Core Viewpoint - The development and scale competition of public ETF products are facing new regulatory requirements, with a focus on standardizing ETF naming conventions by March 31, 2026 [1][2]. Group 1: Regulatory Changes - The Shanghai and Shenzhen Stock Exchanges have issued revised guidelines requiring ETF names to include the fund manager's name and follow a specific naming structure: "core elements of investment target + ETF" [2][6]. - Existing ETFs must complete the renaming process by the specified deadline, prompting many public funds to respond actively [2][3]. Group 2: Market Response - Several public funds, including Dachen Fund and Penghua Fund, have already begun to change their ETF names in accordance with the new regulations, with Dachen Fund changing its ETF name to "深成长ETF大成" [2][3]. - Some funds have been proactive, with E-Fund and others adjusting multiple ETF names earlier in the year to align with the new naming rules [3][4]. Group 3: Strategic Considerations - Public funds are strategically timing their ETF name changes based on product performance and market potential, focusing on those with limited growth while reserving changes for high-potential ETFs until closer to the deadline [4][5]. - The trend shows that ETFs with names not including the fund manager's name have attracted more retail investor interest, especially in high-performing sectors [4][5]. Group 4: Enhanced Product Differentiation - The new naming conventions are expected to improve product differentiation in a crowded ETF market, making it easier for investors to identify and select products [6][7]. - The inclusion of the fund manager's name in ETF titles is anticipated to enhance investor decision-making efficiency and reduce information search costs [6][7].

Market Overview - The A-share market experienced a decline across major indices last week, with the Shanghai Composite Index, CSI 1000, and CSI 300 showing returns of -0.18%, -0.52%, and -1.08% respectively. In contrast, the STAR 50, ChiNext Index, and SME Board Index had poorer performances with returns of -3.85%, -3.01%, and -1.71% respectively [1] - In terms of industry performance, consumer services, textiles and apparel, and pharmaceuticals led with returns of 4.81%, 4.43%, and 3.29% respectively, while communication, electronics, and computers lagged with returns of -4.90%, -4.44%, and -3.72% respectively [1] Fund Flow - The ETF market saw a net inflow of 29.317 billion yuan last week, with stock ETFs contributing 17.352 billion yuan, QDII stock ETFs 5 billion yuan, commodity ETFs 5.957 billion yuan, money market fund ETFs 1.236 billion yuan, and bond ETFs experiencing a net outflow of 0.276 billion yuan [2] - Specific indices that saw significant net inflows include SGE Gold 9999 (5.573 billion yuan), STAR 50 (3.532 billion yuan), and ChiNext AI (2.300 billion yuan) [4] - Conversely, indices such as CSI A500 and CSI 300 experienced notable net outflows of 4.055 billion yuan and 2.640 billion yuan respectively [2][4] ETF Performance - The median weekly return for stock ETFs was -1.09%, with the CSI 50 ETF showing the highest median return of 0.02% among broad-based ETFs. Consumer ETFs had a median return of 2.10%, the highest among sectors [11] - Top-performing ETFs included the Hong Kong Stock Connect Innovative Drug ETF (10.92%), Hang Seng Innovative Drug ETF (10.80%), and Tourism ETF (9.30%) [12][14] - In contrast, ETFs such as 5G Communication ETF and Communication ETF saw declines of -7.03% and -6.89% respectively [16][18] New Fund Activity - A total of 56 funds were reported last week, an increase from the previous week, including one QDII and several thematic ETFs [20] - 25 new funds were established with a total issuance scale of 14.173 billion yuan, which is a decrease compared to the previous week [20] - 41 funds entered the issuance phase last week, with 33 more expected to begin issuance this week [21] Hot News - Several cross-border ETFs have been flagged for premium risks due to significant discrepancies between market trading prices and net asset values [22] - The "Southbound ETF" program expanded on November 10, adding six ETFs to the Hong Kong Stock Connect list, increasing the total number of products from 17 to 23 [23]

01 上周（11月10日至11月14日），大盘宽基产品成交活跃。其中，A500ETF易方达（159361）等跟踪中证A500指数的ETF，合计成交额超1300亿元；恒生科 技、香港证券、黄金等主题ETF成交也较为活跃。 此外，科技题材上周回调，但聚焦科技方向的ETF产品获资金青睐，科创50指数上周净流入额居权益类指数第一，科创板50ETF（588080）等跟踪科创50 指数的ETF合计净流入额达23亿元。 02 ETF市场上，恒生创新药ETF（159316）等多只跟踪港股医药板块的ETF，上周累计涨幅在7%左右。 | 代码 | 名称 | 现价(元) | 一周涨幅(%) | | --- | --- | --- | --- | | 159217. SZ | 港股通创新药ETF工银 | 1. 488 | 7.59 | | 159570. SZ | 港股通创新药ETF | 1. 822 | 7. 30 | | 520500. SH | 恒生创新药ETF | 1.817 | 7.26 | | 159297. SZ | 港股通创新药ETF南方 | 0. 923 | 7. 20 | | 159567. SZ | 港股创新药 ...

□本报记者王辉 上周A股与港股市场高位震荡，呈现结构性行情。尽管部分热门科技赛道出现回调，资金却逆势涌入科 创板、人工智能等ETF，释放出对科技成长板块的信心。与此同时，港股创新药与黄金板块领涨市场， 恒生红利等高股息资产也持续吸引资金关注。在"成长"与"价值"双双获青睐的背景下，兼顾"科技进 攻"与"红利防御"的"哑铃策略"再度进入投资者视野，成为当下不少机构把握机遇、控制风险的关键布 局思路。 创新药、黄金等板块领涨 上周，A股、港股市场高位震荡，市场分化与结构性行情特征突出。在ETF市场上，恒生创新药 ETF(159316)等多只跟踪港股医药板块的ETF，单周涨幅均有7%左右。在A股方面，黄金、中药等板块 ETF当周涨幅居前。 招商证券认为，当前公募基金对TMT板块的持仓占比已达历史高位，超配比例达17.45%，交易热度与 股价已处于阶段性顶峰，科技成长风格面临阶段性回摆，但中长期抱团未瓦解，核心仍依赖AI产业趋 势与业绩兑现。同时，市场资金结构转向再平衡，融资资金净流入的趋势或阶段性放缓，但私募量化资 金可能重新主导市场部分领域的结构性机会，相关资金可能仍偏好小盘风格。 此外，华泰证券策略团队认为，近 ...

Core Viewpoint - The market experienced significant fluctuations, with the Shanghai Composite Index showing a mixed performance, indicating a period of volatility and potential sector rotation [1][5]. Market Analysis - The liquor sector demonstrated a strong initial surge at the opening but quickly retraced, while the semiconductor industry exhibited a negative correlation during the same period, highlighting the contrasting movements between these sectors [3][5]. - The liquor prices have been under pressure, with notable discounts observed during the recent Double Eleven shopping festival, suggesting a potential shift in consumer behavior and market dynamics [5][6]. Sector Performance - The average adjustment duration for main sectors since 2012 is 20 trading days, with an average adjustment magnitude of 18.1%. For the high-end manufacturing sectors, the average adjustment duration is 21 trading days, with an average magnitude of 19.2% [7][9]. - The semiconductor sector has seen significant adjustments, with historical data indicating that adjustments can range from 15% to 30% [9][10]. Investment Strategy - The current market conditions suggest a cautious approach towards high-valuation sectors, with a focus on identifying new trends and potential recovery in certain sectors, particularly in the technology space [10][11]. - The overseas technology LOF has yielded a return of approximately 5%, with a cumulative return of around 35.4%, indicating a viable arbitrage opportunity in the current market [11][12]. Trading Signals - The grid trading strategy has triggered transactions in 12 different varieties, indicating active market engagement and potential opportunities for profit [16]. - Current trends in various indices, such as the Sci-Tech 50 and the free cash flow index, show promising signals, while others like the Hang Seng Innovation Drug Index currently lack a clear trend [19][20].

Group 1 - The eighth China International Import Expo will be held in Shanghai from November 5 to 10, 2025, showcasing the latest innovations in the medical device and pharmaceutical sectors, which may accelerate domestic and international collaborations in the innovative drug industry [1] - The Hang Seng Innovation Drug ETF (520500) has seen a significant increase in trading volume, with an average daily turnover of 964 million yuan since November 2025, up 49% from October, and has achieved a net inflow of funds for eight consecutive trading days [1] - The innovative drug sector reported a 36% year-on-year revenue growth in Q3 2025, with net profit turning from a loss of 500 million yuan in the same period last year to a profit of 1.5 billion yuan, indicating a recovery trend in the industry [2] Group 2 - A major collaboration was established between a leading Hong Kong innovative drug company and Takeda Pharmaceutical for three products, valued at 11.4 billion USD, adopting a profit-sharing model [1] - The Chinese innovative drug industry is expected to transition from a "research investment phase" to a "value realization phase," supported by improved policy frameworks and strong performance in Q3 earnings [3] - The National Healthcare Security Administration and the National Health Commission have released measures to support the high-quality development of innovative drugs, with a new commercial insurance directory for innovative drugs expected to be published in December 2025 [2]

Core Viewpoint - The Hong Kong innovative drug sector is experiencing a period of volatility, but the fundamental industry logic remains solid, indicating long-term investment value in the sector [1][2]. Group 1: Market Performance - The Hang Seng Innovative Drug ETF (520500) has seen active trading, with an average daily trading volume of 999.1 million yuan in November, a 53% increase from October's 648 million yuan [1]. - The ETF has recorded net inflows for seven consecutive trading days, increasing its fund size to a historical high of 1.838 billion yuan and total shares to 1.094 billion [1][2]. Group 2: Industry Developments - The "going global" process for domestic innovative drugs has accelerated significantly, with 115 licensing agreements totaling 101.24 billion USD reported by October 21, 2025, surpassing the total of 51.9 billion USD for all of 2024 [2]. - The National Medical Products Administration has approved two innovative drug products for market launch in November 2025, focusing on critical areas such as cancer treatment and COVID-19 [2]. Group 3: Financial Performance - The innovative drug sector has shown a significant turnaround in profitability, with a 36% year-on-year increase in revenue for Q3 2025, and a shift from a net loss of 500 million yuan in the previous year to a profit of 1.5 billion yuan [2]. Group 4: Policy and Future Outlook - The Chinese innovative drug industry is expected to transition from a "research investment phase" to a "value realization phase," supported by improved policies and global market expansion [2]. - The Hang Seng Innovative Drug ETF (520500) is positioned as an effective tool for investors to capitalize on opportunities in the Hong Kong innovative drug market, benefiting from its large scale and favorable liquidity [2].

Core Insights - The Hong Kong innovative drug sector is experiencing a volatile correction, with previous high gains being released, yet the underlying industry logic and fundamentals remain positive, indicating potential value in the sector [1][3] - The Hang Seng Innovative Drug ETF (520500) has seen a significant increase in trading activity, with an average daily trading volume of 1.304 billion yuan over the last four trading days, a 123% increase from October [1][3] - The total amount of License-out transactions from China reached 92.03 billion USD in the first three quarters of 2025, reflecting a strong trend in the internationalization of Chinese innovative drugs [1][4] Industry Developments - Recent clinical advancements were presented at the 2025 European Society for Medical Oncology (ESMO) conference, with several domestic innovative drug companies reporting promising clinical data that meets or slightly exceeds expectations [2][4] - The policy environment is improving, with the introduction of a commercial insurance innovative drug directory expected to diversify payment systems and open new growth opportunities for high-value innovative drugs [2][4] - The Hang Seng Innovative Drug ETF (520500) tracks the Hang Seng Innovative Drug Index, which focuses on core areas of innovative drugs, including biopharmaceuticals and chemical pharmaceuticals, and has recently been restructured to exclude CXO companies [2][4] Market Outlook - The combination of accelerated business development (BD) overseas, a dense pipeline of drug approvals, and favorable policy conditions suggests that Chinese innovative drugs may be on the verge of a global rise and commercialization [2][4] - The Hang Seng Innovative Drug ETF (520500) is positioned as a viable tool for investors to capitalize on opportunities in the Hong Kong innovative drug market, given its large scale and favorable liquidity [2][4]

Market Overview - A-shares experienced a decline over two consecutive trading days, particularly in the AI computing power sector, which saw significant adjustments [1] - The overall performance for October showed mixed results, with the CSI Dividend Index leading with a 3.05% increase, while the ChiNext Index fell by 1.56% [1] ETF Performance - The top-performing ETFs in October were predominantly cross-border ETFs, particularly those related to Japanese and Korean stocks, with the Nikkei 225 Index rising by 16.64%, marking the largest monthly gain since 1990 [2][3] - The Nikkei 225 ETF, Nikkei ETF, and Nikkei 225 ETF E Fund recorded gains of 21.72%, 18.62%, and 18.06% respectively [3] - The China-Korea Semiconductor ETF also performed well, with a 17.75% increase due to a super cycle in memory chips [2] Sector Performance - The innovative drug and gaming sectors underperformed in October, with the Hang Seng Innovative Drug ETF and gaming ETFs experiencing declines of 11% [5][6] - From January to October, AI computing power, innovative drugs, and gold-themed ETFs saw substantial gains, with increases of 99.27%, 91.35%, and 90.56% respectively [8][9] Fund Flows - In October, the ETF market saw over 100 billion yuan in net inflows, bringing the total net inflow for the year to 798.9 billion yuan [11] - The SGE Gold 9999 ETF and Hang Seng Technology ETF were among the top gainers in terms of net inflows, with 271 billion yuan and 175 billion yuan respectively [12] - Conversely, the CSI A500 and ChiNext Index ETFs faced significant outflows, with net withdrawals of 155.25 billion yuan and 82.86 billion yuan respectively [12] Year-to-Date Performance - From January to October, the AAA Sci-Tech Bond, SGE Gold 9999, and Hang Seng Technology ETFs saw net inflows of 1,388.07 billion yuan, 807 billion yuan, and 722 billion yuan respectively [13][14] - In contrast, the CSI A500, Sci-Tech 50, and ChiNext Index experienced substantial outflows, totaling 1,102.24 billion yuan, 738.72 billion yuan, and 411.66 billion yuan respectively [14][15] Investment Trends - The securities, banking, and robotics sectors saw net inflows in October, with the securities sector attracting 116.61 billion yuan [17] - The Hang Seng Technology and Nasdaq 100 ETFs also recorded significant inflows, indicating a continued interest in technology-related investments [20][21]

Core Insights - The recent meeting between Chinese and U.S. leaders signals a stabilization in U.S.-China relations, alleviating previous geopolitical concerns regarding innovative pharmaceuticals [1] - There has been a notable inflow of funds into the market, with the Hang Seng Innovative Drug ETF (159316) experiencing a cumulative net inflow of 1.57 billion since September 30 [1] - Global pharmaceutical and biotechnology assets have performed well since the interest rate cuts, with the S&P 500 equal-weight healthcare index rising by 4.6% and the Nasdaq Biotechnology index increasing by 11.7% from September 18 to October 30, 2025 [1] Industry Dynamics - At the ESMO 2025 conference, Chinese innovative pharmaceutical companies showcased their strength, with 35 studies selected for oral presentations and 23 for breakthrough abstracts, covering prevalent cancers such as liver cancer, lung cancer, and lymphoma [1] - Business development (BD) collaborations are on the rise, exemplified by the partnership between Innovent Biologics and Takeda, which includes an upfront payment of 1.2 billion and a total deal size of up to 11.4 billion, reflecting global pharmaceutical companies' recognition of Chinese innovative drugs [1] - Historically, during the Federal Reserve's interest rate cut cycles, the valuation of Hong Kong innovative pharmaceutical assets tends to expand, creating a favorable liquidity environment for financing and R&D investments in innovative drug companies [1] Market Outlook - The recent easing of U.S.-China relations, combined with the onset of the fourth quarter's BD peak season for innovative drugs, is expected to create a recovery window for market sentiment [2] - The Hang Seng Hong Kong Stock Connect Innovative Drug Index has likely reached a phase of bottoming out after adjustments, highlighting increasing value for investment [2] Related Securities - Hang Seng Innovative Drug ETF (159316, Connect A/C: 024328/024329) [3] - Hong Kong Stock Connect Pharmaceutical ETF (513200, Connect A/C: 018557/018558) [3] - Pharmaceutical ETF (512010, Connect A/C: 001344/007883) [3]