从配置性价比角度看，恒生港股通创新药精选指数自2025年9月上旬开始进入阶段调整期，截至2025年 12月31日回撤超24%，调整较为充分。分析指出，当下或是中长期维度配置创新药核心资产的较佳时 机。 1月7日，港股通创新药继续大涨，创新药纯度100%的港股通创新药ETF(520880)放量大涨2.85%，场内 快速成交逾3亿元，较前一交易日进一步放量。进入2026年，港股通创新药经过前期的回调，目前已有 反转迹象。开年以来短短三个交易日，恒生港股通创新药精选指数三连涨，合计涨幅超9%。 华福证券指出，医药创新长期主线逻辑不变，元旦后的港股科技开门红行情是良好开端，亦启示创新药 械作为医药中科技属性最强的方向，2026年大概率有不错机会。产业趋势显示，2025年下半年的调整为 2026年的上涨蓄势能。 把握港股创新药低吸窗口期，重点关注同类最大港股通创新药ETF(520880)及其场外联接基金 (025221)，标的指数恒生港股通创新药精选指数具备三大独特优势：其一，纯粹，全面。不含CXO，纯 正创新药，全面覆盖创新药研发类公司；其二，龙头占比大。前十大创新药龙头权重超73%，表征创新 药硬核力量；其三，风险 ...

来源：小白读财经 2025年，A股拿出的"成绩单"还不错，上证指数久违的站上了4000点，总市值历史性突破百万亿大关， 走出一轮"慢牛"行情。港股这边，恒生指数年内涨超28%（截至2025.12.29），行情一路在波折中前 进，一季度大涨—二季度调整—7~10月再上涨—年末又重回震荡，这也令不少投资者心生疑虑：眼前 的震荡，究竟是行情的结束，还是新一轮布局的起点？ 在这个背景下，包括瑞银、渣打、汇丰、国信证券等知名机构的观点值得关注，他们并未因港股短期的 波动而转向悲观，反而基于更长视角预测，恒生指数有望在2026年突破30000点关口。 在市场情绪略显谨慎的当下，支撑这些乐观预测的背后，是哪些因素在起关键作用呢？ 1．为什么2026年的港股可以乐观看待？ 如果我们把视线从市场的短期波动中移开，聚焦港股市场的深层结构与长期动力，会发现支撑2026年港 股向上的力量依然没有减弱。 首先，港股拥有A股没有的稀缺资产包，尤其是科技、生物医药、新经济、互联网等领域的龙头公司， 投资者想更充分的分享中国产业升级与"新质生产力"发展的红利，自然绕不开港股这个市场。 其次，在内外合力下，港股流动性持续改善。对内，今年南向资 ...

创新药风险阶段性出清！ 今早，A股和港股创新药皆由低位直线拉升，华人健康20%涨停，塞力医疗、重药控股涨停，新诺威、多瑞医药、新天药业、南新制药等表现强势。资金面 上，截至12月16日，港股通创新药ETF(520880)连续7日获资金净申购，最新基金份额升至41.72亿份，续创上市以来新高。 据多家媒体报道，12月18日凌晨（北京时间），参议院官网显示，搭载修订版《生物安全法案》的美国2026财年国防授权法案（2026NDAA）获通过。新版 本生物安全法未具体点名任何一家公司。 那么，后续影响究竟有多大？ 创新药大消息 北京时间2025年12月18日凌晨，参议院官网显示，搭载修订版《生物安全法案》的美国2026财年国防授权法案（2026NDAA）以77票赞成，20票反对结果获 得参议院通过，后续将送往白宫，由美国总统签署后立即生效。新版本生物安全法未具体点名任何一家公司，规定后续将由白宫管理和预算办公室(OMB)在 法案通过后一年内，参考美国国防部等相关清单，制定受限企业名单。 有券商研究机构认为，2025年法案进展阶段性落地，行业回归中长期增量逻辑。从全球产业链维度，本土CXO（医药研发生产外包服务组织）工 ...

港股通创新药ETF(520880)紧密跟踪恒生港股通创新药精选指数。指数权重股中，康哲药业涨1.17%、 中国生物制药涨1.03%、石药集团涨0.27%，康方生物跌3.38%、三生制药跌3.36%、信达生物跌2.63%。 该指数旨在反映可经港股通买卖，业务与创新药研究、开发及生产相关的香港上市公司之表现。基期： 2020年12月31日。基点：3000。 数据显示，港股通创新药ETF(520880)最新规模达21.24亿元，最新份额达38.60亿份，基金规模较一个月 前增加0.88亿元。 截至前一交易日，港股通创新药ETF(520880)获资金净流入5647.96万元，近一周合计吸金6091.90万元。 港股通创新药ETF(520880)，场外联接 (025220.OF,025221.OF） 来源：同壁财经 截至2025年12月09日 11:19，港股通创新药ETF(520880)下跌1.09%，最新价报0.546元，换手率8.58%。 ...

Core Viewpoint - The "innovative drug" sector is experiencing a rebound after a period of decline, with the Hong Kong Stock Connect Innovative Drug ETF (520880) showing a year-to-date increase of over 120% as of September 9, 2023 [1][2] Group 1: Market Performance - The Hong Kong Stock Connect Innovative Drug ETF (520880) has seen a significant recovery, turning positive after recent pullbacks [1] - The fund manager, Feng Chen, noted that the biopharmaceutical sector's recent underperformance is due to multiple factors, including a lack of major business development catalysts and external regulatory concerns [1] - The ETF has attracted over 600 million yuan in capital over the last 13 trading days, indicating strong investor interest [2] Group 2: Industry Outlook - Feng Chen believes that the current market adjustment may provide a buying opportunity for high-quality innovative drug companies, as the macro environment is favorable for the sector [1] - The Hang Seng Hong Kong Stock Connect Innovative Drug Selective Index has been revised to exclude CXO companies, focusing solely on 14 innovative drug R&D firms, which enhances its representation of the domestic innovative drug sector [2] - The index has achieved a year-to-date increase of 119.75% before the revision, outperforming other innovative drug indices [2] Group 3: Fund Characteristics - The Hong Kong Stock Connect Innovative Drug ETF (520880) is the largest and most liquid ETF tracking the revised index, with a fund size exceeding 1.7 billion yuan and an average daily trading volume of 521 million yuan [2] - The ETF supports intraday T+0 trading and is not subject to QDII quota restrictions, making it an attractive option for investors [2]

Core Viewpoint - The Hong Kong stock market for innovative drugs experienced a notable pullback, with the Hong Kong Innovative Drug ETF (520880) declining by 2.6% on August 19, despite a positive sentiment indicated by a real-time premium rate of 0.28% [1][3]. Group 1: Company Performance - China National Pharmaceutical Group reported a revenue of 17.57 billion yuan and a net profit of 3.39 billion yuan for the first half of the year, reflecting year-on-year growth of 10.7% and 140.2% respectively, marking three consecutive reporting periods of double-digit stable growth [3]. - The strong performance of China National Pharmaceutical Group was attributed to better-than-expected revenue growth from innovative products and dividend income [3]. Group 2: Market Trends - As of August 18, the Hong Kong Innovative Drug ETF (520880) tracked the Hang Seng Hong Kong Innovative Drug Selected Index, which has seen a year-to-date increase of 112.33%, significantly outperforming the Hang Seng Index (23.50%) and the Hang Seng Technology Index (22.05%) by 86.82 and 87.46 percentage points respectively [3]. - The adjustment in the market is viewed as a technical correction following a rapid increase, with long-term support expected from domestic policy and overseas value recognition for Chinese innovative drugs [3][6]. Group 3: Industry Outlook - The innovative drug industry is anticipated to undergo a value reassessment, supported by national policy and a clear trend of industry development and upgrading [5][6]. - The innovative drug sector is entering a 2.0 era, with domestic products gradually transitioning from following to leading innovation, benefiting from a favorable environment including engineer advantages, rich clinical resources, and supportive policies [6]. - The Hong Kong Innovative Drug ETF (520880) is the first ETF to passively track the Hang Seng Hong Kong Innovative Drug Selected Index, focusing on the innovative drug industry chain with a high concentration of leading stocks [6].

Group 1 - The Hong Kong Stock Connect innovative drug ETF (520880) has risen over 3% and has experienced three consecutive days of gains [1] - The trading volume reached 73.2964 million yuan, which is an increase of 131.84% compared to the same time yesterday [1] - This fund supports T+0 trading, allowing for same-day transactions [1]