◎记者 赵明超 4月中旬以来，权益市场行情震荡向上，股债跷跷板效应持续强化。近期，多只权益类基金宣布提前结 束募集，更多权益类创新产品密集获批和上报。与之形成反差的是，债券基金遭遇发行遇阻和大额赎回 的双重压力。在业内人士看来，当前权益类创新产品密集推出，成为增量资金入市的重要载体。 多只权益类基金提前结募 权益类基金发行频现提前结募情形。7月18日，国泰基金公告称，国泰上证科创板创新药ETF 7月14日 开始募集，募集截止日由原定的7月25日提前至7月18日。 华泰柏瑞中证A股ETF的募集期更为短暂。该基金原定募集期为7月14日至7月25日。7月16日，华泰柏瑞 基金公告称，提前结束募集，将基金的募集截止日提前至7月15日。 ■机构动向 部分债券基金则延长募集期。7月11日，鹏扬基金公告称，将鹏扬淳华债券基金的部分销售机构的募集 期延长至7月14日，具体适用销售机构为鹏扬基金直销渠道、招商银行、宁波银行同业易管家平台。亦 有债券基金募集失败。7月11日，国融基金公告称，截至7月10日基金募集期限届满，国融添利6个月持 有期债券未能满足基金合同约定的基金备案条件，故基金合同不能生效。 此外，多只存量债券基金遭 ...

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]