年内涨超36%，港股创新药ETF（159567）盘中成交额快速突破1.3亿元，全国首个创新生物制品跨境分段生产试点项目获批

Group 1 - The Hong Kong Innovation Drug ETF (159567) has experienced a year-to-date increase of 36.43% as of May 21, indicating strong performance in the biotech sector [2] - The ETF closely tracks the Hong Kong Stock Connect Innovation Drug Index (987018), which reflects the operational characteristics of listed biotech companies in Hong Kong [2] - The approval of China's first cross-border segmented production pilot project for innovative biological products marks a significant milestone, with Johnson & Johnson's drug being the first to receive such approval [2] Group 2 - Donghai Securities highlights that China's innovative drugs have advantages in low R&D costs and high efficiency, positioning the country as a potential center for low-cost R&D and production [2] - The transition from "generic following" to "innovation leading" is expected to accelerate, with multinational pharmaceutical companies seeking to reduce R&D and production costs under stricter pricing systems [2] - The CXO industry chain in China is likely to further solidify its market position as a result of these developments [2] Group 3 - According to Founder Securities, the systematic valuation uplift in the innovative drug sector is driven by the recognition of the business models of Chinese innovative drug companies [3] - Leading companies are entering profitability phases, and their R&D pipelines are beginning to generate regular income through business development (BD) [3] - The market is starting to assign more valuation premiums to drug companies' innovative pipelines, indicating a shift towards systematic valuation increases [3]