Mei Ri Jing Ji Xin Wen·2025-06-09 04:19Core Viewpoint - The pharmaceutical sector, particularly innovative drugs, experienced a significant surge on June 9, with related ETFs in the Hong Kong market rising collectively by over 4% in half a day, indicating high trading activity and investor interest [1]. Group 1: ETF Performance - The Hong Kong innovative drug ETFs saw substantial gains, with the following notable performances: - Guotai Innovative Drug ETF (517110) increased by 4.7%, with a trading volume of 814.38 million yuan and a scale of 4.29 million units [2][3]. - Hong Kong Innovative Drug ETF Fund (520700) rose by 4.65%, with a trading volume of 4.32 billion yuan and a scale of 2.18 million units [5]. - Hong Kong Innovative Drug 50 ETF (513780) gained 4.63%, with a scale of 4.2 million units [5]. - Hong Kong Innovative Drug ETF (513120) increased by 4.44%, with a trading volume of 49.82 billion yuan and a scale of 91.57 million units [6]. Group 2: Investment Logic - The investment logic for innovative drugs is driven by both domestic and international factors: - Domestic policies, such as the "腾笼换鸟" (Tenglong Huanniao) policy, are creating more payment space for innovative drugs, facilitating the import substitution process and providing better service and policy support for domestic innovative drugs [2]. - A significant number of innovative drug companies are expected to reach profitability this year, as high R&D investments begin to translate into revenue growth, leading to profit elasticity [2]. Group 3: Market Dynamics - Prior to Q3 2022, innovative drugs were largely overlooked by the market, with minimal research and trading activity, resulting in a bottoming out of asset prices and industry cycles [3]. - It is anticipated that innovative drugs will become a standard allocation for active pharmaceutical fund managers in the next two years, potentially attracting an additional 30-50 billion yuan in investment, while the current circulating market cap for innovative drugs is around 30 billion yuan [3]. Group 4: Index Composition - The CSI Hong Kong Innovative Drug Industry Index selects up to 50 publicly listed companies involved in innovative drug R&D in the Hong Kong market, reflecting the overall performance of these companies [7]. - Major weighted stocks in the index include: - BeiGene (6160.HK) with a weight of 11.99% - Heng Rui Medicine (600276) with a weight of 9.35% - WuXi AppTec (603259) with a weight of 9.31% [4][8].