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]

来源：新浪基金∞工作室 9月23日，港股创新药ETF（159567）跌1.58%，成交额10.76亿元。当日份额增加5500.00万份，最新份 额为82.17亿份，近20个交易日份额增加19.63亿份。最新资产净值计算值为76.64亿元。 港股创新药ETF（159567）业绩比较基准为国证港股通创新药指数收益率(经估值汇率调整)，管理人为 银华基金管理股份有限公司，基金经理为马君，成立（2024-01-03）以来回报为86.54%，近一个月回报 为-7.18%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 ...

风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 9月22日，港股创新药ETF（159567）涨1.50%，成交额12.63亿元。当日份额减少800.00万份，最新份额 为81.62亿份，近20个交易日份额增加19.85亿份。最新资产净值计算值为77.29亿元。 港股创新药ETF（159567）业绩比较基准为国证港股通创新药指数收益率(经估值汇率调整)，管理人为 银华基金管理股份有限公司，基金经理为马君，成立（2024-01-03）以来回报为89.40%，近一个月回报 为-5.75%。 来源：新浪基金∞工作室 ...

Group 1 - The Hong Kong Innovative Drug ETF (159567) closed with a gain of 1.50% on September 22, with a trading volume of 1.263 billion yuan [1] - The fund was established on January 3, 2024, with a management fee of 0.50% and a custody fee of 0.10% [1] - As of September 19, 2024, the fund's latest share count was 8.17 billion shares, with a total size of 7.676 billion yuan, reflecting a year-to-date increase of 1966.38% in shares and 1931.78% in size compared to December 31, 2023 [1] Group 2 - The current fund manager is Ma Jun, who has managed the fund since its inception, achieving a return of 87.92% during the management period [2] - The top holdings of the fund include Innovent Biologics (9.52%), WuXi Biologics (9.47%), BeiGene (8.73%), and others, with their respective market values and share counts detailed [2] - The cumulative trading amount over the last 20 trading days reached 37.235 billion yuan, with an average daily trading amount of 1.862 billion yuan [1][2]

Core Viewpoint - The Hong Kong Innovative Drug ETF (159567) has shown significant growth in both share volume and fund size since its inception, indicating strong investor interest in the innovative drug sector [1][2]. Fund Performance - As of September 18, 2024, the fund's share volume reached 8.17 billion shares, with a total size of 7.839 billion yuan, reflecting an increase of 1966.38% in share volume and 1974.81% in size compared to its initial figures on December 31, 2023 [1]. - The fund manager, Ma Jun, has achieved a return of 90.14% since taking over management on January 3, 2024 [2]. Trading Activity - The ETF recorded a trading volume of 12.58 billion yuan on September 19, 2024, with an average daily trading amount of 18.71 billion yuan over the last 20 trading days [1]. - Year-to-date, the ETF has accumulated a total trading amount of 206.404 billion yuan over 176 trading days, averaging 11.73 billion yuan per day [1]. Top Holdings - The ETF's major holdings include: - Innovent Biologics (9.52% holding, 263 million yuan market value) - WuXi Biologics (9.47% holding, 258 million yuan market value) - BeiGene (8.73% holding, 238 million yuan market value) - CanSino Biologics (7.62% holding, 208 million yuan market value) - China National Pharmaceutical Group (7.17% holding, 196 million yuan market value) [2].

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 ETF (159567) has shown significant growth in both share volume and fund size since its inception, despite a recent decline in its closing price [1][2]. Group 1: Fund Performance - As of September 10, 2024, the Hong Kong Innovative Drug ETF (159567) had a total share volume of 6.892 billion shares and a total fund size of 6.859 billion yuan [1]. - The fund's share volume increased by 1643.13% and its size increased by 1715.37% compared to December 31, 2023, when the share volume was 395 million shares and the size was 378 million yuan [1]. Group 2: Trading Activity - The ETF recorded a trading volume of 34.73 billion yuan on September 11, 2024, with a closing price decline of 1.90% [1]. - Over the past 20 trading days, the cumulative trading amount reached 35.879 billion yuan, averaging 1.794 billion yuan per day; since the beginning of the year, the cumulative trading amount was 194.73 billion yuan, averaging 1.145 billion yuan per day [1]. Group 3: Fund Management - The current fund manager, Ma Jun, has managed the Hong Kong Innovative Drug ETF (159567) since its inception, achieving a return of 99.04% during the management period [2]. - The ETF's top holdings include companies such as Innovent Biologics, WuXi Biologics, BeiGene, and others, with significant percentages of the portfolio allocated to these stocks [2].

Core Viewpoint - The innovative pharmaceutical sector has become a key driver of revenue growth for listed companies, with some companies reporting that innovative drug revenue has surpassed 50% of total revenue, indicating a significant shift towards innovation-driven business models [1][3]. Group 1: Performance Highlights - In the first half of 2025, multiple innovative pharmaceutical companies in the A-share market reported both revenue and profit growth, with the proportion of innovative drugs continuing to rise [3]. - A representative product, the BTK inhibitor Zebutini, achieved global sales of 12.527 billion yuan in the first half of 2025, marking a year-on-year increase of 56.2% [3]. - In the Hong Kong stock market, 39 innovative pharmaceutical companies reported total revenue of 152.061 billion yuan in the first half of 2025, a year-on-year growth of 7.66%, with net profit attributable to shareholders reaching 28.266 billion yuan, a significant increase of 54.37% [3]. Group 2: Market Signals - The strong performance of innovative pharmaceutical companies indicates that the long-term innovation-driven strategies are beginning to yield results, with sustained R&D investments gaining market recognition [3][6]. - Increased health awareness among residents and supportive healthcare policies are contributing to the growing market demand for innovative drugs [3]. Group 3: Growth Drivers - R&D capabilities are improving in both quantity and quality, with China becoming a global center for new drug development, particularly in areas like ADC and multi-antibody technologies [7]. - Continuous policy support from the government, including 32 specific measures aimed at enhancing the innovative pharmaceutical sector, is fostering overall industry vitality [7]. - The trend of Chinese innovative drugs entering international markets is expected to enhance company performance through upfront and milestone payments from overseas collaborations [7]. Group 4: Market Potential - The Chinese innovative pharmaceutical market is projected to exceed 750 billion yuan in 2025, representing an 18% increase from 2024, and is expected to capture 6% of the global market share [8]. - By 2030, the market size is anticipated to surpass 2.3 trillion yuan, with a compound annual growth rate of 15% from 2025 to 2030 [8]. - The transition from "Made in China" to "Created in China" signifies the beginning of a new growth phase for the industry, with several quarters of growth expected to be relatively certain [8].

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]