一、ETF行业快讯 1.三大指数震荡下挫，多只医药ETF涨超4% 今日，三大指数震荡下挫，上证综指下跌0.81%，深证成指下跌1.14%，创业板指下跌2.31%。多只医药 生物板块ETF上涨，其中，科创创新药ETF国泰（589720.SH）上涨7.27%，科创医药ETF（588860.SH） 上涨5.16%，科创医药ETF嘉实（588700.SH）上涨4.71%。电子板块多只ETF下跌，5GETF （159994.SZ）下跌4.96%，5G通信ETF（515050.SH）下跌4.86%，半导体设备ETF易方达 （159558.SZ）下跌4.45%。 2.跨境ETF规模超9000亿元 统计A股与海外主要核心指数走势，今日（10月31日，下同）三大指数集体下跌，其中上证指数下跌 0.81%，收于3954.79点，日内最高3986.74点；深证成指下跌1.14%，收于13378.21点，日内最高 13618.15点；创业板指下跌2.31%，收于3187.53点，日内最高3281.66点。今日日经225、北证50与中证 1000走势排名靠前，日涨跌幅分别为2.12%、1.89%与0.29%；近5个交易日北证50、日经 ...

从二级市场来看，三生制药（港股）涨近12%，带动港股医药板块逆势上涨，恒生医药ETF涨超3%；三 生国健则20CM涨停，科创医药ETF涨超4%。 10月30日，辉瑞在Clinicaltrials.gov网站上注册了PD-1/VEGF双抗PF-08634404（SSGJ-707）的两项全球 三期临床试验，分别为与化疗联合治疗晚期非小细胞肺癌（头对头对比Keytruda+化疗）、与化疗联合 治疗转移性结直肠癌。今年5月，辉瑞以12.50亿美元预付款+48亿美元里程碑付款+双位数百分比的销售 分成引进三生制药的PD-1/VEGF双抗。 中邮证券称，707有望成为全球肿瘤治疗重磅基石品种。从海外临床进展来看，预计辉瑞将快速启动 NSCLC和其他实体瘤的全球三期临床， 同时探索707在其他肿瘤中单药与联合疗法的临床方案（包括和 ADC的联用）。 ...

New Stock Issuance - Daming Electronics (Code: 732376) issued at a price of 12.55[1] - Chaoying Electronics (Code: 603175) issued at a price of 17.08[1] Equity Announcements - Offer period for Shangwei New Materials (Code: 688585) is from September 29, 2025, to October 28, 2025[1] - Significant abnormal fluctuations reported for *ST Yuancheng (Code: 603388) on October 24, 2025[1] Recent Trading Alerts - Multiple companies reported significant trading alerts, including ST Dongyi (Code: 002713) and ST Keli Da (Code: 603828) on October 22 and 24, 2025, respectively[1] - A total of 50 companies reported trading alerts, with the highest alert for *ST Haohua (Code: 600243) on October 24, 2025[1]

| 新股发行及今日交易提示 | 2025/10/22 | 星期三 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025/10/22 | 新股发行 | 证券代码 | 证券简称 | 发行价格 | | | | 920009 | 丹娜生物 | 17.10 | 2025/10/22 | 新股上市 | | | | 证券代码 | 证券简称 | 发行价格 | 001386 | 马可波罗 | 13.75 | | | 2025/10/22 | 内地市场权益提示 | 类别 | 证券代码 | 证券简称 | 权益日期 | 最新公告链接 | | https://www.cninfo.com.cn/new/disclosure/detail?stockCode=688585&announcementId=122472 | 要约收购 | 688585 | 上纬新材 | 要约申报期：2025年9月29日至2025年10月28日 | 1731&orgId=9900042956&announcementTime=2025 | -10-21 | | http://www.cninf ...

Core Insights - The global biopharmaceutical market is expanding, with innovative drugs becoming a key growth engine, entering a new phase of rapid development [1] - China's innovative drug sector is benefiting from strong research capabilities, policy support, and increased capital market attention, transitioning from "catching up" to "keeping pace" and even "leading" [1][2] - The discussion highlights the importance of understanding the current market environment and industry trends for better investment decisions [1] Industry Opportunities - Innovative drugs are not only foundational to healthcare but also critical in the competition of technological and national strength [2] - China's rapid development in innovative drugs is attributed to significant government investment and support for technological innovation [2] - The country is expected to become a "dark horse" in the global innovative drug industry, leveraging technological advancements, policy support, and capital investment [2] Market Trends - The innovative drug industry is experiencing a notable upward trend due to increased policy support, active capital market involvement, and enhanced R&D capabilities [3] - Since 2021, China's market share and international recognition of innovative drugs have been on the rise, showcasing advantages in coverage, technology, originality, and cost-effectiveness [3] - The industry is projected to enter a recovery phase post-2025, with significant positive changes in both primary and secondary markets [3] Investment Strategies - The panel discussion emphasized the differences between A-share and Hong Kong-listed innovative drug companies, highlighting the lower market capitalization of Chinese innovative drugs compared to developed markets [4] - The long-term investment value of the innovative drug sector is considered clear, despite potential short-term volatility [4] - Future growth in the innovative drug sector is expected to be driven by a dual engine of policy and technology, with advancements in materials, AI, and gene editing enhancing competitiveness [4] Investment Tools - Ordinary investors are encouraged to focus on Hong Kong medical device and service companies through ETFs, as well as those tracking the STAR Market biotechnology index [5] - The STAR Market biotechnology index has shown lower performance compared to the Hong Kong innovative drug sector, indicating potential for appreciation [6] - The innovative drug sector is viewed as a high-certainty industry in a relatively uncertain environment, with recommendations for systematic investment in relevant ETFs to capture future opportunities [6]

Group 1 - The core viewpoint of the articles highlights the recent approval of an unprofitable biopharmaceutical company for IPO under the fifth listing standard of the Sci-Tech Innovation Board, signaling a positive shift in the financing environment for similar companies [1] - The fifth listing standard, which had previously faced a "zero acceptance" situation, is now being revitalized, indicating a renewed confidence from regulators in the long-term value of hard technology [1] - There are currently four other similar companies awaiting review for IPO under the same standard, suggesting a potential increase in market activity for unprofitable biopharmaceutical firms [1] Group 2 - The Sci-Tech Innovation Board's biopharmaceutical ETF (588860) has shown active trading, with an average daily trading volume of 31.1566 million yuan as of August 14, indicating strong investor interest [1][2] - The ETF tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index, which includes 50 large-cap companies in the biopharmaceutical sector, reflecting the overall performance of this industry [2] - The top three weighted industries within the index are chemical pharmaceuticals (39.7%), medical devices (33%), and biological products (18.7%), highlighting the sector's composition [2] Group 3 - The innovation drug sector is expected to maintain its growth momentum, driven by policy support, increasing global competitiveness, and the realization of commercial profitability [3] - There is an anticipated recovery in demand for the domestic market by 2025, particularly in the consumer healthcare sector, which includes medical services and traditional Chinese medicine [3] - The medical device sector is also projected to see improvements by 2025, indicating a broader recovery trend within the healthcare industry [3]

Group 1 - Domestic leading CXO companies have recently announced strong growth in their Q2 performance, attracting attention to pharmaceutical-related ETFs [1] - The Kexin Pharmaceutical ETF (588860) has shown active trading, with an average daily turnover of 22.46 million yuan since July [1] - The management fee for Kexin Pharmaceutical ETF is 0.45%, and the custody fee is 0.07%, making it the lowest among ETFs tracking the Shanghai Stock Exchange Science and Technology Innovation Board Biopharmaceutical Index [1] Group 2 - The Kexin Pharmaceutical ETF closely tracks the Shanghai Stock Exchange Science and Technology Innovation Board Biopharmaceutical Index, which includes 50 large-cap companies in the biopharmaceutical and biomedical engineering sectors [1] - As of July 29, the biopharmaceutical index covers 74.6% of the chemical pharmaceuticals and medical devices industries [1] - The introduction of the "market value + R&D" listing standard on the Science and Technology Innovation Board has significantly aided innovative pharmaceutical companies in overcoming funding bottlenecks and accelerating R&D results [1] Group 3 - Overseas CXO leaders have reported stable R&D conditions and slightly raised their annual performance guidance for 2025 [2] - The CXO industry is transitioning from a recovery phase to a performance inflection point, primarily driven by overseas revenue [2] - With a more favorable external environment and the Federal Reserve entering a rate-cutting cycle, the CXO sector is expected to experience a comprehensive recovery due to ongoing global innovation in drug development and supportive domestic policies [2]

Group 1 - The ETF market opened with mixed results, with the building materials ETF (516750) leading gains at 10.05% [1] - The machinery ETF (516960) also showed strong performance, increasing by 9.99% [1] - The E Fund building materials ETF (159787) rose by 9.94%, indicating a positive trend in the sector [1] Group 2 - On the downside, the NASDAQ biotechnology ETF (513290) experienced a decline of 1.54% [1] - The S&P biotechnology ETF (159502) fell by 1.38%, reflecting challenges in the biotechnology sector [1] - The Sci-Tech pharmaceutical ETF (588860) decreased by 1.11%, suggesting a broader weakness in the pharmaceutical industry [1]

Market Overview - The three major A-share indices experienced slight fluctuations, with the Shanghai Composite Index rising by 0.39% to 3457 points, the Shenzhen Component Index increasing by 0.11%, and the ChiNext Index declining by 0.24% [1] - Total trading volume reached 1.5 trillion yuan, a decrease of 20.7 billion yuan compared to the previous trading day, with over 2600 stocks rising across the market [1] Innovation Drug Sector - The innovative drug concept stocks surged in the afternoon, with Angli康 achieving two consecutive trading limits, and Frontier Biotech-U20cm hitting the daily limit, while Shutaishen and Kexing Pharmaceutical rose over 10% [1] - Angli康 announced that it is currently focused on one innovative drug project, ALK-N001, which is in Phase I clinical trials and received approval for clinical trials in April 2025 [1] - The innovative drug research and development process is characterized by long cycles, high investment, and significant uncertainty, prompting caution among investors [1] ETF Performance - The innovative drug ETFs showed strong performance, with the FuGuo Innovative Drug ETF rising by 5.88% and the Hong Kong Stock Connect Innovative Drug ETF increasing by over 4% [2][3] - Other ETFs related to innovative drugs also saw gains, with several ETFs rising over 3% [1][3] Policy Support and Market Outlook - The National Healthcare Security Administration announced support for using medical insurance data in innovative drug research and development, aiming to establish reasonable payment standards for innovative drugs [4] - Xiangcai Securities predicts that the domestic innovative drug industry may reach a turning point in 2025, shifting from capital-driven to profit-driven growth, with opportunities for both performance and valuation recovery [4] - The overall supply-demand dynamics in the innovative drug sector are improving, with a significant advantage on the demand side and a continuous enhancement of the competitive landscape on the supply side [4][5] Industry Trends - The innovative drug sector's sustainability is supported by ongoing policy backing, enhanced global competitiveness, and the realization of commercial profits [5] - The domestic market is expected to recover in 2025, with improvements anticipated in the consumption medical field and medical devices [5]

Market Overview - As of July 1, 2025, the three major A-share indices showed mixed performance, with the Shanghai Composite Index rising by 0.39% to 3457.75 points, the Shenzhen Component Index increasing by 0.11% to 10476.29 points, and the ChiNext Index declining by 0.24% to 2147.92 points. The total trading volume of the two markets reached 1.47 trillion yuan [1]. Industry Performance - The glass and fiberglass sector performed notably well, surging by 5.11%, followed by professional chains and chemical pharmaceuticals, which rose by 4.04% and 2.96%, respectively [1]. - The overall market saw 562 non-currency ETFs increase, representing 48% of the total [1]. ETF Performance - The Shanghai Stock Exchange Science and Technology Innovation Board Biomedicine Index rose by 2.99%, with various ETFs tracking this index, such as the Science and Technology Medicine ETF and the Science and Technology Biomedicine ETF, showing increases between 3.02% and 3.18% [1]. - The China Securities Hong Kong-Shenzhen Innovation Drug Industry Index increased by 1.13%, with the Innovation Drug ETFs from Fortune and Guotai rising by 5.88% and 3.90%, respectively [1]. Specific ETF Details - The Innovation Drug ETF from Fortune (159748.SZ) has a latest share size of 548 million, closely tracking the China Securities Hong Kong-Shenzhen Innovation Drug Industry Index, which includes major companies like WuXi AppTec and Innovent Biologics [2]. - The latest PE-TTM for the China Securities Hong Kong-Shenzhen Innovation Drug Industry Index is 40.00, which is lower than 82.73% of the time over the past three years [3]. - The Hong Kong Stock Connect Innovation Drug ETF (159570.SZ) has a share size of 5.129 billion and tracks the National Securities Hong Kong Stock Connect Innovation Drug Index, which includes companies like Innovent Biologics and WuXi Biologics [3]. - The Science and Technology Medicine ETF (588860.SH) has a share size of 1.42 billion and tracks the Shanghai Stock Exchange Science and Technology Innovation Board Biomedicine Index, featuring companies such as BeiGene and Hualan Biological Engineering [4]. Declining ETFs - The overall market saw 514 non-currency ETFs decline, accounting for 44% of the total, with the China Securities Financial Technology Theme Index and the China Securities All-Index Software Index experiencing the largest drops of 2.84% and 1.70%, respectively [4]. - The Financial Technology ETF (516860.SH) has a share size of 608 million and tracks the China Securities Financial Technology Theme Index, which includes companies like Eastmoney Information and Tonghuashun [6].