2025年国内创新药产业有望迎来拐点，恒生医疗ETF嘉实(159557)冲击3连涨

Core Viewpoint - The Hang Seng Healthcare Index has shown strong performance, with significant gains in constituent stocks, indicating a positive trend in the healthcare sector [1][3]. Group 1: Market Performance - As of July 2, 2025, the Hang Seng Healthcare Index rose by 1.75%, with notable increases in stocks such as SiPai Health (+46.34%) and HuaHao ZhongTian Pharma-B (+22.68%) [1]. - The Hang Seng Healthcare ETF (159557) experienced a 0.62% increase, marking its third consecutive rise [1]. - The trading volume for the Hang Seng Healthcare ETF was active, with a turnover of 43.37 million yuan and a turnover rate of 14.33% [3]. Group 2: Fund Performance - The Hang Seng Healthcare ETF has seen a significant increase in scale, growing by 5.73 million yuan over the past two weeks, ranking first among comparable funds [3]. - The ETF's net asset value increased by 66.32% over the past year, placing it 16th out of 119 QDII equity funds, which is in the top 13.45% [3]. - The ETF has recorded a maximum monthly return of 23.84% since its inception, with an average monthly return of 7.67% during rising months [3]. Group 3: Valuation Metrics - The current price-to-earnings ratio (PE-TTM) of the Hang Seng Healthcare Index is 27.1, which is at a historical low, being in the 8.88th percentile over the past three years [3]. - The top ten weighted stocks in the Hang Seng Healthcare Index account for 57.72% of the index, with notable companies including Innovent Biologics and BeiGene [4][6]. Group 4: Industry Outlook - Recent measures from the National Healthcare Security Administration and the National Health Commission aim to support the high-quality development of innovative drugs, focusing on R&D support and inclusion in insurance directories [6]. - Analysts from Huayuan Securities and Xiangcai Securities express optimism for the innovative drug sector, anticipating a shift from capital-driven growth to profit-driven growth in 2025 [7].