Market Performance - The Hang Seng Healthcare Index decreased by 2.62% as of September 23, 2025, with mixed performance among constituent stocks [3] - The Hang Seng Innovation Drug Selection Index fell by 2.68%, with notable gainers and losers among its components [5] - The CSI Pharmaceutical 50 Index dropped by 2.86%, with significant declines in several major pharmaceutical companies [7] ETF Performance - The Hang Seng Healthcare ETF (513060) declined by 2.31%, with a recent price of 0.72 yuan and a one-month cumulative increase of 1.94% [3] - The Hong Kong Innovation Drug Selection ETF (520690) decreased by 2.23%, with a recent price of 1.01 yuan and a cumulative increase of 4.56% since inception [5] - The Pharmaceutical 50 ETF (159838) fell by 2.60%, with a recent price of 0.64 yuan and a one-month cumulative increase of 2.51% [7] Liquidity and Trading Activity - The Hang Seng Healthcare ETF had a turnover of 15.25% and a trading volume of 1.119 billion yuan, indicating active market participation [3] - The Hong Kong Innovation Drug Selection ETF recorded a turnover of 17.52% and a trading volume of 70.328 million yuan [5] - The Pharmaceutical 50 ETF had a turnover of 1.32% and a trading volume of 2.1296 million yuan [7] Industry Developments - Pfizer plans to acquire Metsera for up to $7.3 billion, focusing on obesity treatment through innovative drug delivery methods [8] - Songlei Pharmaceutical reported promising Phase I clinical data for ASC47 combined with semaglutide, showing a 56.2% improvement in weight loss compared to semaglutide alone [8] - The obesity treatment sector is experiencing growth driven by mergers and technological advancements, with domestic companies also making significant progress [9] ETF Fund Flows - The Hang Seng Healthcare ETF has seen stable fund inflows, accumulating 188 million yuan over the last five trading days [9] - The Hong Kong Innovation Drug Selection ETF has maintained balanced fund flows, with a total of 38.2834 million yuan in net inflows over the past five trading days [10] - The Pharmaceutical 50 ETF's fund flows reflect a focus on large-cap pharmaceutical companies, with the top ten stocks comprising a significant portion of the index [11]