Convert the hex string back to bytes and sha256 the bytes.
Something like that:
>>> hex_string = ('0450863AD64A87AE8A2FE83C1AF1A8403CB53F53E486D8511DAD8A04887E5B23522CD470243453A299FA9E77237716103ABC11A1DF38855ED6F2EE187E9C582BA6')
>>> hex_data = hex_string.decode('hex')
>>> hashlib.sha256(hex_data).hexdigest()
'600ffe422b4e00731a59557a5cca46cc183944191006324a447bdb2d98d4b408'