恒生创新药ETF(159316)跟踪指数剔除CXO标的，高纯度布局优质创新药企

Group 1 - The Hang Seng Innovative Drug ETF (159316) has increased by 3.33% as of July 3, 2025, with a turnover rate of 100.36% and a transaction volume of 440 million yuan, indicating active market trading [1] - The Hang Seng Innovative Drug ETF closely tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Index, which serves as a "barometer" for pure innovative drug companies in the Hong Kong market, showing a significant performance increase with a 96.14% rise over the past year as of July 2, 2025 [1] - On June 30, the Hang Seng Index Company announced revisions to the index compilation scheme, explicitly excluding CXO companies (Contract X Organization), which includes Contract Research Organizations (CRO), Contract Manufacturing Organizations (CMO), and Contract Development and Manufacturing Organizations (CDMO), thereby focusing solely on innovative drug companies [1] Group 2 - The National Healthcare Security Administration (NHSA) and the National Health Commission issued measures on July 1 to support the high-quality development of innovative drugs, emphasizing full-chain support for innovative drug research and development, market access, hospital usage, and multi-payment systems [2] - The establishment of a commercial insurance innovative drug directory is expected to clarify the boundaries of basic medical insurance, allowing for more development space for commercial health insurance and providing stronger economic support for the development of innovative drugs [2] - Guoyuan Securities believes that the inclusion of the commercial insurance innovative drug directory marks an important step for commercial insurance in the multi-tiered medical security system, predicting that commercial insurance will play a greater role in supporting high-priced innovative drugs and medical devices [2]