10月31日早盘，港股市场小幅低开，但医药板块逆势走强。 相关热门ETF中，港股创新药ETF（159567）高开高走，截至9:55涨幅超3%，成交额超4.5亿元。成分股 来看，三生制药、映恩生物、信达生物等领涨；再鼎医药、康哲药业等少数个股飘绿。 有报道称，当前中国创新药产业正以强劲势头融入全球医药创新体系。从十年前以仿制药为主导，到如 今在全球创新药商务合作拓展（BD）交易中占比显著提升，从"跟跑""并跑"到在部分领域"领跑"，中 国创新药凭借政策支持、临床突破与资本助力，实现了从"借船出海"到"造船出海"的跨越。 据了解，港股创新药ETF（159567）跟踪国证港股通创新药指数，旨在反映港股通范围内创新药领域上 市公司的运行特征。 场外投资者还可通过港股创新药ETF联接基金（A类：023929，C类：023930）一键布局港股创新药板 块上行机遇。 每日经济新闻 消息面上，三生国健公告，公司前三季度净利润同比增超70%。此外，10月30日8时30分，2025国家医 保谈判于北京全国人大会议中心开启。今年国谈在延续医保目录常规调整机制的基础上，首次正式引 入"商保创新药目录"机制。 ...

港股早盘震荡调整，创新药板块跟随市场走低，港股创新药ETF（159567）盘中跌逾3%。 有分析认为，历经十年转型，中国创新药产业已逐步迈入收获兑现期。当前，国产创新药获批上市数量 稳步上升，出海交易屡爆大单，创新药板块有望是热点高低切风格下的资金选择。 值得注意的是，港股创新药板块近期持续调整，开始吸引资金关注。Wind数据显示，港股创新药ETF （159567）昨日逆势获资金加仓，基金份额增加了1.02亿份。而截至10月22日，港股创新药ETF （159567）有望连续9个月获资金净流入，份额突破82亿份连创新高。 消息面上，近日，信达生物公告称，其与武田制药达成全球战略合作，旨在加速推进信达生物新一代 IO及ADC疗法开发。根据协议，信达生物将获得12亿美元的首付款，包括以认购事项方式获得1亿美元 的战略股权投资。信达生物亦有权获得合计最高可达102亿美元的潜在里程碑付款，本次合作交易总金 额最高可达114亿美元。 港股创新药ETF（159567）跟踪国证港股通创新药指数，旨在反映港股通范围内创新药领域上市公司的 运行特征。场外投资者还可通过港股创新药ETF联接基金（A类：023929，C类：02393 ...

值得注意的是，港股创新药板块今年整体表现亮眼，港股创新药ETF（159567）年内累计涨幅超95%， 连续8个月获资金净流入，份额突破81亿份连创新高。 港股创新药ETF（159567）跟踪国证港股通创新药指数，旨在反映港股通范围内创新药领域上市公司的 运行特征。 场外投资者还可通过港股创新药ETF联接基金（A类：023929，C类：023930）一键布局港股创新药板 块上行机遇。 港股今日早盘震荡调整，恒生指数跌超1%，创新药板块盘中探底回升，港股创新药ETF（159567）逆 势涨近1%。成分股中，康诺亚-B、石药集团、百济神州、远大医药涨超2%。 有分析认为，在创新药政策支持下，新上市产品有望快速实现商业价值，伴随着国家全链条鼓励创新药 政策的落地，国产创新药在院内产品的占比还会快速提升，有望成为成长性最好的细分板块。此外，从 中报业绩来看，创新药、CXO、生物制药等医药行业细分板块均迎来业绩修复。目前，板块具有"创新 升级+盈利拐点+出海BD常态化"三重逻辑，这三重逻辑将持续支撑后续行情。 ...

Core Viewpoint - The Hong Kong stock market opened slightly lower today, with the innovative drug sector experiencing a pullback, particularly affecting the Hong Kong Innovative Drug ETF (159567), which fell over 1% during trading [1] Group 1: Market Performance - The innovative drug sector in Hong Kong has shown impressive performance this year, with the Hong Kong Innovative Drug ETF (159567) achieving a cumulative increase of over 90% year-to-date [1] - The ETF has seen continuous net inflows for eight consecutive months, with its share surpassing 8.2 billion, setting a new record [1] Group 2: Industry Dynamics - Analysts indicate that the Chinese innovative drug industry has established a pyramid structure led by top-tier companies, supported by a large number of quality enterprises, demonstrating strong sustainability [1] - The underlying logic of this cycle is that China's innovative drugs under development possess global competitiveness, with the commercialization model shifting from domestic sales to international data and transaction realization (license out BD) [1] - The commercial space for the industry is expanding, leading to a healthier and more mature ecosystem, gradually transitioning into a dual-driven phase of products and business models [1] Group 3: Investment Opportunities - The Hong Kong Innovative Drug ETF (159567) tracks the Guozheng Hong Kong Stock Connect Innovative Drug Index, aiming to reflect the operational characteristics of listed companies in the innovative drug sector within the Hong Kong Stock Connect [1] - Investors can also access the Hong Kong Innovative Drug ETF feeder funds (Class A: 023929, Class C: 023930) for a streamlined investment approach in the upward opportunities of the innovative drug sector [1]

Core Viewpoint - The Hong Kong pharmaceutical and biotechnology sector is experiencing a rebound, with the Hong Kong Innovative Drug ETF (159567) showing a significant increase, indicating a potential end to the previous two-day decline [1] Group 1: Market Performance - The Hong Kong Innovative Drug ETF (159567) opened higher and recorded a 2.01% increase by 9:54 AM, with a trading volume exceeding 570 million yuan [1] - Year-to-date, the ETF has risen over 100%, placing it in the top tier of all ETFs in the market [1] - Since September, as of September 17, the ETF's shares have increased by 1.485 billion shares, nearing the total increase of 1.571 billion shares in August, marking eight consecutive months of positive growth [1] Group 2: Institutional Insights - Institutions believe that policy support will significantly accelerate the R&D process for innovative drugs, enabling companies to complete clinical trials more quickly and achieve earlier product launches [1] - Improved R&D efficiency is expected to lower development costs, reduce capital occupation time, and enhance cash flow [1] - With policies aligning towards globally synchronized R&D, innovative drug companies with international capabilities will have more opportunities to conduct international multi-center clinical trials, thereby enhancing their global competitiveness [1] Group 3: ETF Characteristics - The Hong Kong Innovative Drug ETF (159567) tracks the Guozheng Hong Kong Stock Connect Innovative Drug Index, aiming to reflect the operational characteristics of listed companies in the innovative drug sector within the Hong Kong Stock Connect [1] - Investors can also access the Hong Kong Innovative Drug ETF through linked funds (Class A: 023929; Class C: 023930) for a streamlined investment in the upward potential of the Hong Kong innovative drug sector [1]

Core Viewpoint - The Hong Kong innovative drug sector experienced a significant drop, with companies like BeiGene, China Biologic Products, CSPC Pharmaceutical Group, and Innovent Biologics seeing declines of over 10% in early trading. However, the Hong Kong Innovative Drug ETF (159567) rebounded, indicating strong investor interest and a potential bottoming out in the market [1] Group 1: Market Performance - The Hong Kong innovative drug ETF (159567) opened low but saw a recovery, with a market price premium of nearly 1% [1] - The ETF recorded a net subscription of 904 million shares during intraday trading, reflecting strong demand from investors [1] Group 2: Industry Outlook - Analysts suggest that the long-term bullish trend for innovative drugs may not be over, as the commercialization value of innovative drug assets driven by China's engineering talent has yet to be fully realized [1] - The valuation of the Hong Kong innovative drug sector remains low, with a high number of business development (BD) deals that are both numerous and certain, indicating a robust future pipeline in areas like small nucleic acids and oral GLP-1 [1] - The performance of the innovative drug, CXO, and biopharmaceutical sectors has shown signs of recovery, with China's pharmaceutical industry now possessing global competitiveness [1] Group 3: Investment Opportunities - The Hong Kong Innovative Drug ETF (159567) tracks the Guozheng Hong Kong Stock Connect Innovative Drug Index, aiming to reflect the performance characteristics of listed companies in the innovative drug sector within the Hong Kong Stock Connect [1] - Investors can also access the Hong Kong Innovative Drug ETF feeder funds (Class A: 023929, Class C: 023930) for a streamlined investment approach to capitalize on the upward potential of the innovative drug sector [1]

Core Viewpoint - The Hong Kong pharmaceutical sector is stabilizing and rebounding, with the National Index for Hong Kong Innovative Drugs rising over 2% as of September 5th [1] Group 1: Market Performance - The Hong Kong Innovative Drug ETF (159567) saw an increase of approximately 1.24% by 9:53 AM, with a trading volume nearing 300 million [1] - Leading stocks in the sector include Sanofi, Ascentage Pharma, and United Laboratories, while Lepu Medical and BeiGene experienced declines [1] Group 2: Industry Developments - The first half of the year has been positive for the Hong Kong biopharmaceutical sector, with several listed companies entering a harvest phase in their R&D efforts, contributing to performance growth [1] - Guoyuan Securities noted that China's innovative drugs are entering a phase of realization, with significant R&D progress expected to drive the sector's performance in the second half of the year [1] Group 3: Investment Opportunities - Institutions suggest that the main line of innovative drugs and the reversal of left-side sector challenges remain the biggest investment opportunities for the pharmaceutical sector through 2025 [1] - The Hong Kong Innovative Drug ETF (159567) tracks the National Index for Hong Kong Innovative Drugs, primarily focusing on biopharmaceuticals and chemical pharmaceuticals, with 9 out of the top 10 constituent stocks being biotech companies involved in core innovative drug technologies [1] - Investors can also utilize linked funds (Class A: 023929, Class C: 023930) to capitalize on industry development opportunities [1]

Group 1 - The Hong Kong innovative drug sector is experiencing strong performance, with the Guozheng Hong Kong Stock Connect Innovative Drug Index rising nearly 2%, approaching the previous high point from August 19 [1] - The Hong Kong Innovative Drug ETF (159567) has seen a cumulative increase of over 110% this year, making it one of the six ETFs in the market that have doubled in value [1] - The ETF has recorded positive growth in fund shares for seven consecutive months from February to August, with circulating shares increasing more than 17 times [1] Group 2 - China’s innovative drug companies are well-positioned for global competition, supported by over a decade of rapid development in the sector [1] - The purchasing behavior of overseas multinational corporations (MNCs) has validated the innovative research and development capabilities of domestic companies, particularly in the oncology and respiratory fields [1] - The Hong Kong Innovative Drug ETF primarily tracks the Guozheng Hong Kong Stock Connect Innovative Drug Index, focusing on biopharmaceuticals and chemical pharmaceuticals, with 9 out of the top 10 constituent stocks being biotech companies involved in core innovative drug technologies [1]

Group 1 - Hong Kong pharmaceutical stocks experienced a rapid increase, with Rongchang Biopharmaceutical rising over 8%, and Green Leaf Pharmaceutical, CSPC Pharmaceutical, and Junshi Biosciences each rising over 5% [1] - The Hong Kong Innovative Drug ETF (159567) surged over 2%, reflecting strong market interest [1] - The Innovative Drug ETF has seen continuous net inflows for four consecutive trading days, accumulating over 1.7 billion yuan since August [1] Group 2 - Major pharmaceutical companies are significantly increasing their procurement of innovative drug patents in China, with procurement amounts from January to May nearing the total for the entire year of 2024, indicating the competitiveness of Chinese innovative drugs in the international market [1] - Upcoming major conferences, including the World Lung Cancer Conference (WCLC) in September and the European Society for Medical Oncology (ESMO) in October, will showcase research results from domestic innovative drugs, enhancing their global competitiveness [1] - The Hong Kong Innovative Drug ETF tracks the CSI Hong Kong Stock Connect Innovative Drug Index, aiming to reflect the performance characteristics of listed companies in the innovative drug sector within the Hong Kong Stock Connect [1]