创新药板块行情爆发！百亿级港股创新药ETF（513120）成交额断层式领先

Core Viewpoint - The Hong Kong innovative drug ETF (513120) has gained significant attention due to its large scale and liquidity, becoming the first innovative drug-themed index fund in the market to exceed 10.3 billion yuan in size, with a trading volume surpassing 1.5 billion yuan within the first half hour of trading on May 20 [2][3] Group 1: Market Performance - On May 20, the three major indices opened higher, with the Shanghai Composite Index up 0.12%, the Shenzhen Component Index up 0.11%, and the ChiNext Index up 0.43%, with the innovative drug sector leading the gains [2] - The latest share count of the Hong Kong innovative drug ETF reached 11.259 billion shares, with a total scale of 10.326 billion yuan, marking it as the first innovative drug-themed index fund in the market to surpass 10 billion yuan [2] Group 2: Company Developments - 3SBio and Pfizer have entered into a licensing agreement for the PD-1/VEGF bispecific antibody SSGJ-707, with 3SBio set to receive an upfront payment of 1.25 billion USD and potential payments up to 4.8 billion USD, including milestone payments for development, regulatory approval, and sales, totaling 6.05 billion USD [2] Group 3: Investment Insights - The Hong Kong innovative drug ETF closely tracks the innovative drug industry, with its top ten weighted stocks including leading companies such as 3SBio, Innovent Biologics, and BeiGene [3] - The ETF has a latest TTM price-to-earnings ratio of 23.9, which is at a 1.54% valuation percentile over the past five years, indicating strong market positioning [3] - Huaxin Securities suggests that under the current domestic innovative payment system, some innovative products have achieved a positive cycle of R&D investment returns, with continuous sales growth and an increase in overseas clinical data, leading to a peak in external licensing [3]