Group 1 - The ETF market opened with mixed performance on September 29, with notable gains in specific sectors [1] - The Southern Science and Technology Growth ETF (589700) increased by 9.61%, indicating strong investor interest in this sector [1] - The Energy Storage Battery ETF from GF (159305) rose by 2.24%, reflecting positive sentiment in the energy storage market [1] Group 2 - The Information Technology ETF (562560) saw a gain of 2.09%, suggesting a stable outlook for technology investments [1] - Conversely, the Communication Equipment ETF (159583) declined by 1.98%, indicating potential challenges in this sector [1] - The ChiNext Artificial Intelligence ETF from Huaan (159279) fell by 1.7%, and the Innovative Drug ETF from Tianhong (517380) decreased by 1.65%, highlighting some volatility in these emerging sectors [1]

来源：市场资讯 （来源：基民柠檬） 虽迟但到，也来聊聊药捷安康-B的事儿。作为市场热门话题，相信不少人都看过相关分析，柠檬君尽量 聊些不一样的。 股价上蹿下跳的药捷安康 可能不少人已经了解过这件事的来龙去脉，不过柠檬君还是要给没听说过的朋友们简单说一下： 国证港股通创新药指数在9月的定期调整中，给到大约百分之二点六的权重，而跟踪这个指数的4只 ETF，规模大概360亿元，需要配置近10亿的药捷安康-B（02617），这资金量级对于一个此前成交量在 2000万级别的股票来说，实在是太大了。 指数的调整是明牌，指数基金的操作无非也就是早点晚点，毕竟要考虑跟踪误差，而且这种流动性不好 的股票，很容易被涌入资金拉抬上去，一般来说晚买会吃亏。而这种明牌操作也很容易被市场上其他资 金盯上，被针对。于是乎就出现了这样的波动： 指数12日调整，15日实施，一般来说基金公司会提前一些在12日以及正日子15日都有所操作，其间药捷 安康-B（02617）股价刚好出现大幅波动，11日收盘价108.7元，12日收盘价192.5元，15日收盘价415 元。16日，部分ETF还没有买完，还得继续配置，当天股价冲高到679.5元，收盘192 ...

Core Insights - The innovative drug ETF Tianhong (517380) has reached a new high in scale, totaling 1.283 billion yuan and 1.474 billion shares as of September 16, 2025 [3][4] - The biopharmaceutical ETF (159859) has shown significant growth, with a recent net inflow of 1.72 billion yuan over the past five trading days, ranking first among comparable funds [4][5] - Recent regulatory changes by the National Medical Products Administration aim to enhance the efficiency of clinical trial approvals for innovative drugs, potentially boosting the sector's growth [7][8] Fund Performance - The innovative drug ETF Tianhong (517380) has recorded a trading volume of 37.49 million yuan on September 17, 2025, with significant gains in constituent stocks such as Huyou Pharmaceutical (688553) and WuXi AppTec (02359) [2] - The biopharmaceutical ETF (159859) has seen a trading volume of 115 million yuan, with notable increases in stocks like Baillie Tianheng (688506) and WuXi AppTec (603259) [3] - The innovative drug ETF Tianhong (517380) has a weekly volatility of 9.74%, indicating a more stable performance compared to other indices in the sector [5] Market Trends - The innovative drug sector has shown resilience, with an average revenue growth of 35% among 393 pharmaceutical companies listed in A-shares and Hong Kong in the first half of 2025, driven by favorable medical insurance policies [7] - The recent fluctuations in the stock price of the Hong Kong-listed innovative drug company, Jiajie Ankang, have sparked discussions due to its inclusion in multiple indices, although it is not part of the indices tracked by Tianhong's ETFs [4][5] Regulatory Environment - The National Medical Products Administration's recent announcement aims to streamline the approval process for innovative drug clinical trials, potentially leading to a more efficient development cycle for new drugs [8] - The regulatory changes are expected to instill confidence in innovative drug companies, supporting a comprehensive development framework that includes research, market entry, and clinical application [8]

| 交易日 | 融资净买入 (元) | | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | --- | | 2025-08-25 | | 47.10万 | 2125.75万 | | | 2025-08-22 | | 363.60万 | 2078.65万 | | | 2025-08-21 | | 50.08万 | 1715.06万 | | | 2025-08-20 | | 302.89万 | 1664.98万 | | | 2025-08-19 | | 101.46万 | 1362.09万 | | 小知识 融券方面，当日无融券交易。 融资融券余额2125.75万元，较昨日上涨2.27%。 证券之星消息，8月25日，创新药ETF天弘（517380）融资买入640.8万元，融资偿还593.71万元，融资 净买入47.1万元，融资余额2125.75万元，近3个交易日已连续净买入累计460.77万元，近20个交易日中 有13个交易日出现融资净买入。 | 交易日 | 两融余额(元) | 余额变动(元) | 变动幅度 | | --- | --- | --- | --- | | 202 ...

| 交易日 | 两融余额(元) | 余额变动(元) | 变动幅度 | | --- | --- | --- | --- | | 2025-08-21 | 1715.06万 | 50.08万 | 3.01% | | 2025-08-20 | 1664.98万 | 302.89万 | 22.24% | | 2025-08-19 | 1362.09万 | 101.46万 | 8.05% | | 2025-08-18 | 1260.63万 | -116.11万 | -8.43% | | 2025-08-15 | 1376.74万 | 99.60万 | 7.80% | 证券之星消息，8月21日，创新药ETF天弘（517380）融资买入450.21万元，融资偿还400.13万元，融资 净买入50.08万元，融资余额1715.06万元，近3个交易日已连续净买入累计454.43万元，近20个交易日中 有13个交易日出现融资净买入。 | 交易日 | 融资净买入(元) | | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | --- | | 2025-08-21 | | 50.08万 | 1 ...

Market Overview - The three major A-share indices collectively closed lower, with the Shanghai Composite Index down 0.02%, the Shenzhen Component Index down 0.12%, and the ChiNext Index down 0.17% [1] - The North Star 50 Index increased by 1.27%, reaching a new high [1] - The market recorded a trading volume exceeding 2 trillion for the fifth consecutive day, with a total trading volume of 26,407 billion yuan, a decrease of 1,685 billion yuan from the previous day [1] - Over 2,900 stocks in the market experienced gains [1] Sector Performance - The CPO and consumer electronics sectors remained hot, with Industrial Fulian hitting the daily limit and approaching a market value of 1 trillion yuan [1] - The liquor and robotics sectors showed active performance [1] - The large financial sector generally underwent a correction, while sectors such as PEEK materials, photolithography machines, and military information technology collectively retreated [1] ETF Performance - In the ETF market, the Cathay Fund Communication ETF rose by 4%, while the ChiNext AI ETFs from Cathay, Southern, and Huabao increased by 2.67%, 2.55%, and 2.52% respectively [1] - The consumer electronics sector continued to perform well, with the Huaxia Fund Consumer ETF rising by 1.97% [1] - The robotics sector maintained its upward trend, with the E-Fund Robotics ETF increasing by 1.59% [1] - Liquor stocks saw a rebound, with the Penghua Fund Liquor ETF rising by 1.54% [1] Hong Kong Market - The innovative drug sector in the Hong Kong market experienced a full retreat, with the Hong Kong Innovative Drug ETF, Hong Kong Stock Connect Innovative Drug ETF, and Tianhong Innovative Drug ETF all declining by over 3% [1] - The military sector also saw a decline, with the leading military ETF dropping by 2.52% [1] - The securities sector adjusted, with the Southern Securities ETF and Vanguard Securities ETF falling by 2.37% and 2.31% respectively [1]

| 交易日 | 两融余额(元) | 余额变动(元) | 变动幅度 | | --- | --- | --- | --- | | 2025-07-29 | 779.79万 | 473.82万 | 154.86% | | 2025-07-28 | 305.97万 | 117.34万 | 62.20% | | 2025-07-25 | 188.63万 | 20.56万 | 12.23% | | 2025-07-24 | 168.07万 | 30.30万 | 22.00% | | 2025-07-23 | 137.77万 | -135.32万 | -49.55% | 小知识 证券之星消息，7月29日，创新药ETF天弘（517380）融资买入561.9万元，融资偿还88.08万元，融资净 买入473.82万元，融资余额779.79万元，近3个交易日已连续净买入累计611.72万元。 | 交易日 | 融资净买入 (元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-07-29 | 473.82万 | 779.79万 | | | 2025-07-28 | 117. ...

Report Industry Investment Rating - Not mentioned in the report Core Viewpoints - The market is expected to evolve into a trend - upward market as anti - involution boosts listed companies' performance, and the inflow of funds is likely to accelerate in the future. Commodity prices are optimistic in the medium - term [2] Summary by Relevant Catalogs Market Review - On Tuesday, major indices first declined and then rose, closing slightly higher, with the science - innovation style leading the market. The trading volume of the two markets was 1.80 trillion yuan, showing a slight increase. The CSI 1000 index closed at 6773 points, up 43 points or 0.65%; the CSI 500 index closed at 6356 points, up 32 points or 0.52%; the SSE 50 index closed at 2808 points, up 5 points or 0.21%; the SSE 300 index closed at 4152 points, up 16 points or 0.39%. In the industry and theme ETFs, the top gainers were the Innovent Biologics ETF Tianhong, Communication Equipment ETF, ChiNext Artificial Intelligence ETF Huaxia, Biopharmaceutical ETF, and Communication ETF, while the top losers were the Bank ETF, Aquaculture ETF, and Film and Television ETF. Among the sector indices of the two markets, the top gainers were the medical service, communication equipment, CXO concept, sports, and general steel indices, and the top losers were the aquaculture, small and medium - sized banks, insurance, grain concept, and white goods indices. The CSI 1000, SSE 300, and CSI 500 index futures saw net outflows of 19, 9, and 7 billion yuan respectively [1] Important Information - The national parenting subsidy system implementation plan was announced. From January 1, 2025, families with one - child, two - child, or three - child can receive an annual subsidy of 3600 yuan until the child reaches 3 years old [1] - Recently, multiple departments held economic situation seminars, mid - year work meetings, or relevant press conferences, revealing future work priorities. The policy focus in the second half of the year is on expanding domestic demand, "anti - involution", and stabilizing the property and stock markets [1][2] - The National Industry and Information Technology Department held a symposium for responsible comrades, deploying key tasks for the next stage, including implementing a new round of ten key industries' stable - growth actions, formulating action plans to enhance the adaptability of consumer goods supply and demand to boost consumption, and promoting the in - depth integration of informatization and industrialization [1][2] - The "Artificial Intelligence + Manufacturing" action will be further promoted, with efforts to strengthen the research on the underlying technology and application in key scenarios. The application of the industrial Internet will be deepened in a hierarchical and classified manner to cultivate a number of industrial intelligent agents [1] - At the closing ceremony of the Shanghai Artificial Intelligence Conference, a number of major projects were signed, covering fields such as intelligent driving, embodied intelligence, and robots. A total of 31 projects were signed, with an investment of over 15 billion yuan [1] - The chief economist of the China Institute for the Development Strategy of New - Generation Artificial Intelligence believes that artificial intelligence is reshaping the underlying logic of economic growth. China's advantages in AI scenario application and technological innovation are gradually transforming into industrial competitiveness [1] - Goldman Sachs predicts that by 2030, the Chinese RoboTaxi market will reach 14 billion US dollars, with a fleet size of about 535,000 vehicles [2] - After the Asian Infrastructure Investment Bank, Morgan Stanley and the Hungarian government successfully issued panda bonds in the Chinese inter - bank market. As of July 28, 2025, the issuance scale of panda bonds in the inter - bank market this year was 111.2 billion yuan [2] - Oil traders expect OPEC+ to finalize a new round of significant production increases this weekend, further restoring the group's suspended production capacity. Most traders and analysts predict that Saudi Arabia and its partners will approve an additional production increase of 548,000 barrels per day in September at the video conference on August 3 [2] - EU officials clarified that since the 600 - billion - dollar investment in the US will come entirely from private - sector investment, the European Commission has no jurisdiction and cannot guarantee the achievement of the investment target [2] Market Logic - On Tuesday, major indices first declined and then rose, showing strong performance and closing slightly higher. The policy focus in the second half of the year is clear. The regulatory authorities have included index funds in personal pension products, and many index funds have recently added Y - shares. The continuous expansion of the personal pension product portfolio provides more choices for investors and injects long - term stable funds into the capital market [2] Future Outlook - On Tuesday, major indices first declined and then rose, showing strong performance and closing slightly higher. The symposium of the National Industry and Information Technology Department deployed key tasks for the next stage. The market has seen a widespread inflow of institutional funds, and with the accumulation of profit - making effects, the inflow of retail investors is accelerating. The market is gradually reaching a consensus that China has unique and attractive investment opportunities, especially those related to the developing technology ecosystem. The re - allocation of global financial assets away from the US is expected to accelerate the inflow of international funds into A - shares. The anti - involution will boost the performance of listed companies, and the market is expected to evolve into a trending upward market. The wealth effect of the stock market is emerging, and the inflow of funds is expected to accelerate. Commodity prices generally rebounded on Tuesday, and the sharp decline on Monday was a correction in the bull market, with an optimistic medium - term outlook [2] Trading Strategy - For futures trading, anti - involution boosts the performance of listed companies, and the market is evolving into a capital - driven upward trend. The wealth effect of the stock market is emerging, and growth - style stock index futures have stronger offensive capabilities [2] - For option trading, as the market evolves into a trending upward market, investors should buy out - of - the - money long - term index call options [2]

一、ETF行业快讯1.三大指数集体上涨，多只创新药板块ETF上涨 2.板块表现 今日，三大指数集体上涨，上证综指上涨0.33%，深证成指上涨0.64%，创业板指上涨1.86%。多只医药 生物板块ETF上涨，其中，创新药ETF华泰柏瑞（517120.SH）上涨4.95%，创新药ETF天弘 （517380.SH）上涨4.56%，创新药ETF富国（159748.SZ）上涨4.53%。农林牧渔板块多只ETF下跌， 养殖ETF（516760.SH）下跌1.18%，农业50ETF（516810.SH）下跌1.15%，畜牧养殖ETF （516670.SH）下跌1.14%。 江海证券指出，创新药产业的蓬勃发展将产生强大的带动效应，推动整个产业链上下游企业协同发展， 可重点布局相关企业。长期投资视角，把握创新药板块估值修复机会。从长期投资角度来看，创新药板 块具备较高的投资价值，当前正是把握创新药板块估值修复机会的关键时期。 中信建投证券认为，中国诸多创新药资产近年来逐步进入全球视野，BD（Business Development）授权 金额及数量持续攀升，全球影响力持续扩大。伴随着临床数据的驱动以及持续强化的BD预期的催化， ...

Group 1 - The Hong Kong Stock Connect innovative drug ETF (520880) led the gains with an increase of 5.06% [1] - The Huatai-PB innovative drug ETF (517120) rose by 4.95% [1] - The Tianhong innovative drug ETF (517380) increased by 4.56% [1] Group 2 - The 180 governance ETF (510010) was the biggest loser, declining by 2.71% [1] - The German ETF (159561) fell by 2.36% [1] - The French CAC40 ETF (513080) decreased by 2.16% [1]