从成交额来看，上周跟踪中证A500、恒生科技、香港证券指数的ETF成交持续活跃，周度成交额居前。 电池相关ETF涨幅较高 9月8日至9月12日，A股震荡上行。上周，全市场1095只ETF实现正收益，正收益产品占比超80%。芯 片、半导体相关ETF领涨全市场。中韩半导体ETF周涨幅最高，上周涨幅为10.41%，科创芯片设计ETF 涨幅也超10%。科创芯片ETF南方、科创芯片50ETF、信创ETF易方达、集成电路ETF（562820）等多只 芯片、信创相关ETF涨幅均超8%。 从换手率来看，中韩半导体ETF周换手率最高，换手率达1695.23%；科创芯片设计ETF、集成电路ETF （562820）周换手率均超100%。 □本报记者 张凌之 上周（9月8日至9月12日），A股市场整体呈现震荡上行态势。芯片、半导体相关ETF领涨，两只芯片相 关ETF涨幅超过10%。 在资金流向方面，上周全市场ETF的资金总体呈净流入状态。Wind数据显示，9月8日至9月12日，全市 场ETF资金净流入额为69.46亿元。股票型ETF成为ETF市场"吸金"主力。一周净流入额前十的ETF，均 为股票型ETF。 不过，若将时间拉长一些，从 ...

创新药板块全天震荡调整，石药集团、翰森制药跌超8%，百济神州跌超6%，康方生物、中国生物制 药、药明康德跌超5%。 有券商表示，创新药长牛行情或远未结束，中国工程师红利带来的创新药资产尚未充分兑现商业化价 值。港股创新药板块估值较低，BD落地数量多且确定性高，未来大赛道如小核酸、口服GLP1等BD授 权仍处火热阶段，出价和并购金额持续高企，看好其爆发力。 | 代码 | SEAR | 名称 | 现价 | 涨跌 | 涨跌幅 ▲ | | --- | --- | --- | --- | --- | --- | | 159316 | 篇 | 恒生创新药ETF T+0 | 1.581 | -0.073 | -4.41% | | 520700 | 跨 | 港股创新药ETF基金 T+0 | 1.843 | -0.078 | -4.06% | | 520970 | 跨 | 港股通创新药ETF嘉实 T+0 | 1.035 | -0.043 | -3.99% | | 520880 | 覧 | 港股通创新药ETF T+0 | 0.634 | -0.026 | -3.94% | | 159217 | 腰 | 酒版画創新药ETF工银 T ...

具体来看，科创芯片设计ETF(588780)涨近6%，科创芯片ETF富国(588810)、科创芯片ETF博时(588990)、科创芯片ETF(588200)、科创芯片50ETF(588750)、 科创芯片ETF国泰(589100)、科创人工智能ETF华夏(589010)、科创芯片ETF南方(588890)、人工智能ETF科创(588760)、AIETF富国(589380)涨幅居前。 英伟达正在为中国开发一款基于其最新Blackwell架构的AI芯片，其性能将超过目前被允许在中国销售的H20型号。据了解，这款新芯片暂定名为B30A，将 采用单芯片设计，其原始计算能力大概是英伟达旗舰B300加速卡中更复杂的双芯片配置的一半。单芯片设计是将集成电路的所有主要部件集成在一块连续 的硅片上，而不是分散在多个芯片上。 天风证券半导体行业研究周报指出：2025年全球半导体增长延续乐观走势，AI驱动下游增长，国产替代持续推进。二季度各环节公司业绩预告亮眼，展望 三季度半导体旺季期，建议关注存储/功率/代工/ASIC/SoC业绩弹性，设备材料、算力芯片国产替代。 跌幅方面，港股创新药相关ETF跌幅居前 | | | ETF跌幅 ...

| 代码 | 美丽 名称 | 现价 | 涨跌 | 涨跌幅 ▲ | | --- | --- | --- | --- | --- | | 513120 | 留 港股创新药ETF T+0 | 1.418 | -0.058 | -3.93% | | 159217 | 跨 港股通创新药ETF工银 T+0 | 1.541 | -0.061 | -3.81% | | 513780 | 跨 港股创新药50ETF T+0 | 1.819 | -0.072 | -3.81% | | 520700 | 跨 港股创新药ETF基金 T+0 | 1.756 | -0.068 | -3.73% | | 520500 | 跨 恒生创新药ETF T+0 | 1.963 | -0.074 | -3.63% | | 159570 | 跨 港股通创新药ETF T+0 | 1.900 | -0.072 | -3.65% | | 520880 | ど 港股通创新药ETF +0 | 1.202 | -0.045 | -3.61% | | 159567 | 跨 港股创新药ETF T+O | 1.878 | -0.069 | -3.54% | | 15950 ...

Core Viewpoint - The pharmaceutical sector has shown significant divergence in performance, with innovative drugs outperforming while other segments like medical devices and traditional Chinese medicine lag behind [1][2][3] Group 1: Performance Disparity - As of July 28, the performance gap among pharmaceutical theme funds exceeded 120%, with funds focused on Hong Kong innovative drugs leading the pack [1][2] - The China Securities Index for Hong Kong innovative drugs recorded a year-to-date increase of 111.08%, while the medical index only rose by 14.74% [2][3] - A total of 393 pharmaceutical-related funds were tracked, with the highest fund showing a net value increase of over 120% and the lowest at -3.08% [3] Group 2: Market Trends - The A-share pharmaceutical stocks continued to rise, with CRO concept stocks leading the gains, and multiple stocks increasing over 5% [2] - Hong Kong's biotechnology and healthcare indices also performed well, with increases of 4.11% and 3.82% respectively [2] - Despite the overall strong performance, there is a clear divide between the booming innovative drug sector and the underperforming medical and traditional Chinese medicine sectors [2][3] Group 3: Investment Strategies - Some fund managers have reduced their holdings in high-performing sectors like innovative drugs, opting for a balanced approach across medical devices and consumer healthcare [4] - The focus on defensive positions and dividend stocks has been noted as a reason for underperformance in certain funds [3][4] - Analysts suggest that while innovative drugs are currently strong, there are opportunities for valuation recovery in medical devices and healthcare sectors [6][7] Group 4: Risks and Future Outlook - The innovative drug sector's recent surge is attributed to favorable policies, successful international business development, and improved fundamentals [6] - However, there are accumulating short-term risks, including high trading congestion and potential regulatory hurdles [6] - Analysts from CITIC Construction Investment predict a recovery in the medical device sector's overall valuation, with several companies expected to turn profitable by 2025-2027 [7]

Market Performance - The A-share market continued its strong upward trend, with the Shanghai Composite Index approaching the 3500-point mark, closing at 3472.32 points, reflecting a weekly increase of 1.4% [1] - Over 70% of ETF products achieved positive returns this week, with the Hong Kong innovative drug-related ETFs leading the gains [1][2] ETF Highlights - After a two-week adjustment, Hong Kong innovative drug-related ETFs surged again, with several products, including the Hong Kong Innovative Drug ETF Fund and the Hong Kong Innovative Drug 50 ETF, seeing weekly increases exceeding 7% [5][6] - The median weekly increase for over 1200 ETF products was 1.08%, with only about 200 products experiencing declines [2] - Notably, the steel ETF (515210) saw a significant rise of 5.41%, attributed to Huazhong Steel being targeted by insurance capital [6] Sector Performance - Game-related ETFs also performed well, with several products recording weekly gains of over 6%, driven by substantial increases in constituent stocks such as Kaineng Network and 37 Interactive Entertainment [6] - Conversely, the Hang Seng Technology Index faced a decline of 2.42%, impacting related products, particularly in the internet sector, which saw declines exceeding 3% for several ETFs [8][9] Notable ETF Data - The top-performing Hong Kong innovative drug ETFs included: - Hong Kong Innovative Drug ETF Fund: 7.553% weekly increase - Hong Kong Innovative Drug 50 ETF: 7.483% weekly increase - Hong Kong Innovative Drug ETF ICBC: 7.477% weekly increase [4][5] - The newly established Huabao Hang Seng Hong Kong Innovative Drug Selected ETF (520880) reported that Barclays Bank holds 20 million shares, accounting for 4.5997% of the total fund [6]

Group 1 - In June, private equity institutions showed high enthusiasm for researching A-share listed companies, with 751 institutions participating in 1,769 research sessions covering 387 companies across 28 industries [1] - The first batch of Sci-Tech Innovation Bond ETFs has been officially approved, issued by 10 leading companies, indicating a growing trend in the bond ETF market, which has surpassed 380 billion yuan [2] - The recent expansion of QDII quotas by the State Administration of Foreign Exchange, totaling 3.08 billion USD, aims to support cross-border investment and enhance the international competitiveness of domestic financial institutions [3] Group 2 - Fund manager Ye Yong from Wanji Fund maintains a strong position in cyclical stocks, predicting stable growth in major commodity prices by 2025, with a return rate of 26.62% in the first half of the year [4] - The ETF market experienced a rebound, particularly in the innovation drug sector, with related ETFs rising over 4% [5][6] - New measures to support the high-quality development of innovative drugs have been introduced, with significant increases in patent procurement by multinational pharmaceutical companies in China [8] Group 3 - The new fund "Guotai Juxin Quantitative Stock Selection Mixed Fund" is set to launch, managed by Wu Kefan, with a performance benchmark linked to the CSI 300 Index [9] - The "Chuangjin Hexin Hengrong 120-Day Holding Period Bond Fund" is also launching, managed by Xie Chuang and Huang Jiaxiang, focusing on long-term bonds [11]

ETF Industry News - The three major indices collectively rose, with the Shanghai Composite Index up 0.59%, the Shenzhen Component Index up 0.83%, and the ChiNext Index up 1.35. Multiple gaming sector ETFs saw significant gains, including Huatai-PB Gaming ETF (516770.SH) up 5.99%, Gaming ETF (159869.SZ) up 5.95%, and Gaming ETF (516010.SH) up 5.82. In contrast, several non-bank financial sector ETFs declined, with the leading securities ETF (159993.SZ) down 0.41% [1] - According to Everbright Securities, four main investment logic points for the gaming industry are expected to remain sustainable: 1) The sector maintains a high level of prosperity, with consumer sentiment remaining elevated. 2) Leading manufacturers are focusing on high-quality end-game products, while mid-tier opportunities are more prevalent. 3) The summer 2025 release schedule is strong, with several key products set for launch or testing. 4) Continuous innovation in niche segments, such as "search and destroy," SLG, casual games, and high-quality content, shows strong absorption capacity [1] ETF Market Performance - The performance of ETFs in the first half of the year has been released, with the Hong Kong innovative drug-related ETFs performing well, particularly the Hong Kong Innovative Drug ETF, which surged 59.31% to take the top spot. Other related ETFs also saw gains exceeding 57%. In contrast, coal and photovoltaic concept stocks continued to weaken, with coal ETFs down over 12% and several photovoltaic-related ETFs down over 11% [2] - The overall performance of the A-share market showed that the three major indices rose collectively, with the Shanghai Composite Index closing at 3444.43 points, the Shenzhen Component Index at 10465.12 points, and the ChiNext Index at 2153.01 points. The top performers in the last five trading days included the ChiNext Index, Northbound 50, and Nikkei 225, with respective gains of 6.71%, 5.78%, and 5.56% [3] Sector Performance - In terms of sector performance, defense and military, media, and communication sectors ranked highest today, with daily gains of 4.35%, 2.82%, and 1.9%, respectively. Conversely, non-bank financial, banking, and transportation sectors lagged behind, with daily declines of -0.77%, -0.34%, and -0.09% [5] - Over the past five trading days, the defense and military, communication, and computer sectors showed strong performance, with gains of 9.4%, 7.33%, and 6.48%, while the oil and petrochemical, banking, and transportation sectors experienced declines of -2.92%, -0.88%, and -0.73% [5] ETF Categories Overview - The average performance of different categories of ETFs was calculated based on their scale and price changes. The stock-themed index ETFs performed the best with an average increase of 1.26%, while commodity ETFs had the worst performance with an average decline of -0.08% [8] - The top five performing ETFs today included gaming ETFs, with Huatai-PB Gaming ETF (516770.SH) leading at 5.99%, followed closely by Gaming ETF (159869.SZ) at 5.95% and Gaming ETF (516010.SH) at 5.82% [10] Trading Volume and Fund Size - The trading volume of various ETFs was analyzed, with the top three stock ETFs by trading volume being the CSI 300 ETF (510300.SH) at 4.3 billion, A500 ETF (159351.SZ) at 3.94 billion, and A500 ETF Fund (512050.SH) at 3.686 billion [13][14]

Market Overview - The A-share market continues to experience a volume contraction, with the Shanghai Composite Index closing at 3359.9 points, reflecting a cumulative decline of 0.51% for the week [1] - Market sentiment is generally cautious as the end of the first half of the year approaches [1] ETF Performance - Bank-related ETFs have emerged as a "safe haven" during the weak market, with several bank ETFs reaching historical highs [1][4] - The overall performance of ETF products has been lackluster, with the median weekly return for over 1100 products at approximately -0.86% [1] - The bank ETF index fund recorded a weekly increase of 3.22%, with other related products also exceeding 3% in weekly gains [4] Top Performers - The top performers for the week include multiple bank ETFs, which have all achieved historical highs [4] - The wine ETF showed a weak rebound of 2.39%, entering the gainers' list, although its long-term trend remains uncertain [4] Underperformers - The decline in the market was predominantly driven by Hong Kong innovative drug-related ETFs, all of which experienced significant downturns [5][7] - The top 20 ETFs with the largest declines were all related to Hong Kong innovative drugs, with the leading product, the Hong Kong Medical ETF, dropping by 8.617% [5][7] - Additionally, gold-related ETFs also saw substantial declines, with several products falling over 6% due to a more than 2.5% drop in international gold prices [7]

Group 1: Fund Management Changes - Huantu Innovation Fund announced a change in leadership with the resignation of Chairman Ruan Fei and the appointment of General Manager Ji Hongtao as the new Chairman [1] - Hongta Hongtu Fund appointed Feng Jinsong as the new Chief Information Officer, effective June 5 [2] Group 2: Investor Warnings - Dacheng Fund issued a warning to investors about potential financial scams, where fraudsters impersonate company employees to solicit investments through fake platforms [3] Group 3: Market Insights - Fund manager Wan Minyuan from Rongtong Fund expressed concerns about valuation bubbles in the innovative pharmaceutical sector, noting that many companies are overvalued due to excessive speculation [4] - The market experienced fluctuations with the Shanghai Composite Index rising by 0.04% and the Shenzhen Component Index falling by 0.19%, with a total trading volume of 1.15 trillion yuan, down 138.4 billion yuan from the previous trading day [4] Group 4: ETF Performance - The Hong Kong innovative pharmaceutical ETFs saw strong performance, with the highest increase of 2.56% [5] - Financial technology ETFs led the decline with a drop of 1.90%, alongside several vaccine-related ETFs also experiencing significant losses [6] Group 5: Investment Opportunities - The market is witnessing strong performance in precious and industrial metals due to global geopolitical tensions and tariff policies, suggesting potential investment opportunities in mining ETFs [7]