恒瑞医药香港公开发售获454.85倍认购，港股医药板块走高，港股创新药ETF（159567）涨超2%

Group 1 - The Hong Kong stock market opened high on May 23, with the pharmaceutical sector showing significant gains, particularly the Hong Kong Innovative Drug ETF (159567), which rose by 2.65% and had a turnover exceeding 260 million HKD [1] - Heng Rui Medicine's public offering in Hong Kong was oversubscribed by 454.85 times, with a global sale of approximately 224.5 million shares, raising about 9.7473 billion HKD [1] - Xiangcai Securities predicts that the domestic innovative drug industry will reach a turning point in 2025, shifting from capital-driven to profit-driven growth, indicating potential for dual recovery in performance and valuation [1] Group 2 - Guoyuan Securities notes that starting in May, the market focus will shift from earnings to changes in industry and company fundamentals, maintaining a positive outlook on innovative drugs, overseas expansion, and the clearing of centralized procurement [2] - The innovative drug sector is entering a stage of results realization, with significant R&D progress that is not affected by trade wars, expected to remain a key investment theme in the pharmaceutical sector for 2025 [2] - The pharmaceutical market in China is experiencing accelerated concentration, with mergers and acquisitions likely to increase, suggesting a focus on specific segments such as insulin and orthopedics, as well as certain generic drug companies [2]