值得注意的是，药捷安康-B近期犹如"过山车"的股价走势已传导至相关ETF产品，引发基金公司与指数 公司之间的紧急沟通。据证券时报报道，9月15日，国证港股通创新药指数实施了季度定期调整，药捷 安康被纳入成份股。以同类产品中最大的港股通创新药ETF为例，9月15日，该ETF买入药捷安康300万 股，按前一个交易日收盘价计算对应金额约5.78亿港元，占基金净值比约2.62%。 北水资金近期热炒的入通概念股午后走低，截至发稿，佰泽医疗(02609)跌19.16%，报9.45港元；脑动极 光(06681)跌18.32%，报8.56港元；药捷安康-B(02617)跌12.62%，报182.8港元。 消息面上，今年8月份药捷安康公告称，该公司已获选并将纳入部分恒生指数系列成分股，包括恒生综 合指数、恒生综合行业指数-医疗保健业、恒生医疗保健指数、恒生创新药指数、恒生港股通创新药指 数等9个指数，自9月8日起生效。由于药捷安康近期被纳入了多只指数，导致跟踪指数的相关ETF被动 买入药捷安康。 ...

Core Viewpoint - The Chinese innovative drug industry is gradually catching up with Europe and the United States in terms of technology, with some targets and technical pathways already leading globally. The number and value of new drugs authorized for overseas markets continue to increase, leading to world-class pricing and non-linear investment elasticity. The domestic market is experiencing strong growth in demand, with domestic new drug sales continuing to rise, and several innovative pharmaceutical companies have turned losses into profits, entering a stable growth phase [2]. Group 1: Innovative Drugs - The innovative drug sector is witnessing a significant increase in sales driven by strong domestic demand, with a number of innovative companies achieving profitability [2]. - The trend of domestic innovative drugs going overseas is accelerating, with increasing numbers and values of new drug authorizations [2]. - The industry is positioned for a "Davis double" effect, where both performance and valuation are expected to improve [2]. Group 2: High-Value Medical Consumables - The orthopedic sector is expected to see mild price reductions, while domestic replacements continue to grow, and overseas business progresses rapidly [2]. - The neurosurgery and neurointervention fields are stabilizing after centralized procurement, with new products expected to contribute to growth [2]. Group 3: Medical Devices - The medical device sector is experiencing a high-speed growth in bidding data, with companies entering a destocking phase, which is expected to improve performance in the second half of the year [2]. - The low-value consumables sector is seeing continuous product upgrades and accelerated expansion into overseas markets [2]. Group 4: Blood Products - The supply side of the blood products industry is increasingly concentrated among state-owned enterprises, leading to a clearer competitive landscape [2]. - The demand side is expected to upgrade towards new products, gradually improving the industry's overall health [2]. Group 5: API (Active Pharmaceutical Ingredients) - The industry is at an upward turning point due to the end of a capital expenditure peak, combined with three growth drivers: new high-end market products, integrated consolidation and overseas expansion, and cost-leading CDMO [2]. - Leading companies are expected to see explosive growth in revenue and profits in the medium term [2]. Group 6: CXO (Contract Research Organization) - The CXO sector is seeing a revival in A+H financing activity, with multiple significant business developments enhancing market confidence [2]. - The focus is on optimizing the supply-side landscape and increasing market share for leading CRO companies [2]. Group 7: Traditional Chinese Medicine and Retail Pharmacy - The traditional Chinese medicine sector is showing signs of recovery, with friendly pricing for new drugs, while the retail pharmacy sector is influenced by supply-side adjustments and business model upgrades [2]. - The performance of offline pharmacies is expected to improve in the second half of 2025, with leading chains like YaoXingTang making progress in store upgrades [2]. Group 8: Research Reports - A series of in-depth research reports on various companies and sectors within the pharmaceutical and medical device industries have been published, highlighting their growth potential and market positioning [3][4].

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。相关标的在市场波动、基本面变化等因素下，向下弹性或释放。基金有风险，投资需谨 慎。 目前，我国创新药进入成果兑现阶段，研发进展催化较多，且不受贸易摩擦影响，有望持续作为2025年 医药板块投资主线。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。 从业绩表现来看，去年"924行情"以来，科创新药指数跑赢主要港股创新药指数！2024年9月24日~2025 年9月16日市场反弹期间，科创新药/港股创新药/恒生港股通创新药指数涨幅分别为 126.7%/123.8%/112.7%，科创新药指数或有助于在市场风险偏好回升时更好地分享科创板的弹性。 华鑫证券指出，中国创新药出海是产业趋势不可逆转，全球医药交易 ...

交银国际研究 每日晨报 2025 年 9 月 18 日 今日焦点 投资启示：据纽约时报报道，特朗普总统近期声称要加大对引进中国药 品的限制，我们认为实际影响有限。在创新药板块普涨之后，我们建议 在板块回调时逐步布局，并推荐关注以下细分方向：1）创新药：三生制 药、德琪医药短期催化剂丰富、估值仍未反映核心大单品价值，先声药 业、和黄医药、传奇生物被明显低估、长期成长逻辑清晰；2）CXO：受 益于下游高景气度和融资边际回暖的细分赛道龙头，如药明合联。 | 全球主要指数 | | | | | --- | --- | --- | --- | | | 收盘价 | 升跌% | 年初至今 升跌% | | 恒指 | 26,908 | 1.71 | 30.49 | | 国指 | 9,597 | 2.24 | 31.64 | | 上 A | 4,063 | 0.37 | 15.65 | | 上 B | 265 | 0.11 | -0.81 | | 深 A | 2,626 | 0.83 | 28.28 | | 深 B | 1,361 | 0.11 | 12.20 | | 道指 | 46,018 | 0.57 | 8.17 | | 标 ...

日前，恒生港股通创新药精选指数"提纯"修订生效，完全剔除CXO，并精选纳入14家创新药研发类公 司，晋级成为"不含CXO、100%聚焦创新药研发"的纯正创新药指数，精准表征国产创新药硬核力量。 今年以来，恒生港股通创新药精选指数在同类指数中进攻力MAX，截至"提纯"修订生效前(9月5日)，其 年内累计涨幅达119.75%，领涨一众创新药指数。 作为全市场首只跟踪上述恒生港股通创新药精选指数的ETF，截至9月12日，港股通创新药ETF(520880) 基金规模超17亿元，上市以来日均成交额5.21亿元，在同指数ETF中规模最大、流动性最佳，并且支持 日内T+0交易，不受QDII额度限制。 近期，创新药利好仍多，短期调整或提供低吸良机。数据显示，今年1月到7月，国家药监局已批准上市 创新药50个，超过去年全年的48个。据国家卫健委日前介绍，我国在研新药数量占全球数量的比例超过 20%，跃居全球新药研发第二位。业绩也验证行业高景气，据西南证券统计，港股创新药已进入盈利 期。今年上半年，港股创新药板块实现归母净利润18亿元，利润首次扭亏为盈。当前，创新药产业已步 入一个以盈利驱动为主的新周期，基本面已明确出现拐点。 ...

9月18日早盘，港股通创新药板块终于反弹！港股通创新药ETF（520880）100%布局创新药研发公司， 开盘后一度冲高逾2%，仅20分钟成交额突破1亿元。 成份股方面，映恩生物-B、荣昌生物一度齐涨超6%，康方生物涨、百济神州涨超2%。 值得关注的是，港股通创新药ETF（520880）场内继续溢价交易，显示买盘仍强。截至昨日，该ETF已 连续12日吸金。兴证全球策略首席张忆东最新表示，依然战略看多创新药行情，9月份或是布局良机。 消息面上，近期创新药利好仍多，为多头"越跌越买"提供充足动力。 政策面，国家药监局发布《关于优化创新药临床试验审评审批有关事项的公告》，明确提出对符合要求 的创新药临床试验申请设立"30日审评审批通道"，进一步推动创新药研发提速。 | | | | 港股通创新药ETF (520880) 标的指数 "提纯", 剔除CXO, 100%聚焦创新药研发 | | | | | --- | --- | --- | --- | --- | --- | --- | | | 44.65 | 简练 | 估算权重(%) | 44.663 | 简称 | 估算权重(%) | | | 9995.HK | 荣昌强劲 ...

Group 1: ETF Market Overview - As of September 12, 2025, there are 1,292 ETFs in the Shanghai and Shenzhen markets, with a total asset management scale of 52,387.73 billion [2] - The breakdown of ETFs includes 1,029 stock ETFs (35,315.17 billion), 39 bond ETFs (5,718.88 billion), 27 money market ETFs (1,564.76 billion), 17 commodity ETFs (1,611.53 billion), 173 cross-border ETFs (8,120.58 billion), and 6 unlisted ETFs (52.32 billion) [2] - In the week from September 8 to September 12, 2025, four new stock ETFs were launched, including two fintech-themed ETFs, with a total issuance scale of 5.682 billion [3][4] Group 2: ETF Performance Analysis - The median weekly return for stock ETFs was 1.97%, with the best-performing ETF being the China United Asset Management's Sci-Tech Chip Design ETF, which rose by 10.14% [3][4] - Conversely, the worst performer was the Guotai Junan Sci-Tech Innovation Drug ETF, which fell by 3.12% [4] - The average share change for stock ETFs was an increase of 6.6576 million shares, with the chemical ETF seeing the largest increase of 2.968 billion shares [4] Group 3: PB-ROE Framework and ETF Rotation Strategy - The PB-ROE framework categorizes industries into six quadrants, focusing on high PB and high ROE industries in the third quadrant and low PB and medium ROE industries in the fifth quadrant [5] - Backtesting from 2017 to February 2024 shows that only the third and fifth quadrants achieved excess returns, with annualized excess returns of 4.27% and 1.55%, respectively [5] - The combined PB-ROE rotation strategy yielded an annualized return of 11.93% and an annualized excess return of 13.22% [6] Group 4: Investment Recommendations - The report recommends focusing on the automotive, transportation, and public utilities sectors, corresponding to their respective industry ETFs [8]

9月18日早盘，港股三大指数涨跌不一，恒生指数跌0.17%，报26863.69点，恒生科指微涨，国企指数跌 0.23%。盘面上，科网股跌多涨少，中资券商股普涨，创新药概念活跃，黄金股走弱。开盘后，A股同 赛道规模最大的恒生科技指数ETF（513180）跟随指数小幅上涨，持仓股中，ASMPT、地平线机器 人、华虹、百度集团、蔚来、中芯国际等领涨。 消息面上，当地时间2025年9月17日，美联储召开议息会议，降息25BP至联邦基金目标利率区间 4.00%-4.25%。点阵图显示年内继续降息50bp，基本符合预期。数据预测对明年的通胀担忧略有升温， 同时对增长较6月更为乐观。 中信建投指出，当前正处A股整理期，港股优势凸显，后续一段时间整体看多港股，可重点关注港股核 心成长板块，特别是互联网、创新药、新消费和科技板块，还可关注红利防御性配置。 AI点燃看涨狂潮，恒生科技指数站上6300点大关。展望后市，美联储降息重启，南向资金有望持续流 入，在内外资共振以及AI叙事回归的共同催化下，恒生科技估值重构可期。没有港股通账户的投资者 或可通过恒生科技指数ETF（513180）一键布局中国AI核心资产。 每日经济新闻 ...

A股开盘，三大指数小幅低开，沪指低开0.01%，深证成指低开0.41%，创业板指低开0.88%。盘面上， 迈威生物20cm涨停，领涨创新药板块，公司与Kalexo签署独家许可协议，最高可获10亿美元预付款和 里程碑付款；人形机器人概念盘初走高，利和兴涨超13%，均胜电子涨停；半导体板块再度活跃，利扬 芯片涨超10%，寒武纪、东芯股份涨超4%；有色金属、黄金股集体低开，西部黄金、北方铜业跌超 6%。(格隆汇) ...

Group 1 - The Hong Kong stock market has shown significant strength, with the Hang Seng Technology Index rising over 4%, reaching a nearly four-year high, and the Hang Seng Index closing up 1.78%, approaching the important 27,000-point mark [1][2] - Major technology stocks such as SenseTime and Baidu saw increases of over 15%, while Alibaba rose by 5.28%, marking its highest level since October 2021, with a market capitalization returning to 300 billion HKD [1] - The positive market sentiment is driven by multiple factors, including favorable external conditions, anticipated interest rate cuts by the Federal Reserve, and advancements in artificial intelligence (AI) by leading internet companies [5][6][10] Group 2 - Fund companies believe that the Hong Kong stock market's recovery is supported by low valuations, smooth US-China trade negotiations, expectations of Federal Reserve rate cuts, accelerated domestic AI developments, and the relative scarcity of assets compared to A-shares [2][4] - The market is expected to benefit from a new round of interest rate cuts, with the potential for increased liquidity to attract more foreign investment into the Hong Kong market [6][10] - The current valuation of the Hang Seng Index remains low compared to other major global indices, providing an attractive investment opportunity despite recent price increases [6][12] Group 3 - The Hong Kong stock market is particularly sensitive to global liquidity conditions, and the anticipated weakening of the US dollar could enhance the attractiveness of Hong Kong-listed companies to foreign investors [10][14] - Historical data indicates that the Hong Kong market has typically performed well in the 12 months following interest rate cuts, with an average increase of 31.7% [10] - Key sectors to watch include innovative pharmaceuticals, new energy vehicles, and technology, particularly in the context of AI and internet companies, which are expected to continue showing strong performance [14][15]