恒生指数高开0.74%，恒生医疗ETF年初至今涨近40%，中国创新药跻身全球第一梯队！

Core Viewpoint - The Chinese pharmaceutical industry is experiencing a significant transformation, moving from a focus on generic drugs to global innovation, driven by an increase in business development (BD) activities and the emergence of the NewCo model [1][2][5]. Group 1: Market Performance - The Hang Seng Index opened up by 0.74% and the Hang Seng Tech Index by 0.97% on June 5, 2025, indicating positive market sentiment [1]. - The Hang Seng Healthcare ETF (513060) saw a more than 1% increase in intraday trading, with a trading volume exceeding 500 million yuan and a turnover rate of over 6% [1]. - Year-to-date, the Hang Seng Healthcare ETF has risen nearly 40%, reflecting strong market interest [1]. Group 2: Business Development Trends - Since 2024, there has been a notable increase in the volume and value of outbound BD transactions for Chinese innovative drugs, with significant deals in areas such as ADCs, bispecific antibodies, and GLP-1 assets [2]. - The total value of License-out transactions in the innovative drug sector has surged from approximately $11 billion in 2020 to over $51 billion in the first ten months of 2024, showcasing a substantial growth trend [2]. - The increase in transaction size and number is attributed to upgraded transaction structures, enhanced international recognition, and innovative business models like the NewCo model [2]. Group 3: NewCo Model Advantages - The NewCo model addresses challenges such as financing difficulties, monetization issues, and high R&D risks by creating independent companies through partnerships between domestic biotech firms and foreign investors [3][4]. - This model allows for increased financing and monetization channels, enabling independent fundraising while retaining traditional License-out revenue [3]. - It also reduces R&D and commercialization risks by outsourcing high-cost clinical development and market promotion to the NewCo or partners [4]. Group 4: Future Outlook - The pharmaceutical sector is poised for positive development, having completed a transition from old to new growth drivers, with a focus on innovation over generics [5]. - Companies like Heng Rui, Han Sen, and Ke Lun have successfully transformed into innovative players, while outbound capabilities continue to improve [5]. - The rise of AI in healthcare is expected to unlock new growth opportunities, with a recommendation to focus on innovative drugs, outbound strategies, and high-barrier industries [5].