Core Viewpoint - The Hong Kong stock market for innovative drugs is experiencing a rebound, with significant trading activity and price increases in related ETFs and stocks [1][3]. Group 1: Market Performance - The Hong Kong Stock Connect Innovative Drug ETF (520880) has seen a price increase of over 3%, surpassing the 20-day moving average, with a trading volume exceeding 2 billion yuan within the first half hour of trading [1]. - Major constituent stocks have shown strong performance, with BeiGene leading with a gain of over 7%, reporting a quarterly revenue of 1.4 billion USD, a 41% increase year-on-year, and a GAAP net profit of 125 million USD, reversing a loss from the previous year [3]. Group 2: Market Trends and Analysis - Recent adjustments in the innovative drug sector have been deemed sufficient in both time and magnitude, with historical data indicating an average correction duration of 30-40 days and a typical decline of around 20% [3]. - The current adjustment has lasted nearly a quarter, with the index down over 20%, suggesting a potential for recovery as institutional investors prepare for next year's allocations [3]. Group 3: Investment Opportunities - CICC highlights a clear trend of Chinese innovative drugs going global, supported by ongoing drug review reforms and favorable domestic conditions, marking a shift from imitation to innovation [4]. - The Hong Kong Stock Connect Innovative Drug ETF (520880) is recommended as a primary investment vehicle, tracking the Hang Seng Stock Connect Innovative Drug Select Index, which boasts three key advantages: purity in focus on innovative drugs, significant weight in leading companies, and controlled risks through liquidity management [4][5]. - The ETF has achieved a fund size exceeding 2 billion yuan and has the highest liquidity among similar ETFs, with an average daily trading volume of 474 million yuan since its inception [5].

二级市场方面，本轮调整在时间和空间维度都较为充分。历史上，创新药指数的回调平均时长在30-40 天，幅度在20%附近。少数几次跌破阈值的行情都伴随极端事件比如加息、疫情透支这种罕见事件。而 在创新药产业趋势确定的背景下，本轮调整时长已近一个季度，指数跌幅已超过20%。此外，大型配置 型机构除在年底纷纷止盈外，也需要为明年布局。 获益于资金坚定逆行增仓，港股通创新药ETF（520880）份额与规模逆市增长。11月3日，基金规模首 次突破20亿元，自7月7日上市以来猛增392%！11月10日，基金份额升至37.84亿份，续创上市新高！ 立足当下，如何看待创新药本轮调整，操作层面又该何去何从？ 港股通创新药ETF（520880）基金经理丰晨成最新重申：创新药行情可能随时开启，当下或处于高胜率 区间。 创新药本轮调整可能仍在寻底。从创新药含量100%的港股通创新药ETF（520880）走势来看，11月以 来多次反抽，但行情尚缺持续性，单周内表现多涨跌互现。本周，周一（11月10日）反弹1.28%，周二 又回调0.54%。 创新药还能买吗？资金用脚投票。港股通创新药ETF（520880）资金动向与行情走势截然相反，9月 ...

Group 1: Company Performance - BeiGene reported a significant revenue increase, with Q3 revenue reaching 10.077 billion yuan, a year-on-year growth of 41.1% [1] - For the first three quarters, BeiGene's revenue totaled 27.595 billion yuan, up 44.2% year-on-year, surpassing the total revenue of the previous year [1] - The net profit attributable to shareholders for the first three quarters was 1.139 billion yuan, with product revenue growing by 43.9% to 27.314 billion yuan, driving the overall revenue growth [1] Group 2: Financial Guidance and Market Reaction - BeiGene raised its financial guidance for 2025, projecting annual revenue between 36.2 billion yuan and 38.1 billion yuan, an increase of 400 million yuan from previous estimates [1] - Following the earnings report, BeiGene's stock opened higher on November 7, showing resilience in a generally declining market for innovative drug stocks [1] Group 3: Market Trends and Investment Opportunities - The Hong Kong Stock Connect innovative drug sector has seen recent adjustments, attracting low-buying funds, with over 1.25 billion yuan flowing into the ETF over four consecutive days [3] - Analysts suggest that the current stock price levels are more reasonable after a period of adjustment, indicating potential investment opportunities in the innovative drug sector [3] Group 4: ETF Overview - The Hong Kong Stock Connect Innovative Drug ETF (520880) tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, which includes only pure innovative drug companies [4][5] - The top ten innovative drug leaders account for over 71% of the ETF's weight, highlighting the strength of leading companies in the sector [5][7] - As of November 3, the ETF's scale surpassed 2 billion yuan, making it the largest and most liquid ETF tracking this index [8]