创新药ETF(515120)最高涨近2%，同样冲击两连阳。近20个交易日有13天"吸金"，累计达6.99亿元。成 份股奥赛康涨停，九洲药业涨超5%，信立泰、恒瑞医药跟涨。 盘面上，Wind数据显示，2025年9月25日午后开盘，创新药板块延续昨日涨势。A股方面，奥赛康涨 停，九洲药业、信立泰、恒瑞医药跟涨；H股方面，君实生物、荣昌生物涨幅居前，昭衍新药、凯莱英 等跟涨。 涨停股方面，奥赛康9月公告称，公司全资子公司江苏奥赛康药业有限公司开发的1类创新药ASKC202 联合利厄替尼用于经表皮生长因子酪氨酸激酶抑制剂（EGFR-TKI）治疗失败伴MET扩增/过表达的局部 晚期或转移性非小细胞肺癌的注册性临床III期研究已完成首例患者给药。 龙头企业方面，9月24日，恒瑞医药公告称，将公司具有自主知识产权的1类创新药瑞康曲妥珠单抗 （SHR-A1811）项目有偿许可给GlenmarkSpecialty。根据双方协议，GlenmarkSpecialty将向恒瑞支付 1800万美元首付款，并有资格获得最高10.93亿美元的里程碑付款，以及根据销售情况支付的提成。 浙商证券认为，中国本土创新药进入"工程师红利"兑现期，中 ...

Market Overview - The A-share market exhibited a fluctuating upward trend from September 8 to September 12, with chip and semiconductor-related ETFs leading the gains, two of which rose over 10% [1][2] - A total of 1,095 ETFs in the market achieved positive returns during the same period, with over 80% of products showing positive performance [2] ETF Performance - The lithium battery ETF (561160) recorded the highest increase of 17.74% since the beginning of September, along with four other battery-related ETFs that saw approximately 17% growth [1][2] - The semiconductor ETFs, particularly the China-Korea Semiconductor ETF, had the highest weekly increase of 10.41%, while several other related ETFs exceeded 8% [2] Fund Flows - The overall ETF market experienced a net inflow of 6.946 billion yuan from September 8 to September 12, with stock-type ETFs being the main contributors to this inflow [3] - The top ten ETFs by net inflow were all stock-type ETFs, with significant contributions from two Hong Kong-related ETFs, each exceeding 3.5 billion yuan in net inflow [3] New Fund Issuance - There has been a noticeable acceleration in the issuance of new funds, with over ten new funds ending their fundraising early in September, some achieving over 1 billion yuan in initial fundraising [4][5] - Several funds, including the Huashang Hong Kong Stock Value Return Mixed Fund, sold out on the first day of issuance, indicating strong market demand [4][5] Market Sentiment - The early closure of multiple new funds is attributed to a market rebound and the fulfillment of fundraising expectations, with fund managers aiming to establish funds quickly to provide investment tools for investors [5] - The current trend shows a batch of funds with short fundraising periods, with many funds setting their fundraising periods to less than ten days [5]

Group 1 - The Hong Kong innovative drug industry is experiencing a strong recovery, with significant revenue and profit growth expected in the first half of 2025, driven by accelerated overseas expansion, commercialization, and policy support [1] - The Hong Kong innovative drug index has risen by 108.64% since the beginning of the year, outperforming the Hang Seng Composite Index by 79.70 percentage points, according to Wanlian Securities [1] - Companies with differentiated technology platforms, strong business development (BD) expectations, and those involved in emerging disease areas like Alzheimer's and GLP-1 drugs are recommended for attention in the second half of the year [1] Group 2 - Several innovative drug companies reported impressive mid-year results for 2025, with BeiGene achieving revenue of 17.518 billion yuan, a year-on-year increase of 46.03%, and a net profit of 450 million yuan, compared to a net loss of 2.877 billion yuan in the same period last year [1] - WuXi AppTec in the CXO sector reported a 20.64% year-on-year increase in revenue and a 101.92% increase in net profit attributable to shareholders for the first half of 2025 [1] - Policy changes are expected to further shorten the clinical review and approval times for innovative drugs, enhancing the sector's development [1] Group 3 - As of September 4, 2025, the Hong Kong innovative drug ETF (513120) has seen a decline of 2.70%, while it has increased by 7.80% over the past week [2] - The top ten weighted stocks in the index account for 70.79%, including leading innovative drug companies such as CanSino Biologics, Innovent Biologics, and BeiGene [2] - The latest scale of the Hong Kong innovative drug ETF reached 21.56 billion yuan, marking a new high since its inception, with a net inflow of 32.8559 million yuan [2] Group 4 - The Hong Kong innovative drug ETF (513120) closely tracks the China Securities Hong Kong Innovative Drug Index and allows T+0 trading, enhancing liquidity and capital efficiency for investors [3]

Group 1: Domestic Innovative Drugs - The clinical trial HARMONi-A for AK112, a core product of Kangfang Biotech, shows statistically significant overall survival (OS) benefits for second-line EGFR mutation non-small cell lung cancer (2L EGFRm NSCLC) [1] - AK112 has initiated 13 registrational/Phase III clinical studies globally, covering multiple high-incidence cancers such as lung cancer, cholangiocarcinoma, and triple-negative breast cancer, indicating its broad clinical potential [1] - Over 40 Chinese studies have been selected for presentation at the 2025 World Lung Cancer Conference (WCLC) in Barcelona, highlighting the increasing international recognition of domestic research [1] Group 2: Industry Performance - Fosun Pharma reported a revenue of 19.514 billion RMB and a net profit of 1.702 billion RMB for the first half of 2025, with innovative drug revenue exceeding 4.3 billion RMB, a year-on-year increase of 14.26% [2] - The operating cash flow for Fosun Pharma reached 2.134 billion RMB, up 11.90% year-on-year, while the company continues to optimize its asset structure by disposing of non-core assets totaling over 2 billion RMB since the beginning of 2025 [2] - As of August 28, 2025, the Hong Kong Innovation Drug Index fell by 2.17%, but the Hong Kong Innovation Drug ETF saw a 5.62% increase over the past month, with the top ten weighted stocks accounting for 70.59% of the index [2] Group 3: Financing and Market Trends - As of August 27, 2025, the latest financing buy-in for the Hong Kong Innovation Drug ETF was 761 million RMB, with a net inflow of 191 million RMB [3] - The global pharmaceutical transaction volume reached 456 deals in the first half of 2025, a 32% year-on-year increase, with a total transaction value of 130.4 billion USD, up 58% year-on-year, indicating growing recognition of Chinese enterprises in global innovative drugs [3] - The approval time for innovative drug clinical trials has been shortened to 30 working days, further promoting industry recovery [3]

Group 1 - The Hong Kong innovative drug sector experienced a significant surge, with 9 out of the top 10 performing ETFs being related to innovative drugs [2] - The Hong Kong innovative drug ETF (513120) rose by 3.17%, leading the market [2] - The approval of innovative drugs has increased significantly, with 43 new drugs approved in the first half of the year, a 59% year-on-year increase [2] Group 2 - The short-term bond ETF (511360) recorded a trading volume of 225.09 billion, the highest among all ETFs [4] - On August 4, the total net inflow for all ETFs was 37.72 billion, with significant inflows into several ETFs [4] - The market is expected to maintain a fluctuating upward trend, with a focus on sectors like AI, military, and innovative drugs [5][6]

Group 1 - The Hong Kong Innovation Drug ETF (513120) has shown strong performance, with a recent increase of 1.90% and a total scale reaching 15.257 billion [1] - The ETF has attracted significant capital inflow, accumulating 354 million over the last five trading days, and has a one-year net value increase of 127.14% [1][2] - The index tracks up to 50 listed companies involved in innovative drug research, with a high concentration in biopharmaceuticals and chemical pharmaceuticals, accounting for 92.5% of the index [2] Group 2 - The top ten weighted stocks in the index account for 70.59%, including companies like 康方生物 (09926) and 信达生物 (01801) [2] - The innovation drug sector is entering a phase of "clinical value reassessment," shifting from a narrative-driven valuation to a profit-driven approach, indicating long-term investment potential [2] - The sector is expected to maintain its growth due to policy support, enhanced global competitiveness, and successful commercialization [3] Group 3 - The ETF allows T+0 trading, enhancing liquidity and efficiency for investors [3]

Group 1 - The Hong Kong Innovative Drug ETF (513120) reached a record size of 16.12 billion yuan as of July 29, 2025, with a year-to-date growth of 111.29%, making it the top-performing pharmaceutical ETF in Hong Kong [1] - The CSI Hong Kong Innovative Drug Index (931787) surged by 3.85% on July 29, 2025, with notable increases in constituent stocks such as WuXi AppTec (02359) up 10.76% and Innovent Biologics (01801) up 8.77% [1] - The ETF's liquidity was strong, with a turnover rate of 74.62% and a total trading volume of 11.64 billion yuan on July 29, 2025, leading the market in pharmaceutical ETFs [1] Group 2 - The CSI Hong Kong Innovative Drug Index tracks up to 50 listed companies involved in innovative drug research and development, with a significant focus on biopharmaceuticals and chemical pharmaceuticals, which together account for 92.5% of the index [2] - As of June 30, 2025, the top ten weighted stocks in the index accounted for 67.94%, including companies like Innovent Biologics (01801) and WuXi Biologics (02269) [2] Group 3 - In the first half of 2025, global pharmaceutical transactions reached 456, a 32% year-on-year increase, with total upfront payments soaring by 136% to 11.8 billion USD [3] - Chinese companies contributed nearly 50% of the total transaction value and over 30% of the transaction volume in the global innovative drug market [3] - On July 28, 2025, Heng Rui Medicine announced a deal with GSK for the global exclusive rights to the HRS-9821 project, with an upfront payment of 500 million USD and potential milestone payments totaling around 12 billion USD [3] Group 4 - On July 25, 2025, the National Healthcare Security Administration held a meeting to discuss new policies supporting innovative drugs and medical devices, aiming to accelerate the clinical application of high-level technological innovations [4] - China’s innovative drug assets are gaining global recognition, with increasing business development (BD) licensing amounts and numbers, indicating a growing global influence [4] - The Hong Kong Innovative Drug ETF (513120) supports T+0 trading, allowing investors to trade multiple times within a trading day, enhancing liquidity and capital efficiency [4]

Group 1 - The Hong Kong Innovation Drug ETF (513120) has seen a strong increase of 3.37%, marking a four-day consecutive rise, with significant gains in constituent stocks such as Green Leaf Pharmaceutical (02186) up 8.50% and WuXi AppTec (02359) up 7.97% [1] - The ETF's trading volume was active, with a turnover of 31.99% and a total transaction value of 4.947 billion [1] - The ETF's latest scale reached 15.136 billion, a new high in nearly a year, ranking first among Hong Kong pharmaceutical ETFs [1] Group 2 - The CSI Hong Kong Innovation Drug Index (931787) closely tracks the performance of up to 50 listed companies involved in innovative drug research and development, with a significant weight of 92.5% in biopharmaceuticals and chemical pharmaceuticals [2] - As of June 30, 2025, the top ten weighted stocks in the index accounted for 67.94%, including companies like Innovent Biologics (01801) and WuXi Biologics (02269) [2] - WuXi AppTec reported a revenue of 20.799 billion, a year-on-year increase of 20.64%, with net profit rising by 101.92% to 8.56 billion [2] Group 3 - Heng Rui Medicine announced a licensing agreement with GSK for the global exclusive rights to the HRS-9821 project, receiving an upfront payment of 500 million and potential total payments of approximately 12 billion [3] - The total amount of overseas licensing transactions for innovative drugs in China increased by 26% in 2024, with over 2.5 billion in upfront payments in the first half of 2025 [3] - The Hong Kong Innovation Drug ETF supports T+0 trading, enhancing liquidity and capital efficiency for investors [3]

Group 1 - Heng Rui Medicine announced a License-out collaboration with GlaxoSmithKline (GSK) with a total potential value of up to $12.5 billion, covering an innovative respiratory drug in clinical stages and up to 11 candidates in non-clinical stages [1] - Following the announcement, Heng Rui Medicine's A-shares hit the daily limit, reaching a four-year high, while H-shares surged over 16%, marking a new high since listing [1] - The innovative drug ETFs saw significant activity, with the A-share innovative drug ETF (515120) rising over 2% and reaching a near two-year high, while the Hong Kong innovative drug ETF (513120) increased nearly 1% [1] Group 2 - Haitong International emphasizes the ongoing focus on innovative drugs and the industry chain, highlighting the high prosperity of innovative drugs and the potential for value re-evaluation in Pharma [2] - The market is expected to experience rotation, with assets at historical low valuations likely to see a new round of valuation increases, alongside opportunities arising from the World AI Conference [2] - The second half of the year should focus on recovery lines, such as the revival of medical device procurement and the recovery of demand in life sciences due to global biotech financing [2] Group 3 - Innovative Drug ETF (515120) closely tracks the CSI Innovative Drug Industry Index, investing in A-share innovative drug industry companies [3] - Hong Kong Innovative Drug ETF (513120) tracks the CSI Hong Kong Innovative Drug Index and supports T+0 trading, enhancing liquidity and capital efficiency [3] - Medical ETF Leader (560260) focuses on leading companies in the medical industry, including medical services, devices, and information technology [3]

Group 1 - The Hong Kong Stock Connect Technology ETF (159262) increased by 1.05% [1] - The Financial Technology ETF (516860) decreased by 0.21% [1] - The Hong Kong Securities ETF (513090) rose by 0.43% [1] - The Hong Kong Innovative Drug ETF (513120) gained 0.44% [1] - The Hong Kong Stock Connect Innovative Drug ETF (159570) increased by 0.55% [1]