港股通创新药ETF南方（159297）业绩比较基准为国证港股通创新药指数(经估值汇率调整后)收益率， 管理人为南方基金管理股份有限公司，基金经理为张其思、叶震南，成立（2025-09-12）以来回报 为-18.16%，近一个月回报为2.78%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 来源：新浪基金∞工作室 1月30日，港股通创新药ETF南方（159297）跌2.63%，成交额7433.06万元。当日份额增加3500.00万 份，最新份额为20.02亿份，近20个交易日份额增加1.83亿份。最新资产净值计算值为16.39亿元。 ...

Market Performance - The Shanghai Composite Index fell by 0.55%, the Shenzhen Component Index decreased by 1.1%, the ChiNext Index dropped by 1.77%, and the Northbound 50 Index declined by 1.09% [1] - The total market turnover was 1.79 trillion yuan, a decrease of 324.6 billion yuan compared to the previous day [1] Sector Performance - The dairy, retail, and insurance sectors were active, while the semiconductor and film sectors experienced adjustments [1] - In the ETF market, the commercial aerospace sector continued its recent upward trend, with the Yongying Fund Satellite ETF, the Fortune Fund Satellite ETF, and the E Fund Satellite ETF rising by 2.6%, 2.47%, and 2.24% respectively [1] - Insurance stocks performed well, with the E Fund Securities Insurance ETF and the Penghua Fund Insurance Securities ETF increasing by 2% and 1.4% respectively [1] - The aquaculture sector rebounded, with the Ping An Fund Aquaculture ETF rising by 1.78% [1] Hong Kong Market - The innovative drug sector in the Hong Kong market saw a widespread decline, with the Southbound Innovative Drug ETF dropping by 3.8% [1] - The sci-tech chip sector also fell, with the Sci-tech Chip Design ETF decreasing by 3.48% and the Fortune Sci-tech Chip ETF dropping by 3.3% [1]

Group 1 - Hong Kong innovative drug concept stocks experienced a decline in early trading, with Kelun-Botai Biopharmaceuticals falling over 7%, BeiGene and 3SBio dropping over 5%, and CanSino Biologics and Hansoh Pharmaceutical decreasing over 4% [1] - The related ETFs for innovative drugs in Hong Kong also saw a decline of approximately 2% [1] Group 2 - Several brokerages noted that an increasing number of innovative drug companies are transitioning from the "R&D investment phase" to the "commercialization phase," with core product sales revenue steadily growing, and some companies achieving a transition from losses to profitability, providing solid support for stock prices [2] - Institutional investors, such as public funds, are increasing their allocation to high-quality targets, leading to a continuous rise in market recognition [2] - The focus of the innovative drug market has shifted from broad valuation recovery to the ability of companies to deliver on their fundamentals [2]

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]