恒生医疗ETF(513060)上涨1.58%，云顶新耀涨超4%，机构：把握政策催化下创新药估值修复机会

Core Viewpoint - The healthcare sector is experiencing positive momentum driven by favorable policy signals and strong performance of the Hang Seng Healthcare Index and related ETFs [2][3]. Group 1: Market Performance - As of June 25, 2025, the Hang Seng Healthcare Index (HSHCI) rose by 1.37%, with notable increases in stocks such as Cloudmed (01952) up 4.52% and JD Health (06618) up 3.16% [1]. - The Hang Seng Healthcare ETF (513060) also saw a rise of 1.58%, marking its fourth consecutive increase, with a latest price of 0.58 yuan [1]. - The ETF recorded a turnover of 3.26 billion yuan, with a turnover rate of 3.98% during the trading session [1]. Group 2: Policy and Industry Insights - Recent policies from the National Medical Products Administration (NMPA) aim to streamline clinical trial approval processes, potentially reducing the time and costs associated with drug development [2]. - The China Drug Evaluation (CDE) reported a steady increase in clinical trials in oncology and autoimmune fields, indicating a growing demand for innovative drug companies and the CXO industry [2]. - The China Securities Regulatory Commission (CSRC) has introduced new listing standards for the ChiNext board, enhancing financing opportunities for unprofitable biotech companies [2]. Group 3: ETF Performance Metrics - The Hang Seng Healthcare ETF has seen a net value increase of 17.35% over the past two years, with a maximum monthly return of 28.34% since inception [3]. - The ETF's Sharpe ratio for the past year is reported at 1.66, indicating strong risk-adjusted returns [3]. - The ETF has the lowest drawdown among comparable funds, with a relative drawdown of 0.45% year-to-date [4]. Group 4: Valuation and Holdings - The Hang Seng Healthcare Index's latest price-to-earnings ratio (PE-TTM) stands at 27.44, which is below the historical average, suggesting a potentially undervalued market [4]. - The top ten weighted stocks in the Hang Seng Healthcare Index account for 58.34% of the index, with notable companies including Innovent Biologics (01801) and BeiGene (06160) [4].