在政策暖风之外，产业技术本身正迎来革命性突破，其中小核酸药物已成为下一代创新药的核心赛道， 从概念验证快速迈向商业化爆发。近期全球动态密集：11月，Arrowhead公司的plozasiran获FDA批准上 市；国内龙头企业与国际知名厂商达成全球合作，标志着国内技术平台获得国际巨头认可。此前诺华高 达120亿美元收购Avidity等大手笔布局，更是凸显了该赛道的巨大潜力。随着递送技术不断突破，小核 酸药物的治疗领域正从肝脏向心血管、中枢神经系统等重大慢性病领域扩展，市场空间急剧扩容。商业 化层面，诺华的降胆固醇药物Inclisiran在2025年前三季度销售额已达8.63亿美元，同比增长61%，为慢 病领域的巨大市场潜力提供了有力验证。国内药企研发已步入快车道，并带动了上游原材料及CDMO整 个产业链的景气度上行。 （四）金融工具创新完善，期货落地赋能板块长期发展 11月28日，恒生生物科技股指期货的正式推出，是完善该板块投资生态的关键一步。这一金融衍生工具 的引入，为市场带来了多重积极影响：（1）吸引长期资金：它为机构投资者提供了有效的风险管理工 具，使其能够对冲生物科技股票特有的高波动风险，从而更愿意进行 ...

一、ETF行业快讯 1.三大指数集体上涨，多只航空航天涨超4% 今日，三大指数集体上涨，上证综指上涨0.05%，深证成指上涨0.37%，创业板指上涨0.31%。航天、传 媒等ETF上涨，其中，航空航天ETF（159227.SZ）涨5.01%、航空航天ETF天弘（159241.SZ）涨 4.66%、航空航天ETF（159208.SZ）涨4.64%、线上消费ETF（159725.SZ）上涨4.50%、游戏传媒 ETF（517770.SH）上涨4.30%。电力设备板块多只ETF下跌，新能源汽车ETF（516390.SH）下跌 1.56%，新能源车龙头ETF（159637.SZ）下跌1.37%，新能车ETF（515700.SH）下跌1.32%。 2.ETF简称规范迎倒计时 公募基金为抢流量"先冷后热" 据证券时报，公募ETF的产品开发与规模竞争，正迎来新的规范要求。公募ETF简称同质化、缺乏辨识 度的行业现象，正逐步成为历史。 日前，沪深交易所发布修订版《上海证券交易所基金业务指南第1号——业务办理》《深圳证券交易所 证券投资基金业务指南第1号——相关业务办理》，明确要求ETF基金扩位简称的具体内容。规定要 求，ET ...

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]

Group 1 - The Hong Kong pharmaceutical stocks have weakened, with companies like BeiGene, Innovent Biologics, WuXi Biologics, and 3SBio experiencing declines of over 3% [1] - Several Hong Kong pharmaceutical and innovative drug-related ETFs have also dropped by more than 2% due to market conditions [1] Group 2 - A brokerage firm indicates that the Chinese innovative drug industry has formed a pyramid structure led by top enterprises, supported by a large number of quality companies, demonstrating strong sustainability [1] - The underlying logic of this cycle is that China's innovative drugs in development possess global competitiveness, with the realization of value shifting from domestic sales to international data and transaction monetization (license out BD) [1] - The commercial space is expanding, and the ecosystem is becoming healthier and more mature, gradually entering a dual-driven phase of products and business models [1]

Group 1 - The Hong Kong stock market opened slightly higher on August 21, with the Hang Seng Index at 25,216 points, up 0.20%, while the Hang Seng Tech Index was at 5,528 points, down 0.23% [1] - Hong Kong Exchanges and Clearing (HKEX) reported record high revenue and net profit for the first half of 2025, with total revenue of HKD 14.076 billion, a year-on-year increase of 33%, and net profit of HKD 8.519 billion, up 39% [3] - The increase in trading volume in the cash market, derivatives market, and Stock Connect was attributed to the recovery of the Hong Kong stock market and growing global investor interest in non-USD assets [3] Group 2 - HKEX CEO Charles Li indicated that the exchange will explore a 24-hour trading mechanism, which positively impacted the stock price, reaching a high of HKD 447, up 1.31% [4] - Domestic brokerage stocks saw a significant rise, with Guotai Junan International up over 5% and Guotai Haitong up over 2%, while other firms like Zhongzhou Securities and China Galaxy also experienced gains [4] - Various cross-border ETFs, including the Hong Kong Stock Connect Innovative Drug ETF and Hong Kong Securities ETF, showed strong performance, with increases of over 1% [5]

Group 1 - The A-share market experienced a slight increase, while the Hong Kong Hang Seng Index fell by 1.29%, with the biotechnology sector showing strong performance [1] - Long-term expectations of global liquidity easing and potential interest rate cuts by the Federal Reserve are likely to reduce financing costs for innovative pharmaceutical companies, accelerating the advancement of R&D pipelines [1] - The integration of AI technology with biotechnology, such as AI drug screening and gene editing optimization, is reshaping industry R&D efficiency and opening up long-term growth opportunities [1] Group 2 - Domestic policies are accelerating the approval of innovative drugs and medical devices, along with deepening healthcare payment reforms, driving the industry towards high-quality innovation [1] - The aging population and consumption upgrades are driving rigid growth in medical demand, while the global industrial chain shift strengthens the logic of Chinese innovative drugs going abroad [1] - After experiencing valuation adjustments, biotechnology companies with technological innovation capabilities and internationalization potential present attractive investment opportunities, particularly in the Hang Seng Biotechnology ETF [1]

Group 1 - The Hang Seng Biotechnology Index (HSHKBIO) has seen a strong increase of 1.88%, with notable gains from constituent stocks such as MicroPort Medical (00853) up 8.63%, and Stone Pharmaceutical Group (01093) up 7.40% [1] - The Hang Seng Biotechnology ETF (513280) has risen by 3.00%, marking its third consecutive increase, with a latest price of 1.34 HKD and a weekly cumulative increase of 8.89% [1] - The trading volume for the Hang Seng Biotechnology ETF was active, with a turnover of 34.45% and a transaction value of 161 million HKD, indicating strong market participation [1] Group 2 - The Hang Seng Biotechnology ETF has experienced a significant increase in shares, growing by 2 million shares over the past week, ranking in the top third among comparable funds [2] - The ETF has seen continuous net inflows over the last three days, with a peak single-day net inflow of 3.83 million HKD, totaling 8.73 million HKD in net inflows [2] Group 3 - Over the past year, the net value of the Hang Seng Biotechnology ETF has increased by 130.59%, ranking 3rd out of 122 QDII equity funds, placing it in the top 2.46% [3] - WuXi Biologics announced the construction of a modular biomanufacturing facility in Singapore, which is part of a strategic collaboration with Pharmadule Morimatsu [3] - The latest report from Zhongyin Securities suggests focusing on three main lines: 1) sectors with stable growth such as medical devices and pharmaceuticals, 2) the CXO sector and medical equipment expected to see a turnaround, and 3) innovative fields related to national medical insurance negotiations [3] Group 4 - The Hang Seng Biotechnology ETF (513280) is highlighted as the only ETF tracking the Hang Seng Biotechnology Index to have received net inflows this year, with the lowest management fee of 0.15% per year among Hong Kong pharmaceutical ETFs [4]

Group 1 - The core viewpoint of the article indicates that the Hong Kong stock market is experiencing a positive trend, particularly in the biotechnology sector, with significant gains observed in specific stocks like 恒生生物科技ETF and 信达生物 [1] - As of 11:30 AM, 恒生生物科技ETF (159615.SZ) increased by 2.64%, while 信达生物 rose by 4.85%, reflecting strong investor interest in the biotech sector [1] - 中信证券's research report anticipates that the mid-year performance of Hong Kong stocks in 2025 will be released in mid to late August, with a notable increase in revenue growth compared to the same period last year [1] Group 2 - The report suggests that while revenue growth for the Hang Seng Index is expected to rise significantly, profit growth may experience a moderate slowdown [1] - Certain sub-sectors, such as new consumption, technology, and pharmaceuticals, are showing signs of increased confidence, with expectations for substantial performance improvements [1] - The article recommends focusing on sectors with positive earnings expectations and good certainty ahead of the earnings report disclosures [1]

Group 1: Fund Management Changes - Yang Lin has been appointed as the new Chairman and legal representative of Zhongjia Fund, succeeding Xia Yuanyang who left due to work arrangements [1] - Wang Jing has taken over as the new General Manager of Mingya Fund, following the departure of former General Manager Ding Yue and Deputy General Manager Tu Jianzhong for personal reasons [2] - Yingda Fund has announced the dissolution of its supervisory board, becoming the first public fund company to do so, with the board's risk management and audit committee assuming the supervisory responsibilities [3] Group 2: Fund Manager Updates - Li Yuanbo has left his position as the manager of the Fortune Innovation Technology Mixed Fund, with Luo Qing appointed as the new manager; Luo has 8 years of experience in the securities industry [4] Group 3: ETF Market Overview - On July 16, the market experienced a slight decline with major indices showing minor drops; pharmaceutical stocks surged while PCB concept stocks adjusted [5] - Several Hong Kong stock-related ETFs saw increases of over 2%, including the Hang Seng Biotechnology ETF which rose by 2.28% to 1.168 [6][7] - Conversely, ETFs such as the S&P Biotechnology ETF and NASDAQ Biotechnology ETF fell by over 2%, with the S&P Biotechnology ETF decreasing by 2.34% to 0.919 [8] Group 4: ETF Thematic Opportunities - The Chinese internet industry is undergoing a deepening digital transformation, driven by new technologies such as AI, cloud computing, and smart vehicles; Tencent Cloud's AI-related revenue has seen rapid year-on-year growth [9] - The recovery in consumption and globalization is further expanding market opportunities for the Chinese internet sector, with potential focus on products like the China Concept Internet ETF [9]

Group 1 - The ETF market showed mixed performance with the Hang Seng Biotechnology ETF (159615) leading gains at 2.28% [1] - The STAR Market Comprehensive Index ETF by Harvest (589300) increased by 2.16% [1] - The Hong Kong Stock Connect Medical ETF by Fuguo (159506) rose by 2.10% [1] Group 2 - The S&P Biotechnology ETF (159502) experienced the largest decline at 2.34% [1] - The Guotou Financial Real Estate ETF (159933) fell by 2.13% [1] - The NASDAQ Biotechnology ETF (513290) decreased by 2.06% [1]