机构表示，港股医药板块经过近日大幅调整，风险稍有出清，本轮调整更多是短期波动，并不改行业长 期逻辑。近期政策端利好不断，国产创新药临床数据的不断积累，其在全球范围内的竞争力持续增强， 年内预计仍会有更多跨国BD交易，为行业带来新的增长动力。场外投资者亦可关注港股通医疗 ETF 富 国联接基金（联接 A：020110，联接 C：020111）。 今日港股医疗震荡反弹，早盘创新药、AI医疗等细分领域再度活跃，表现亮眼。截至发稿，港股通医 疗ETF富国（159506）盘中涨幅达3.89%，其成分股药明生物、时代天使涨超7%，微创机器人-B涨超 6%。此外，创新药ETF富国（159748）盘中涨幅达3.03%。 消息面上，国家药监局日前介绍，目前，我国医药产业规模位居全球第二位，在研创新药数目达到全球 30%左右。"十四五"以来，共批准387个儿童药品、147个罕见病药品上市，有效满足了重点人群的用药 需求。 ...

Market Overview - On August 27, the market experienced a significant drop in the afternoon, with both the Shanghai Composite Index and Shenzhen Component Index falling over 1% [1] - The total trading volume for the day reached 3.17 trillion yuan, an increase of 486.5 billion yuan compared to the previous trading day [1] - More than 4,700 stocks in the market declined, indicating a broad-based sell-off [1] Sector Performance - The CPO (Chip Packaging and Optical) sector maintained strong performance, with stocks like New Yi Sheng reaching historical highs [1] - The Shanghai Composite Index closed down 1.76%, while the Shenzhen Component Index rose by 1.43%, and the ChiNext Index fell by 0.69% [1]

Group 1 - The Shanghai Composite Index rose by 0.56% to 3686.34 points, marking the highest level since December 2021, with a significant increase of 2.81% in the index [1] - AI hardware continues to drive market momentum, with the CPO concept reaching multiple historical highs, and sectors such as industrial gases showing strong performance [1] - Conversely, sectors like chicken, coal, and Xinjiang experienced declines [1] Group 2 - In the ETF market, AI hardware remains a strong performer, with notable increases in various ETFs: Dachen's AI ETF up by 5.24%, Fortune's communication equipment ETF up by 4.96%, and Huabao's AI ETF up by 4.64% [5] - The innovative drug sector also saw a rebound, with Fortune's innovative drug ETF rising by 3.85% and Guotai's innovative drug ETF up by 3.59% [5] - Hong Kong stocks followed the upward trend, with Fortune's internet ETF increasing by 3.72% [5] Group 3 - The 800 cash flow ETF, which had shown unusual gains previously, fell by 2.53% [6] - The energy sector declined, with coal ETFs and energy ETFs from Guangfa dropping by 0.81% and 0.62% respectively [6]

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: Market Overview - The innovative drug sector has seen positive news leading to significant gains in related ETFs, with multiple innovative drug ETFs rising over 3% on July 1, 2023, and some gaining over 65% year-to-date [2] - Bond ETFs have attracted substantial inflows, with five bond ETFs among the top ten by net inflow, including the E Fund Corporate Bond ETF, which saw a net inflow of 1.982 billion [3] - The overall market is expected to continue its moderate recovery in July, supported by domestic economic stability and ongoing policy implementation [1] Group 2: Policy Impact on Innovative Drugs - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, focusing on R&D, access, hospital use, and multi-payment systems [2] - The measures are seen as a concrete implementation of the State Council's policies, reflecting a strong commitment to the innovative drug sector [2] Group 3: Investment Strategies - The market is expected to shift focus towards high-performing companies as the semi-annual earnings reports approach, with core assets like CSI A500, CSI A50, and CSI 300 being highlighted as stable investment opportunities [4][5] - The innovative drug sector is viewed as a promising investment area due to favorable domestic policies and the potential for increased overseas licensing, with 2025 anticipated to be a significant year for licensing [5]

Group 1 - The ETF market opened with mixed performance, with the State-Owned Enterprise Dividend ETF (561060) leading the gains at 9.55% [1] - The S&P Oil & Gas ETF (513350) increased by 1.49%, while the S&P Biotechnology ETF (159502) rose by 1.35% [1] - The Innovative Drug ETF (159748) experienced the largest decline, falling by 0.88%, followed by the Engineering Machinery ETF (159542) which dropped by 0.78% [1] - The 1000 Enhanced ETF (561780) also saw a decrease of 0.59% [1] Group 2 - The news highlights the recent activation of T+0 global trading permissions for investors [1]

- The report does not contain any quantitative models or factors for analysis[1][2][3]

Core Viewpoint - The recent policy measures from the National Healthcare Security Administration and the National Health Commission are seen as long-term benefits for the innovative drug sector, although there may be short-term profit-taking effects following the initial market reactions to the policy [3][4]. Group 1: Policy Measures - The policy includes 16 measures across five areas to support the development of innovative drugs, such as enhancing R&D support and integrating innovative drugs into insurance coverage [3]. - Key points include using healthcare data to improve R&D efficiency, establishing a commercial insurance directory for innovative drugs, and exploring temporary inclusion of essential innovative drugs in insurance coverage during public health emergencies [3]. Group 2: Market Performance - The Hong Kong innovative drug index saw a significant increase of 54.78% in the first half of the year, leading to concerns about the sustainability of this growth [4]. - Following the policy announcement, many innovative drug stocks experienced gains exceeding 10%, but subsequent profit-taking led to a market correction [3][4]. Group 3: ETF Overview - There are 20 ETFs tracking indices related to innovative drugs, with the largest being the GF Fund's Hong Kong Innovative Drug ETF, which has a scale of 138.51 billion [5][7]. - The management fees for the innovative drug ETFs vary, with the lowest being 0.15% for certain funds [5][7]. Group 4: Future Outlook - The innovative drug industry is expected to transition from capital-driven growth to profit-driven growth by 2025, presenting opportunities for both performance and valuation recovery [5][8].

Group 1 - The ETF market showed mixed performance, with the Steel ETF (515210) leading gains at 3.69% [1] - The leading photovoltaic ETF (516290) increased by 3.37%, while the Photovoltaic 50 ETF (516880) rose by 3.19% [1] - The innovative drug ETF from FuGuo (159748) experienced the largest decline at 5.14%, followed by the Hong Kong Stock Connect innovative drug ETF (159570) which fell by 4.25%, and the Guotai innovative drug ETF (517110) decreased by 3.3% [1]

Group 1 - The ETF market showed mixed performance at midday, with the Engineering Machinery ETF (159542) leading gains at 1.93% [1] - The Photovoltaic 50 ETF (516880) increased by 1.77%, while the Photovoltaic Leading ETF (516290) rose by 1.68% [1] - On the downside, the Innovative Drug ETF (159748) fell by 4.72%, and the Hong Kong Stock Connect Innovative Drug ETF (159570) decreased by 3.19% [1] - The Hong Kong Stock Connect 100 ETF (159788) also saw a decline of 3.01% [1] Group 2 - The article suggests that investors should consider buying index ETFs to capitalize on market rebounds [1]