance - HCM's core innovative drugs have seen substantial sales declines in the domestic market, with revenues for its main products dropping between 30% to 50% [2][8]. - In contrast, overseas sales for its key drug, Elunate (fuquintinib), have increased by 25% to $163 million, indicating stronger performance in international markets [9]. Pipeline and Future Prospects - HCM is focusing on its new drug candidate HMPL-A251, which has shown promising preclinical results and is expected to enter clinical development by the end of the year [10][11]. - The company is attempting to shift market attention towards its antibody-drug conjugate (ADC) research, which has garnered industry interest, although immediate stock price catalysts may be limited [11].

Core Viewpoint - The Hong Kong stock market has seen a significant rise in the healthcare sector, with the Hang Seng Healthcare Index reaching a maximum increase of 102.6% this year, although it has since corrected to a still substantial 70.57% increase. In contrast, Hutchison China MediTech (HCM) has underperformed, with a maximum increase of only 36.36% and a recent drop to just 5.19% [1] Market Performance - HCM's stock price has fluctuated between the middle and upper Bollinger Bands since early April, reflecting the overall bullish trend in the Hong Kong innovative drug sector. However, the release of its mid-year report on August 7 marked a turning point, leading to a decline in market sentiment [2] - Following the mid-year report, HCM's stock plummeted by 15.99% on August 8, with trading volume reaching a record high of 70.29 million shares, indicating increased market panic and a significant shift in investor sentiment [3] Investor Behavior - The trading behavior of HCM's stock has shown signs of speculative trading rather than long-term holding, with notable fluctuations in trading volume and price changes on specific dates [3] - Recent data indicates that major banks and investment firms have shifted their positions, with significant net buying from Bank of China and other channels, while major sellers include HSBC and Citibank [4] Financial Performance - HCM reported a revenue of $278 million for the first half of 2025, a decrease of 9.2% year-on-year. However, net profit surged to $455 million, a 16.6-fold increase, primarily due to the sale of non-core joint venture stakes. Despite this, sales of its three main innovative drugs fell sharply by 30-50%, leading to a 22% decline in proprietary product sales [2][6] Product Pipeline and Future Prospects - HCM's core products have faced significant domestic market challenges, with sales of Elunate, Sulanda, and Orpathys declining by 29%, 50%, and 41% respectively due to increased competition and market pressures [6] - Despite domestic setbacks, HCM's overseas sales, particularly for Elunate, have shown growth, with a 25% increase to $163 million, indicating potential for recovery in international markets [6][7] - The company is focusing on new product development, with the recent acceptance of HMPL-A251 for clinical trials, which combines targeted therapies and may offer new treatment options [7][8]