（OptiTROP-Lung04），sac-TMT单药对照化疗治疗HR+/HER2- mBC的ph3临床（OptiTROP- Breast02），以及荣昌生物的RC48、RC118、RC148，百利天恒的BL-B01D1，乐普生物的MRG004A， 三生制药的707等。随着国产创新药的临床数据和临床进度在全球范围内的竞争力越来越强，创新药出 海的趋势不断加强。 机构称，历史上，每年四季度也是BD集中落地的季度，康方生物、科伦博泰、百利天恒的超大额BD均 在Q4落地，国际大型药企（MNC）一般会在Q4集中花完全年的预算。近3个月创新药经历了较长时间 回调，调整幅度达到一定水平，在外围扰动事件的影响下（实际并不影响基本面），当前市场预期已经 降低。短期后续仍然有多个催化（包括欧洲肿瘤大会ESMO数据、三季度业绩持续放量、BD有望持续 落地），以及长期创新药企业报表有望持续改善，对外出海维持高景气度的趋势，#继续看好创新药中 长期大级别行情。 10月24日午盘，医药板块持续震荡，医疗创新ETF(516820.SH) 现涨0.26%。成分股康龙化成(300759)上 涨3.34%，兴齐眼药(300573)上涨2.35 ...

Group 1 - The pharmaceutical sector showed volatility with the Medical Innovation ETF (516820.SH) initially dropping but later rising over 2.7%, narrowing its decline to 0.97% [1] - Among the constituent stocks, Haikang (002653) led with a gain of 2.42%, while Hengrui Medicine (600276) experienced the largest decline at 3.30% [1] - According to Founder Securities, the strong mainline attribute of innovative drugs remains unchanged, with September potentially marking a new wave for innovative drugs due to several factors including the clearing of mid-year reports and upcoming key academic conferences [1] Group 2 - The Medical Innovation ETF has seen continuous net inflows over the past three days, with a peak single-day net inflow of 12.87 million yuan, totaling 25.11 million yuan [1] - Leverage funds are actively positioning themselves, with the latest financing buy amounting to 5.53 million yuan and a financing balance of 45.45 million yuan [1] - Institutions remain confident in quality innovation and the innovation industry chain, viewing any external disturbances as buying opportunities [2]

数据显示，杠杆资金持续布局中。医疗创新ETF最新融资买入额达553.14万元，最新融资余额达4545.07 万元。 9月11日早盘，医药板块震荡走高，医疗创新ETF(516820.SH)重挫后拉升逾2%，现跌1.69%。成分股方 面涨跌互现，爱尔眼科(300015)领涨1.88%，新产业(300832)上涨0.78%，迈瑞医疗(300760)上涨0.44%； 恒瑞医药(600276)领跌4.85%，康龙化成(300759)下跌4.47%，药明康德(603259)下跌3.52%。 方正证券称，创新药强主线属性不变，九月份有可能是创新药新一波的起点，基于：1)中报出清，重新 建立全年业绩预期；2）9月初CSCO会议，WCLC，10月ESMO等关键学术会议临近，中国数据继续霸 榜；3）个股强催化如：华海，辰欣，京新，汇宇，华纳等，关键数据均在9-10月读出；4） BD的持续 达成，Q4预计将有持续兑现模板。 从资金净流入方面来看，医疗创新ETF近3天获得连续资金净流入，最高单日获得1286.83万元净流入， 合计"吸金"2511.47万元，日均净流入达837.16万元。 美国降息预期提升，将强化全球流动性与科技股的 ...

Core Viewpoint - The pharmaceutical sector is experiencing a strong rally, with the Medical Innovation ETF (516820.SH) rising by 2.02% on August 29, driven by significant gains in constituent stocks such as WuXi AppTec (603259) up 4.74%, Baillie Gifford (688506) up 4.23%, and Heng Rui Medicine (600276) up 4.11% [1] Fund Flows - The Medical Innovation ETF has seen continuous net inflows over the past four days, with a peak single-day net inflow of 35.09 million yuan, totaling 59.14 million yuan [1] - Leveraged funds are increasingly positioning themselves in the sector, with a financing net purchase amount of 2.22 million yuan on the previous trading day and a latest financing balance of 47.20 million yuan [1] Market Dynamics - There is a market rotation of funds from high-valued sectors to reasonably valued tracks, indicating a potential expansion of the pharmaceutical market from innovative drugs to lower-valued medical devices [1] - Core assets at the bottom are gradually rebounding, with many of the top ten constituent stocks having valuations below the historical 20th percentile, highlighting a significant margin of safety [1] Economic Context - Weak U.S. economic and employment data may accelerate the Federal Reserve's rate cuts, which could enhance global liquidity and favor technology stocks, presenting a good opportunity for investment [1] - Investors who missed the initial rally in the pharmaceutical sector can use the Medical Innovation ETF (516820) to position themselves ahead of a potential recovery [1]

Core Viewpoint - The market is experiencing a rotation from high valuation sectors to reasonably valued sectors, with a notable rebound in core assets in the medical innovation space [1] Group 1: Market Performance - On August 21, the market showed a "high-low cut" trend, with medical devices, traditional Chinese medicine, and vaccines leading in gains [1] - The Medical Innovation ETF (516820.SH) rose by 1.28%, with key stocks such as Pizhou Pharmaceutical (600436) up 4.84%, Mindray Medical (300760) up 3.73%, and Yuyue Medical (002223) up 2.43% [1] Group 2: Investment Opportunities - Funds are shifting towards undervalued sectors, with core assets in medical innovation gradually rebounding [1] - The top ten component stocks in the Medical Innovation ETF are mostly valued below the historical 20th percentile, indicating a significant safety margin [1] - Investors who missed the first half of the medical sector rally can position themselves in the Medical Innovation ETF (516820) to capitalize on the recovery [1]

Group 1 - Pharmaceutical stocks showed strength in the market, with the Medical Innovation ETF (516820.SH) rising by 0.78% and key stocks like WuXi AppTec (603259) increasing by 3.36% [1] - WuXi AppTec reported double-digit growth in both revenue and net profit for the first half of the year, reaching historical highs for the same period, and raised its full-year revenue guidance from 41.5-43 billion to 42.5-43.5 billion [1] - The company announced its first interim dividend of approximately 1 billion, with total dividends and buybacks for the year expected to reach nearly 7 billion [1] Group 2 - Market funds are shifting from high valuation sectors to reasonably valued tracks, with core assets gradually rebounding, particularly in the medical innovation sector [2] - The top ten component stocks in the medical innovation sector are mostly valued below the historical 20th percentile, indicating a significant margin of safety [2] - Investors who missed the first half of the pharmaceutical market rally can position themselves in the Medical Innovation ETF (516820) to capitalize on the recovery [2]