HK Innovative Drug ETF GF (513120) continues to experience persistent redemption pressure. On the last trading day (September 16), the ETF's share count declined by 160 million units, marking the 17th consecutive trading day of net redemptions spanning from August 25 to September 16. Over the five trading days between September 10 and September 16, cumulative net redemptions reached 765 million units, pushing the latest share count to its lowest level in 60 trading sessions.

Today, the ETF advanced 1.74% with turnover reaching 6.164 billion yuan and a turnover rate of 27.26%. The average daily turnover over the past five sessions stood at 4.644 billion yuan, while the 20-day average daily turnover was 5.986 billion yuan. Over the most recent five trading days (September 11 to September 17), the ETF posted a cumulative gain of 2.64% compared to the September 10 closing price.

According to the second-quarter 2026 fund report, among the ETF's holdings, Innovent Biologics accounts for 10.15%, BeiGene represents 9.76%, WuXi AppTec holds 8.60%, WuXi Biologics comprises 8.51%, and Akeso makes up 7.34%. The top ten weighted stocks collectively account for 69.64% of the portfolio. Regarding leveraged capital, as of September 16, the ETF's margin financing balance stood at 1.152 billion yuan, with margin buying volume reaching 370 million yuan on that day. The margin balance has been declining over the past five sessions. On September 16, the ETF closed at a discount of 0.16%. Southbound capital recorded net purchases of 2.099 billion Hong Kong dollars on the same day.

From an institutional perspective, Guosen Securities noted that during the first half of 2026, A-share pharmaceutical companies generated total revenue of 1.19421 trillion yuan, up 2.6% year-on-year, while net profit attributable to shareholders reached 104.96 billion yuan, up 10.8% year-on-year. Profit growth has notably outpaced revenue expansion. The innovative drug segment delivered revenue of 43.75 billion yuan (+44.1%) with net profit of 7.51 billion yuan, maintaining its high-growth trajectory. Kaiyuan Securities believes that as industry store closures gradually wind down, customer traffic will increasingly return to existing stores, which should further boost market share and concentration levels for leading pharmacy chains.