来源：新浪基金∞工作室 数据显示，12月23日，港股通创新药ETF工银(159217)遭净赎回2524.06万元，位居当日跨境ETF净流出 排名7/202。最新规模50.78亿元，前一日规模51亿元，当日资金净流出额占前一日规模的比例为 0.49%。 近5日，港股通创新药ETF工银(159217)遭净赎回2788.94万元，位居跨境ETF净流出排名第11/202。近10 日，港股通创新药ETF工银(159217)遭净赎回3058.09万元，位居跨境ETF净流出排名第14/202。近20 日，港股通创新药ETF工银(159217)遭净赎回5892.89万元，位居跨境ETF净流出排名第11/202。 港股通创新药ETF工银（159217）成立于2025年3月26日，基金全称为工银瑞信国证港股通创新药交易 型开放式指数证券投资基金，基金简称为港股通创新药ETF工银。该基金管理费率每年0.40%，托管费 率每年0.07%。港股通创新药ETF工银（159217）跟踪标的指数为港股通创新药（987018）。 规模方面，截止12月23日，港股通创新药ETF工银（159217）最新份额为38.25亿份，最新规模为50.78 ...

规模方面，截止12月22日，港股通创新药ETF工银（159217）最新份额为38.44亿份，最新规模为51亿 元。 来源：新浪基金∞工作室 数据显示，12月22日，港股通创新药ETF工银(159217)遭净赎回264.88万元，位居当日跨境ETF净流出排 名12/201。最新规模51亿元，前一日规模51.43亿元，当日资金净流出额占前一日规模的比例为0.05%。 近5日，港股通创新药ETF工银(159217)遭净赎回264.88万元，位居跨境ETF净流出排名第36/201。近10 日，港股通创新药ETF工银(159217)遭净赎回534.03万元，位居跨境ETF净流出排名第40/201。近20日， 港股通创新药ETF工银(159217)遭净赎回3368.83万元，位居跨境ETF净流出排名第20/201。 港股通创新药ETF工银（159217）成立于2025年3月26日，基金全称为工银瑞信国证港股通创新药交易 型开放式指数证券投资基金，基金简称为港股通创新药ETF工银。该基金管理费率每年0.40%，托管费 率每年0.07%。港股通创新药ETF工银（159217）跟踪标的指数为港股通创新药（987018）。 股票 ...

流动性方面，截止12月15日，港股通创新药ETF工银（159217）近20个交易日累计成交金额108.35亿 元，日均成交金额5.42亿元； 港股通创新药ETF工银（159217）现任基金经理为刘伟琳、焦文龙。刘伟琳自2025年3月26日管理（或 拟管理）该基金，任职期内收益31.62%；焦文龙自2025年4月10日管理（或拟管理）该基金，任职期内 收益50.01%。 来源：新浪基金∞工作室 数据显示，12月15日，港股通创新药ETF工银(159217)遭净赎回133.43万元，位居当日跨境ETF净流出排 名15/200。最新规模50.62亿元，前一日规模53.04亿元，当日资金净流出额占前一日规模的比例为 0.03%。 近5日，港股通创新药ETF工银(159217)遭净赎回269.15万元，位居跨境ETF净流出排名第34/200。近10 日，港股通创新药ETF工银(159217)遭净赎回2672.71万元，位居跨境ETF净流出排名第11/200。近20 日，港股通创新药ETF工银(159217)获净申购1.02亿元，位居跨境ETF净流入排名第51/200。 港股通创新药ETF工银（159217）成立于202 ...

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 Insights - The stock and mixed funds achieved a positive return of 70.27% on December 8, with 243 funds returning over 5% and 472 funds experiencing a net value drawdown exceeding 1% [1][2] Fund Performance - The Shanghai Composite Index rose by 0.54% to close at 3924.08 points, while the Shenzhen Component Index increased by 1.39%, the ChiNext Index by 2.60%, and the STAR 50 Index by 1.86% [1] - The top-performing sectors included telecommunications, comprehensive, and electronics, with increases of 4.79%, 3.03%, and 2.60% respectively. Conversely, coal, oil and petrochemicals, and food and beverage sectors saw declines of 1.43%, 0.84%, and 0.78% respectively [1] - The average net value growth rate for stock and mixed funds on December 8 was 0.80% [1] Top Funds - The fund with the highest net value growth rate was Guorong Rongxin Consumer Select Mixed C, achieving a growth rate of 10.01%. Other notable funds included Guorong Rongxin Consumer Select Mixed A (10.00%), and Guoshou Anbao Strategy Selected Mixed A (9.14%) [2] - Among the funds with a net value growth rate exceeding 5%, 142 were equity funds, 41 were flexible allocation funds, and 34 were index equity funds [2] Drawdown Analysis - A total of 472 funds experienced a drawdown exceeding 1%, with the largest drawdown recorded by Huatai-PB Hong Kong Stock Connect Medical Selected Mixed Initiated C, which saw a decline of 2.40% [2][4] - Other funds with significant drawdowns included Huatai-PB Hong Kong Stock Connect Medical Selected Mixed Initiated A (-2.40%), and Yin Hua Fu Li Selected Mixed C (-2.32%) [4]

Market Overview - The A-share market experienced a decline across major indices last week, with the Shanghai Composite Index, CSI 1000, and CSI 300 showing returns of -0.18%, -0.52%, and -1.08% respectively. In contrast, the STAR 50, ChiNext Index, and SME Board Index had poorer performances with returns of -3.85%, -3.01%, and -1.71% respectively [1] - In terms of industry performance, consumer services, textiles and apparel, and pharmaceuticals led with returns of 4.81%, 4.43%, and 3.29% respectively, while communication, electronics, and computers lagged with returns of -4.90%, -4.44%, and -3.72% respectively [1] Fund Flow - The ETF market saw a net inflow of 29.317 billion yuan last week, with stock ETFs contributing 17.352 billion yuan, QDII stock ETFs 5 billion yuan, commodity ETFs 5.957 billion yuan, money market fund ETFs 1.236 billion yuan, and bond ETFs experiencing a net outflow of 0.276 billion yuan [2] - Specific indices that saw significant net inflows include SGE Gold 9999 (5.573 billion yuan), STAR 50 (3.532 billion yuan), and ChiNext AI (2.300 billion yuan) [4] - Conversely, indices such as CSI A500 and CSI 300 experienced notable net outflows of 4.055 billion yuan and 2.640 billion yuan respectively [2][4] ETF Performance - The median weekly return for stock ETFs was -1.09%, with the CSI 50 ETF showing the highest median return of 0.02% among broad-based ETFs. Consumer ETFs had a median return of 2.10%, the highest among sectors [11] - Top-performing ETFs included the Hong Kong Stock Connect Innovative Drug ETF (10.92%), Hang Seng Innovative Drug ETF (10.80%), and Tourism ETF (9.30%) [12][14] - In contrast, ETFs such as 5G Communication ETF and Communication ETF saw declines of -7.03% and -6.89% respectively [16][18] New Fund Activity - A total of 56 funds were reported last week, an increase from the previous week, including one QDII and several thematic ETFs [20] - 25 new funds were established with a total issuance scale of 14.173 billion yuan, which is a decrease compared to the previous week [20] - 41 funds entered the issuance phase last week, with 33 more expected to begin issuance this week [21] Hot News - Several cross-border ETFs have been flagged for premium risks due to significant discrepancies between market trading prices and net asset values [22] - The "Southbound ETF" program expanded on November 10, adding six ETFs to the Hong Kong Stock Connect list, increasing the total number of products from 17 to 23 [23]

Group 1: Oil and Gas Sector Performance - The oil and gas sector showed strong performance on November 14, with multiple related ETFs rising over 1% [1] - The leading oil and gas ETF, Bosera Oil and Gas ETF (561760), recorded a gain of 2.02% [4] - Other notable performers included the Innovation Drug sector, with several ETFs gaining over 7% in the past five trading days [4] Group 2: Technology Sector Weakness - The technology sector, particularly in areas like chips, internet, and AI, experienced significant declines, with multiple ETFs showing negative performance [2][7] - Despite the weak performance of many technology-themed ETFs, there was still a notable inflow of funds into artificial intelligence ETFs [3][9] Group 3: Fund Inflows - The Southern ChiNext AI ETF saw a net inflow of over 1.1 billion yuan despite a drop of more than 2.6% from November 10 to 13 [9][10] - Other ETFs, such as the Huatai-PineBridge Gold ETF and the ICBC Innovation Drug ETF, also experienced substantial net inflows during the same period [10] Group 4: Chemical Industry Outlook - The chemical sector is expected to reach an industry turning point, with ongoing "anti-involution" self-regulation actions and demand recovery expectations [11] - The chemical industry has been in a bottoming phase for over two years, with new capacity nearing its end, suggesting potential improvements in supply-demand dynamics by 2026 [11]

Market Overview - The three major A-share indices collectively declined, with the Shanghai Composite Index down 0.24%, the Shenzhen Component Index down 1.07%, and the ChiNext Index down 1.58% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 12,702 billion yuan, an increase of 22 billion yuan compared to the previous day [1] - Over 4,000 stocks in the market experienced declines [1] Sector Performance - The oil and gas extraction and services, insurance, brain-computer interface, banking, and influenza sectors saw the largest gains [1] - Conversely, the photovoltaic equipment, cultivated diamonds, controllable nuclear fusion, phosphorus chemical, battery, military equipment, and photolithography concept stocks faced the most significant declines [1] ETF Performance - The innovative drug sector rebounded across the board, with the S&P Biotechnology ETF, Hong Kong Stock Connect Innovative Drug ETF, and NASDAQ Biotechnology ETF rising by 3.87%, 2.94%, and 2.86% respectively [1] - The Hong Kong Stock Connect medical ETFs, including the Fidelity and Huatai-PineBridge Innovative Drug ETFs, both increased by 2.75% [1] - The petrochemical sector also saw a rebound, with the Harvest Fund S&P Oil and Gas ETF rising by 1.95% [1] Photovoltaic Sector - The photovoltaic sector experienced a significant downturn, with the Kexin New Energy ETF, Photovoltaic ETF Index Fund, and Kexin Board New Energy ETF dropping by 5.91%, 5.82%, and 5.68% respectively [2] - The power grid sector followed suit, with the power grid equipment ETF declining by 3.11% and the power grid ETF down by 2.87% [2]

Core Viewpoint - The performance of various ETFs shows a mixed trend, with biotechnology ETFs experiencing gains while renewable energy ETFs face declines [1] Group 1: Biotechnology ETFs - The S&P Biotechnology ETF (159502) increased by 3.87% [1] - The Hong Kong Stock Connect Innovative Drug ETF (159217) rose by 2.94% [1] - The NASDAQ Biotechnology ETF (513290) saw a gain of 2.86% [1] Group 2: Renewable Energy ETFs - The Sci-Tech Innovation New Energy ETF (588830) decreased by 5.91% [1] - The Photovoltaic ETF Index Fund (159618) fell by 5.82% [1] - The Sci-Tech Innovation Board New Energy ETF (588960) dropped by 5.68% [1]

Market Overview - The equity market experienced a decline with the Wande All A index dropping by 1.03% and a total trading volume of 1.94 trillion yuan, a decrease of 194.5 billion yuan compared to the previous day [1][2] - The Hang Seng Index and Hang Seng Technology Index fell by 0.79% and 1.76% respectively, with southbound capital inflow amounting to 9.832 billion HKD, primarily into China National Offshore Oil Corporation and Xiaomi Group [1][2] Structural Risks and Market Sentiment - Structural risks have accumulated due to a transition from a period of macroeconomic positive signals to a macro vacuum, leading to market declines [2][3] - The market has seen a continuous decrease in trading volume since October 30, with the Wande All A index down by 2.20% and trading volume shrinking from 2.46 trillion yuan to 1.94 trillion yuan [2][3] Trading Volume and Risk Indicators - The current trading volume indicates potential for further decline, with a volume ratio of 50%-70% observed, averaging at 60% [3] - The concentration of trading volume is at 40.64%, below the historical high of 45%, but still above the bottom indicator of 35% [3] Investment Strategy - The report suggests a focus on dividend and technology sectors, with the dividend sector showing strength as the China Securities Dividend Index rose by 0.37% and the SW Bank Index increased by 2.03% [3] - It is recommended to monitor trading concentration and consider increasing positions in technology stocks when concentration returns to the 35%-40% range [3] Hong Kong Market Dynamics - The Hong Kong market remains in a downward trend influenced by expectations of a Federal Reserve interest rate cut [4] - Notably, there has been a significant inflow into innovative drug-related ETFs, indicating a potential area of interest for investors [4] Bond Market Activity - The bond market has shown a pattern of reduced trading volume and fluctuations, with the People's Bank of China announcing a net purchase of 20 billion yuan in government bonds [5][6] - The overall duration level in the market is low, suggesting room for institutions to engage in long-term bond strategies [6] Commodity Market Trends - The commodity market has seen significant outflows, particularly in the new energy and precious metals sectors, reflecting a prevailing risk-averse sentiment [7] - The strong US dollar has pressured precious metal prices, with gold and silver experiencing notable declines [7][8] "Anti-Internal Competition" Sector Performance - The "anti-internal competition" sector has faced downward pressure, particularly in lithium carbonate and polysilicon, due to rising production expectations [8][9] - Despite some basic fundamentals remaining stable, market sentiment has shifted negatively, impacting related products [8][9]