Institutional Movements - Long-term funds are continuously increasing their investments in the innovative drug sector amid recent market adjustments, indicating a long-term value in this sector, although a focus on quality companies is necessary due to previous strong price increases [1] Long-term Funds Entering via ETFs - Several newly launched innovative drug-themed ETFs have seen significant purchases from long-term funds this year, with Barclays Bank being a major holder of multiple ETFs, holding 20 million yuan in one and 85 million yuan in another [2] - Corporate pension plans have also heavily invested in innovative drug ETFs, with several plans holding over 40 million yuan each [2] - As of July 3, the Huatai-PineBridge Hang Seng Innovative Drug ETF has increased by over 60% since its launch, while the ICBC Credit Suisse National Index Hong Kong Innovative Drug ETF has risen nearly 30% [2] Fund Flows - The innovative drug-themed ETFs have attracted substantial net subscriptions, totaling nearly 9 billion yuan since June, with specific ETFs like the Huatai-PineBridge and GF Hong Kong Innovative Drug ETFs seeing net subscriptions of 4.44 billion yuan and 2.305 billion yuan, respectively [3] New Fund Launches - Public funds are increasing their focus on innovative drug-themed funds, with several new funds currently being issued, including the Xinyuan CSI Hong Kong Innovative Drug Index Fund and others set to launch soon [4] Long-term Outlook for the Innovative Drug Industry - The innovative drug sector in China is expected to continue its long-term positive trend, with significant overseas collaborations and clinical advancements being recognized by multinational pharmaceutical companies [5] - The recent rise in the innovative drug sector is attributed to a decade of accumulated competitive advantages rather than short-term market fluctuations, suggesting ongoing investment opportunities in quality innovative drug companies [5] - The industry is likely to experience linear development, while market performance may be more volatile, necessitating a focus on fundamental research and selective investment strategies [5]

Market Review - The A-share market showed mixed performance last week, with the ChiNext Index, Shanghai Composite Index, and CSI 300 Index yielding returns of 0.22%, -0.25%, and -0.25% respectively, while the STAR 50, CSI 1000, and SME Index lagged with returns of -1.89%, -0.76%, and -0.65% respectively [1][10] - The metals, oil and petrochemicals, and pharmaceuticals sectors performed well, with returns of 3.95%, 3.31%, and 1.54% respectively, while food and beverage, computers, and building materials sectors underperformed with returns of -4.42%, -2.25%, and -2.16% respectively [1][17] - The central bank's reverse repo operations resulted in a net withdrawal of 72.7 billion yuan, with 930.9 billion yuan maturing and a net market injection of 858.2 billion yuan [19][21] Fund Performance - Active equity, flexible allocation, and balanced mixed funds yielded returns of 0.07%, 0.02%, and -0.28% respectively last week. Year-to-date, alternative funds have performed best with a median return of 12.15% [29][30] - The median excess return for index-enhanced funds was 0.23%, while quantitative hedge funds had a median return of -0.06%. Year-to-date, index-enhanced funds have a median excess return of 2.38% [33][34] Fund Issuance - A total of 16 new funds were established last week, with a total issuance scale of 8.934 billion yuan, a decrease from the previous week. The majority of new funds were equity mixed funds and passive index funds [40][45] - There were 34 funds entering the issuance phase last week, with 17 funds expected to start issuance this week [2][40] ETF Dividend Announcement - On June 11, Huatai-PB Fund announced a cash dividend for its Huatai-PB CSI 300 ETF, with a distribution of 0.880 yuan per 10 fund shares. The record date for dividend rights is June 17, the ex-dividend date is June 18, and the cash dividend payment date is June 27 [4][6]