港股医药：回调之后,机会浮现 20251119 港股医药板块的回调主要是由于短期市场情绪波动和资金获利了结驱动，而不 是行业基本面的根本逆转。近一个月，恒生医疗保健指数和港股通创新药精选 指数均下跌超过 10%，反映出前期快速上涨之后的估值消化需求。创新药及生 物科技公司的回调尤其显著，但 CRO 等细分领域的业绩仍保持强劲，行业长期 增长逻辑没有改变。 短期内，估值偏高和获利了结是主要原因。前期大幅上涨 后，部分资金在高位兑现，引发技术性回调。此外，市场对出海预期交易过高 也是因素之一。之前市场对创新药企出海交易的频率和规模抱有较高预期，但 最近这些大额订单进入空窗期，使得市场情绪缺乏支撑。 外部政策扰动也加剧 了板块恐慌情绪。例如，美联储降息预期波动影响市场风险偏好，以及特朗普 政府拟对中国药品实施严格限制，包括提高 FDA 审核门槛、强制审查媒体收购 中国新药等。这些因素短期内加剧了恐慌情绪。 然而，中国创新药产业从跟跑 到并跑甚至领跑的产业升级趋势未变，本次回调更多是市场情绪宣泄和价值重 估。CXO 业绩超预期、创新药出海持续、行业景气度未改。此外，11 月商保 摘要 港股医药板块及创新药指数回调超 ...

在恒生指数有限公司（以下简称恒生指数公司）位于中国香港中环的总部内，有一面充满历史气息的 数 字 背 景 墙 。其 中 的"19691124"，代表恒生指数（以下或简称恒指）诞生的日子，"19940808"则代 表恒生中国企业指数的问世日期。这些数字，浓缩了香港金融市场半个多世纪的波澜壮阔与不断发展。 1997年7月1日，香港尖沙咀东部的大厦挂上了庆祝香港回归祖国的灯饰。巫婉雯在这一年加入恒生指数 公司（旧称恒生指数服务公司），自此开启了与香港金融市场同行的旅途。 从最初仅有7人的服务性质公司一路走来，如今恒生指数公司已成为一家国际性指数公司，旗下港股指 数已在中国内地获60只相关ETF（交易型开放式指数基金）追踪，恒生指数系列挂钩的产品横跨全球17 个市场。在这个历程中，巫婉雯从基层职员一路升至董事、行政总裁兼客户管理总监，她的职业生涯几 乎完整映照了中国香港和中国内地金融市场的崛起与转型，她也亲身参与并推动了多项与恒指有关的里 程碑事件。 2025年，港股市场迎来强势反弹，IPO（首次公开募股）募资额重返全球第一，恒指年内涨幅一度突破 30%，科技、消费、生物科技等领域协同发力，南向资金与海外资本双向涌入 ...

Group 1 - The Hang Seng Healthcare Index (HSHCI) increased by 0.37% as of August 4, 2025, with notable gains from companies such as Cloudmed (01952) up 8.70% and Crystal Technology (02228) up 7.19% [3] - The Hang Seng Healthcare ETF (513060) experienced a decline of 0.59%, with a latest price of 0.67 yuan, but showed a 3.36% increase over the past week as of August 1, 2025 [3] - The liquidity of the Hang Seng Healthcare ETF was active, with a turnover rate of 25.84% and a trading volume of 1.911 billion yuan [3] Group 2 - Global advancements in the weight loss sector are gaining attention, with multinational pharmaceutical companies like AbbVie, Roche, and Eli Lilly accelerating their amylin-related pipelines [4] - Eli Lilly's Eloralintide showed promising weight loss results in Phase 1 clinical trials, achieving a maximum weight loss of 11.3% over 12 weeks with a low incidence of gastrointestinal adverse effects [4] - The amylin molecules in development have half-lives ranging from 10 to 18 days, potentially allowing for monthly dosing and improving patient compliance [4] Group 3 - The latest financing buy-in amount for the Hang Seng Healthcare ETF reached 164 million yuan, with a financing balance of 209 million yuan [5] - Over the past two years, the net value of the Hang Seng Healthcare ETF has increased by 28.35%, with a maximum single-month return of 28.34% since inception [5] - The ETF has a Sharpe ratio of 2.39 for the past year, indicating strong risk-adjusted returns [5] Group 4 - The management fee for the Hang Seng Healthcare ETF is 0.50%, and the custody fee is 0.15% [6] - The ETF's tracking error over the past year is 0.060%, the highest tracking precision among comparable funds [6] - The latest P/E ratio for the Hang Seng Healthcare Index is 31.37, indicating it is at a historical low compared to the past three years [6] Group 5 - The top ten weighted stocks in the Hang Seng Healthcare Index account for 62.03% of the index, including companies like BeiGene (06160) and WuXi Biologics (02269) [6]

Core Viewpoint - The article discusses the performance of the Hong Kong and A-share markets, highlighting the differences in sector indices, particularly in the healthcare sector, and the implications for investment strategies. Group 1: Market Performance - The overall market experienced a slight decline, remaining at 4.7 stars [1] - Large-cap stocks dipped slightly while small-cap stocks saw a minor increase [2] - The value style showed minimal volatility, whereas the growth style declined [3] - Hong Kong stocks also faced a downturn today [4] - Since the Chinese New Year, Hong Kong stocks have outperformed A-shares by 20-30% [5] - Recently, Hong Kong stocks have retraced to around 4.0 stars after reaching highs of approximately 3.9 stars [6] - Market movements are expected to include fluctuations of 10-20% during upward trends [7] - Despite market fluctuations, corporate earnings continue to grow, suggesting potential for index increases [8] Group 2: Sector Analysis - There are notable differences between Hong Kong and A-share healthcare sectors, with Hong Kong's healthcare index showing greater gains this year [9] - The Hong Kong Hang Seng Healthcare index includes biotechnology and innovative drugs, differing from A-share indices that also encompass medical devices and services [10][12][14] - A-share healthcare indices are currently undervalued, sitting at historical lows of 10-20% [44] Group 3: Performance Comparison - From the beginning of the year, Hong Kong's innovative drug and biotechnology indices have outperformed their A-share counterparts by 50-60% [22] - The decline in Hong Kong stocks was more pronounced in 2021-2022, with some indices dropping by 60-70% [27] - Hong Kong technology stocks have recently shown significant earnings recovery, with projections for substantial growth in 2024 and 2025 [30] - The recovery in Hong Kong's innovative drug sector is expected to mirror this trend, with earnings projected to increase by over 100% [33] - A-shares are anticipated to experience a decline in overall earnings in 2024, with recovery expected in early 2025 [36][37] Group 4: Valuation Insights - The article provides a valuation summary for various Hong Kong indices, indicating current price-to-earnings (P/E) ratios and other financial metrics [42] - The Hang Seng Healthcare index has a P/E ratio of 37.04, while the Hang Seng Index stands at 13.44 [43] - The article emphasizes the importance of monitoring valuation levels, especially in the healthcare sector, which may be approaching overvaluation [41]

Group 1 - The core viewpoint is that the pharmaceutical sector is experiencing a phase of revaluation, particularly in innovative drugs, which is expected to continue in the long term [2][3][4] - The market has fully recognized the pessimistic expectations for the pharmaceutical sector, influenced by economic downturns and regulatory pressures, but it overlooks the innovation and technological aspects of the industry [3][4] - The Hang Seng Medical ETF (513060) tracks the Hang Seng Healthcare Index, which consists of 70% innovative drugs and their supply chain, indicating a focus on the recovery of innovative drug valuations and cyclical recovery [4] Group 2 - In the short term (1-3 months), the pharmaceutical index is expected to enter a phase of volatility, with a consensus on the revaluation of innovative drugs [2] - In the medium term (3-12 months), the outlook for the pharmaceutical index remains optimistic, as it is currently at a low valuation compared to historical levels [2][3] - The recovery potential for cyclical aspects of the pharmaceutical sector, such as medical devices and consumer healthcare, is significant as the economy stabilizes [3][4]

Group 1 - The Hang Seng Healthcare Index increased by over 3% [1] - The Hang Seng Healthcare ETF (513060) rose by 2.65%, with a trading volume of 587 million yuan, which is an increase of 1184.15% compared to the same time yesterday [1] - The fund has seen a decrease of 54.15 billion units in volume over the past month [1] Group 2 - The ETF supports T+0 trading, allowing investors to buy Hong Kong stocks using A-share accounts without the need for the Hong Kong Stock Connect [1]

文 | 银行螺丝钉 （转载请注明出处） 银行、红利等价值风格整体上涨。 科创板等成长风格微跌。 港股波动不大，港股科技股微涨。 今年港股比较火。 也有朋友问港股的指数体系，港股有哪些指数基金可以投资？ 港股跟A股指数体系类似，也是宽基、策略、行业、主题这样的分类。 只不过港股因为本土基金市场比较小，每一类的指数基金数量、规模，比A股少很多。 1. 港股宽基指数 今天大盘略微上涨，截止到收盘，还在5星。 沪深300等大盘股微跌。 小盘股微涨。 代表是恒生指数、H股指数、港股中小。 （1）恒生指数 港股的代表指数，代表港股的大盘股。 （2）H股指数 全称是恒生中国企业指数，简称H股指数或者国企指数。 其实是中国企业的意思。 早期这两个指数有差异。但现在恒生指数中内地公司占比越来越高，这两个指数也比较相似了。 （3）香港中小 恒生和H股指数都是大盘股为主。 香港中小则是大中盘股为主。市值规模小一些。 香港中小也是2018-2019年那轮熊市咱们定投比较多的指数，后来到了高估完成止盈，收益也不错。 咱们估值表里也已经考虑了分红税的因素了。 现在也有一些定期分红的港股红利类品种。 例如沪港深红利成长低波动、恒生红利低波 ...