港股早盘全线走强，医药板块涨幅居前，截至午间收盘，恒生港股通创新药指数上涨2.1%，中证港股通医药卫生综合指数上涨1.7%，中证创新药 产业指数、中证生物科技主题指数均上涨0.8%，沪深300医药卫生指数上涨0.6%。 （文章来源：每日经济新闻） ...

Core Insights - The Hong Kong stock market showed mixed performance this week, with significant rebounds in the pharmaceutical sector and active performance in the new consumption sector, while popular technology stocks experienced varied movements [1] - The CSI Hong Kong Stock Connect Pharmaceutical and Health Index rose by 6.9%, and the CSI Hong Kong Stock Connect Consumption Theme Index increased by 2.3%, while the Hang Seng Technology Index fell by 0.4% [1][3] Index Performance - The Hang Seng New Economy Index increased by 0.7%, while the Hang Seng Technology Index decreased by 0.4% [3] - The rolling price-to-earnings (P/E) ratios for the indices are as follows: Hang Seng New Economy Index at 24.7x, Hang Seng Technology Index at 23.1x, CSI Hong Kong Stock Connect Pharmaceutical and Health Index at 29.2x, CSI Hong Kong Stock Connect Internet Index at 24.2x, and CSI Hong Kong Stock Connect Consumption Theme Index at 21.6x [3] - The rolling P/E ratio percentiles indicate that the Hang Seng New Economy Index is at 54.1%, the Hang Seng Technology Index at 30.8%, the CSI Hong Kong Stock Connect Pharmaceutical and Health Index at 46.0%, the CSI Hong Kong Stock Connect Internet Index at 23.0%, and the CSI Hong Kong Stock Connect Consumption Theme Index at 21.4% [3] Market Outlook - Western Securities noted that the reopening of the U.S. government and the resumption of spending by the Treasury could lead to a loosening of dollar liquidity, potentially driving a rebound in the Hong Kong stock market, with the Hang Seng Technology Index expected to benefit from a new round of strong rebound [1]

Core Viewpoint - The Hong Kong pharmaceutical sector showed strong performance in the morning session, with various indices reflecting significant gains, indicating a positive market sentiment towards innovative drug companies and the broader healthcare industry [1]. Group 1: Index Performance - The Hang Seng Hong Kong Stock Connect Innovative Drug Index rose by 4.3% [1]. - The CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index increased by 3.3% [1]. - The CSI Innovative Drug Industry Index saw a rise of 1.9% [1]. - The CSI Biotechnology Theme Index grew by 1.4% [1]. - The CSI 300 Pharmaceutical and Health Index climbed by 1.3% [1]. Group 2: Fund Inflows - The Hang Seng Innovative Drug ETF (159316) attracted a total of 1.4 billion yuan in inflows over the past month [1]. Group 3: Index Valuation Metrics - The rolling price-to-earnings (P/E) ratio for the CSI Biotechnology Theme Index is currently at 58.0 times, with a valuation percentile of 70.7% since its inception in 2015 [5]. - The rolling P/E ratio for the CSI 300 Pharmaceutical and Health Index stands at 31.3 times, with a valuation percentile of 49.3% since its inception in 2007 [7].

来源：视频滚动新闻 11月7日，港股通医药ETF（513200）跌1.97%，成交额1.91亿元。当日份额增加400.00万份，最新份额 为18.13亿份，近20个交易日份额增加3800.00万份。最新资产净值计算值为20.57亿元。港股通医药ETF （513200）业绩比较基准为中证港股通医药卫生综合指数收益率(使用估值汇率折算)，管理人为易方达 基金管理有限公司，基金经理为伍臣东，成立（2022-01-19）以来回报为13.45%，近一个月回报 为-13.15%。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。 ...

Group 1 - The pharmaceutical sector is experiencing a rebound with strong capital allocation intentions, as evidenced by the medical ETF (512010) receiving a net inflow of 400 million yuan over four consecutive trading days, and the Hang Seng Innovation Drug ETF (159316) attracting over 1.6 billion yuan in the past month [1] - The pharmaceutical and biotechnology sector reported a year-on-year net profit growth of 7.7% in Q3 2025, with a gross margin maintained at 31.4%, showing a clear trend of improvement [1] - Innovative drugs are leading the industry, with several companies achieving high growth in performance due to the commercialization of innovative drugs and the confirmation of upfront payments for business development overseas [1] Group 2 - Analysts believe that the pharmaceutical sector is poised for a valuation recovery in Q4, driven by multiple catalysts including performance recovery and policy support, alongside a loose overseas liquidity environment [1] - The medical ETF (512010) tracks the CSI 300 Healthcare Index, reflecting the overall performance of leading pharmaceutical stocks in the A-share market, while the Hang Seng Innovation Drug ETF (159316) focuses exclusively on innovative drug companies in the Hong Kong stock market [1] - Other related ETFs managed by E Fund include the E Fund Innovation Drug ETF (516080) and the Hong Kong Stock Connect Medical ETF (513200), providing investors with diverse options to invest in leading pharmaceutical companies in both A and H shares [1]

Core Viewpoint - The pharmaceutical sector is experiencing fluctuations, with major indices showing declines, while the Hang Seng Innovation Drug ETF has seen significant inflows, indicating investor interest in innovative drug companies. Group 1: Market Performance - As of the midday close, the CSI 300 Pharmaceutical and Health Index fell by 1.0% [1] - The CSI Innovation Drug Industry Index and the Hang Seng Hong Kong Stock Connect Innovation Drug Index both decreased by 0.7% [1] - The CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index dropped by 0.5% [1] - The CSI Biotechnology Theme Index declined by 0.4% [1] Group 2: ETF Inflows - The Hang Seng Innovation Drug ETF (159316) recorded a net subscription of 25 million units in the first half of the day [1] - According to Wind data, the Hang Seng Innovation Drug ETF has attracted nearly 1.2 billion yuan in inflows this month, ranking first among Hong Kong stock innovation drug-related products [1] Group 3: Index Composition - The CSI Innovation Drug Industry Index focuses on leading innovative drug companies in A-shares, consisting of no more than 50 stocks primarily involved in innovative drug research and development [6] - The CSI Biotechnology Theme Index targets leading biotechnology companies in A-shares, including those involved in gene diagnostics, biopharmaceuticals, and blood products [8] - The CSI 300 Pharmaceutical and Health Index encompasses leading companies in the pharmaceutical and health industry, covering segments such as chemical pharmaceuticals, medical services, and medical devices [9]

Group 1 - The core viewpoint of the news is that Hong Kong's technology and internet stocks have rebounded significantly, with the Hang Seng Technology Index rising by 3.0% and the Hang Seng New Economy Index increasing by 2.9% [1] - The recent influx of capital into Hong Kong's technology-related ETFs is notable, with the E Fund Hang Seng Technology ETF (513010) attracting over 4 billion yuan in net inflows over the past month, ranking first among similar ETFs [1] - Other indices also showed positive performance, including the China Securities Hong Kong Internet Index up by 2.7% and the China Securities Hong Kong Consumption Theme Index up by 2.2% [1] Group 2 - The Hang Seng New Economy ETF tracks the largest 50 stocks in the "new economy" sector within the Hong Kong Stock Connect, primarily including information technology, consumer discretionary, and healthcare [2] - The rolling P/E ratio for the Hang Seng Technology ETF is reported at 22.1 times, with a valuation percentile of 24.1% since its inception in 2020 [2] - The China Securities Hong Kong Consumption Theme Index, which includes 50 major consumer stocks, has a rolling P/E ratio of 20.9 times and a valuation percentile of 16.1% since its launch in 2020 [3]

Group 1 - The pharmaceutical sector experienced a collective rise in early trading, with the China Securities Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index increasing by 1.3% [1] - The China Securities Innovative Drug Industry Index and the China Securities Biotechnology Theme Index both rose by 1.0%, while the Hang Seng Hong Kong Stock Connect Innovative Drug Index increased by 0.7% [1] - The CSI 300 Pharmaceutical and Health Index saw a rise of 0.6%, and the Hang Seng Innovative Drug ETF (159316) recorded a net subscription of 11 million units in half a day [1] Group 2 - Global financing trends in the biopharmaceutical sector are showing signs of recovery, with 175 financing events occurring in September, disclosing a total financing amount of $10.2 billion, representing a year-on-year increase of 57% [1] - In the domestic market, there were 68 financing events, with a disclosed total amount of approximately $956 million, reflecting a year-on-year growth of about 337% [1]

Market Overview - The Hong Kong stock market experienced overall fluctuations and corrections this week, with southbound funds accumulating a net purchase of over 45 billion HKD [1] - The CSI Hong Kong Stock Connect Consumer Theme Index fell by 3.5%, the CSI Hong Kong Stock Connect Healthcare Comprehensive Index decreased by 5.7%, the CSI Hong Kong Stock Connect Internet Index dropped by 7.6%, the Hang Seng Hong Kong Stock Connect New Economy Index declined by 7.8%, and the Hang Seng Technology Index fell by 8% [1][3] ETF Inflows - Recent data indicates a significant inflow into related ETFs, with the Hang Seng Technology ETF (513010) attracting over 2.5 billion HKD in nine consecutive trading days [1] - The inflow into ETFs reflects a growing interest from investors in technology and new economy sectors despite the overall market downturn [1] Index Performance - The performance of various indices over the past month shows a decline, with the Hang Seng New Economy Index down by 8.8%, the Hang Seng Technology Index down by 8.1%, and the CSI Hong Kong Stock Connect Healthcare Comprehensive Index down by 9.7% [8] - Year-to-date performance indicates a strong recovery for some indices, with the CSI Hong Kong Stock Connect Healthcare Comprehensive Index up by 78.9% and the Hang Seng New Economy Index up by 35.2% [8] Valuation Metrics - The rolling price-to-earnings (P/E) ratios for the indices are as follows: Hang Seng New Economy Index at 24.8x, Hang Seng Technology Index at 22.9x, and CSI Hong Kong Stock Connect Healthcare Comprehensive Index at 30.0x [3][7] - The rolling P/E ratio percentiles indicate that the Hang Seng New Economy Index is at a 55.3% percentile, suggesting it is relatively expensive compared to historical levels, while the Hang Seng Technology Index is at 28.8%, indicating it is relatively cheaper [3][11]

Market Overview - The Hong Kong stock market showed mixed performance today, with southbound funds net buying 15.8 billion HKD [1] - The CSI Hong Kong Stock Connect Healthcare Index rose by 1.6%, while the CSI Hong Kong Stock Connect Consumer Theme Index increased by 0.2% [1] - The Hang Seng Stock Connect New Economy Index fell by 0.9%, and the CSI Hong Kong Stock Connect Internet Index decreased by 1% [1] - The Hang Seng Technology Index dropped by 1.2% [1] ETF Performance - The E Fund Hang Seng Technology ETF (513010) saw a net inflow of over 3.5 billion HKD in the past month, ranking first among similar ETFs [1] - The Hang Seng New Economy ETF (513320) tracks the Hang Seng Stock Connect New Economy Index, which consists of the 50 largest stocks in "new economy" sectors, with a rolling P/E ratio of 25.1 times and a valuation percentile of 56.7% since its inception in 2018 [2] - The Hang Seng Technology ETF (513010) tracks the Hang Seng Technology Index, composed of the 30 largest tech-related stocks, with a rolling P/E ratio of 23.1 times and a valuation percentile of 30.7% since its launch in 2020 [2] - The Hong Kong Stock Connect Healthcare ETF (513200) tracks the CSI Hong Kong Stock Connect Healthcare Index, consisting of 50 liquid and large-cap healthcare stocks, with a rolling P/E ratio of 29.6 times and a valuation percentile of 46.4% since its inception in 2017 [2] - The Hong Kong Stock Connect Internet ETF (513040) tracks the CSI Hong Kong Stock Connect Internet Index, made up of 30 leading internet companies, with a rolling P/E ratio of 24.7 times and a valuation percentile of 25.7% since its launch in 2021 [2] - The E Fund Hong Kong Consumption ETF (513070) tracks the CSI Hong Kong Stock Connect Consumer Theme Index, which includes 50 large-cap consumer stocks, with a rolling P/E ratio of 21.6 times and a valuation percentile of 21.3% since its inception in 2020 [3]