The three major A-share indexes rose collectively in the early trading. As of midday, the Shanghai Composite Index rose 0.23% and the Shanghai Composite Index rose 0.62%, the ChiNext Index rose 1.22%, and the Beijing Stock Exchange 50 Index rose 1.08%. The half-day turnover of the entire market was 838.6 billion yuan, an increase of 75.5 billion yuan from the previous day. Nearly 3,700 individual stocks in the entire market rose.
In terms of ETFs, innovative drug ETF Cathay (517110) led the rise of 4.70%, the Hong Kong Stock Innovation Drug ETF Fund (520700) rose 4.65%, and the Hong Kong Stock Innovation Drug 50 ETF (513780) rose 4.63%.
The innovative drug sector performed well. Xiangcai Securities believes that the domestic innovative drug industry is expected to usher in a turning point in 2025, and the industrial operation trend shifts from capital to profit-driven. The sector is expected to usher in investment opportunities for dual repair of performance and valuation.
1. Marginal changes in fundamentals continue to support the recovery of the secondary market. 1) First year of profit: Innovative products are gradually commercialized, and leading innovative pharmaceutical companies have started a profit cycle. 2) Accelerated transformation of innovative achievements: Global breakthrough clinical data are read out one after another, driving the continued activity of overseas authorized markets and the accelerated implementation of R&D results.
2. The policy of supporting innovative drugs continues to be released. 1) The first year of payment policy implementation: The first Class C medical insurance catalog will be launched within the year, and the changes in payment policy are expected to continue to promote the expansion of the innovative drug market. 2) Support policies for the entire industrial chain continue to deepen: new measures are expected to be implemented for drug price formation mechanism and further support for innovative drug policies.
From the medium-term perspective, the industry has significant certain advantages on the demand side, the supply-side industry and market competition pattern continues to improve, the overall supply and demand pattern is constantly optimized, and we continue to be optimistic about investment opportunities in innovative drugs. The domestic innovative pharmaceutical industry has entered a new profit-driven cycle, building a three-dimensional framework for clinical demand, technology platform, and product strength.
Gold stock ETF Fund (159315) led a decline of 2.27%, gold stock ETF Fund (159322) fell 2.04%, and gold stock ETF (517400) fell 2.0%.
【Source: Tonghuashun; Editor: Xiao Ran】
