（责任编辑：郭健东 ） 截至收盘，上证指数跌0.55%，深证成指跌1.1%，创业板指跌1.77%，北证50跌1.09%。全市场成交 额1.79万亿元，较上日成交额缩量3246亿元。 板块题材上，乳业、零售、保险板块活跃，半导体、影视 院线板块调整。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ETF方面，商业航天板块延续近期涨势，永赢基金卫星ETF、富国基金卫星ETF和卫星ETF易方达 分别涨2.6%、2.47%和2.24%。保险股表现亮眼，易方达基金证券保险ETF和鹏华基金保险证券ETF分别 涨2%和1.4%。养殖板块反弹，平安基金养殖ETF涨1.78%。 港股创新药板块全线下挫，港股通创新药ETF南方、港股通创新药ETF均跌3.8%。科创芯片板块走 低，科创芯片设计ETF跌3.48%，科创芯片ETF富国跌3.3%。 ...

港股创新药概念股早盘走低，科伦博泰生物-B跌超7%，百济神州、三生制药跌超5%，康方生物、翰森 制药跌超4%。 受盘面影响，港股创新药相关ETF跌约2%。 | 代码 | 名称 | 现价 | | 涨跌 涨跌幅 ▲ | | --- | --- | --- | --- | --- | | 159297 | 港股通创新药ETF南方 | 0.837 | -0.019 | -2.22% | | 159570 | 港股通创新药ETF | 1.651 | -0.037 | -2.19% | | 159217 | 港股通创新药ETF工银 | 1.340 | -0.029 | -2.12% | | 159567 | 港股创新药ETF | 0.799 | -0.017 | -2.08% | | 159286 | 港股创新药ETF鹏华 | 0.855 | -0.016 | -1.84% | 有券商表示，从企业层面看，越来越多创新药企业从"研发投入期"进入"商业化兑现期"，核心产品销售 收入稳步增长，部分企业实现从减亏到盈利的跨越，为股价提供坚实支撑。同时，公募基金等机构对优 质标的配置比例提升，市场认可度持续提高。创新药行情的核心也 ...

Core Viewpoint - The recent shift in market sentiment towards Hong Kong stocks is driven by two main themes: external macro liquidity turning points and internal industry fundamentals improving, particularly in the innovative pharmaceutical sector [2][4]. Group 1: External Catalysts - The macro liquidity environment is expected to change positively due to the end of the U.S. government shutdown, which will release previously locked liquidity from the TGA account, signaling a shift towards looser liquidity conditions [5][7]. - The anticipated resumption of non-farm employment data is likely to catalyze expectations for interest rate cuts, further improving the dollar liquidity environment [6][7]. - Hong Kong stocks are particularly sensitive to changes in dollar liquidity, making them a leading indicator for capital flows in response to the expected fiscal normalization and interest rate cuts [7][8]. Group 2: Internal Drivers - The innovative pharmaceutical sector in Hong Kong has shown resilience, with a reported revenue growth of 23.34% year-on-year in the first three quarters of 2025, despite pressures from centralized procurement and healthcare cost controls [9]. - Upcoming results from the Medicare negotiations and the first commercial insurance innovative drug price negotiations are expected to provide new growth opportunities for innovative drug companies [9][10]. - The diversification of the payment system, combining Medicare and commercial insurance, is anticipated to alleviate payment pressures and expand market potential for high-value innovative drugs [10]. - The Chinese biotech sector is entering a "2.0 era" of innovation output, with a significant pipeline of new drugs and indications expected to drive future performance [10]. Group 3: Dual Resonance - The convergence of external liquidity improvements and strong internal fundamentals positions the Hong Kong innovative pharmaceutical sector as a focal point for recovery [11]. - The sector's high sensitivity to financing conditions means that any easing of liquidity will likely lead to rapid valuation recovery [11][12]. - The solid performance metrics and upcoming catalysts provide a robust foundation for sustained growth in the sector, making it an attractive investment opportunity [12][13].

Group 1 - The Hong Kong stock market's pharmaceutical sector has seen significant investment interest this year, particularly in the innovative drug segment, with the Hong Kong Stock Connect Innovative Drug ETF (Southern, 159297) showing remarkable performance [1] - As of November 11, the scale of the Hong Kong Stock Connect Innovative Drug ETF (Southern, 159297) increased from 335 million to 1.355 billion, reflecting a growth rate exceeding 300%, indicating strong market recognition of the long-term value of the innovative drug sector [1] - The ETF closely tracks the National Index of Hong Kong Stock Connect Innovative Drugs, which includes leading companies like BeiGene, Innovent Biologics, and CanSino Biologics, enhancing its representation of the innovative drug industry [1] Group 2 - The innovative drug industry is crucial for advancing medical progress and improving human health, with companies categorized into two types: pure Biotech firms and BioPharma companies [2] - As of mid-2025, over 70% of Biotech companies are expected to achieve positive revenue growth, with approximately 66% surpassing 100 million in revenue, and nearly 15% exceeding 1 billion [2] - China's BioPharma sector is transitioning from single R&D to full industry chain integration, becoming a significant player in the global biopharmaceutical field, with a notable increase in overseas licensing amounts exceeding 92 billion in the first three quarters of 2025 [2] Group 3 - Looking ahead, the innovative drug sector is expected to maintain its momentum despite recent sentiment fluctuations, with ongoing business development (BD) activities supporting sustained industry vitality [3] - The trend of "innovation + internationalization" in the innovative drug industry remains unchanged, with improved fundamentals observed in the industry chain, including positive trends in financing data, orders, and performance [3]

Core Viewpoint - The Hong Kong stock market for innovative drugs is experiencing significant growth, with major companies like 3SBio and BeiGene seeing substantial stock price increases, which is positively impacting various ETFs related to innovative drugs and healthcare [1][6]. Group 1: Market Performance - 3SBio's stock rose over 7%, while BeiGene's increased by more than 6%, contributing to a rise of over 4% in several innovative drug ETFs [1]. - The top-performing ETFs include the Southern Hong Kong Stock Connect Innovative Drug ETF, which rose by 4.15%, and the Fortune Hong Kong Stock Connect Medical ETF, which increased by 4.08% [3]. Group 2: Company Performance - BeiGene reported a third-quarter revenue of 10.077 billion yuan, a year-on-year increase of 41.1%, and a net profit of 689 million yuan, marking a return to profitability [6]. - For the first three quarters, BeiGene's revenue reached 27.595 billion yuan, up 44.2%, with a net profit of 1.139 billion yuan, also indicating a turnaround [6]. Group 3: Industry Trends - The innovative drug sector is witnessing a fundamental improvement driven by policy support, performance realization, and accelerated international expansion [6][7]. - The introduction of a new "commercial insurance innovative drug catalog" in 2025 is expected to create new payment channels for high-priced innovative drugs, enhancing cash flow for pharmaceutical companies [6]. - The industry is transitioning from a "research investment phase" to a "commercialization phase," with many leading drug companies showing strong performance in their third-quarter reports [7]. Group 4: International Expansion - From January to October 2025, the total value of international licensing transactions for Chinese innovative drugs exceeded 100 billion USD, indicating a growing recognition of Chinese drug pipelines by multinational corporations [7][8]. - The increasing global competitiveness of Chinese pharmaceutical companies is being validated through successful international collaborations and licensing agreements [8].

Core Viewpoint - The article emphasizes the importance of the "15th Five-Year Plan" in shaping investment strategies, highlighting the shift towards a modern industrial system and the prioritization of technological self-reliance and innovation as key drivers for economic growth [1][12]. Summary by Sections Introduction - The "15th Five-Year Plan" prioritizes the construction of a modern industrial system and sets "technological self-reliance" as the second development goal, providing quantifiable targets for the capital market [1]. Historical Context - Previous five-year plans have led to the emergence of significant industries: - The 12th Five-Year Plan (2011-2015) focused on seven strategic emerging industries including energy conservation and new energy vehicles [2]. - The 13th Five-Year Plan (2016-2020) emphasized supply-side reforms [3]. - The 14th Five-Year Plan (2021-2025) introduced a focus on carbon neutrality and supply chain security [4]. Investment Opportunities - The "15th Five-Year Plan" is expected to drive investment in strategic emerging industries, with a focus on sectors such as new energy, biotechnology, and high-end equipment [7][12]. - Historical data shows that industries highlighted in the 14th Five-Year Plan have outperformed the market, with significant excess returns observed in sectors like photovoltaics and new energy vehicles [6][8]. Policy Tools - The article outlines the policy tools prepared for the "15th Five-Year Plan": 1. Fiscal measures to enhance macroeconomic policies and increase central government spending. 2. Monetary policies aimed at developing direct financing and financial markets. 3. Industrial policies to boost innovation and new productivity [4]. Strategic Focus Areas - The "15th Five-Year Plan" identifies key strategic areas for investment, including: - Advanced manufacturing, artificial intelligence, and semiconductor industries as core components of the hard technology sector [15][18]. - Emphasis on the integration of technology and industry, with a focus on scaling innovations [12][16]. ETF Recommendations - Specific ETFs are highlighted as investment vehicles to capitalize on the trends outlined in the "15th Five-Year Plan": 1. Chip ETF focusing on semiconductor industries. 2. AI ETF targeting companies in the artificial intelligence sector. 3. Robotics ETF covering the entire robotics supply chain [18][29]. Conclusion - The article concludes that the "15th Five-Year Plan" is not just a domestic economic strategy but also a framework for global capital reallocation, with significant implications for investment in technology and innovation [28].

Core Viewpoint - The performance of various ETFs shows a mixed trend, with some sectors experiencing gains while others face declines [1] Group 1: ETF Performance - The China-Korea Semiconductor ETF (513310) increased by 3.52% [1] - The Lithium Battery ETF (159840) rose by 2.71% [1] - The Invesco Battery ETF (159757) saw a gain of 2.52% [1] - The CSI 50 ETF (159371) declined by 8.06% [1] - The Southbound Innovation Drug ETF (159297) fell by 3.41% [1] - The Hang Seng Innovation Drug ETF (159316) decreased by 2.57% [1]