AI重塑研发，解读恒生创新药ETF(159316)的三重驱动力

Core Insights - The innovative pharmaceutical sector in China is experiencing a valuation recovery due to advancements in AI and relaxed healthcare policies, with the Hang Seng Innovative Drug Index rising by 28.93% year-to-date as of March 31 [1] Group 1: Current Market Status - The number of innovative drugs launched in China is projected to reach 105 by 2024, surpassing the U.S. for the first time in five years, with a year-on-year growth exceeding 50% [2] - China holds the second-largest pipeline of new drugs globally, with a market share of 36% [2] Group 2: Growth Drivers - The aging population in China is expected to exceed 400 million by 2035, accounting for over 30% of the population, which will significantly increase the demand for pharmaceuticals [7] - Favorable policies, such as the inclusion of innovative drugs in healthcare coverage and the easing of DRG payment restrictions, are expected to boost the performance of the innovative drug sector [8] - AI technology is anticipated to reduce the time to market for new drugs by nearly 40%, lowering development costs from $2.4 billion to $600 million [9] Group 3: Investment Opportunities - The E Fund Hang Seng Innovative Drug ETF (159316) tracks the Hang Seng Innovative Drug Index, which includes leading companies in the innovative drug sector, with large-cap companies making up approximately 33% of the index [12] - The index shows a high concentration in the innovative drug industry, with significant representation from biopharmaceuticals and chemical pharmaceuticals [15] - The R&D expenditure ratio for the index has consistently exceeded 8% from 2021 to 2023, indicating a strong commitment to innovation [19]