ETF方面，美股生物科技板块走高，嘉实基金标普生物科技ETF、汇添富基金纳指生物科技ETF分别涨 5.01%和4.88%。 半导体板块全线上扬，国泰基金半导体设备ETF、广发基金芯片设备ETF、万家基金半 导体设备ETF基金分别涨4.93%、4.92%和4.82%。CPO板块强势反弹，国泰基金通信ETF和博时基金 5G50ETF涨4%。 黄金再创历史新高，华夏基金黄金股ETF、平安基金黄金股票ETF基金涨3.7%。 港股医疗板块走低， 港股创新药50ETF、恒生生物科技ETF、港股医疗ETF、港股通医疗ETF跌1%。影 视股走弱，影视ETF跌1.29%。 财经频道更多独家策划、专家专栏，免费查阅>> A股重返3900点，截至收盘， 上证指数涨0.69%， 深证成指涨1.47%， 创业板指涨2.23%， 北证50涨 0.24%。全市场成交额18650亿元，较上日成交额放量1163亿元。 板块题材上，海南、 存储芯片、贵金 属板块活跃， 医药商业、 影视院线板块调整。 责任编辑：钟离 ...

Group 1 - The A-share market has returned to 3900 points, with the Shanghai Composite Index rising by 0.64%, the Shenzhen Component Index increasing by 1.36%, and the ChiNext Index up by 1.8% [1] - The total market turnover reached 1,198.9 billion yuan, an increase of 95.4 billion yuan compared to the previous day [1] - Stocks related to the Hainan Free Trade Zone experienced a surge, while the semiconductor industry chain saw significant gains, and sectors such as computing hardware, stablecoins, robotics, intelligent driving, and duty-free shops were actively performing [1] Group 2 - In the ETF market, the semiconductor sector saw a broad increase, with funds like GF Fund's Chip Equipment ETF, Guotai Fund's Semiconductor Equipment ETF, and Wanji Fund's Semiconductor Equipment ETF rising over 4% [1] - The CPO sector rebounded strongly, with Guotai Fund's Communication ETF increasing by 4.18% [1] - Gold reached a new historical high, with Huaxia Fund's Gold Stock ETF rising by 3.73% [1] Group 3 - The Hong Kong stock market's healthcare sector declined, with both the Hong Kong Healthcare ETF and the Hong Kong Stock Connect Healthcare ETF falling by 1% [1] - The film and television sector weakened, with the Film and Television ETF dropping by 0.86% [1]

Market Performance - On December 19, all three major A-share indices closed higher, with over 80% of more than 1,300 ETFs in the market also rising [1] - The Hong Kong automotive-themed ETFs led the market, with six products ranking among the top ten in daily gains, each rising over 3% [1] Trading Activity - ETF trading was active, with total trading volume exceeding 450 billion yuan, an increase of nearly 25 billion yuan from the previous day [2] - Twelve ETFs had trading volumes exceeding 10 billion yuan, with several bond ETFs seeing significant increases in trading volume [2][6] Net Inflows - On December 18, the ETF market saw a net inflow of over 17 billion yuan, marking the third consecutive day of net inflows exceeding 10 billion yuan [3][8] - Over the past five trading days, the total net inflow into ETFs has surpassed 87 billion yuan [3] Sector Performance - The Hong Kong automotive ETFs performed exceptionally well, with six out of seven ETFs in this category seeing gains, and 38 out of 46 component stocks closing higher [4] - The total scale of the seven Hong Kong automotive ETFs is approximately 1.168 billion yuan, with the largest ETF having a scale of about 528 million yuan [4] Specific ETF Performance - The top-performing ETFs on December 19 included several automotive and tourism ETFs, with notable gains ranging from 2.92% to 3.35% [5] - Bond ETFs were particularly active, with the Shanghai Company Bond ETF's trading volume increasing to over 10 billion yuan, a 4.2-fold increase from the previous day [6][7] Investment Trends - The A500 ETF and the Sci-Tech Bond ETF attracted significant net inflows, with the A500 ETF seeing over 4 billion yuan in net inflows on December 18 [8][9] - Conversely, several military-themed ETFs experienced substantial net outflows, totaling over 2.9 billion yuan in the past five trading days [10] Fund Management Changes - Multiple ETFs announced changes to their fund names, aligning with new regulations from the Shanghai and Shenzhen stock exchanges [11] Sector Insights - Investment opportunities in the innovative pharmaceutical sector are gaining attention, with expectations for a stable upward trend in 2026 [12] - Analysts suggest focusing on companies with global intellectual property and strong cash flow in the pharmaceutical sector [12]

来源：上海证券报·中国证券网 上证报中国证券网讯 12月19日，ETF午间收盘涨跌不一，港股医疗ETF(159366)涨3.56%，港股通医疗 ETF(520510)涨3.14%，港股创新药50ETF(513780)涨3.00%，标普油气ETF(513350)跌1.07%，深证 100ETF华安(159706)跌0.67%，标普油气ETF(159518)跌0.66%。 来源：上海证券报·中国证券网 上证报中国证券网讯 12月19日，ETF午间收盘涨跌不一，港股医疗ETF(159366)涨3.56%，港股通医疗 ETF(520510)涨3.14%，港股创新药50ETF(513780)涨3.00%，标普油气ETF(513350)跌1.07%，深证 100ETF华安(159706)跌0.67%，标普油气ETF(159518)跌0.66%。 ...

港股左侧布局的机会到了吗？ 先说结论，港股在当前时点已呈现出较为明显的左侧布局机会，主要在于前期压制市场的多重利空已得 到充分的释放，估值仍处于偏低或合理区间；同时，边际利好因素正在积累，为中长期修复创造了条 件。具体来看： 首先，港股估值优势明显，被视为"全球估值洼地"。从市场位置与估值来看，港股主要指数经历调整 后，安全边际有所提升。 比如，代表香港大盘的恒生指数虽较2024年低点已显著反弹，行业结构更均衡，当前估值在全球主要市 场中仍具吸引力，这种低估值状态为左侧布局提供了较高的安全垫。科技板块，股科技板块无论纵向还 是横向比较，估值都处于历史低位。例如港股通互联网人民币PE-TTM仅25.44倍，位于历史以来 58.45%，意味着比近十年近40%的时间都要"便宜"。 近期港股回调的比较多，转入震荡下行的阶段。科技板块更是首当其冲，自 10 月初高点跌了20%左 右，市场成交量也一路"缩量"，究竟发生了什么？港股未来怎么看？ 其次，支撑左侧布局可行性的驱动因素正在显现。一方面，多数此前压制市场的负面因素释放已相对充 分。中美关系短期不确定性风险降温、海外市场对美联储降息预期的回摆交易已较为充分，以及市场 ...

Market Performance - The Shanghai Composite Index rose by 0.49% at midday, while the ChiNext Index increased by 0.56%, having once surged over 2% [1] - The consumer electronics and HBM concepts led the gains, while the OCS concept remained strong, and solid-state battery concepts performed well [1] - Real estate stocks showed signs of recovery after hitting a low [1] ETF Movements - Some cross-border ETFs strengthened, with E Fund's Brazil ETF and Harvest Fund's S&P Biotechnology ETF rising by 2.56% and 2.28% respectively [1] - The semiconductor sector led the gains, with Guotai Fund's Integrated Circuit ETF, Harvest Fund's Integrated Circuit ETF, and Huatai-PB Fund's China-Korea Semiconductor ETF increasing by 2.32%, 1.92%, and 1.83% respectively [1] - The AI hardware sector continued its upward trend, with Guotai Fund's Communication ETF rising by 1.88% [1] - The consumer electronics sector was active, with Guotai Fund's Consumer Electronics ETF increasing by 1.63% [1] Hong Kong Market Trends - The healthcare sector in Hong Kong declined, with the Hong Kong Healthcare ETF and Hong Kong Stock Connect Healthcare ETF falling by 1.66% and 1.31% respectively [1] - The film and television sector also saw a downturn, with the Film and Television ETF dropping by 1.3% [1] - The technology sector in Hong Kong experienced a decline, with the Hong Kong Stock Connect Internet ETF decreasing by 1% [1]

Group 1 - The CRO concept stocks are experiencing a collective rebound, with the CSI Hong Kong Stock Connect Medical Theme Index rising by 2.73% as of November 24, 2025 [1] - Notable individual stock performances include Tigermed (03347) increasing over 9%, and other companies like Hansoh Pharmaceutical (03692), MicroPort Medical (00853), and WuXi AppTec (02359) also seeing gains [1][2] - The Hong Kong Medical ETF (159366) has risen over 2%, and over the past six months, it has accumulated a 29.35% increase [1][2] Group 2 - The innovative drug industry is benefiting from dual advantages of policy support and explosive demand, which are activating new drug research and development needs, positively impacting the CXO sector [3] - Among 29 listed companies in the A-share CXO sector, 20 reported year-on-year revenue growth in the first three quarters, indicating strong industry resilience [3] - WuXi AppTec's unique "integrated, end-to-end" CRDMO business model has driven steady growth, with total revenue of 32.86 billion yuan in the first three quarters of 2025, a year-on-year increase of 18.6%, and net profit attributable to shareholders rising by 84.8% to 12.08 billion yuan [3] Group 3 - The high growth of the CXO sector is supported by the trend of pharmaceutical companies outsourcing R&D and production to specialized CXO firms, which helps reduce costs and improve efficiency [4] - CXO companies are enhancing their service capabilities through continuous technological development and scale expansion, leading to deeper integration with pharmaceutical companies [4] - As of October 31, 2025, the top ten weighted stocks in the CSI Hong Kong Stock Connect Medical Theme Index accounted for 62.83% of the index, indicating a high concentration in the market [4]

Core Viewpoint - The Hong Kong medical sector is experiencing a strong performance, with the CSI Hong Kong Stock Connect Medical Theme Index rising by 2.19%, driven by leading stocks such as BeiGene and Ping An Good Doctor [1][2]. Group 1: Market Performance - The Hong Kong medical ETF (159366) has increased by over 2%, and over the past three months, it has accumulated a rise of 1.74% as of November 11, 2025 [1][2]. - The CSI Hong Kong Stock Connect Medical Theme Index includes 50 listed companies in the medical device, medical services, and pharmaceutical sectors, reflecting the overall performance of the medical sector within the Stock Connect [2]. Group 2: Company Performance - BeiGene reported a total revenue of $1.4 billion for Q3, marking a 41% year-on-year increase, with a GAAP net profit of $125 million, reversing a loss from the previous year [4]. - The innovative drug sector is showing strong growth, with a 23.34% increase in revenue year-on-year, and CXO companies seeing a 55.90% increase in net profit [4]. Group 3: Market Trends - The CRO service market in China is projected to grow from 52.2 billion yuan in 2020 to 87.8 billion yuan by 2024, with a compound annual growth rate (CAGR) of 13.9% [3]. - The overall performance of the pharmaceutical and biotechnology sector has been under pressure, with a decline in revenue and net profit by 1.9% and 4.8% respectively for the first three quarters of 2025 [4].

Market Performance - The Shanghai Composite Index rose by 1.22% to close at 3912.21 points, while the Shenzhen Component Index increased by 1.73% and the ChiNext Index surged by 2.36% [1] - Over 4300 stocks showed gains throughout the day, although trading volume decreased by over 500 billion [1] Sector Performance - Strong recovery was observed in sectors such as robotics, electrical equipment, and consumer electronics, with AI hardware also showing signs of stabilization after prior adjustments [1] - Leading sectors included aviation, charging piles, and CRO concepts, while sectors like photolithography machines, rare earths, and seed industry stocks experienced declines [1] ETF Movements - The automotive parts sector saw significant gains, with the Automotive Parts ETF and Automotive Components ETF rising by 4.2% and 3.52% respectively [1] - The Hong Kong medical sector also performed well, with the Hong Kong Medical ETF and Hong Kong Stock Connect Medical ETF increasing by 3.86% and 3.63% respectively [1] - The lithium battery sector strengthened, with the Battery 50 ETF rising by 3.65% [1] - Conversely, the Shanghai 180 ETF index fell by 3%, and the Science and Technology Innovation 50 ETF from Invesco decreased by 1.47% [1] - Rare metals ETFs and rare metals ETF funds both declined by 1% [1]

Core Viewpoint - The Shanghai Composite Index opened lower but rebounded, closing down 0.19%, while the Sci-Tech Innovation 50 Index rose by 1.4, indicating a mixed market performance with specific sectors showing strength [1]. Market Performance - Shanghai Composite Index: 3889.50, down 0.19% [2] - Shenzhen Component Index: 13231.47, down 0.93% [2] - Sci-Tech Innovation 50 Index: 1473.02, up 1.40% [2] - Other indices such as the CSI 300 and CSI 500 also showed slight declines [2]. Sector Performance - The self-controlled industrial chain experienced a significant surge, particularly in the rare earth permanent magnet sector, which saw a wave of limit-up trading [1]. - Strong performance was noted in sectors such as photolithography machines, lithium batteries, rare metals, and operating systems [1]. - Concepts related to nuclear fusion and solid-state batteries remained active [1]. - Conversely, sectors like robotics, consumer electronics, auto parts, and CRO concepts generally declined [1]. ETF Performance - The rare earth sector ETFs, such as E Fund and Fuguo Fund, surged over 7% [3]. - The non-ferrous metal sector ETFs also saw significant gains, with Huafu Fund's rare metal ETF rising by 6.82% and Jiashi Fund's by 6.55% [3]. - The semiconductor sector ETFs, including Huaxia Fund's Sci-Tech Semiconductor ETF, increased by 3.79% [3]. - In contrast, the innovative drug sector faced declines, with various healthcare ETFs dropping over 3% [3].