"狐狸知道很多事，而刺猬只知道一件大事。" 古希腊寓言中，狐狸应对挑战，总是诡计百出；而刺猬很简单，只用一个核心策略（蜷缩成刺球），就能频频化解危机。 管理学家吉姆·柯林斯将其总结为"刺猬理论"： 面对复杂环境，像刺猬一样，聚焦于核心优势，专注而坚定，反而能穿越周期。 今年前三季度，中国资产迎来全面重估，那些在市场底部坚持深耕、敢于逆周期布局的"刺猬"们，终于迎来了自己的反攻时刻。 国泰海通的数据显示，今年三季度，165家公募基金公司的主动权益基金全部获得了正收益，平均收益为25.93%； 在最近三年的市场长跑中，超9成的公司取得了正收益，收益率均值为21.51%。 在这场业绩大反攻中，华夏基金更是频频霸榜，实现了全系列、多战线的集体突破。 全系列业绩大爆发背后，华夏基金究竟藏了什么大招？ 2024年2月5日，上证指数定格在了2635点。彼时的A股市场，弥漫着绝望的气息，没人想到，这个点位，竟是A股长达三年调整的最终底部。 就在市场陷入整体迷茫时，时任华夏基金总经理李一梅发表了一篇新年致辞，里面提到了5个字：逆周期布局。 这5个字，看似简单，却成了华夏基金接下来一年里最坚定的行动指南。 要知道，2024年的A ...

港股医疗板块午后继续走高，药明康德涨超8%，药师帮、晶泰控股、再鼎医药、微创机器人等集体大 涨，聚焦AI医疗+CXO的港股通医疗ETF（520510）涨幅接近3%；聚焦创新药的恒生医药ETF （159892）涨超2%。 长江证券认为，越来越多的中国药企正在逐步建立源头创新能力，并构建起成熟的研发技术平台。中国 创新药企正在瞄准未满足临床需求、持续推进新靶点/新机制的探索，一批具有国际竞争力的FIC或BIC 潜力的创新药正不断涌现。 ...

Group 1 - The Hong Kong stock market's innovative drug sector has seen significant gains since the beginning of the year, with multiple indices rising over 100% [1] - Recently, the Hang Seng Pharmaceutical ETF (159892) has experienced a slight pullback from its recent highs, indicating a shift in market focus towards AI [1] - On September 25, the Hang Seng Pharmaceutical ETF briefly rose over 1%, with leading stocks such as Crystal Technology Holdings, BeiGene, and CanSino Biologics showing strong performance [1] Group 2 - Crystal Technology Holdings, a representative stock in the AI medical field, has shown continuous upward movement, rising for four consecutive days and achieving over 100% growth year-to-date [1] - Market opinions suggest that as supply continues to proliferate and iterate, many AI medical companies are still positioned relatively low, indicating potential for improvement in their core business performance [1] - The Hong Kong Stock Connect Medical ETF (520510) tracks the Hong Kong Stock Connect Medical Theme Index, holding stocks like WuXi Biologics, Alibaba Health, JD Health, and Crystal Technology Holdings, focusing on AI medical and CXO themes [1]

Core Viewpoint - The Chinese pharmaceutical industry is experiencing a significant transformation driven by technological breakthroughs and demographic changes, leading to a shift from a reliance on license-in to license-out strategies, positioning Chinese companies as key players in the global market [2][4][11]. Group 1: Industry Trends - The Hong Kong pharmaceutical sector is witnessing a surge, with ETFs tracking the Hang Seng Biotechnology Index showing strong performance, indicating a structural change in the industry [1][3]. - Innovation drugs are becoming a major investment theme for 2025, with significant year-to-date gains in related indices, highlighting the leading role of companies like WuXi Biologics and BeiGene [4][5]. - The Chinese pharmaceutical industry now ranks second globally, with approximately 30% of innovative drugs under development worldwide, and a notable increase in the approval rate of new drugs [8][9]. Group 2: Technological Advancements - The advent of CRISPR gene editing and AI technologies is revolutionizing drug development, significantly reducing research and development cycles and enhancing the capabilities of Chinese pharmaceutical companies [2][7]. - The emergence of platform technologies such as ADCs, bispecific antibodies, and cell therapies is opening new avenues for drug development, contributing to the increased competitiveness of domestic biotech products [7]. Group 3: Market Dynamics - The market is currently experiencing a revaluation of innovative drug companies, with many leading firms turning profitable and their valuations being reassessed positively [7][11]. - The increase in license-out transactions indicates a shift in the global innovation chain, with Chinese companies now accounting for over 51% of the total transaction value in the BD market [11]. Group 4: Policy and Financial Environment - Supportive policies, including stable medical insurance negotiations and expedited drug approval processes, are fostering an environment conducive to innovation [8]. - The easing of monetary policy, including interest rate cuts by the Federal Reserve, is providing a favorable financing environment for biotech companies, further enhancing their growth prospects [8]. Group 5: Investment Opportunities - The Hang Seng Medical ETF and the Hong Kong Stock Connect Medical ETF are emerging as attractive investment vehicles, providing exposure to core assets in the Hong Kong pharmaceutical sector [3][15]. - The recent restructuring of the Hang Seng Biotechnology Index has improved its focus on leading companies in the biotech field, enhancing its investment appeal [14][15].

美联储于9月18日如期宣布降息25bp，为港股市场提供了较为宽松的流动性环境。但当前距离10月29日 议息尚有35天，美联储相关官员的发言在短期内引起较大扰动。 展望后市，市场预期年内还将有两次降息。据CME FedWatch Tool数据，美联储10月降息25bp的概率为 91.9%；12月降息25bp的概率为21.7%，降息50bp的概率为77%。 每日经济新闻 中邮证券表示，创新药当前处于相对高位，震荡在所难免，需要把握真正优质创新资产；国内创新药景 气度基本见底，后续研发需求有望兑现到CRO行业业绩。 从二级市场来看，聚焦港股市场创新药+CXO的恒生医药ETF（159892）连续调整，自阶段高点回落近 6%。其持仓股映恩生物今日领跌，三生制药、再鼎医药、云顶新耀、亚盛医药等跌幅靠前。 ...

华鑫证券认为，中国创新药出海是创新成果持续涌现和创新效率驱动的结果，全球新药研发向中国转 移，是不可逆转的产业趋势，虽然在短期内或出现波动，但全年增长的趋势不变。 在创新药出海热潮的强力驱动下，国内创新药板块迎来显著复苏。从中报数据来看，较多创新药企成功 实现扭亏为盈，业绩基本面的改善直接点燃了市场对创新药板块的投资热情，板块估值修复行情延续。 港股医药板块午后拉升，恒生医药ETF（159892）涨超2%，药明合联领涨，诺诚健华、药明生物、药 明康德、晶泰控股等跟涨。 2025年以来，中国创新药领域License-out交易频发。据医药魔方数据，2025年上半年，中国License-out 交易共计72笔，交易总金额较2024年全年高出16%，其中单笔金额超过10亿美元的交易达16笔，重磅交 易的落地提升了市场对创新药出海的信心。 ...

消费新势力——恒生消费ETF（513230）； 在政策红利释放、技术创新突破、流动性持续改善的 "三重共振"下，港股板块正展现出日益显著的投 资价值。作为汇聚中国顶尖科技企业的核心阵地，港股市场汇聚了一批在人工智能、生物医药、造车新 势力等前沿领域具备核心竞争力的优质企业。伴随美联储降息周期开启与南向资金持续流入，港股或迎 来业绩提升与价值重估的双重机遇。 【相关ETF】 AI全产业链——港股通科技ETF基金（159101）； AH折溢价水平成为判断外资配置方向的关键指标。2025年以来，超50家A股公司递表港交所推进二次 上市，AH两地上市股的配置价值愈发凸显。剔除行业差异后的数据显示，外资在两地上市股中明显偏 好低溢价标的——持有规模较小个股的平均AH溢价率达95%以上，而持有规模较大个股的溢价率仅4% （A股）和17%（港股）。 历史经验更揭示重要规律，2020年以来，AH溢价率指数涨跌幅与外资流入H股、A股的规模差值相关系 数达0.56，意味着溢价率回升时外资更倾向于流入港股。值得关注的是，AH股溢价指数自去年2月从 157的高位趋势回落，2025年8月已跌至2020年以来新低123，若未来溢价率向均 ...

向前追溯发现，科创板百元股最新收盘价相对发行价平均溢价389.35%，溢价幅度居前的有寒武纪-U、百利天恒、安集科技等，溢价幅度分别为 2136.53%、1347.04%、1305.90%。 以申万一级行业分类，科创板百元股较为集中的行业有电子、医药生物、计算机等，分别有32只、13只、9只股票上榜。 （原标题：科创板百元股达70只，寒武纪-U股价最高） 以最新收盘价计算，科创板平均股价为40.59元，其中股价超100元的有70只，股价最高的是寒武纪-U。 证券时报•数据宝统计显示，科创板股今日上涨的有397只，下跌的有186只，以收盘价为基准测算，科创板平均股价为40.59元，其中，收盘价超 过100元的有70只，股价在50元至100元之间的有143只，股价在30元至50元的有151只。 科创板股中，收盘价最高的是寒武纪-U，今日报收1440.10元，上涨0.01%，其次是茂莱光学、源杰科技等，最新收盘价分别为406.44元、369.20 元。 科创板百元股中，今日平均上涨1.62%，具体来看，今日上涨的有46只，涨幅居前的有普冉股份、龙芯中科、步科股份等。下跌的有24只，跌幅 居前的有泽璟制药、浙海德曼、 ...

Core Viewpoint - The stock ETF market experienced a net outflow of over 4.6 billion yuan on September 15, with significant losses in broad-based indices and certain industry-themed ETFs, while some Hong Kong-related ETFs saw inflows [2][3][12]. Summary by Sections Market Overview - On September 15, the A-share market showed a mixed performance with total trading volume reaching 2.28 trillion yuan [2]. - The overall stock ETF market has seen a net inflow of over 30 billion yuan since the beginning of September [12]. Fund Flow Analysis - On September 15, stock ETFs had a net outflow of 4.6 billion yuan, with 38 ETFs losing over 1 billion yuan each [12]. - The top three ETFs with the highest inflows were the Fuqun Hong Kong Internet ETF, ICBC Hong Kong Technology ETF, and Guotai Junan ETF, each gaining over 400 million yuan [5]. ETF Performance - As of September 15, the total scale of 1,204 stock ETFs (including cross-border ETFs) reached 4.36 trillion yuan [4]. - The top 20 stock ETFs by net inflow included seven Hong Kong-related ETFs, focusing on sectors like innovative drugs, internet, technology, and securities [5]. Sector-Specific Insights - The ETFs tracking the CSI 500, ChiNext, CSI 300, and CSI 1000 indices experienced the most significant outflows, with the combined outflow from two CSI 500 ETFs exceeding 2.1 billion yuan [12]. - The recent inflows into ETFs tracking securities companies exceeded 6 billion yuan, while those tracking Hong Kong Internet indices surpassed 5.5 billion yuan [6]. Fund Manager Perspectives - Fund managers suggest that the market is entering a phase of structural characteristics, with a potential shift towards value sectors as macroeconomic conditions stabilize [13]. - The proportion of southbound funds in Hong Kong stocks has increased from 10% in 2022 to 21% currently, indicating a positive outlook for future inflows [13].

Group 1 - The Hang Seng Index slightly declined by 0.29% while the Hang Seng Tech Index fell by 0.09% and the Hang Seng China Enterprises Index dropped by 0.48% during the midday session on September 11, with a market turnover of HKD 176.34 billion [1] - Notable individual stock performances included SMIC rising by 6.05%, SenseTime increasing by 6.00%, Hua Hong Semiconductor up by 5.77%, and Lenovo Group gaining 2.56% [1] - The upcoming important domestic policy meetings are expected to positively impact the fundamentals of Hong Kong stocks, as over 90% of the net profits in the Hong Kong market are contributed by Chinese companies [1] Group 2 - There is potential for increased southbound capital inflow, and a possible interest rate cut by the Federal Reserve may lead to foreign capital returning, which could improve the fundamentals of Hong Kong stocks [1] - The technology sector in Hong Kong is anticipated to be a key focus in the market, driven by the AI cycle, with valuations at historical lows and potential marginal improvements in fundamentals [1] - Hong Kong stocks are expected to benefit from enhanced dividend policies and low interest rates, with new consumption and innovative pharmaceutical assets being relatively scarce compared to A-shares, making them worthy of attention in the second half of the year [1]