创新药高质量发展支持政策持续落地，港A创新药板块再度爆发

Core Viewpoint - The innovative drug sector in Hong Kong and A-shares has experienced a significant surge, driven by supportive government policies aimed at enhancing the development and commercialization of innovative drugs [1] Group 1: Policy Support - The National Healthcare Security Administration and the National Health Commission issued measures to support high-quality development of innovative drugs, including 16 initiatives across five key areas [1] - The measures focus on enhancing R&D support, facilitating access to insurance coverage, encouraging clinical applications, improving payment capabilities, and strengthening organizational support [1] Group 2: Market Performance - The innovative drug sector saw an overall increase of over 50% in the first half of the year, attracting heightened market attention due to substantial profit-making effects [1] - The Hang Seng Biotechnology Index experienced a rebound after a correction of over 10% since June 13, indicating strong market dynamics following the announcement of new policies [1] Group 3: Valuation and Future Outlook - The latest PE (TTM) for the Hang Seng Biotechnology Index stands at 27.44 times, positioned at the 9.09% historical percentile over the past decade [1] - Institutions anticipate a turning point for the domestic innovative drug industry by 2025, shifting from capital-driven growth to profit-driven performance, presenting opportunities for both earnings and valuation recovery [1] Group 4: Notable Products - The Hang Seng Medical ETF (159892) has risen by 2.47% as of the report, with a year-to-date increase of over 54%, tracking the Hang Seng Biotechnology Index [1] - The Sci-Tech Medical ETF (588130) has increased by 1.69%, covering innovative drugs and devices, with leading stocks including Yuyue Medical, BeiGene, and Junshi Biosciences [1]