港股创新药板块连续第二日上涨，百济神州涨7%，创2021年11月以来新高，映恩生物、信达生物、三 生制药分别涨7%、6.07%和5%，带动港股通创新药ETF南方(159297)上涨3.37%，录得两连阳。 消息面上，百济神州第三季度营收100.77亿元，同比增长41.1%；归属于上市公司股东的净利润6.89亿 元，同比扭亏为盈。前三季度营收275.95亿元，同比增长44.2%；归属于上市公司股东的净利润11.39亿 元，同比扭亏为盈。 国泰海通证券最新研报指出，全链条鼓励创新政策将进一步改善医保支付，商保创新药目录即将落地， 创新品种仍将是医药板块业绩最强劲的领域。外需方面，大品种专利悬崖的大背景下，MNC的BD交易 活跃，中国已成为全球TOP 20 MNC第二大项目来源地，2026年BD有望再创新高。 港股通创新药ETF南方(159297)跟踪国证港股通创新药指数，重仓百济神州、信达生物、康方生物等研 发实力强劲的中国创新药龙头，该ETF自9月22日上市以来的33日个交易日获资金"只进不出"，合计净 流入10.53亿元，份额新增11.62亿份，增长率高达285.91%，且产品管理费率+托管费率合计为0.2% ...

Group 1 - The Hong Kong stock market has rebounded strongly for two consecutive days, with the Hang Seng Index rising by 1.7% and the Hang Seng Tech Index increasing by 2.7% [1] - The rebound is attributed to the easing of trade tensions and the reduction of panic over U.S. credit issues, leading to a 2.4% increase in the Chinese concept stocks index overnight, with Alibaba and NetEase both rising over 4% [1] - Traders are currently predicting a 99% probability of a Federal Reserve rate cut next week, with another cut expected in December [1] Group 2 - The net inflow of southbound funds and ETF investments into Hong Kong stocks has been significant, with over 45 billion HKD flowing in during October, marking a record high of 1.2 trillion HKD net purchases for the year [1] - The Southern Tech ETF (159269) has seen a net inflow of 1.513 billion HKD since July 25, with the lowest management and custody fees in its category at 0.35% [1] - The Southern Innovative Drug ETF (159297) has experienced continuous net subscriptions since its listing on September 22, with a total net inflow of 478 million HKD and a combined management and custody fee of 0.2%, also the lowest among similar products [1] Group 3 - Guoyuan International believes that the biggest external uncertainty facing the market is the U.S.-China rivalry, which affects investor sentiment and causes short-term market fluctuations [2] - Despite short-term volatility, there is a strong possibility that the Hang Seng Index will return to an upward trend, as ongoing negotiations between the two sides keep overall risk levels manageable [2] - The expectation is that once external disturbances decrease, the Hong Kong stock market will present a better entry opportunity, with a quick recovery anticipated after short-term adjustments [2]

Group 1 - The Hong Kong stock market has rebounded strongly, with the Hang Seng Index rising by 1.7% and the Hang Seng Tech Index increasing by 2.7% [1] - The rebound is attributed to easing trade tensions and reduced credit panic in the U.S., leading to a 2.4% increase in the Chinese concept index overnight, with Alibaba and NetEase both rising over 4% [1] - Traders are anticipating a 99% probability of a Federal Reserve rate cut next week, with another cut expected in December [1] Group 2 - Significant capital inflow into Hong Kong stocks has been observed, with over 45 billion HKD flowing in during October, marking a record high net purchase of 1.2 trillion HKD for the year [1] - The Southern Technology ETF has seen a net inflow of 1.513 billion CNY since July 25, with the lowest management and custody fees in its category [1] - The Southern Innovative Drug ETF has also experienced consistent net subscriptions since its listing on September 22, with a total net inflow of 478 million CNY and the lowest combined management and custody fees [1] Group 3 - The primary external uncertainty facing the market is the U.S.-China rivalry, which affects investor sentiment and causes short-term market fluctuations [2] - Despite short-term volatility, there is a strong possibility that the Hang Seng Index will return to an upward trend, as ongoing negotiations between the two countries keep overall risk levels manageable [2] - A potential agreement may be reached in the future, providing a favorable entry point for investors in the Hong Kong stock market after external disturbances decrease [2]

Core Viewpoint - The Hong Kong Stock Connect Innovative Drug ETF (Southern, 159297) has shown strong performance, with significant inflows and a focus on the upcoming ESMO conference, highlighting investment opportunities in Chinese innovative pharmaceuticals [1][2] Group 1: ETF Performance - As of October 16, 2025, the Hong Kong Stock Connect Innovative Drug ETF (Southern, 159297) increased by 2.63%, with a turnover of 7.19% and a transaction volume of 52.87 million yuan [1] - The ETF's latest scale reached 709 million yuan, with shares totaling 784 million, both hitting record highs since inception [1] - The ETF has seen continuous net inflows over the past nine days, totaling 399 million yuan [1] Group 2: Market Trends and Opportunities - The 2025 European Society for Medical Oncology (ESMO) conference, scheduled for October 17-21 in Berlin, will focus on breakthrough therapies in lung and breast cancer, showcasing the R&D capabilities of Chinese pharmaceutical companies [1] - Huafu Securities believes that the innovative drug sector in China is entering a phase where quantitative changes will lead to qualitative improvements, with a positive outlook for the next 5-10 years driven by business development (BD) overseas, continuous data catalysts, and new product sales [1][2] - CICC highlights that domestic innovative drugs are transitioning from following trends to FIC/BIC innovations, marking a qualitative upgrade in the industry [2] Group 3: Index and Major Stocks - The Hong Kong Stock Connect Innovative Drug ETF closely tracks the National Index of Hong Kong Stock Connect Innovative Drugs, which reflects the performance characteristics of listed companies in the innovative drug sector [2] - The top ten weighted stocks in the index include Baijiazhenshou, Kangfang Biotech, Xinda Biopharma, China Biopharmaceutical, Shiyao Group, Sanofi, Hansoh Pharmaceutical, Kelun-Botai Biotech, Zai Lab, and Rongchang Biotech [2]