Market Overview - The A-share market experienced a collective pullback on November 17, with the Shanghai Composite Index closing at 3973.31 points, down 0.43%, while the Shenzhen Component and ChiNext Index fell by 0.35% and 0.8% respectively [1][2]. Trading Volume and Stock Performance - The trading volume in the Shanghai and Shenzhen markets reached 1.27 trillion yuan, an increase of 329 billion yuan compared to the previous trading day. A total of 2337 stocks rose, with 79 hitting the daily limit, while 2960 stocks declined [2]. Lithium Mining Sector - The lithium mining sector showed significant strength, with stocks such as Shengxin Lithium Energy (002240), Rongjie Co. (002192), and Dazhong Mining (001203) all hitting the daily limit of 10%. Shengxin Lithium Energy's year-to-date increase is 160.74% [3][4]. - The National Energy Administration's recent guidance on the development of 100% renewable energy bases and the projected demand for lithium carbonate to grow by 30% by 2026, reaching 1.9 million tons, supports long-term demand for lithium [5]. Cross-Strait Integration Sector - The Fujian Free Trade Zone sector saw a surge, with stocks like Pingtan Development (000592) achieving a remarkable 14 consecutive trading limits. The stock has increased by 255.19% since its rise began on October 17 [6][7]. Aerospace and Defense Sector - The aerospace and defense sector continued to perform well, with companies like Changcheng Aerospace (601606) and Aerospace Development (000547) hitting the daily limit. The sector's strong performance is reflected in the significant year-to-date increases for these stocks [9][10]. AI Application Sector - The AI application sector was notably active, with stocks such as Xuanya International (300612) and Dahua Intelligent (002512) hitting the daily limit. The sector is buoyed by upcoming technological breakthroughs from Huawei in AI [11][13]. Precious Metals and Innovative Pharmaceuticals - The precious metals sector faced declines, with companies like Shengda Resources (000603) and Zhaojin Gold (000506) leading the downturn. The innovative pharmaceuticals sector also saw declines, with stocks like Kexing Pharmaceutical and Kanglong Chemical (300759) dropping over 6% [14][16].

【导读】上午三大指数集体回调，锂矿、福建自贸区等板块走强，多只个股连收涨停板；贵 金属、创新药板块下挫 中国基金报记者 张舟 截至午间收盘，沪指报 3973.31 点，跌 0.43%； 深证成指跌 0.35% ，创业板指跌 0.8% 。 | 高: 3992.40 | 今开:3988.56 | 成交量：3.94亿手 | 换手:0.87% | | --- | --- | --- | --- | | 低： 3961.74 | 昨收:3990.49 | 成交额： 5320.32亿 | 量比： 1.30 | | 周最高:4034.08 | 下涨:666 | 振幅: 0.77% | 平盘:60 | | 周景低：3040.69 | 下跌:1015 | 总市值: 64.24万亿 | | | | 时 五日 日K 周K 月K 季K 年K 120分 60分 30分 15分 5分 1分 区间统计 全 | | | 沪深两市半日成交额为 1.27 万亿元，较上个交易日放量 329 亿元。个股跌多涨少，共 2337 只个股上涨， 79 只个股涨停， 2960 只个股下跌。 从板块看，锂矿板块领涨市场，福建自贸区板块再度爆发，航天军工板块延 ...

中邮证券指出，中国创新药产业经过10余年的快速发展，已具备全球竞争力，海外MNC的交易合 作印证了国内企业的研发实力，长期产业趋势向好。自免药物领域存在显著供需错配，2023年银屑病口 服药仅占9%市场份额，而75%患者有转换口服疗法的需求，预计2034年口服药占比将提升至33%，疗效 与安全性更优的新分子实体（NME）如Tyk2抑制剂等值得关注。医疗器械板块随着反腐边际改善、集 采政策优化及设备采购资金落地，行业拐点初现，高景气赛道和困境反转企业迎来机遇。CXO行业受 益于海外降息周期及国内创新药回暖，底部复苏趋势确立，利润表现亮眼。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 创业板医药ETF国泰（159377）跟踪的是创医药指数（399275），单日涨跌幅达20%，该指数从创 业板市场中选取涉及生物医药、医疗器械及相关服务业务的上市公司证券作为指数样本，以反 ...

市场早盘震荡调整，深成指、创指盘中一度翻红。板块方面，军工板块早盘强势，长城军工10cm涨 停；华为算力概念震荡走强，垒知集团、航天发展等多股涨停；AI应用端逆势活跃，三六零、宣亚国 际等多股涨停；下跌方面，贵金属板块弱势震荡，招金黄金跌幅居前；创新药板块陷入回调，海辰药业 跌幅居前；光伏设备板块大面积飘绿，弘元绿能领跌。总体来看，个股跌多涨少，下跌个股超2900只。 截至午间收盘，沪指报3973.31，跌0.43%；深成指报13169.37点，跌0.35%；创指报3086.67点，跌 0.80%。盘面上，能源金属、兵装重组概念、华为欧拉板块涨幅居前，贵金属、生物制品、光伏设备板 块跌幅居前。 ...

Group 1 - The core viewpoint is that the Hong Kong stock market in the fourth quarter presents both opportunities and challenges, with the technology sector becoming a key focus for aggressive investment due to the dual concepts of AI and "new productive forces" [1] - On the demand side, the user base for generative AI in China has experienced explosive growth, with local tech companies capturing the majority of market benefits [1] - On the supply side, leading technology firms in Hong Kong are evolving from mere application providers to builders of the industrial chain, covering various sectors including software and hardware, new energy vehicles, and innovative pharmaceuticals [1] Group 2 - In terms of capital flow, southbound funds have continued to flow in, with a net purchase amount exceeding 1.3 trillion HKD this year, leading to an increasing pricing power of domestic capital [2] - Valuation-wise, the technology sector is significantly undervalued compared to A-shares, and combined with the Federal Reserve's interest rate cut cycle and the resilience of the domestic economy, the Hong Kong technology sector is expected to achieve excess returns in the fourth quarter [2] - For ordinary investors, direct investment in individual stocks poses high barriers and risks, thus it is suggested to consider participating through related ETFs. The Hong Kong Stock Connect Technology ETF (159101) closely tracks the National Index of Hong Kong Stock Connect Technology, selecting 30 large-cap, high R&D investment tech leaders, 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 + hardware + new consumption + new energy vehicles" [2]

Core Viewpoint - The Hong Kong stock market has performed well this year, with the Hong Kong Technology ETF (513020) achieving approximately 45% returns, although this may seem modest compared to higher-performing ETFs like the Communication ETF (515880) [1][2] Group 1: Market Performance - The Hong Kong stock market initially rose this year, driven by the innovative drug sector that began gaining traction at the end of last year, primarily due to the sale of research and development results to overseas markets [1][2] - The "patent cliff" in the U.S. is causing original drug manufacturers to face significant profit declines as patents expire, leading to increased competition from generic drug manufacturers [1][2] - The innovative drug sector in Hong Kong has benefited from the ability to produce new drug patents, aligning with U.S. market needs, thus creating a favorable supply-demand dynamic [2][3] Group 2: Sector Analysis - The Hong Kong Technology ETF (513020) tracks several indices, including the China Securities Hong Kong Stock Connect Technology Index, which has outperformed others due to its diverse industry coverage, including innovative drugs, telecommunications, and new energy vehicles [3] - The performance of the Hang Seng Technology Index has lagged due to its lack of exposure to the pharmaceutical sector, which has been a significant driver of market performance this year [3] Group 3: Market Trends and Outlook - The Hong Kong market has entered a consolidation phase since early October, while the A-share market continues to rise, indicating a slight lag in performance between the two markets [4][7] - The Hong Kong market is influenced by both domestic economic conditions and overseas liquidity, particularly from U.S. Federal Reserve policies, which can significantly impact market performance [4][6] - The current U.S. government shutdown and liquidity tightening are expected to limit short-term upward movement in the Hong Kong market, with a likelihood of remaining in a consolidation phase unless unexpected changes occur in U.S. monetary policy [6][7]

Group 1 - The recent tensions between China and Japan may impact foreign investment sentiment, as the Chinese government has advised citizens to avoid traveling to Japan and is prepared for substantial countermeasures [1] - The U.S. government has resumed operations, with the non-farm payroll report set to be released on November 20, which could influence market expectations regarding interest rate cuts by the Federal Reserve [1] - The European Union has agreed to eliminate the tax exemption on small packages, primarily targeting the influx of inexpensive Chinese goods [1] Group 2 - The company Guosheng Tang (02273) plans to acquire 100% of Dazhong Tang, expanding its network of Traditional Chinese Medicine clinics in Singapore, which is expected to enhance its overseas market presence [3] - Guosheng Tang has also announced a share buyback plan totaling up to 600 million HKD, aimed at increasing shareholder value [3] - The company has expanded its domestic operations by adding four new branches in cities such as Tianjin and Chengdu, bringing the total number of branches to 87 [3] Group 3 - The innovative drug sector has seen a rebound after two months of decline, with companies like BeiGene and Innovent Biologics reporting positive financial results, indicating a potential for sustained market momentum [4][5] - BeiGene reported a profit of 125 million USD for the first three quarters, with projections of 795 million USD profit by 2026, while Innovent Biologics anticipates reaching breakeven by 2025 [4] - Upcoming academic conferences in December are expected to showcase domestic innovative drugs, further boosting investor interest in the sector [5] Group 4 - The Hong Kong stock market is experiencing a decline, with the Hang Seng Index at 26,572 points, amid concerns over excessive investment in AI and reduced expectations for interest rate cuts [6] - The liquidity in the Hong Kong market is closely tied to U.S. dollar liquidity, with expectations of a shift from quantitative tightening to quantitative easing [8]

投资要点 本周、年初至今A 股医药指数涨幅分别为3.3%、22.1%，相对沪深300的超额收益分别为4.4%、4.5%； 本周、年初至今恒生生物科技指数涨跌幅分别为7.0%、88.8%，相对于恒生科技指数跑赢7.4%、 58.7%；本周医药商业（+5.7%）、化学制药（+4.5%）、中药（+4.1%）、生物制品（+2.7%）、医疗 服务（+1.8%）、医疗器械（+1.8%）等涨幅较大；本周A 股涨幅居前金迪克（+62%）、人民同泰 （+61%）、诚达药业（+58%），跌幅居前*ST 长药（-34%）、振德医疗（-11%）、福瑞股份 （-8%）；本周H 股涨幅居前歌礼制药（+45%）、三叶草生物（+30%）、来凯医药（+28%），跌幅居 前永泰生物（-8%）、药捷安康（-8%）、君圣泰医药（-7%）。医药板块表现特点：本周医药反弹较 强。 百利天恒聚焦主要肿瘤类型的治疗需求，已系统性构建涵盖多种治疗方式的全球创新候选药物管线，搭 建了HIRE-ADC（抗体偶联药物）、GNC（T 细胞衔接器）、HIRE-ARC（抗体放射性核素偶联药药 物）三大平台。截至25 年11 月，公司创新药物管线中共自研布局 17 款临床 ...

01 上周（11月10日至11月14日），大盘宽基产品成交活跃。其中，A500ETF易方达（159361）等跟踪中证A500指数的ETF，合计成交额超1300亿元；恒生科 技、香港证券、黄金等主题ETF成交也较为活跃。 此外，科技题材上周回调，但聚焦科技方向的ETF产品获资金青睐，科创50指数上周净流入额居权益类指数第一，科创板50ETF（588080）等跟踪科创50 指数的ETF合计净流入额达23亿元。 02 ETF市场上，恒生创新药ETF（159316）等多只跟踪港股医药板块的ETF，上周累计涨幅在7%左右。 | 代码 | 名称 | 现价(元) | 一周涨幅(%) | | --- | --- | --- | --- | | 159217. SZ | 港股通创新药ETF工银 | 1. 488 | 7.59 | | 159570. SZ | 港股通创新药ETF | 1. 822 | 7. 30 | | 520500. SH | 恒生创新药ETF | 1.817 | 7.26 | | 159297. SZ | 港股通创新药ETF南方 | 0. 923 | 7. 20 | | 159567. SZ | 港股创新药 ...

申万宏源发布研报称，"牛市1.0"阶段的高位区域，科技结构牛行情长期性价比不足，25年的科技结构牛是牛市1.0阶段，26年春季可能是阶段性 高点。高位震荡区间，顺周期和科技都要聚焦Alpha。科技成长短期机会主要来自于小波段反弹，更关注有新催化/产业空间大的方向，重点关注 储能和存储。另外，2026年景气展望向上 + 性价比较高的方向，可能在26年春季前抢跑，重点关注创新药和国防军工。 申万宏源主要观点如下： 一、"牛市1.0"阶段的高位区域：科技结构牛行情长期性价比不足，再向上突破阻力增加。顺周期行情还是"抢跑"阶段，中期逻辑仍有断点，牛市 2.0行情启动的条件尚不完备。先做好高位震荡市，基于短期性价比把握小波段节奏。顺周期短期性价比已偏低，科技成长相对性价比已较高。前 期机构投资者有调仓减仓、风格切换动作，短期下行风险可控。2026年春季前，科技成长还有反弹机会，顺周期投资需向有Alpha逻辑的方向收 缩。 当前的A股AI产业链，类似2013年底的创业板、2018年初的食品饮料、2021年初的新能源，都处于"产业趋势大波段没结束 + 中小波段有波折 + 长期低性价比区域"状态，参考历史经验，后续走势通常分 ...