Trading activity in semiconductor-related ETFs continued to cool on the morning of August 11, with only the Kechuang Semiconductor ETF China AMC (588170) recording a half-day turnover exceeding 30 billion yuan, reaching 45.25 billion yuan.

In the cross-border ETF segment, the Hong Kong Stock Innovative Drug ETF GF (513120) posted a half-day turnover of 66 billion yuan, similar to the previous day's level.

On the ETF gainers list, innovative drugs remained the current market focus, with two Kechuang Innovative Drug ETFs rising over 4% in the first half of the session. Several other innovative drug-related ETFs also posted gains of around 3% during the same period.

According to China Merchants Securities, from January to June this year, China's out-licensing deals for innovative drugs totaled approximately 110 billion USD, reaching 80% of the full-year 2025 total and setting another record high. The pharmaceutical sector has transitioned from an initial oversold rebound to a trend driven by fundamentals and industry dynamics, with the impact of market style and capital rotation gradually weakening. With the upcoming mid-report season and expectations of innovation pipeline catalysts, the broker remains bullish on the pharmaceutical sector's outlook.

Commentary: The Kechuang Innovative Drug ETF Guotai (589720) and Kechuang Innovative Drug ETF China Universal (589120) rose by 4.18% and 4.07% respectively during the morning session. The Kechuang Innovative Drug ETF Guotai (589720) has a larger scale, with a share count of 4.677 billion units and a half-day turnover of 8.9 billion yuan. Both ETFs track the SSE STAR Market Innovative Drug Index, which selects no more than 30 listed companies in the innovative drug sector from the STAR Market as index constituents, reflecting the overall performance of innovative drug companies on the STAR Market.