Core Viewpoint - The Hong Kong stock market experienced a pullback after reaching new highs, with the Hang Seng Index and Hang Seng Tech Index both declining. Despite this, there are still optimistic projections for future growth, particularly in the technology sector, which is expected to attract investor interest [1][2]. Market Performance - As of October 8, the Hang Seng Index fell by 0.48% to 26,829.46 points, while the Hang Seng Tech Index decreased by 0.55% to 6,514.19 points. The indices had previously reached new highs on October 2, with the Hang Seng Index peaking at 27,381.84 points [1][2]. - Year-to-date, the Hang Seng Index and Hang Seng Tech Index have increased by 33.75% and 45.79%, respectively [2]. Fund Performance - Several Hong Kong-themed funds have shown outstanding performance, with some achieving returns as high as 155% in the first three quarters of the year. Notable funds include the Huatai-PineBridge Hong Kong Advantage Selected Mixed Fund and the Bank of China Hong Kong Stock Connect Pharmaceutical Mixed Fund, which reported returns of 155.14% and 126.55%, respectively [3][2]. Sector Focus - The innovative pharmaceutical sector has gained significant attention, with the China Securities Index tracking the Hong Kong Stock Connect Innovative Pharmaceutical Index showing a year-to-date increase of 118.52% [3]. - The long-term outlook for the Hong Kong market remains positive, particularly in core areas such as the internet, innovative pharmaceuticals, and medical biotechnology, which are expected to attract capital inflows [3][4]. Investment Strategy - Future investment opportunities in Hong Kong-themed funds are anticipated, especially those focusing on new economy, technology, and innovation sectors. Investors are advised to prioritize reasonably valued assets with clear growth potential and consider a systematic investment approach [4].

Core Viewpoint - The stock of Yaojie Ankang experienced extreme volatility on September 16, with a peak increase of 63% followed by a dramatic drop of 53.7%, resulting in a market value loss exceeding 190 billion HKD [2][5]. Company Overview - Yaojie Ankang, established in 2014, focuses on developing innovative small molecule therapies for cancer, inflammation, and cardiovascular metabolic diseases. The company currently has no commercialized products and reported losses of 343 million HKD and 275 million HKD for 2023 and 2024, respectively [5][6]. Stock Performance - The stock was listed on June 23, 2023, at an initial price of 13.15 HKD, and saw its value soar over 50 times, reaching a market capitalization close to 270 billion HKD, making it one of the top biotech firms in the Hong Kong market [3][5]. - On September 16, the stock price peaked at 679.5 HKD before closing at 192 HKD, marking a 72% decline from its intraday high [5][6]. ETF and Market Impact - Several ETFs tracking the National Index for Hong Kong Stock Connect Innovation were implicated in high-level buying during the stock's surge, raising concerns about their role as "bag holders" after the price drop [6][9]. - The National Index for Hong Kong Stock Connect Innovation saw a decline of 3.86% on the same day, with corresponding ETFs experiencing significant losses, indicating a direct impact from Yaojie Ankang's stock volatility [7][8]. Market Dynamics - The stock's rapid rise was attributed to limited liquidity, with only 549,000 shares available for trading, which allowed small amounts of capital to cause significant price fluctuations [6]. - The lack of transparency regarding the inclusion of Yaojie Ankang in the ETF indices has raised concerns among investors, potentially affecting their confidence and leading to unanticipated losses [9].

Core Viewpoint - Multiple Hong Kong innovative drug companies' stock prices surged today, driven by related concept stocks, with the Hong Kong Innovative Drug ETF showing strong performance, including a half-day trading volume of 2.29 billion yuan for the Hong Kong Innovative Drug ETF (159570) [1][6]. Group 1: ETF Performance - The Hong Kong Innovative Drug ETF (520880) increased by 3.76%, with a trading volume of 2.04 billion yuan and a total size of 283 million units [3][6]. - Other related ETFs also saw significant gains, with the Hong Kong Innovative Drug ETF (159570) rising by 3.54% and achieving a trading volume of 2.29 billion yuan, while its total size reached 5.513 billion units [6][10]. - The performance of various ETFs in the innovative drug sector includes: - Hong Kong Innovative Drug ETF (520880): 3.76% increase, 283 million units - Hang Seng Innovative Drug ETF (520500): 3.74% increase, 466 million units - Hong Kong Innovative Drug ETF (159567): 3.57% increase, 2.031 billion units - Hong Kong Innovative Drug ETF (159570): 3.54% increase, 5.513 billion units [2][6]. Group 2: Investment Logic - The investment logic indicates that policy support for innovative drugs is improving, with an expected increase in the number and innovation of new drug launches. The structure of medical insurance fund expenditures is shifting towards innovative drugs, leading to a more reasonable pricing mechanism [3][7]. - The supply side is focusing on high-quality innovations and strengthening support for innovative drugs going abroad. The pharmaceutical industry has undergone valuation digestion, placing innovative drug valuations at a low point, which provides a basis for systematic rebound [3][7]. Group 3: Index Characteristics - The Guozheng Hong Kong Innovative Drug Index selects companies involved in innovative drug research and production, reflecting the operational characteristics of listed companies in the innovative drug industry. The index covers the innovative drug sector comprehensively, with a high proportion of other biological products and chemical preparations [7][10]. - The index is characterized by a market capitalization distribution skewed towards small and mid-cap stocks, with valuations at historical lows, indicating high investment cost-effectiveness [7][10].

6月4日，港股午间收盘，恒生指数涨0.72%，恒生科技指数涨1.01%，中证港股通创新药指数 (931250.CSI)上涨3.79%，信达生物上涨15.07%，再鼎医药涨10.97%，泰格医药涨超9%。 相关ETF方面，港股创新药50ETF（513780）早盘涨4%，盘中最高价达1.391元创历史新高，成交额为 2.99亿元，暂居同标的产品第一。资金流向方面，截至6月3日，该ETF已连续3个交易日获资金净流 入，累计净流入额为6333.69万元。该ETF最新流通份额为4.19亿份，最新流通规模为5.53亿元。值得一 提的是，截至6月4日午间收盘，港股创新药50ETF（513780）年内涨超45%。 港股创新药50ETF(513780.SH)紧密跟踪中证港股通创新药指数(931250.CSI)，中证港股通创新药指数从 港股通范围内选取50只业务涉及创新药研发以及为制药企业提供药物研究、开发和生产等服务的上市公 司证券作为指数样本，以反映港股通范围内创新药上市公司证券的整体表现。该ETF配备了2只场外联 接基金（A：023597/C：023598）。 全球来看，BD交易早已存在，买方通常是手握充沛现金流的知名大药 ...