来源：视频滚动新闻 12月3日，港股创新药板块延续调整，龙头股集体下跌，港股通创新药ETF（520880）跌逾1%，连续4 日下跌，但场内宽幅溢价，买盘资金相对强势。12月2日中国药品价格登记系统上线，利于创新药全球 市场发展。分析认为2026年创新药产业趋势不变，调整后释放弹性空间。投创新药可首选港股通创新药 ETF（520880）及其场外联接基金（025221），其标的指数有三大优势。截至11月30日，该ETF规模 21.42亿元，上市以来日均成交4.58亿元。同时提示投资风险。(AI生成) ...

Group 1 - The Hong Kong innovative drug sector has rebounded strongly, with leading stocks like Heng Rui Pharmaceutical and Sanofi both rising over 4% [1] - The Hong Kong Stock Connect innovative drug ETF (520880) has over 70% of its holdings in leading innovative drug stocks, showing a rise of over 3% in early trading [1] - Significant positive news for major innovative drug companies includes Sanofi's plan to spin off its minoxidil brand for a listing on the Hong Kong Stock Exchange and the approval of clinical trial applications for ActRIIA/B antibody JMT206 by Shiyao Group [1] Group 2 - The Hong Kong innovative drug sector has undergone sufficient adjustments since September and may now be in a cost-effective allocation zone [2] - The Hong Kong Stock Connect innovative drug ETF (520880) and its linked fund (025221) passively track the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, which exclusively invests in innovative drug R&D companies [2] - As of the end of September, the index has shown a cumulative increase of 108.14% this year, outperforming other innovative drug indices [2]

来源：新浪基金 11月26日早盘，港股创新药板块领市大涨，龙头股再度领跑，三生制药、石药集团双双涨超6%，荣昌 生物涨超5%。 港股通创新药ETF（520880）基金经理丰晨成指出，创新药板块催化不断，重磅数据陆续读出，同时 11-12月也是BD交易较为活跃的时点，且今年国产创新药已落地较多总金额超过10亿美金规模的BD交 易。后续2025年创新药医保国谈结果与首版商保创新药目录预计将于12月上旬发布，ASH、SABCS、 ESMO ASIA等行业会议也将于12月上旬召开。创新药产业趋势不变，随着行业正向催化的陆续落地， 板块情绪有望逐步恢复。 把握创新药反攻机遇，配置首选同类最大港股通创新药ETF（520880）及其场外联接基金（025221）， 标的指数恒生港股通创新药精选指数具备三大独特优势： 1、纯粹，全面。不含CXO，纯正创新药！全面覆盖创新药研发类公司。 2、龙头占比大。前十大创新药龙头权重超71%，表征创新药硬核力量。 3、风险更可控。对流动性较差的成份股强制降权，有力管控尾部风险。 | | | 港股通创新药ETF (520880) 标的指数 | | | --- | --- | --- | -- ...

申万宏源证券指出，中国创新药企正深度参与全球新药研发，临床试验数量稳居全球第一，尤其在细胞 疗法、ADC、双抗等领域占比超50%。中国药企通过自主与合作出海加速国际化，2024年全球获批新药 中38%首发在中国。随着MNC专利悬崖临近，中国资产凭借"多快好省"优势成为其重要项目来源，2024 年BD交易金额占全球26%。 港股通创新药ETF（520880）及其联接基金（联接A：025220，联接C：025221）被动跟踪恒生港股通 创新药精选指数，该指数前十大权重股分别为百济神州、中国生物制药、信达生物、康方生物、三生制 药、石药集团、翰森制药、科伦博泰生物-B、再鼎医药、亚盛医药-B。 数据来源于沪深交易所、公开资料等。 风险提示：以上产品由基金管理人发行与管理，代销机构不承担产品的投资、兑付和风险管理责任。投 资人应当认真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基金法律文件，了解基金 的风险收益特征，选择与自身风险承受能力相适应的产品。基金过往业绩并不预示其未来表现，基金投 资须谨慎！销售机构（包括基金管理人直销机构和其他销售机构）根据相关法律法规对本基金进行风险 评价，投资者应及时关注基 ...

Market Overview - A-shares experienced a collective high opening followed by a decline, with the Shanghai Composite Index dropping 0.4% to 3931.05 points, and the ChiNext Index closing down 1.12% after an initial rise of 1.61% [1][2] - The total market turnover was 1.72 trillion yuan, marking a continuous decrease in trading volume over two days [1] Major Events - A significant merger in the brokerage industry was announced, with China International Capital Corporation (CICC) planning to absorb Dongxing Securities and Xinda Securities, creating a new brokerage giant with nearly 1 trillion yuan in total assets [2] - Nvidia reported better-than-expected earnings, with Q3 revenue reaching $51.2 billion, a 66% year-on-year increase, indicating strong global demand for computing power [12][13] Sector Performance - The banking sector showed strong performance, with major banks like Bank of China and Industrial and Commercial Bank of China reaching historical highs, supported by over 200 billion yuan in mid-term dividends [4][8] - The largest banking ETF (512800) saw a price increase of 1.9% during the day, marking a new high since October, with a trading volume of 1.49 billion yuan [5][6] ETF Highlights - The AI-focused ETF (159363) opened 3% higher and maintained high trading activity, ultimately closing with a 0.71% increase, marking its fourth consecutive rise [10][12] - The Hong Kong innovation drug ETF (520880) managed to rise against the market trend, ending the day with a gain after previously experiencing four consecutive declines [15][16] Future Outlook - Analysts expect a continuation of the current market consolidation pattern as institutions balance their portfolios ahead of year-end [4] - The banking sector is anticipated to remain attractive due to its low valuation and high dividend yield, with a significant amount of mid-term dividends expected to be distributed [8][9]

Core Viewpoint - The Hong Kong stock market continues to adjust, with the Hang Seng Index showing mixed performance, while the innovative drug sector demonstrates resilience, as evidenced by the performance of the Hong Kong Stock Connect Innovative Drug ETF (520880) which ended a four-day decline [1][3]. Group 1: Market Performance - The Hong Kong Stock Connect Innovative Drug ETF (520880) saw a price increase of 1.79% during the day, successfully ending its previous four-day decline [1]. - The ETF's performance is supported by major leading stocks in the innovative drug sector, with notable gains from companies such as Innovent Biologics, which rose by 2.84%, and others like China Biologic Products and Kintor Pharmaceutical, which increased by over 1% [1]. Group 2: Investment Insights - Following a strong rebound of nearly 7% the previous week, the ETF has returned to a state of fluctuation, currently trading at a near four-month low, indicating a potential area for cost-effective investment [3]. - The fund manager, Feng Chen, suggests that each significant pullback in the innovative drug sector presents an opportunity for accumulation [3]. - The innovative drug sector is undergoing a notable correction since early September, attributed to market style shifts and the return to more realistic expectations regarding business development (BD) rhythms and amounts [3]. Group 3: ETF Characteristics - The Hong Kong Stock Connect Innovative Drug ETF (520880) is characterized by three unique advantages: it is purely focused on innovative drug companies, has a significant concentration of leading stocks with over 71% weight in the top ten holdings, and maintains better risk control by reducing the weight of less liquid component stocks [3][4]. - The top ten holdings in the ETF account for 71.51% of the total weight, showcasing the dominance of leading companies in the sector [4]. - As of November 19, the ETF has a scale of 2.12 billion HKD and an average daily trading volume of 464 million HKD since its inception, making it the largest and most liquid ETF tracking the same index [4].

有机构分析指出，目前，创新药指数已经自高点回调20%左右，部分创新药公司回调幅度达到 30%-50%，市场预期从八、九月份的过分乐观，切换至目前的偏悲观状态，而很多创新药公司的估值也 已经回归合理甚至低估的水平。站在当前时点，我们有理由对创新药板块重新乐观起来——中国创新药 企业正在重塑全球创新药研发生态体系，背靠强大的产业趋势，创新药行情虽有波折，但总会螺旋上 升。 把握创新药深度回调机遇，配置工具首选同类最大港股通创新药ETF（520880）及其场外联接基金 （025221），标的指数恒生港股通创新药精选指数具备三大独特优势： 1、纯粹，全面。不含CXO，纯正创新药！全面覆盖创新药研发类公司。 2、龙头占比大。前十大创新药龙头权重超71%，表征创新药硬核力量。 3、风险更可控。对流动性较差的成份股强制降权，有力管控尾部风险。 | | | 港股通创新药ETF (520880) 标的指数 | | | --- | --- | --- | --- | | | | 前十成份股权重高达71.51%,龙头优势显著 | | | 代码 | 简称 | 权重(%) | 总市值(亿港元) | | 6160.HK | 百济神州 | ...

Group 1 - The Hong Kong stock market for innovative drugs experienced a significant surge, with the Hong Kong Stock Connect Innovative Drug ETF (520880) rising by 5.31%, outperforming the Hang Seng Index and other related indices [1] - Major stocks leading the rally included 3SBio, which surged by 10.18%, and BeiGene, which rose by 7.71%, reaching a nearly four-year high [1] - The ETF recorded a trading volume of 588 million yuan, indicating strong investor interest [1] Group 2 - Technical indicators show a strong bullish signal for the Hong Kong Stock Connect Innovative Drug ETF, with a significant increase in buying pressure and a MACD indicator suggesting a trend reversal [2] - Citic Securities forecasts continued over-allocation to the pharmaceutical sector through 2026, while Dongwu Securities identifies innovative drugs as a key investment theme for the same period [3] Group 3 - BeiGene's impressive performance, with a net profit of 1.139 billion yuan in the first three quarters, has positively influenced industry expectations [4] - The introduction of a new payment channel for high-priced innovative drugs through commercial insurance in the 2025 national medical insurance negotiations is expected to enhance cash flow for pharmaceutical companies [4] - The total value of outbound licensing transactions for Chinese innovative drugs exceeded 100 billion USD in the first ten months of 2025, highlighting the global competitiveness of Chinese pharmaceutical companies [4] Group 4 - The Hong Kong Stock Connect Innovative Drug ETF (520880) is recommended for investment, with its index comprising primarily innovative drug companies, excluding CXO firms [4][5] - The top ten innovative drug companies account for over 71% of the ETF's weight, indicating a strong focus on leading firms in the sector [5] - The ETF's design includes measures to control risks associated with less liquid stocks, enhancing overall risk management [6]

Core Viewpoint - The Hong Kong stock market's innovative drug sector has seen a significant surge, with the Hang Seng Hong Kong Stock Connect Innovative Drug Selected Index rising over 4%, outperforming other indices in the same theme [1]. Group 1: Market Performance - The Hang Seng Hong Kong Stock Connect Innovative Drug Selected Index reached a price of 2562.86, with an increase of 92.04, representing a 3.73% rise [1]. - The Hong Kong Stock Connect Innovative Drug ETF (520880) opened high and rose by 3.72%, with a trading volume exceeding 3.8 billion yuan, marking a new high in fund size of over 2.1 billion yuan [1][3]. - Among the 37 innovative drug companies covered by the ETF, 30 stocks experienced an increase, with leading stocks like Sanofi Biotech rising over 7% and BeiGene reaching an 8% increase [3]. Group 2: Investment Strategy - The innovative drug market is transitioning from a broad-based rally to a focus on quality factors, emphasizing the importance of companies with strong clinical data and commercialization capabilities [3]. - According to Dongwu Securities, the innovative drug sector will remain a key investment theme through 2026, driven by international competitiveness, explosive growth in business development (BD) overseas, and significant market potential [3]. - The Hang Seng Hong Kong Stock Connect Innovative Drug Selected Index has three unique advantages: it is purely focused on innovative drug companies, has a high concentration of leading firms (over 71% in the top ten), and offers better risk control by reducing the weight of less liquid stocks [3][4]. Group 3: ETF Composition - The top ten holdings in the Hong Kong Stock Connect Innovative Drug ETF account for 71.65% of the index, highlighting the dominance of leading companies [4]. - Notable companies in the top ten include BeiGene (11.44% weight), China Biologic Products (9.73%), and Innovent Biologics (9.53%) [4].

Core Viewpoint - The Hong Kong stock market experienced an overall pullback, but the innovative drug sector saw significant gains, with BeiGene rising over 7% to reach a three-year high, and the Hong Kong Stock Connect Innovative Drug ETF (520880) continuing to rise by 3% despite the market downturn [1] Group 1: Market Performance - The Hong Kong Stock Connect Innovative Drug ETF (520880) saw its fund size exceed 2 billion yuan for the first time on November 3, marking a 392% increase since its launch on July 7 [1] - The innovative drug index has historically experienced an average pullback duration of 30-40 days, with a typical decline of around 20% [1] - The current adjustment has lasted nearly a quarter, with the index down over 20%, indicating a potential high-probability entry point for investors [1] Group 2: Industry Trends - The trend of Chinese innovative drugs going global is clear, supported by ongoing drug review reforms and favorable policies [1] - The Chinese innovative drug industry has entered its 2.0 era, shifting from "importing and imitating" to "innovating and exporting" [1] - The Hong Kong Stock Connect Innovative Drug ETF (520880) and its linked fund (025221) track the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, which exclusively invests in innovative drug R&D companies, with over 70% of its holdings in large-cap innovative drug leaders [2]