Core Viewpoint - The Hong Kong pharmaceutical sector is stabilizing and rebounding, with the National Index for Hong Kong Innovative Drugs rising over 2% as of September 5th [1] Group 1: Market Performance - The Hong Kong Innovative Drug ETF (159567) saw an increase of approximately 1.24% by 9:53 AM, with a trading volume nearing 300 million [1] - Leading stocks in the sector include Sanofi, Ascentage Pharma, and United Laboratories, while Lepu Medical and BeiGene experienced declines [1] Group 2: Industry Developments - The first half of the year has been positive for the Hong Kong biopharmaceutical sector, with several listed companies entering a harvest phase in their R&D efforts, contributing to performance growth [1] - Guoyuan Securities noted that China's innovative drugs are entering a phase of realization, with significant R&D progress expected to drive the sector's performance in the second half of the year [1] Group 3: Investment Opportunities - Institutions suggest that the main line of innovative drugs and the reversal of left-side sector challenges remain the biggest investment opportunities for the pharmaceutical sector through 2025 [1] - The Hong Kong Innovative Drug ETF (159567) tracks the National Index for Hong Kong Innovative Drugs, primarily focusing on biopharmaceuticals and chemical pharmaceuticals, with 9 out of the top 10 constituent stocks being biotech companies involved in core innovative drug technologies [1] - Investors can also utilize linked funds (Class A: 023929, Class C: 023930) to capitalize on industry development opportunities [1]

Core Viewpoint - The Hong Kong Innovative Drug ETF (159567) experienced a decline of 3.38% on September 4, with a trading volume of 1.427 billion yuan. The fund has shown significant growth in both share volume and total assets since its inception in January 2024 [1][2]. Group 1: Fund Performance - The Hong Kong Innovative Drug ETF (159567) was established on January 3, 2024, with a management fee of 0.50% and a custody fee of 0.10% [1]. - As of September 3, 2024, the fund's latest share volume was 6.668 billion shares, and its total assets reached 6.724 billion yuan. This represents an increase of 1586.48% in share volume and 1679.83% in total assets compared to December 31, 2023, when the share volume was 395 million shares and total assets were 378 million yuan [1]. Group 2: Trading Activity - Over the past 20 trading days, the cumulative trading amount for the Hong Kong Innovative Drug ETF (159567) was 33.138 billion yuan, with an average daily trading amount of 1.657 billion yuan. Since the beginning of the year, the cumulative trading amount over 165 trading days was 185.061 billion yuan, averaging 1.122 billion yuan per day [1]. Group 3: Fund Holdings - The current fund manager of the Hong Kong Innovative Drug ETF (159567) is Ma Jun, who has managed the fund since its inception, achieving a return of 99.52% during this period [2]. - Key holdings in the fund include: - Innovent Biologics (9.52% holding, 2.60 billion yuan market value) - WuXi Biologics (9.47% holding, 2.58 billion yuan market value) - BeiGene (8.73% holding, 2.38 billion yuan market value) - CanSino Biologics (7.62% holding, 2.08 billion yuan market value) - China National Pharmaceutical Group (7.17% holding, 1.96 billion yuan market value) - CSPC Pharmaceutical Group (6.34% holding, 1.73 billion yuan market value) - 3SBio (5.83% holding, 1.59 billion yuan market value) - Hansoh Pharmaceutical (4.54% holding, 1.24 billion yuan market value) - Zai Lab (2.86% holding, 781.055 million yuan market value) [2].

Group 1 - The Hong Kong innovative drug sector is experiencing strong performance, with the Guozheng Hong Kong Stock Connect Innovative Drug Index rising nearly 2%, approaching the previous high point from August 19 [1] - The Hong Kong Innovative Drug ETF (159567) has seen a cumulative increase of over 110% this year, making it one of the six ETFs in the market that have doubled in value [1] - The ETF has recorded positive growth in fund shares for seven consecutive months from February to August, with circulating shares increasing more than 17 times [1] Group 2 - China’s innovative drug companies are well-positioned for global competition, supported by over a decade of rapid development in the sector [1] - The purchasing behavior of overseas multinational corporations (MNCs) has validated the innovative research and development capabilities of domestic companies, particularly in the oncology and respiratory fields [1] - The Hong Kong Innovative Drug ETF primarily tracks the Guozheng Hong Kong Stock Connect Innovative Drug Index, focusing on biopharmaceuticals and chemical pharmaceuticals, with 9 out of the top 10 constituent stocks being biotech companies involved in core innovative drug technologies [1]

Group 1 - The Hong Kong Innovative Drug ETF (159567) closed with a gain of 2.67% on September 1, with a trading volume of 1.985 billion yuan [1] - The fund was established on January 3, 2024, with a management fee of 0.50% and a custody fee of 0.10% [1] - As of August 29, 2024, the fund's latest share count was 6.686 billion, with a total size of 6.403 billion yuan, reflecting a year-to-date increase of 1591.03% in shares and 1594.74% in size compared to the end of 2023 [1] Group 2 - The current fund manager is Ma Jun, who has managed the fund since its inception, achieving a return of 91.54% during the tenure [2] - The top holdings of the fund include companies such as Innovent Biologics, WuXi Biologics, BeiGene, and others, with significant weightings in the portfolio [2] - The fund's liquidity is strong, with a cumulative trading amount of 34.181 billion yuan over the last 20 trading days, averaging 1.709 billion yuan per day [1]

8月28日，港股创新药ETF（159567）跌1.26%，成交额22.27亿元。当日份额增加1.13亿份，最新份额为 66.19亿份，近20个交易日份额增加41.51亿份。最新资产净值计算值为61.26亿元。 来源：新浪基金∞工作室 港股创新药ETF（159567）业绩比较基准为国证港股通创新药指数收益率(经估值汇率调整)，管理人为 银华基金管理股份有限公司，基金经理为马君，成立（2024-01-03）以来回报为85.10%，近一个月回报 为-1.81%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 ...

Group 1 - The Hong Kong Innovative Drug ETF (159567) closed with a gain of 3.62% on August 29, with a trading volume of 2.004 billion yuan [1] - The fund was established on January 3, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of August 28, 2024, the fund's latest share count was 6.619 billion, with a total size of 6.126 billion yuan, reflecting an increase of 1574.08% in shares and 1521.35% in size year-to-date [1] Group 2 - The current fund manager is Ma Jun, who has managed the fund since its inception, achieving a return of 85.10% during the tenure [2] - The top holdings of the fund include Innovent Biologics, WuXi Biologics, BeiGene, and others, with significant weightings such as 9.52% for Innovent Biologics and 9.47% for WuXi Biologics [2] - The fund's recent trading activity shows a cumulative trading amount of 34.226 billion yuan over the last 20 trading days, averaging 1.711 billion yuan per day [1]

Group 1 - Hong Kong pharmaceutical stocks experienced a rapid increase, with Rongchang Biopharmaceutical rising over 8%, and Green Leaf Pharmaceutical, CSPC Pharmaceutical, and Junshi Biosciences each rising over 5% [1] - The Hong Kong Innovative Drug ETF (159567) surged over 2%, reflecting strong market interest [1] - The Innovative Drug ETF has seen continuous net inflows for four consecutive trading days, accumulating over 1.7 billion yuan since August [1] Group 2 - Major pharmaceutical companies are significantly increasing their procurement of innovative drug patents in China, with procurement amounts from January to May nearing the total for the entire year of 2024, indicating the competitiveness of Chinese innovative drugs in the international market [1] - Upcoming major conferences, including the World Lung Cancer Conference (WCLC) in September and the European Society for Medical Oncology (ESMO) in October, will showcase research results from domestic innovative drugs, enhancing their global competitiveness [1] - The Hong Kong Innovative Drug ETF tracks the CSI Hong Kong Stock Connect Innovative Drug Index, aiming to reflect the performance characteristics of listed companies in the innovative drug sector within the Hong Kong Stock Connect [1]

Core Viewpoint - The Hong Kong Innovative Drug ETF (159567) has shown significant growth in both share volume and fund size since its inception, indicating strong investor interest in the innovative drug sector [1][2]. Group 1: Fund Performance - As of August 25, the Hong Kong Innovative Drug ETF (159567) closed with a gain of 0.20% and a trading volume of 1.44 billion yuan [1]. - The fund was established on January 3, 2024, with a management fee of 0.50% and a custody fee of 0.10% [1]. - The latest share volume reached 6.167 billion shares, with a total fund size of 6.196 billion yuan, reflecting an increase of 1459.76% in share volume and 1540.06% in fund size since December 31, 2024 [1]. Group 2: Liquidity and Trading Activity - Over the past 20 trading days, the ETF has accumulated a trading volume of 41.093 billion yuan, averaging 2.055 billion yuan per day [1]. - Since the beginning of the year, the ETF has recorded a total trading volume of 170.432 billion yuan over 157 trading days, with an average daily trading volume of 1.086 billion yuan [1]. Group 3: Fund Holdings - The current fund manager is Ma Jun, who has managed the fund since its inception, achieving a return of 100.96% during this period [2]. - Major holdings in the ETF include: - Innovent Biologics (9.52% holding, 263 million yuan market value) - WuXi Biologics (9.47% holding, 258 million yuan market value) - BeiGene (8.73% holding, 238 million yuan market value) - CanSino Biologics (7.62% holding, 208 million yuan market value) - China National Pharmaceutical Group (7.17% holding, 196 million yuan market value) [2].

Core Viewpoint - The Hong Kong Innovative Drug ETF (159567) has shown a positive performance with a 1.02% increase in value and significant trading volume, indicating strong investor interest in the innovative drug sector [1] Group 1: Fund Performance - The Hong Kong Innovative Drug ETF (159567) recorded a trading volume of 1.338 billion yuan on August 21 [1] - The fund's total shares increased by 43 million, bringing the total to 6.167 billion shares, with a notable increase of 3.974 billion shares over the past 20 trading days [1] - The latest net asset value of the fund is 6.094 billion yuan [1] Group 2: Benchmark and Management - The performance benchmark for the fund is the Guozhen Hong Kong Stock Connect Innovative Drug Index return rate, adjusted for valuation exchange rates [1] - The fund is managed by Yinhua Fund Management Co., Ltd., with Ma Jun as the fund manager [1] Group 3: Returns - Since its establishment on January 3, 2024, the fund has achieved a return of 97.64% [1] - Over the past month, the fund has delivered a return of 10.59% [1]

Core Viewpoint - The Hong Kong Innovation Drug Index has shown a remarkable increase of 101.33% this year, indicating a strong performance in the sector, with a focus on pharmaceutical research and development [1][10]. Group 1: Market Performance - The Hong Kong Innovation Drug Index will undergo adjustments effective from August 12, enhancing its focus on pharmaceutical R&D [1]. - The pharmaceutical sector, particularly innovative drugs, is identified as a clear trend with significant growth potential [1]. - The overall net profit of listed companies in the pharmaceutical and biotechnology sector reached 50.674 billion yuan in Q1 2025 [1]. Group 2: Cost Management - The pharmaceutical industry has successfully reduced sales and financial expense ratios, with sales expense ratio decreasing from 14.33% in 2021 to 12.18% in Q1 2025, and financial expense ratio dropping from 0.69% to 0.38% [5][1]. - The management expense ratio has remained stable, increasing slightly from 5.10% to 5.11% during the same period [5][1]. - The increase in R&D expense ratio from 4.26% to 4.37% reflects ongoing investment in innovation [5]. Group 3: Regulatory Environment - In the first half of this year, 43 innovative drugs were approved, marking a 59% increase compared to the previous year, nearing the total of 48 approvals for the entire year of 2024 [3]. - The acceleration in drug approval processes is attributed to reforms initiated in 2018, which have significantly shortened the approval timeline [3]. Group 4: International Expansion - Chinese pharmaceutical companies completed 94 overseas licensing transactions in 2024, totaling $51.9 billion, a 36% increase from the previous year [6]. - In the first half of 2025, the total amount for overseas licensing transactions exceeded the previous year's total, reaching $60.8 billion, indicating a strong growth trajectory [6]. Group 5: Investment Opportunities - The Hong Kong Innovation Drug ETF has outperformed, with a year-to-date increase of 101.33%, making it the top performer among eight indices tracking Hong Kong innovative drugs [10]. - The upcoming share split of the Hong Kong Innovation Drug ETF is expected to lower the investment threshold, allowing for more flexible participation [10]. - The domestic innovation drug ETF has also shown a year-to-date return of 31.06%, indicating continued upward potential in the sector [11].