港股通创新药ETF（159570）业绩比较基准为国证港股通创新药指数收益率(经估值汇率调整后)，管理 人为汇添富基金管理股份有限公司，基金经理为乐无穹，成立（2023-12-28）以来回报为90.50%，近一 个月回报为-7.42%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 10月9日，港股通创新药ETF（159570）跌1.48%，成交额24.37亿元。当日份额增加5200.00万份，最新 份额为115.54亿份，近20个交易日份额增加13.41亿份。最新资产净值计算值为220.10亿元。 来源：新浪基金∞工作室 ...

Group 1 - The Hong Kong Stock Connect Innovative Drug ETF (159570) experienced a decline of 1.60% with a trading volume of 2.74 billion yuan on September 26 [1] - The ETF's shares increased by 61 million, bringing the total shares to 11.366 billion, with a total increase of 1.574 billion shares over the past 20 trading days [1] - The latest net asset value of the ETF is calculated to be 21.339 billion yuan [1] Group 2 - The performance benchmark for the ETF is the National Index of Hong Kong Stock Connect Innovative Drugs, adjusted for valuation exchange rates [1] - The fund is managed by E Fund Management Co., Ltd., with the fund manager being Le Wuqiong [1] - Since its establishment on December 28, 2023, the ETF has achieved a return of 87.75%, while the return over the past month is -6.38% [1]

Group 1: Market Performance - The Hong Kong Innovation Drug ETF (159570) experienced a decline of 1.48% with a trading volume of nearly 2 billion CNY on September 23, 2025, and has seen a net inflow of over 15 billion CNY in the past 10 days [1] - As of September 22, 2025, the total size of the Hong Kong Innovation Drug ETF (159570) exceeded 21.6 billion CNY, leading its peers in both size and liquidity [1] - The underlying index components of the ETF mostly showed negative performance, with notable declines in China Biologic Products and CSPC Pharmaceutical Group, while Kangfang Biotech rose over 4% due to positive research news [1] Group 2: Industry Trends - Morgan Stanley noted that the total market capitalization of Chinese biotech stocks listed in Hong Kong has increased by 154% year-to-date, significantly outperforming the Hang Seng Index's 34% increase, indicating a major shift in market recognition of local pharmaceutical innovation capabilities [2] - The pharmaceutical sector is entering a new development phase driven by innovation, with major companies showing stable growth and transitioning from generic to innovative drugs [3][4] - The pharmaceutical industry is expected to benefit from ongoing policy support for innovative drugs, with recent announcements from the National Medical Insurance Bureau indicating a focus on optimizing drug procurement and supporting innovative products [5] Group 3: Company Performance - Hengrui Medicine reported a revenue of 15.76 billion CNY for H1 2025, a year-on-year increase of 15.88%, with a net profit of 4.45 billion CNY, up 29.67% [4] - China Biologic Products achieved a revenue of 17.58 billion CNY in H1 2025, reflecting a year-on-year growth of 9.8%, with a net profit increase of 13.10% [4] - Innovent Biologics demonstrated significant growth in innovative drug revenue, with a 26% increase in H1 2025, contributing to a 32% rise in net profit [4] Group 4: Future Outlook - The pharmaceutical sector is expected to continue benefiting from improved global liquidity and supportive national policies for innovation, with a focus on emerging technologies and international competitiveness [7] - The industry is anticipated to see long-term growth opportunities, particularly in innovative drugs and medical devices, as well as potential challenges associated with international expansion [7] - The recent adjustments in the national drug procurement policy are expected to stabilize the market for generic drugs, reducing the impact of price competition on the sector [5]

港股通创新药ETF（159570）业绩比较基准为国证港股通创新药指数收益率(经估值汇率调整后)，管理 人为汇添富基金管理股份有限公司，基金经理为乐无穹，成立（2023-12-28）以来回报为94.42%，近一 个月回报为-3.68%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 来源：新浪基金∞工作室 9月19日，港股通创新药ETF（159570）跌1.07%，成交额20.05亿元。当日份额增加1100.00万份，最新 份额为110.56亿份，近20个交易日份额增加26.54亿份。最新资产净值计算值为214.94亿元。 ...

Group 1: Federal Reserve Rate Cut - The Federal Reserve has cut interest rates by 25 basis points, marking its first rate cut in nine months since December of the previous year [1] - This rate cut is viewed as a "preventive rate cut" aimed at stimulating economic activity and supporting the job market while mitigating the risk of a hard landing for the U.S. economy [1][2] - Analysts note that the Fed's decision reflects a balance between addressing employment concerns and managing inflation, with employment risks taking precedence over inflation worries [1] Group 2: Impact on Asset Classes - The rate cut is expected to lower financing costs and enhance liquidity, leading to a depreciation of the U.S. dollar, which could benefit commodities like gold and copper [1] - Emerging markets, particularly A-shares, are anticipated to strengthen as a result of the rate cut [1] - Long-term interest rates are likely to decline, benefiting growth sectors and interest-sensitive industries such as technology stocks in Hong Kong and the STAR Market [1] Group 3: Commodity Market Outlook - The rate cut is expected to improve macroeconomic growth expectations, leading to a potential rebound in industrial commodities [2][4] - Precious metals like gold are projected to experience price resilience due to their anti-inflation properties, despite a short-term price correction following the rate cut [5] - Industrial metals such as copper and aluminum are expected to show strong performance due to their financial attributes being enhanced in a depreciating dollar environment [5] Group 4: Investment Trends in the Metal Sector - The market is seeing significant inflows into the Nonferrous 50 ETF (159652), driven by expectations of a bullish trend in the nonferrous metal sector due to overseas inflation [3] - The demand for nonferrous metals is anticipated to rise as economic growth expectations improve, further pushing up prices [4] - Despite a short-term pullback in the Nonferrous 50 ETF following the rate cut, there remains strong investor confidence in the long-term value of the sector, with substantial net subscriptions recorded [5][9] Group 5: Hong Kong Market Response - The Hong Kong stock market is expected to benefit from the Fed's rate cut, with historical data showing positive short-term effects on the market following previous rate cuts [10] - Growth sectors such as technology, consumer discretionary, and pharmaceuticals are likely to see positive impacts in the short term, with potential for foreign capital inflows if synchronized monetary easing occurs [10] - The Hong Kong Technology 30 ETF (520980) has attracted significant investment, reflecting strong market interest in top technology assets amid the AI wave [11][13]

Group 1 - The Hong Kong Stock Connect Innovative Drug ETF (159570) experienced a decline of 2.29% on September 17, with a trading volume of 3.846 billion yuan [1] - The ETF's shares increased by 96 million, bringing the total shares to 11.038 billion, with a total increase of 2.769 billion shares over the last 20 trading days [1] - The latest net asset value of the ETF is calculated to be 21.696 billion yuan [1] Group 2 - The performance benchmark for the ETF is the National Index of Hong Kong Stock Connect Innovative Drugs, adjusted for valuation exchange rates [1] - The fund is managed by E Fund Management Co., Ltd., with the fund manager being Le Wuqiong [1] - Since its inception on December 28, 2023, the ETF has returned 96.56%, while the return over the past month is -2.19% [1]

Core Viewpoint - The Hong Kong innovative drug ETF (159570) has seen significant growth, with a recent increase of nearly 2% and a rapid transaction volume exceeding 1.5 billion yuan in just three days, indicating strong market interest and liquidity in the sector [1][3]. Market Performance - As of September 15, the latest scale of the Hong Kong innovative drug ETF (159570) surpassed 22.5 billion yuan, leading in both scale and liquidity among its peers [1]. - The index components of the ETF showed mixed performance, with notable gains from companies like药捷安康 (over 50% increase) and 同源康医药 (over 14% increase), while others like 诺诚健华 and 百济神州 experienced declines [3]. Industry Trends - The continuous growth of Chinese innovative drugs in international markets is driven by collaborations with multinational corporations (MNCs), which benefit from China's efficient and cost-effective R&D pipelines [4]. - The innovative drug sector is currently in a transitional phase, with increased focus on international expansion and the realization of value through milestones and competitive advantages [4]. Clinical Developments - At the World Lung Cancer Conference (WCLC), several clinical data updates for Chinese innovative drugs were presented, particularly highlighting the promising results of ADC therapies [5]. - The release of clinical data for drugs like HLX43 and Eiza-bren indicates significant advancements in treatment efficacy for specific cancer patient populations [5]. Policy Environment - The National Healthcare Security Administration (NHSA) is set to release the 2025 medical insurance drug list, which will significantly impact companies involved in negotiations for drug inclusion [5]. - The approval of orphan drugs and imported PD-1/L-1 drugs for the insurance directory reflects a supportive policy environment for innovative drug development [5]. Financial Outlook - The anticipated easing of monetary policy by the Federal Reserve is expected to improve liquidity in the market, which could positively influence the financing environment for innovative drug companies [6]. - The A+H share innovative drug index has shown substantial growth, suggesting a favorable investment climate and potential for increased capital inflow [6]. Investment Recommendations - The Hong Kong innovative drug ETF (159570) is highlighted as a key investment vehicle, with a significant increase of over 109% in the past year, outperforming other indices [7][8]. - Investors are encouraged to focus on the underlying assets and the potential for T+0 trading, which enhances liquidity and trading flexibility [9].

Group 1 - The Hong Kong stock market experienced a collective adjustment, with the Hong Kong Stock Connect Innovative Drug ETF (159570) seeing a significant decline for three consecutive days, dropping over 2% during intraday trading, and achieving a transaction volume exceeding 3.3 billion HKD, with over 43 million HKD raised in a single day [1] - The Innovative Drug ETF (159570) has recorded a net inflow of funds for 28 consecutive days, accumulating over 7.1 billion HKD in the last 20 days, indicating strong investor interest [1] - As of August 26, the latest scale of the Innovative Drug ETF (159570) exceeded 18.9 billion HKD, maintaining a leading position in terms of scale and liquidity [1] Group 2 - Major component stocks of the ETF, including Kangfang Biotech and China Biopharmaceutical, experienced declines of over 3% and 2.5% respectively, reflecting a broader downturn in the sector [2][5] - Kangfang Biotech successfully raised 3.52 billion HKD through the placement of new shares and existing shares to advance the development of innovative antibody drugs, focusing on proprietary intellectual property [2] - The World Lung Cancer Conference (WCLC) is scheduled for September 6-9, 2025, in Barcelona, where Chinese pharmaceutical companies will showcase innovative research results, highlighting the growing importance of domestic innovation in the pharmaceutical sector [3] Group 3 - Recent data from the WCLC indicates that Kangfang Biotech will present clinical research data for its drug AK112, while other companies like Hengrui Medicine and Legend Biotech will also report their clinical findings, showcasing the competitive landscape of innovative drug development [3] - A report from Ping An Securities highlights the emergence of PD-1/VEGF dual antibodies as a significant area of focus, with several companies, including BioNTech and Kangfang Biotech, advancing their clinical trials in this space [4][6] - The Innovative Drug ETF (159570) has shown a remarkable increase of over 109% within the year, outperforming other indices in the healthcare sector, indicating strong market performance and investor confidence in innovative drug companies [7][8]

Core Viewpoint - The Hong Kong stock market shows mixed performance, with the Hong Kong Stock Connect Innovative Drug ETF (159570) rebounding after two days of decline, indicating strong investor interest and significant capital inflow [1][8]. Group 1: ETF Performance - The Hong Kong Stock Connect Innovative Drug ETF (159570) experienced a nearly 1% increase, with trading volume surpassing 1.1 billion HKD, and a net inflow of 32 million HKD on the day, marking 23 consecutive days of net inflow, totaling over 1 billion HKD in the last 20 days [1]. - As of August 19, the latest scale of the Hong Kong Stock Connect Innovative Drug ETF (159570) exceeded 16.5 billion HKD, leading in both scale and liquidity [1]. Group 2: Stock Performance - Most constituent stocks of the Hong Kong Stock Connect Innovative Drug ETF (159570) showed positive performance, with notable increases including Rongchang Bio up over 4%, and several others like Yuanda Pharmaceutical and King’s Ray BioTech up over 3% [3]. - A detailed performance table shows various stocks with their respective changes, highlighting the mixed performance across the sector [4]. Group 3: Company Financials - H Company reported a significant increase in its financial performance for the first half of 2025, achieving a revenue of 15.76 billion CNY, a year-on-year growth of 15.88%, and a net profit of 4.45 billion CNY, up 29.67% [4][6]. - The company’s operating cash flow reached 4.3 billion CNY, reflecting a 41.80% increase, with R&D investment totaling 3.87 billion CNY, of which 3.23 billion CNY was capitalized [6][7]. Group 4: Market Outlook - The outlook for the Hong Kong stock market remains optimistic, with improving profitability in the innovative drug sector and a high earnings forecast rate, suggesting a potential lead over A-shares in the upcoming market cycle [8]. - The introduction of a new initial review directory for innovative drugs by the National Healthcare Security Administration is expected to provide additional growth opportunities, with 121 out of 141 drug names passing the initial review [9]. Group 5: Upcoming Events - The 2025 World Lung Cancer Conference (WCLC) is scheduled for September 6-9 in Barcelona, which will showcase significant research outcomes from domestic innovative drugs [5][9].

Core Insights - The Hong Kong Stock Connect Innovative Drug ETF (159570) has undergone a significant index revision, increasing the frequency of adjustments to four times a year and ensuring a 100% purity in its component stocks by excluding CXO companies [1][3] Group 1: Index Revision and Performance - The index now excludes eight CXO component stocks that collectively accounted for 17.35% of the index weight as of July 31 [1] - The ETF has seen a substantial increase in scale, exceeding 13.3 billion yuan, with over 2.5 billion yuan raised in the last ten days alone [2] - The index has demonstrated impressive performance, with a year-to-date increase of over 96% [2] Group 2: Industry Trends and Implications - The removal of CXO companies enhances the index's ability to reflect the trends in the domestic innovative drug sector, maximizing the capture of industry growth [3] - The innovative drug sector is experiencing a shift towards quality over price competition, supported by recent policy changes and a significant increase in business development (BD) transactions, which surpassed 60 billion USD in the first half of the year [5] - The index's adjustment aligns with the broader trend of China transitioning from a raw material supplier to a global hub for innovative drugs, enhancing the potential for capturing industry development benefits [5][6]