港股创新药ETF年初至今涨幅已超60% 从估值洼地到交易热土：创新药板块行情还能走多远？

Group 1 - The innovative drug sector has emerged as a significant "dark horse" in the growth track since 2025, with the Hong Kong innovative drug ETF (513120) showing a year-to-date increase of over 60% as of June 10, reflecting strong market interest in the sector [1] - The recent surge in the innovative drug market is attributed to a combination of clinical breakthroughs, major business development deals, and favorable policies, with a notable example being the $12.5 billion collaboration between 3SBio and Pfizer [2][3] - The global competitiveness of domestic innovative drugs is on the rise, with China expected to account for 40% of clinical trials in the oncology field by 2024, up from 5-10% a decade ago, indicating a significant shift in the market landscape [3] Group 2 - Recent policy support includes the issuance of a commercial health insurance directory for innovative drugs, aimed at enhancing multi-tiered medication security for the public [4][5] - The new policy is expected to address key pain points in the innovative drug sector by promoting the distribution of high-quality medical resources to grassroots levels and establishing a multi-tiered payment system combining basic medical insurance and commercial insurance [5] - The commercial health insurance directory is seen as a more operationally feasible innovation compared to the anticipated "Class C" insurance directory, providing a buffer for new drugs to validate their clinical efficacy and value in real-world settings [6]