值得注意的是，港股创新药ETF（513120）年内收益率超108%，最新规模超194亿元，不仅是全市场规 模最大创新药ETF，还是年内全市场规模最大的"翻倍基"。该产品跟踪中证香港创新药指数，成分股涵 盖创新药龙头企业，生物制药与化学药权重占比超90%。当前指数市盈率39倍，处于历史41%估值分 位，估值性价比突出，叠加创新药出海加速、行业审批提速等基本面利好，长期配置价值值得关注。 展望后市，机构普遍看好结构性行情演绎。华西证券（002926）表示，居民的消费和投资意愿出现边际 回暖迹象。近期两融余额站上近10年新高，反映个人投资者风险偏好正在持续回升。居民资产配置向权 益类资产不断加速倾斜，居民增量资金入市或将成为本轮行情的重要驱动，仍看好下半年A股市场。 （张舒琳） 中证网讯 近期，受多重利好消息持续催化，港股非银金融板块表现强势，中证港股通非银行金融主题 指数持续上行。作为全市场唯一跟踪该指数的ETF，广发基金旗下港股通非银ETF（513750）同样走势 强劲，截至8月15日收盘，港股通非银ETF近一年收益率达100.65%，实现业绩翻倍。亮眼的业绩受到资 金的广泛关注，截至8月15日，其最新规模超1 ...

Investment Rating - The report maintains an "Accumulate" rating for the Hong Kong innovative drug sector [1]. Core Insights - The current bull market for innovative drugs is driven by the potential for overseas business development (BD), marking a shift from domestic commercialization to international expansion, which is crucial for the industry's growth [6][15]. - The valuation of the Hong Kong innovative drug sector is at a historically low level, with the China Securities Hong Kong Innovative Drug Index's price-to-earnings (PE) ratio at 36.93, significantly lower than the industry average [16][21]. - The innovative drug industry in China has reached a turning point, with substantial improvements in both policy support and research capabilities, leading to increased global recognition of Chinese innovative drugs [6][54]. Summary by Sections 1. Hong Kong Innovative Drug Investment Value Analysis - The current bull market is characterized by a focus on overseas BD, with small-cap stocks showing significant gains [11]. - The Hong Kong innovative drug sector's PE ratio is at a historical low, enhancing its investment appeal [16]. - The sector's cost structure is aligning with that of A-share innovative drugs, and liquidity is improving, suggesting potential for higher valuations [25][28]. 2. Hong Kong Innovative Drug Industry Analysis - The innovative drug industry is entering a new phase, transitioning from generic to innovative drug development [46]. - Research capabilities have significantly improved, with a notable increase in the number of first-in-class (FIC) drugs being developed [51]. - The Chinese regulatory environment is increasingly aligning with international standards, enhancing the credibility of domestic clinical trials [54]. 3. Product Introduction: Hong Kong Innovative Drug ETF (513120) - The ETF closely tracks the China Securities Hong Kong Innovative Drug Index, which includes leading innovative drug companies [3]. - The ETF has shown superior performance compared to its peers, with a higher return rate and lower volatility [3][22]. - The ETF's top holdings are concentrated in leading pharmaceutical companies, providing a high degree of purity in its composition [3][24]. 4. Company Profiles - **BeiGene**: In a commercialization acceleration phase, with significant revenue growth and a robust pipeline [38]. - **Innovent Biologics**: Mature in commercialization, with a diverse product portfolio and strong global partnerships [39]. - **CSPC Pharmaceutical Group**: Transitioning from generics to innovative drugs, with several products expected to be approved soon [42]. - **Sihuan Pharmaceutical**: Deepening its innovative transformation, focusing on oncology and autoimmune diseases [45].

Group 1 - The core viewpoint of the articles highlights the strong performance of semiconductor-related ETFs and the significant inflow of funds into specific ETFs, indicating a bullish sentiment in the market driven by AI and semiconductor cycles [1][2][3] - On August 14, semiconductor stocks showed strength, with five semiconductor-related ETFs among the top ten performers in the market, and the chip ETF (159995) rising by 1.76% [1] - The total ETF trading volume on August 14 exceeded 400 billion yuan, reaching 435.1 billion yuan, an increase of nearly 25 billion yuan compared to the previous trading day [2][3] Group 2 - China Ping An's recent acquisition of shares in China Taiping Insurance has drawn market attention, with Ping An increasing its stake to 5.04%, triggering a regulatory notice [2] - The insurance sector is seeing a trend of long-term capital allocation towards high-dividend financial assets, with many stocks in the Hong Kong market offering dividend yields exceeding 5% [2] - The market is currently experiencing a positive cycle of risk appetite and inflow of incremental funds, supported by favorable domestic policy signals and a stable external environment [3][4]

01 8月5日，港股创新药板块再度爆发，全市场涨幅前十的ETF中，9只均为港股创新药相关ETF。 02 8月5日，市场交投情绪显著活跃，短融ETF（511360）成交额突破200亿元，8只ETF成交额破百亿元。 03 今日盘后，景顺长城基金公告称，旗下纳指科技ETF（159509）二级市场交易价格明显高于基金份额参考净值，出现较大幅度溢价。提 示投资者关注二级市场交易价格溢价风险，如果盲目投资，可能遭受较大损失。 截至今日收盘，国联中证500ETF（515550）跌1.27%，多只科创芯片、云计算主题ETF跌幅居前。 | 代码 | 名称 | 景日涨幅 | 当日IOPV溢折率 | | --- | --- | --- | --- | | 515550.SH | 国联中证500ETF | -1.27% | -0.02% | | 517400.SH | 黄金股票ETF | -0.84% | -0.30% | | 512180.SH | MSCIA股ETF基金 | -0.53% | -0.31% | | 588780.SH | 科创芯片设计ETF | -0.44% | 0.01% | | 515400.SH | 大数据 ...

Group 1 - The Hong Kong stock market experienced a significant rise in July, with the Hang Seng Index and Hang Seng Tech Index both increasing by over 2.8%, and the Hang Seng Stock Connect rising by 4.7% [1] - There has been a resonance inflow of both domestic and foreign capital into the Hong Kong stock market this year, leading to a sustained liquidity environment [1] - According to Guosen Securities, Hong Kong stocks remain in a reasonable valuation range compared to A-shares, with a focus on five key investment directions: undervalued internet and AI leaders, innovative pharmaceuticals, resources and commodities benefiting from anti-involution, strong fundamentals in new consumption, and improving performance in non-bank financial institutions [1][2] Group 2 - The Hong Kong Innovative Pharmaceutical ETF (513120) has seen a year-to-date return exceeding 100% as of July 29, with its latest scale surpassing 16 billion yuan, making it the largest innovative pharmaceutical ETF in the market [2] - The Hang Seng Consumption ETF (159699) tracks the Hang Seng Consumption Index, including 50 leading Hong Kong consumer stocks, and offers a balanced distribution that aligns with the consumption trends of Generation Z [2] - The Hong Kong Non-Bank Financial ETF (513750) is the only ETF tracking the Hong Kong non-bank financial index, with significant holdings in major insurance companies and has seen continuous net inflows, reaching a scale of 12.5 billion yuan and a year-to-date return of over 40% [2] Group 3 - Fund professionals believe that the four ETFs covering technology, innovative pharmaceuticals, new consumption, and non-bank financial sectors provide investors with a convenient tool for a diversified exposure to Hong Kong stock opportunities [3] - Institutional analysis highlights the long-term allocation value of the Hong Kong technology and pharmaceutical sectors, especially with the deepening of anti-involution policies and rising global inflation expectations [3]

长江证券彭英骐团队近期观点表示，近年来，随着跨市场投资渠道的逐步畅通、资金对优质医药资产关 注度的提升以及中国医药产业创新能力的持续释放，A/H两地上市的医药公司溢价格局已边际收窄。未 来，随着中国创新药企的研发管线、国际布局与 BD 活跃度持续兑现，AH 股溢价率仍将持续收窄，港 股医药资产或迎价值重估期。 港股创新药ETF（513120）涨幅居前的背后，是创新药行业基本面的强劲支撑。今年以来，国内创新药 出海捷报频传，恒瑞医药、石药集团等龙头药企接连达成超百亿美元海外授权合作，推动行业估值快速 修复。国家药监局数据显示，2025年上半年共批准创新药43款，同比增长59%，接近2024年全年总量， 行业创新成果进入密集兑现期。 港股创新药ETF（513120）紧密跟踪中证香港创新药指数，精准聚焦创新药产业链，集中布局信达生 物、药明生物等龙头，生物制药与化学药权重占比高达92.5%。从估值看，当前该指数市盈率TTM为 40.06倍，处于历史42%分位，估值仍具备较好性价比。市场分析人士指出，创新药行业已进入"真创 新、真国际化"阶段，国内药企凭借工程师红利和临床资源优势，正加速向全球市场拓展，未来现金流 改 ...

Core Viewpoint - The Hong Kong innovative drug sector is experiencing significant growth, with the largest innovative drug ETF (513120) achieving a remarkable performance, reflecting strong investor interest and favorable market conditions [1][2]. Group 1: Market Performance - On July 29, the A-share market saw a rebound, with the innovative drug sector standing out, as multiple related ETFs recorded substantial gains [1]. - The Hong Kong innovative drug ETF (513120) had a trading volume exceeding 11.6 billion yuan, closing up 4.42%, marking its fourth consecutive day of gains [1]. - As of July 29, the ETF has increased over 105% year-to-date, with its latest scale surpassing 15.1 billion yuan, making it the largest "doubling fund" among 1,234 ETFs this year [1]. Group 2: Industry Outlook - The investment value of the Hong Kong innovative drug sector remains noteworthy, especially with the upcoming policy measures from the National Healthcare Security Administration and the National Health Commission aimed at supporting high-quality development of innovative drugs [2]. - The global competitiveness of Chinese innovative drug companies is on the rise, with cross-border License-out transactions expected to exceed 60% by 2024, up from a low in 2017 [2]. - A recent collaboration between Hengrui Medicine and GSK, potentially worth 12 billion dollars, underscores the international recognition of domestic innovative drugs [2]. - By the end of 2024, China is projected to become the leading country in innovative drug research and development, with original innovations gradually emerging [2]. - The innovative drug sector is entering a phase of systematic valuation restructuring, driven by clinical data and strengthened business development expectations [2]. - The Hong Kong innovative drug ETF (513120) and its associated funds are positioned as effective tools for investors to capitalize on industry growth, benefiting from significant scale and liquidity advantages [2].

Group 1 - The A-share market continues its strong momentum, with the Shanghai Composite Index achieving a five-day winning streak and reaching a new high for the year, with a total trading volume of 1.93 trillion yuan, an increase of 200 billion yuan compared to the previous trading day [1] - A total of 902 ETFs in the market rose, accounting for 73.5% of the total, with significant performance in sectors such as old infrastructure, state-owned enterprises, and energy resources [1] - Notably, 106 ETFs saw a daily increase of over 2%, with the leading product, the Infrastructure 50 ETF (516970), surging by 5.56% and achieving a trading volume exceeding 1.1 billion yuan [1] Group 2 - The Engineering Machinery ETF (560280) followed closely with a daily increase of 4.9%, focusing on the demand for machinery equipment in the Yajiang project, and recorded a net purchase of 20 million shares in the previous trading day [1] - The Energy ETF from GF (159945) also benefited from the strong performance of the coal and electricity sectors, rising over 4.5% [1] - Other ETFs, including the Materials ETF (159944), Rare Metals ETF (159608), and Central Enterprise Innovation ETF (515600), also saw daily increases exceeding 2%, showcasing GF Fund's diversified and meticulous layout in the index business [2] Group 3 - The Hong Kong Innovation Drug ETF (513120) maintained high activity, with a daily trading volume surpassing 10.8 billion yuan, and its latest scale exceeding 14.5 billion yuan, leading the market in the pharmaceutical ETF category [2] - The net value of the Hong Kong Innovation Drug ETF has increased by 118.18% over the past year [2]

Core Viewpoint - The Hong Kong stock market is experiencing a significant rise, particularly in the innovative drug sector, with the largest innovative drug ETF (513120) reaching a historical high and attracting substantial capital inflow [1][2] Group 1: Market Performance - The Hong Kong innovative drug ETF (513120) saw an intraday increase of over 3%, achieving a new historical price high [1] - The ETF's trading volume exceeded 9 billion yuan, making it the most actively traded pharmaceutical ETF in the market [1] - Over the past month, the ETF has attracted a net capital inflow of over 1.1 billion yuan, with an average daily trading volume of 6.8 billion yuan [1] - The ETF's total size has surpassed 13.6 billion yuan, ranking it as the largest and most liquid innovative drug product in the market [1] - The ETF has delivered a one-year return of 101.62%, making it the top-performing international equity fund in the market [1] Group 2: Investment Advantages - The innovative drug ETF (513120) is favored by investors due to its scale, liquidity, and performance advantages, as well as the purity of its underlying index, the China Hong Kong Innovative Drug Index (CNY) [2] - The annualized return of the Hong Kong innovative drug index has significantly outperformed other pharmaceutical indices since 2019, with lower volatility, resulting in a superior Sharpe ratio [1][2] - The top ten samples in the Hong Kong innovative drug ETF represent a high degree of relevance for innovative drug investments [2] - Chinese pharmaceutical companies have made significant strides in overseas License-out transactions, showcasing the global competitiveness of Chinese innovative drug research and development [2] - With supportive policies and advancements in AI, the innovative drug sector is expected to enter a harvest period around 2025-2026 [2]

Group 1 - The innovative drug sector has emerged as a significant "dark horse" in the growth track since 2025, with the Hong Kong innovative drug ETF achieving a return of 103% over the past year [1] - The increase in business development (BD) transactions among Chinese biotech companies is driven by global pharmaceutical giants accelerating their acquisition activities in China [2][10] - Legal and compliance issues are critical in the complex negotiations between Chinese biotech firms and multinational pharmaceutical companies, especially for those still in clinical stages [2][12] Group 2 - The IPO process for biotech companies is challenging due to the lack of standardized regulations, which can lead to difficulties in meeting listing requirements [4][7] - Timing is crucial for IPO success; launching during a market downturn can result in lower investor interest and unfavorable valuations [8][11] - The market has shifted focus towards innovative products with "first-in-class" or "best-in-class" potential, leading to increased interest in BD transactions [11][12] Group 3 - High-quality BD transactions, particularly with multinational companies, can significantly enhance a biotech firm's valuation and credibility in the market [12][14] - The concept of "selling seedlings" refers to early-stage biotech companies licensing out their products, which can be a strategic move to secure funding for further development [14][15] - Concerns about the commitment of licensees to advance drug development highlight the importance of structuring agreements to protect the interests of the original developers [15][16]