港股创新药ETF（513120）业绩比较基准为同期中证香港创新药指数收益率(人民币计价)，管理人为广 发基金管理有限公司，基金经理为刘杰，成立（2022-07-01）以来回报为21.87%，近一个月回报 为-9.90%。 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。 来源：新浪基金∞工作室 12月30日，港股创新药ETF（513120）跌1.55%，成交额29.59亿元。当日份额增加9500.00万份，最新份 额为194.75亿份，近20个交易日份额增加7.80亿份。最新资产净值计算值为237.36亿元。 ...

格隆汇一直坚信一点：投资者作为一个个体，可能会愚蠢、犯错，但作为一个群体，大家一点都不笨，汇聚数千万会员的集体智慧，足以带领大家穿越迷 雾，应运而生的格隆汇十大核心资产组合自2019年推出以来，截至今年12月15日累计收益率达274.61%，大幅跑赢同期的沪深300和恒生指数。 正是坚信集体的智慧，格隆汇审时度势，在ETF大潮爆发前，低迷期的2023年就逆势推出另一王牌组合"全球视野·下注中国"十大核心ETF，其中2024年全年 上涨15.16%，跑赢wind全A指数5.16%，今年十大核心表现如何？ 接下来小编开始盘点2025年"全球视野·下注中国"十大核心ETF的年度表现，带领大家一一回顾十只ETF产品在过去一年的表现。 截至12月26日，格隆汇2025年"全球视野，下注中国"十大核心ETF年内录得29.72%涨幅，大幅跑赢沪深300指数（18.36%）11.36个百分点。 | 核心指数/主题/行业 | | 核心ETF | 证券代码 | 2025年涨跌幅 (截至:12月26日) | | --- | --- | --- | --- | --- | | 大盘指数 | | A500ETF基金 | 512050. ...

港股创新药ETF（513120）业绩比较基准为同期中证香港创新药指数收益率(人民币计价)，管理人为广 发基金管理有限公司，基金经理为刘杰，成立（2022-07-01）以来回报为33.83%，近一个月回报为 0.35%。 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。 来源：新浪基金∞工作室 12月4日，港股创新药ETF（513120）涨1.99%，成交额47.85亿元。当日份额增加2300.00万份，最新份 额为188.32亿份，近20个交易日份额增加5.41亿份。最新资产净值计算值为252.04亿元。 ...

来源：新浪基金∞工作室 港股创新药ETF（513120）业绩比较基准为同期中证香港创新药指数收益率(人民币计价)，管理人为广 发基金管理有限公司，基金经理为刘杰，成立（2022-07-01）以来回报为34.87%，近一个月回报 为-0.55%。 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。 12月1日，港股创新药ETF（513120）跌0.44%，成交额38.24亿元。当日份额增加400.00万份，最新份额 为186.90亿份，近20个交易日份额增加12.90亿份。最新资产净值计算值为252.09亿元。 ...

Core Viewpoint - The Hong Kong Innovative Drug ETF (513120) experienced a slight decline of 0.22% on November 27, with a trading volume of 5.444 billion yuan, indicating ongoing market activity and interest in innovative pharmaceuticals [1] Group 1: Fund Performance - The fund's total shares increased by 1.5 million, bringing the total to 18.681 billion shares, with a notable increase of 1.337 billion shares over the past 20 trading days [1] - The latest net asset value of the fund is calculated at 25.505 billion yuan [1] - Since its inception on July 1, 2022, the fund has achieved a return of 36.52%, with a return of 0.41% over the past month [1] Group 2: Management and Benchmark - The fund is managed by Guangfa Fund Management Co., Ltd., with Liu Jie as the fund manager [1] - The performance benchmark for the fund is the return rate of the CSI Hong Kong Innovative Drug Index (denominated in RMB) [1]

Core Points - The Hong Kong Innovative Drug ETF (513120) experienced a decline of 0.52% on November 19, with a trading volume of 5.353 billion yuan [1] - The ETF's shares increased by 21.5 million, bringing the total shares to 18.636 billion, with a notable increase of 1.975 billion shares over the past 20 trading days [1] - The latest net asset value of the ETF is calculated at 24.997 billion yuan [1] - The performance benchmark for the ETF is the return rate of the CSI Hong Kong Innovative Drug Index (in RMB) [1] - Managed by Guangfa Fund Management Co., Ltd., the fund manager is Liu Jie, and since its inception on July 1, 2022, it has achieved a return of 34.12%, while the return over the past month is -2.04% [1]

Group 1 - The A-share market continues to experience fluctuations, with lithium battery materials seeing price increases, leading to a surge in lithium carbonate futures and related stocks [1] - The total net inflow of funds into ETFs reached 17.1 billion yuan on November 17, with about one-third of ETFs receiving additional investments [1] - The largest battery ETF (159755) saw a net inflow of 361 million yuan, increasing its total size to 16.29 billion yuan, making it the only battery-themed index fund over 10 billion yuan in size [1] Group 2 - The "lonely" Hong Kong Stock Connect non-bank ETF (513750) received a net inflow of 310 million yuan, reaching a new high of 25.8 billion yuan after 12 consecutive trading days of being favored by investors [2] - The largest Hong Kong innovative drug ETF (513120) also saw a net inflow of 57 million yuan, accumulating over 1.7 billion yuan in net inflows for November, with a total size of 25.4 billion yuan [2] - The combined size of two innovative drug ETFs managed by GF Fund has exceeded 30 billion yuan, making it the only fund manager with over 30 billion yuan in innovative drug-themed ETFs [2] Group 3 - The Shanghai Gold ETF (518600) recorded a net inflow of 145 million yuan, with a total size of 3.82 billion yuan and a year-to-date return of 49.71% [3] - Over the past three complete calendar years (2022-2024), the Shanghai Gold ETF has shown returns of 8.41%, 15.36%, and 26.63%, indicating strong defensive attributes [3] - The market sentiment indicators suggest a neutral zone, with potential opportunities for investors to adjust their positions towards a "barbell strategy," focusing on technology and defensive dividend sectors [3]

Core Insights - Southbound capital has been a significant source of inflow into the Hong Kong stock market, with a cumulative net inflow exceeding 1.27 trillion HKD this year, marking a historical high for annual net inflows [1] - The innovative drug, technology, and non-bank sectors have seen substantial gains, with respective year-to-date increases of 79%, 53%, and 34%, compared to a 26% rise in the Hang Seng Index [1] - The largest Hong Kong innovative drug ETF (513120) received a net inflow of 585 million HKD in a single day, bringing its total size to 23.7 billion HKD [1] Fund Flows - The total net inflow for all ETFs in the market exceeded 3.777 billion HKD, with significant inflows into non-bank financials, innovative drugs, and technology sectors [1] - GF Fund Management led all public institutions with a total net inflow of 1.997 billion HKD across its ETFs, including those focused on A-shares and other sectors [2] - Notable ETFs under GF Fund Management include the innovative drug ETF (515120), low-fee创业板 ETF (159952), and the largest media ETF (512980), each receiving over 100 million HKD in net inflows [2] Market Outlook - Market volatility has increased entering November, with industry experts suggesting that fundamental improvements in 2026 may drive further gains in the Hong Kong stock market [2] - The AI industry is expected to catalyze improvements in net asset return rates (ROE) for sectors represented by the Hang Seng Technology Index, potentially leading to higher market valuations [2] - In terms of asset allocation, while the technology sector remains favorable, innovative drugs, non-bank financials, and certain cyclical assets are also worth attention [2]

Core Insights - The article discusses the current state of the innovative drug sector, highlighting the shift in market sentiment from optimism to caution, raising questions about whether this is a risk accumulation or an opportunity for investment [1] Group 1: Industry Overview - The innovative drug industry in China has evolved significantly over the past decade, transitioning from a position of lagging behind global standards to achieving leadership in certain areas [5] - The industry has undergone a complete cycle influenced by policy guidance, procurement pressures, and regulatory adjustments since the milestone event of "722 clinical data verification" in 2015, now being recognized as a "strategic emerging industry" [5] - The internationalization capability, exemplified by "License-out" strategies, has become a key factor in determining the value of companies within the sector [5] Group 2: Investment Strategies - Current adjustments in the innovative drug sector have made the "odds" of investment more attractive, although a repeat of the previous quarter's rapid growth may be challenging [6] - Investors are encouraged to utilize increasingly diverse ETF and index tools to mitigate risks and capture overall industry growth opportunities [5][9] - The Hong Kong stock market is highlighted as a favorable platform for investing in innovative drugs due to its unique advantages, including access to quality targets and international funding recognition [9] Group 3: Market Potential - The Chinese innovative drug market is projected to grow into a trillion-dollar sector, driven by increasing clinical demand, improved payment capabilities, and supportive policies [9] - Historical performance indicates that the Hong Kong innovative drug sector exhibits unique volatility characteristics, responding significantly during market rebounds and major academic conferences [10] Group 4: Advisory Services - The role of investment advisors is emphasized as crucial in transforming deep insights from analysts and fund managers into actual returns for clients, focusing on selecting the right sectors, timing, and investment tools [13] - A systematic approach combining sector selection, timing, and fund manager choice can significantly enhance annual excess returns for clients [13]

Core Insights - The cross-border ETF market has seen significant growth in 2023, with total assets surpassing 900 billion yuan by October 30, driven by increased demand for diversified asset allocation amid changing global economic dynamics [1] - GF Fund has established itself as a leading player in the cross-border ETF space, managing 10 cross-border ETFs with a total scale of 100.77 billion yuan, ranking it among the top in the industry [1][2] Product Overview - GF Fund's four major cross-border ETFs focus on popular sectors, including the largest Nasdaq ETF (159941) with a scale of 30.77 billion yuan, targeting major tech companies like Apple and Microsoft [2] - The Hong Kong Innovative Drug ETF (513120) has a scale of 22.8 billion yuan, benefiting from the upward trend in the global innovative drug industry [2] - The Hong Kong Non-Bank Financial ETF (513750) has a scale of 21.9 billion yuan, focusing on non-bank financial institutions in the Hong Kong market [2] - The Hang Seng Technology ETF (513380) also exceeds 10 billion yuan, capturing opportunities in leading tech companies in Hong Kong [2] Market Trends - The Hang Seng Hong Kong Stock Connect Technology Index has outperformed, with a 57% increase over the past year, reflecting strong investor interest in technology stocks [3] - Cross-border ETFs are increasingly favored by investors for their transparency, flexibility, and lower costs, serving as important tools for risk diversification and capturing overseas market opportunities [3]