截至收盘，恒生港股通新经济指数、中证港股通消费主题指数均下跌0.4%，中证港股通医药卫生综合指数下跌0.5%，恒生科技指数下跌0.8%，中证港股通 互联网指数下跌0.9%。Wind数据显示，截至昨日，恒生科技ETF易方达（513010）和港股通互联网ETF（513040）月内净流入分别为10.8亿元和7.0亿元。 有分析指出，随着美联储顺利完成年内第三次降息，海外流动性环境趋于友好，前期压制港股表现的外部不确定性因素正在逐步缓和；国内外科技龙头三季 度以来的业绩表现稳健，AI研发、云业务与智能应用的商业化落地持续推进；在估值仍处于相对合理区间、外部宏观变量改善、产业逻辑更加明晰的背景 下，本轮调整反而进一步提升了港股科技板块的性价比，中长期维度看，科技资产仍是港股最具确定性的主线之一。 跟踪中证港股通互联网指数 该指数由港股通范围内30家互 联网龙头公司的股票组成,主 小年完生了 十节日记女节号 以伯蚁世産収工『公刊サー代 技主题高度相关的、市值最大 的30只股票组成,信息技术及 可选消费行业合计占比超90% 该指数泪 0 - 8 港股通医药ETF 低费率 跟踪中证港股通医药卫生综合指 该指数由港股通范围内医 ...

Core Insights - E Fund has established a standardized full-process management mechanism for index fund management, leading the industry in tracking error control capabilities [1][2] - As of Q3 2025, E Fund's A-share ETFs have a scale-weighted tracking error of 0.14% relative to the total return index, ranking among the top in the industry [1] - The company has reduced management fees for over 110 index products to the lowest tier of 0.15% per year, enhancing cost efficiency for investors [1][2] Group 1 - E Fund's index products, including the Robot ETF and Hong Kong Stock Connect ETFs, have demonstrated leading tracking errors within their categories [1] - The company has implemented a liquidity compensation strategy through inquiry transfer, resulting in over 100 events in the A-share market this year, nearly doubling from the previous year [2] - E Fund's Star Market 50 ETF has achieved the highest excess returns among comparable products in the first three quarters of this year [2] Group 2 - The full-process management mechanism includes comprehensive research on index targets, investment methods, and operational scenarios, enhancing investment management efficiency [2] - The standardized management ensures stable operation of products across different market environments, translating professional capabilities into tangible value for investors [2] - The CSI 300 ETF has maintained stable operations since its listing in 2013, demonstrating the effectiveness of E Fund's management approach [2]

Core Viewpoint - The Hong Kong innovative drug sector is experiencing a strong performance, with key indices showing significant gains, driven by positive news regarding leading companies and favorable market conditions [1] Group 1: Market Performance - The Hang Seng Hong Kong Stock Connect Innovative Drug Index rose by 1.9%, while the CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index increased by 1.2%, both aiming for a third consecutive day of gains [1] - The performance of the innovative drug sector is supported by the anticipated interest rate cuts by the Federal Reserve, which have increased the probability of a 25 basis point cut in December from 40% to 80.9% [1] Group 2: Company Developments - Three-Six Pharmaceutical plans to spin off its Minoxidil brand, Mandi International, for a main board listing on the Hong Kong Stock Exchange [1] - The clinical trial application for ActRIIA/B antibody JMT206 injection by CSPC Pharmaceutical has been approved for obesity treatment [1] Group 3: Investment Opportunities - The Hang Seng Hong Kong Stock Connect Innovative Drug Index is the first ETF-tracked index with a 100% "purity" focus on leading innovative drug companies in Hong Kong [1] - The CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index consists of the 50 largest stocks in the pharmaceutical and health sector within the Stock Connect range, covering innovative drugs and medical devices [1] - The Hang Seng Innovative Drug ETF (159316) and the Hong Kong Stock Connect Medical ETF (513200) track these indices, providing investors with opportunities to capitalize on sector recovery [1]

Group 1 - The pharmaceutical sector experienced a broad increase today, with the Hang Seng Hong Kong Stock Connect Innovative Drug Index rising by 2.6%, the CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index increasing by 2.4%, the CSI Innovative Drug Industry Index up by 0.7%, the CSI Biotechnology Theme Index rising by 0.6%, and the CSI 300 Pharmaceutical and Health Index increasing by 0.2% [1] - According to Wind data, the pharmaceutical ETF (512010) has seen a net inflow of over 600 million yuan over the past seven trading days [1] - China Galaxy Securities noted that the pharmaceutical sector has undergone a significant structural repair trend after a prolonged valuation adjustment, with continued innovation in drug business development expected in the second half of the year [1] Group 2 - The indices mentioned focus on leading companies in the Hong Kong medical and health industry, comprising 50 stocks from medical devices, biopharmaceuticals, chemical drugs, and other pharmaceutical sectors [4] - The CSI Innovative Drug Industry Index tracks leading A-share innovative drug companies, consisting of no more than 50 stocks involved in innovative drug research and development [7] - The CSI Biotechnology Theme Index focuses on leading A-share biotechnology companies, including no more than 50 stocks related to gene diagnosis, biopharmaceuticals, blood products, and other human biotechnology [12]

Group 1 - The Hong Kong stock market showed strong performance today, with the consumer sector leading the gains, as evidenced by the CSI Hong Kong Stock Connect Consumer Theme Index rising by 3.0% [1] - The CSI Hong Kong Stock Connect Internet Index increased by 2.2%, while the Hang Seng New Economy Index rose by 1.6% [1] - The CSI Hong Kong Stock Connect Healthcare Comprehensive Index saw a rise of 1.4%, and the Hang Seng Technology Index increased by 1.3% [1] Group 2 - Southbound funds through the Stock Connect recorded a net purchase of HKD 6.654 billion today, bringing the year-to-date net purchase amount to over HKD 1.3 trillion [1] - Cumulative net inflow since the launch of the Stock Connect has surpassed HKD 5 trillion, setting a new record since the opening of the mutual market access mechanism [1]

Core Insights - The recent meeting between Chinese and U.S. leaders signals a stabilization in U.S.-China relations, alleviating previous geopolitical concerns regarding innovative pharmaceuticals [1] - There has been a notable inflow of funds into the market, with the Hang Seng Innovative Drug ETF (159316) experiencing a cumulative net inflow of 1.57 billion since September 30 [1] - Global pharmaceutical and biotechnology assets have performed well since the interest rate cuts, with the S&P 500 equal-weight healthcare index rising by 4.6% and the Nasdaq Biotechnology index increasing by 11.7% from September 18 to October 30, 2025 [1] Industry Dynamics - At the ESMO 2025 conference, Chinese innovative pharmaceutical companies showcased their strength, with 35 studies selected for oral presentations and 23 for breakthrough abstracts, covering prevalent cancers such as liver cancer, lung cancer, and lymphoma [1] - Business development (BD) collaborations are on the rise, exemplified by the partnership between Innovent Biologics and Takeda, which includes an upfront payment of 1.2 billion and a total deal size of up to 11.4 billion, reflecting global pharmaceutical companies' recognition of Chinese innovative drugs [1] - Historically, during the Federal Reserve's interest rate cut cycles, the valuation of Hong Kong innovative pharmaceutical assets tends to expand, creating a favorable liquidity environment for financing and R&D investments in innovative drug companies [1] Market Outlook - The recent easing of U.S.-China relations, combined with the onset of the fourth quarter's BD peak season for innovative drugs, is expected to create a recovery window for market sentiment [2] - The Hang Seng Hong Kong Stock Connect Innovative Drug Index has likely reached a phase of bottoming out after adjustments, highlighting increasing value for investment [2] Related Securities - Hang Seng Innovative Drug ETF (159316, Connect A/C: 024328/024329) [3] - Hong Kong Stock Connect Pharmaceutical ETF (513200, Connect A/C: 018557/018558) [3] - Pharmaceutical ETF (512010, Connect A/C: 001344/007883) [3]

Core Insights - Recent signals of easing tensions in US-China relations, combined with the onset of the fourth quarter's business development (BD) peak for innovative drugs, suggest a potential recovery in market sentiment for the sector [1] - The Hang Seng Hong Kong Stock Connect Innovative Drug Index has undergone adjustments and may have entered a phase of bottoming out, highlighting increasing investment value [1] Industry Dynamics - **ESMO 2025 Achievements**: Chinese innovative pharmaceutical companies made significant strides at the ESMO conference, with a record 35 studies selected for oral presentations and 23 for breakthrough abstracts, covering prevalent cancers such as liver cancer, lung cancer, and lymphoma, showcasing their R&D capabilities from bispecific antibodies to antibody-drug conjugates [1] - **BD Cooperation Resurgence**: A major collaboration was established between Innovent Biologics and Takeda, involving an upfront payment of $1.2 billion and a total deal size of up to $11.4 billion, reflecting global pharmaceutical companies' recognition of Chinese innovative drugs. Historically, the fourth quarter has been a peak period for BD activities, and this year is expected to continue that trend [1] - **Global Interest Rate Cycle**: Historically, during the Federal Reserve's rate-cutting cycles, the valuation of Hong Kong innovative drug assets tends to expand, and a favorable liquidity environment supports financing and R&D investments for innovative drug companies. According to Fedwatch, there is a high probability of two more rate cuts by the Federal Reserve this year [1]

Core Insights - The Hong Kong stock market experienced overall fluctuations, with major technology stocks like Alibaba, Tencent, and Meituan showing strength towards the end of the trading session. The Hang Seng Hong Kong Stock Connect New Economy Index rose by 0.8%, while the Hang Seng Technology Index increased by 0.5% [1]. Group 1: Index Performance - The Hang Seng Hong Kong Stock Connect New Economy Index increased by 0.8% [1]. - The CSI Hong Kong Stock Connect Internet Index rose by 0.6% [1]. - The Hang Seng Technology Index saw a gain of 0.5% [1]. - The CSI Hong Kong Stock Connect Consumer Theme Index increased by 0.1% [1]. - The CSI Hong Kong Stock Connect Medical and Health Comprehensive Index decreased by 1.3% [1]. Group 2: Fund Flows - There has been a continuous inflow of funds into related ETFs, with the Hong Kong Stock Connect Internet ETF (513040) seeing a net inflow of 2.3 billion yuan this month [1]. - The Hang Seng Technology ETF (513010) recorded a net inflow of 1.1 billion yuan during the same period [1].

Group 1 - The core viewpoint of the articles highlights a significant upward trend in the Hong Kong pharmaceutical sector, with various ETFs experiencing gains of over 3% amid a broader market recovery in A-shares [1] - The upcoming European Society for Medical Oncology (ESMO) conference in October 2025 is expected to be a key event, with new research abstracts to be presented, which may influence market sentiment [1] - In the first half of 2025, China has seen a total of 72 License-out transactions, surpassing half of the total transactions for 2024, with a 16% increase in total transaction value compared to the previous year [2] Group 2 - The trend of Chinese innovative drugs going global is driven by continuous innovation and efficiency improvements, despite concerns over potential trade conflicts [2] - The pharmaceutical sector is expected to experience a reversal in 2025, with a focus on innovative drugs and addressing unmet clinical needs, particularly in the dual/multi-antibody and ADC sectors [3] - The upcoming ESMO conference is anticipated to showcase clinical data from Chinese innovative drugs, which could be a major market catalyst, alongside the release of Q3 earnings reports and national healthcare negotiations in November [3]

Core Insights - The Hong Kong stock market experienced a collective pullback, with various indices showing declines, including a 0.9% drop in the Consumer Theme Index and a 2.6% drop in the Internet Index [1][5] - The Hang Seng Technology ETF and the Hong Kong Internet ETF have seen significant capital inflows, reaching historical highs of 22.47 billion and 5.35 billion respectively [1] - Huatai Securities suggests that with the onset of a new round of monetary easing by the Federal Reserve and advancements in the internet and technology sectors, market sentiment in Hong Kong may improve further [1] Index Performance - The Hang Seng New Economy Index, which tracks the largest 50 stocks in the "new economy" sector, fell by 2.5% and has a rolling P/E ratio of 26.8 times [2] - The Hang Seng Technology Index, consisting of the largest 30 technology-related stocks, also dropped by 2.5% with a rolling P/E ratio of 24.6 times [3] - The Hong Kong Internet Index, tracking 30 leading internet companies, decreased by 2.6% and has a rolling P/E ratio of 26.5 times [5] - The Consumer Theme Index, which includes 50 major consumer stocks, fell by 0.9% with a rolling P/E ratio of 22.8 times [6]