Group 1 - The core viewpoint of the news highlights the strong performance of the Hong Kong Stock Connect Innovative Drug ETF (520880), which has seen significant capital inflow and a notable increase in trading volume, indicating investor confidence in the innovative drug sector [1][3]. - The innovative drug sector is benefiting from favorable policy developments, including the introduction of a dual-track adjustment model for basic medical insurance and commercial insurance, which is expected to alleviate payment pressures for high-value innovative drugs [3]. - The "14th Five-Year Plan" emphasizes support for the development of innovative drugs and medical devices, focusing on major diseases and new technology platforms, suggesting a long-term growth potential for companies in these areas [3]. Group 2 - The Hong Kong Stock Connect Innovative Drug ETF (520880) passively tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, which exclusively invests in innovative drug R&D companies, with over 70% of its holdings in large-cap innovative drug leaders [4][5]. - As of the end of September, the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index has shown a year-to-date increase of 108.14%, outperforming other innovative drug indices [5][6]. - The ETF has a total fund size of 1.806 billion and has maintained the highest liquidity among similar indices, with an average daily trading volume of 493 million since its inception [6].

Group 1 - The core viewpoint is that the recent meeting between the US and China leaders has positively impacted the market sentiment towards innovative drugs, leading to significant gains in related stocks and ETFs [1][2] - The Hang Seng Innovative Drug ETF (159316) saw a net inflow of over 1.7 billion yuan in the past 20 days, indicating a clear trend of bottom-fishing by investors [2] - The Hang Seng Innovative Drug Index, which excludes CXO companies, focuses on core enterprises in the innovative drug industry, providing investors with a convenient tool to invest in leading innovative drug companies in Hong Kong [2] Group 2 - The industry fundamentals indicate that 2025 will be a critical year for Chinese innovative drugs going global, with expected patent licensing transaction amounts exceeding 100 billion USD, a 170% year-on-year increase [1] - China has become a significant contributor to the global innovative drug industry, with the proportion of patents acquired by the US from Chinese companies rising from 5% in 2019 to 24% [1]

机构表示，政策强调支持创新药和医疗器械发展，健全医疗、医保、医药协同发展机制，并推进中医药 传承创新。在创新导向下，重大疾病领域如肿瘤、自身免疫、神经系统疾病等新技术具备长期发展空 间。此外，政策还提出发展医养结合服务与银发经济，强化基层医疗体系建设，为相关细分赛道带来结 构性机遇。 今日市场风格快速切换，港股医药回暖，创新药、疫苗、医疗器械等细分领域上涨。港股通医疗ETF富 国（159506）盘中涨幅达4.7%，其标的指数成分股三生制药、映恩生物-B涨超10%，信达生物、复星医 药等纷纷跟涨。此外，创新药ETF富国（159748）涨幅近3%。 港股通医疗ETF富国（159506）紧密跟踪恒生港股通医疗保健指数（HSSCHI），成分股研发支出占比 及创新药业务占比较高，创新属性突出，助力投资者精准捕捉港股医药板块投资机会。 消息面上，2025年国家医保谈判（国谈）正式启动，首次引入"商保创新药目录"机制，形成基本医保与 商保双轨并行的调整模式。业内人士指出，高值创新药的支付压力有望通过商保渠道分流。据国家医保 局8月28日公告，2025年基本药品目录调整有535个药品通用名通过形式审查。商保创新药目录有121 ...

港股创新药概念股持续走强，荣昌生物涨超8%，信达生物涨超7%，复星医药、君实生物、昭衍新药涨 超5%。 ...

Group 1 - The core point of the news is that Anke Bio's stock price increased by 5.09% to 10.74 CNY per share, with a trading volume of 334 million CNY and a turnover rate of 2.60%, resulting in a total market capitalization of 17.963 billion CNY [1] - Anke Bio, established on September 28, 2000, and listed on October 30, 2009, is primarily engaged in the research, development, production, and sales of biotechnological products, including cell engineering, gene engineering, gene testing, and precision medicine [1] - The company's main revenue sources are gene engineering drugs (88.24%), external patches (11.67%), and other supplementary products (0.09%) [1] Group 2 - Among Anke Bio's top ten circulating shareholders, a fund under Yinhua Fund has increased its holdings by 191,300 shares in the third quarter, now holding 11.2177 million shares, which accounts for 0.92% of the circulating shares [2] - The fund, named Innovation Medicine (159992), has a total scale of 12.005 billion CNY and has achieved a year-to-date return of 28.21%, ranking 2060 out of 4216 in its category [2] - The fund's performance over the past year shows a return of 23.93%, ranking 2220 out of 3889, while it has incurred a loss of 10.74% since its inception [2]

Market Overview - On October 31, the A-share market opened slightly lower but rebounded, with the Shenzhen Component Index and ChiNext Index turning positive [1] - The Hong Kong stock market opened lower, with major indices still in the red, led by BYD's share price dropping over 4% [2] Lithium Battery Sector - The lithium battery sector showed strong performance, with significant gains in electric power equipment, lithium batteries, and photovoltaic equipment stocks [3] - Notable stocks included Haike New Energy, which hit the 20% daily limit, and several others like Dongfang Nano and Shenghui Technology rising over 10% [4] - The average price of lithium hexafluorophosphate increased to 103,000 yuan per ton, up 2.49% from the previous trading day, and significantly higher than the 63,300 yuan per ton recorded on September 30 [4] Media and Pharmaceutical Sectors - The media sector saw a surge, with stocks like Rongxin Culture and Shandong Publishing hitting the daily limit [6] - The pharmaceutical sector also experienced a rally, with Sanofi National Health rising over 16% and several other stocks reaching their daily limits [8] - The ongoing national medical insurance negotiations have drawn market attention, particularly with the introduction of a new "commercial insurance innovative drug catalog" mechanism [9] AI Application Sector - AI application stocks gained traction, with companies like 360 Technology hitting the daily limit [6] - According to a report, the number of active mobile users in China's AI application sector surpassed 700 million, reaching 729 million by September 2025 [6] Vaccine Sector - Recent announcements from health authorities included the inclusion of the HPV vaccine in the national immunization program, set to be provided for free to eligible girls starting November 10, 2025 [10]

Group 1 - The A-share market saw a collective low opening on October 31, with the innovative drug concept experiencing a volatile rebound [1] - The Tianhong Innovative Drug ETF (517380) rose by 2.15%, with a trading volume exceeding 10 million yuan, and recorded a net inflow of over 12 million yuan on October 30 [1] - The Biopharmaceutical ETF (159859) increased by 0.72%, with a trading volume exceeding 42 million yuan, and saw a net subscription of over 50 million units during the session [1] Group 2 - The Biopharmaceutical ETF closely tracks the Biopharmaceutical Index, which includes the top 30 stocks in the biopharmaceutical industry based on market capitalization and liquidity [2] - A notification from seven departments, including the National Health Commission, announced that the HPV vaccine will be included in the national immunization program starting November 10, 2025, for girls born after November 10, 2011 [2] - The 2025 National Medical Insurance negotiations began on October 30, introducing a "commercial insurance innovative drug directory" mechanism for the first time [2] Group 3 - Huafu Securities expressed optimism about the innovative drug sector, predicting a significant transformation over the next 5-10 years driven by international expansion, continuous data catalysts, and new product sales [2] - Industrial trends in the innovative drug sector remain positive, with a focus on "innovation + internationalization" [3] - The innovative drug sector's resilience is expected to improve further after short-term adjustments, with a focus on the improving fundamentals of the innovative drug industry chain [3]

Core Viewpoint - The innovative drug sector has rebounded strongly after a two-month lull, with the Guotai Innovation Drug ETF (589720) rising over 4%, leading the market [1] Group 1: Market Performance - The innovative drug sector experienced a significant adjustment, with the Guotai Innovation Drug ETF (589720) declining nearly 18% from September 4 to October 30 [1] - Recent volatility in the innovative drug sector is attributed to market style shifts and short-term capital flow factors [1] Group 2: Future Outlook - The innovative drug sector is expected to remain driven by BD (business development) expectations, with the re-establishment of BD anticipated to be key for the sector's recovery [1] - Historically, BD accounts for approximately 40% of annual transactions in the fourth quarter, indicating potential for growth [1] - After substantial adjustments, the cost-effectiveness of investments in the innovative drug sector is becoming more apparent [1] Group 3: Investment Opportunities - Recent pullbacks in the pharmaceutical sector may present bottom-fishing opportunities, as capital market financing is recovering and the demand for domestic innovative drug R&D is rebounding [1] - The CXO industry is expected to see performance recovery, aided by the recent interest rate cuts in the U.S. [1] - Investors are encouraged to focus on the clinical progress of authorized innovative drug pipelines overseas [1] Group 4: ETF Focus - The Guotai Innovation Drug ETF (589720) targets innovative drug companies on the Sci-Tech Innovation Board, tracking a representative index of 30 high-quality companies [1] - The ETF primarily focuses on high-growth biotech firms, with a 20% limit on daily price fluctuations, making it more aligned with sector volatility [1]

Core Insights - The Hang Seng Hong Kong Stock Connect Innovative Drug Index (HSSCID) has seen a strong increase of 2.74%, while the Hang Seng Innovative Drug ETF (159316) rose by 3.33%, with a turnover of 8.69% and a transaction volume of 346 million yuan [1] - As of October 30, the latest scale of the Hang Seng Innovative Drug ETF reached 3.902 billion yuan, with the latest share count at 287.8 million, both hitting new highs since inception [1] - The net inflow of funds into the Hang Seng Innovative Drug ETF was 304 million yuan, with a total of 437 million yuan net inflow over the last five trading days [1] Industry Analysis - CITIC Securities analysis indicates that small nucleic acid drugs are expected to become the third major category of drugs following small molecules and antibody drugs, due to their ability to target traditionally non-druggable targets and long-lasting effects [1] - The breakthrough of GalNAc technology in 2014 has established a successful paradigm for liver-targeted delivery, significantly activating industry development [1] - The global small nucleic acid drug industry is currently achieving commercial profitability and breakthroughs in various aspects, with Chinese companies keeping pace with global industry developments and demonstrating strong global competitiveness [1][2] - Everbright Securities notes that the Federal Reserve has entered a rate-cutting cycle, which is favorable for innovative assets in the pharmaceutical sector, as historically, innovative assets have gained better valuation premiums during such periods [2] - The Hang Seng Innovative Drug ETF closely tracks the Hang Seng Innovative Drug Index, which reflects the performance of Hong Kong-listed companies involved in innovative drug research, development, and production [2] - The Hang Seng Hong Kong Stock Connect Innovative Drug Index (HSSCIHKI) is the only "100% purity" innovative drug index in the market, focusing on companies holding core patents and directly participating in innovative drug R&D and commercialization [2]

值得关注的是，近期有资金持续逢跌吸纳便宜筹码。数据显示，昨日港股通创新药ETF（520880）创3 个月新低，当日获4861万元净申购。近10日维度，520880累计吸金超2.6亿元。 10月31日，港股通创新药板块终于反弹！100%创新药研发标的——港股通创新药ETF（520880）高开 后直线冲高3.17%，实时成交超2.6亿元！所覆盖的37家创新药研发类公司30股飘红，三生制药飙涨超 8%居首，映恩生物-B涨超7%，信达生物反弹5%。 消息面上，10月30日，辉瑞在Clinicaltrials.gov网站上注册了PD-1/VEGF双抗PF-08634404（SSGJ-707） 的两项全球三期临床试验。今年5月，辉瑞以"12.50亿美元预付款+48亿美元里程碑付款+双位数百分比 的销售分成"引进三生制药的PD-1/VEGF双抗。中邮证券发布研报称，707有望成为全球肿瘤治疗重磅 基石品种。 | 分时 多日 1分 5分 · | | | | | | | F9 盘前盘后 露加 九50 面托 工具 (0 (2) > | | | 港股通创新药ETF ① | | 520880 | | --- | --- | --- ...