--- title: "ETF Weekly Review: Innovative Drugs Dominate the Rankings, Gold Strongly Attracts Capital" type: "News" locale: "en" url: "https://longbridge.com/en/news/281875014.md" description: "Last week (from March 30 to April 3), the Shanghai Composite Index slightly fell by 0.86%, while the growth style index was significantly adjusted downwards. The pharmaceutical commerce and precious metals sectors performed strongly, with the innovative drug ETF leading the gains, and the ICBC Innovative Drug ETF rising by 6.9%. Despite a net outflow of 4.042 billion yuan in the overall ETF market and an outflow of 12.117 billion yuan in equity ETFs, bond, commodity, and currency ETFs all achieved net inflows. The Hong Kong innovative drug market has stabilized, with low valuations and ample room for allocation, and the industry's fundamentals have improved, indicating that the subsequent market trend is expected to fluctuate upwards" datetime: "2026-04-07T11:34:16.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/281875014.md) - [en](https://longbridge.com/en/news/281875014.md) - [zh-HK](https://longbridge.com/zh-HK/news/281875014.md) --- # ETF Weekly Review: Innovative Drugs Dominate the Rankings, Gold Strongly Attracts Capital Last week (from March 30 to April 3), the Shanghai Composite Index continued to fluctuate and consolidate, with a slight decline of 0.86%. In contrast, the growth style indices experienced significant adjustments: the Shenzhen Component Index, ChiNext Index, and STAR 50 Index fell by 2.96%, 4.44%, and 3.42%, respectively. In terms of sectors, the pharmaceutical commerce, precious metals, and communication equipment industries in the Shenwan secondary industry saw the largest gains. The ETF market exhibited a phenomenon where innovative drug ETFs dominated the rankings. The Hong Kong Stock Connect Innovative Drug ETF from Industrial and Commercial Bank of China led with a 6.9% increase, and several innovative drug ETFs saw gains exceeding 6%. Among them, the weekly gains for the Cathay Innovative Drug ETF and the EFUND Hong Kong Connect Innovative Drug ETF reached 6.72% and 6.62%, respectively, showing a strong rebound trend. Last week, the overall market for ETFs experienced a net outflow, with a net outflow amount of 4.042 billion yuan. **Due to market volatility, stock-type ETFs saw the largest outflow, amounting to 12.117 billion yuan, while cross-border ETFs also experienced a net outflow of 1.285 billion yuan.** However, **bond-type, commodity-type, and currency-type ETFs all achieved net inflows**, with amounts of 3.164 billion yuan, 4.478 billion yuan, and 1.719 billion yuan, respectively. **Innovative Drug ETFs "Dominate the Rankings"** Last week, pharmaceutical stocks in both A-shares and Hong Kong stocks rose in tandem, with multiple indices in the Hong Kong market, such as the National Index Hong Kong Stock Connect Innovative Drug Index and the Hang Seng Hong Kong Stock Connect Innovative Drug Index, all rising over 9%. As a core battleground for innovative drugs going overseas, the Hong Kong sector has shown signs of stabilization and recovery after undergoing deep adjustments. Since September 2025, the Hang Seng Hong Kong Stock Connect Innovative Drug Index has corrected by 20%, with sufficient adjustment magnitude. On the valuation front, the sector has fallen back to historical low percentiles along with the overall pharmaceutical market, highlighting its cost-effectiveness. On the holding side, the proportion of actively managed public funds heavily invested in pharmaceuticals is at a near five-year low, providing ample room for future allocation increases. Moreover, the fundamentals of Hong Kong innovative drugs have shown significant marginal improvement, with the global recovery in innovative drug R&D driving volume growth and stable prices in the CXO industry. Leading companies have reported high growth in performance and raised their growth guidance for 2026, with ample order reserves. At the same time, the industry is entering a profit realization phase, with several pharmaceutical companies, including Sinopharm and **Nuo Cheng Jian Hua (688428.SH)**, turning losses into profits. The BD transactions for innovative drugs going overseas remained active in 2026, with authorization amounts in January and February increasing by 90% year-on-year, demonstrating strong industrial growth momentum In the context of ongoing uncertainty in the current macro environment, the sector's market is expected to primarily experience a fluctuating upward trend driven by catalysts. **The investment logic of “CXO + innovative drugs going overseas + profit realization” is the most straightforward.** The E Fund Hong Kong Stock Connect Innovative Drugs ETF (159316) precisely focuses on core assets of innovative drugs in the Hong Kong stock market, covering CXO and high-growth innovative drug targets, while seizing performance realization and overseas dividends. The product fee rate is among the lowest in its category, allowing for low-cost, one-click exposure to sector leaders, making it an optimal tool for capturing the valuation recovery and structural market of Hong Kong innovative drugs. **Gold ETFs Strongly Attract Capital** Boosted by a significant rebound in international gold prices, the spot price of London gold has surpassed the $4,600 per ounce mark. The A-share precious metals sector has strengthened accordingly, with the Shenwan secondary industry index achieving a weekly increase of 4.10%. Commodity gold ETFs and gold stock ETFs have both yielded good returns, with the Huaan Gold ETF and Yongying Gold Stock ETF recording weekly increases of 3.52% and 3.02%, respectively. **In terms of capital flow, gold ETFs have become the main force in attracting capital.** The Huaan Gold ETF topped the list with a net inflow of 2.5757 billion yuan, while the Yongying Gold Stock ETF attracted a net inflow of 899 million yuan, ranking eighth. Additionally, the Silverhua Daily ETF, Chengtou Bond ETF Haifutong, and Short-term Bond ETF Haifutong all saw net inflows exceeding 2 billion yuan. **In contrast, the A500 Index ETF has become the main type of fund selling.** Among them, the net outflow of the A500 ETF from Southern was 2.104 billion yuan, making it the only ETF with a net outflow exceeding 2 billion yuan for the entire week. The A500 ETF from Huatai-PB and the A500 ETF from China Asset Management also ranked among the top ten for net outflows, with net outflows of 1.661 billion yuan and 1.171 billion yuan, respectively. Moreover, the net outflow amounts for the Sci-Tech Bond ETF from Southern, the Huabao Tianyi ETF, the Hong Kong Stock Connect Internet ETF from Fuguo, and the Hong Kong Stock Connect Non-bank ETF from GF Securities also exceeded 1 billion yuan last week. **Huaan Gold ETF's weekly scale surged by 5.589 billion yuan** Driven by both net asset growth and net capital inflow, **the scale of gold ETFs has significantly expanded**. The scale of the HuaAn Gold ETF surged by 5.589 billion yuan in a single week, with its circulating scale climbing to 116.602 billion yuan. Additionally, the scale of the Cathay Gold ETF, the E Fund Gold ETF, and the Bosera Gold ETF also achieved growth of 1.677 billion yuan, 1.446 billion yuan, and 1.246 billion yuan, respectively. In stark contrast, **the scale of broad-based ETFs has generally contracted**. Among them, the Southbound A500 ETF saw the most significant reduction, amounting to 2.698 billion yuan. 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