有券商表示，创新药核心资产仍将上行，小核酸、体内CAR新机遇层出不穷。创新药BD是长期产业趋势，是中 国创新药力量进入世界舞台的价值兑现，对于已授权MNC的核心资产将随着临床进展持续兑现价值。除此以 外，未来仍要锚定前沿技术平台，紧跟临床数据进展。 （文章来源：每日经济新闻） 创新药概念股走强，药明康德、康龙化成涨超7%，信立泰涨超3%，恒瑞医药、复星医药、华东医药涨超2%。 受盘面影响，创新药相关ETF涨超2%。 | 代码 | 名称 | 现价 | | 涨跌 涨跌幅 | | --- | --- | --- | --- | --- | | 516060 | 创新药产业ETF | 0.633 | 0.016 | 2.59% | | 159992 | 创新药ETF | 0.919 | 0.022 | 2.45% | | 516080 | 创新药ETF易方达 | 0.725 | 0.017 | 2.40% | | 515120 | 创新药ETF | 0.689 | 0.016 | 2.38% | | 159835 | 创新药50ETF | 0.717 | 0.017 | 2.43% | | 159858 | 创新药E ...

Core Viewpoint - The behavior of leading funds in the market is determined by the positioning of the market, which in turn influences the structure and pattern of industries that experience growth. Historically, liquidity-driven markets tend to concentrate on strong sectors rather than rotating between high and low performers [1][2]. Group 1: Market Behavior and Trends - In liquidity-driven markets, once a sector gains consensus, its strong performance tends to persist until the end of the market cycle [2]. - Strong sectors often see their peak performance occur later than mid-tier sectors, indicating a lack of significant high-low rotation [2]. - The excess returns of leading sectors compared to mid-tier and low-tier sectors tend to expand throughout the market cycle [2]. Group 2: Investment Focus and Sector Performance - Current focus remains on sectors such as AI, innovative pharmaceuticals, resources, and the STAR Market [1][6]. - In July, sectors with strong industrial trends, such as innovative pharmaceuticals and rare metals, outperformed, with ETFs recording significant gains: Communication ETF at 20.4%, Innovative Pharmaceutical ETF at 16.9%, and Rare Metals ETF at 15.4% [5]. - Conversely, sectors relying on short-term speculative themes, like coal, saw significant pullbacks, indicating a preference for strong trend sectors over low-positioned ones [5]. Group 3: Liquidity and Market Dynamics - Recent marginal slowdown in incremental liquidity suggests that the market needs to cool down for sustainable growth [6]. - Public mutual funds experienced a net outflow of approximately 25.1 billion in July, following a rare net inflow in June, indicating a shift in investor sentiment [7]. - Despite some outflows, industry and thematic ETFs saw net inflows, driven primarily by individual investors, with significant inflows into cyclical, manufacturing, and technology ETFs [7]. Group 4: Sector-Specific Insights - AI sector faces uncertainty regarding the transition from North American supply chains to domestic ones, with current trends reflecting more on industrial trends than pure valuation [8]. - The innovative pharmaceuticals sector is supported by potential business development expectations, with large pharmaceutical companies still having room for valuation growth compared to previous years [9]. - Resource stocks are currently well-matched in terms of fundamentals and valuations, with price increases reflecting earnings elasticity due to supply constraints and slow demand growth [10]. Group 5: Long-term Investment Considerations - The "15th Five-Year Plan" guidance is anticipated to provide clearer, quantifiable constraints on industry capacity expansion, which could stabilize long-term supply-demand relationships [4]. - The semiconductor sector, particularly the STAR Market, is expected to see a resurgence, especially if optimistic guidance is provided by key players like SMIC [10].