三大核心因素驱动创新药进入上行周期，恒生创新药ETF（159316）、港股通医药ETF（513200）标的指数早盘拉升约1%

Core Viewpoint - The Hong Kong innovative drug sector shows signs of stabilization after a recent high and subsequent pullback, with expectations for explosive growth in the industry by 2025 driven by key factors [1] Group 1: Industry Growth Drivers - The innovative drug sector in China is expected to enter at least a three-year upward cycle due to three core factors: continuous high upfront payments for significant BD transactions, leading companies turning profitable by 2025, and an improving policy environment for innovative drugs [1] - The market size for China's innovative drugs is projected to exceed 2 trillion yuan by 2030, with a compound annual growth rate (CAGR) of 24.1% [1] Group 2: Market Dynamics - As Chinese innovative drug companies enhance their R&D capabilities, multinational pharmaceutical companies are actively seeking partnerships with local firms to acquire cost-effective innovative drug assets [1] - The release of multiple clinical data during the ASCO conference has attracted more attention and catalyzed interest in the innovative drug sector [1] Group 3: Investment Opportunities - Investors optimistic about the innovative drug sector can leverage products like the Hang Seng Innovative Drug ETF (159316) and the Hong Kong Stock Connect Medical ETF (513200) to capitalize on the growth opportunities in innovative drug companies [1] - The Hang Seng Innovative Drug ETF (159316) is the first ETF tracking the Hang Seng Hong Kong Stock Connect Innovative Drug Index, focusing on companies involved in innovative drug research, development, and production [2] - The Hong Kong Stock Connect Medical ETF (513200) tracks the CSI Hong Kong Stock Connect Medical and Health Comprehensive Index, covering key areas such as innovative drugs, medical devices, and medical services, with a current size of 2.65 billion yuan [2]