政策+估值+业绩三方发力，创新药投资机遇再现

Core Viewpoint - The introduction of the "Several Measures to Support the High-Quality Development of Innovative Drugs" by the National Medical Insurance Administration and the National Health Commission marks the beginning of a full lifecycle policy support phase for China's innovative drug industry, accelerating its development [1] Group 1: Policy Support and Industry Development - The new policy includes 16 specific measures aimed at supporting innovative drug development across various dimensions such as research and development, medical insurance access, and clinical application [1] - Since the mention of "innovative drugs" in the 2024 Government Work Report, a series of supportive policies have been released, covering financing, drug approval, pricing, and insurance payment [1] - Systematic support is expected to help domestic pharmaceutical companies transition from a combination of imitation and innovation to global original research and development [1] Group 2: Market Performance and Investment Opportunities - The Hong Kong Stock Market's Hang Seng Innovative Drug Index has seen a year-to-date increase of 68.71% as of July 9, 2025, with a current TTM price-to-earnings ratio of 29.44, indicating potential for valuation recovery [2] - In 2024, Hong Kong innovative drug companies achieved revenue of 48.53 billion yuan, a year-on-year growth of 17.3%, with several leading firms turning profitable in 2025 [2] - The total amount of overseas licensing transactions by Chinese innovative drug companies reached 45.5 billion USD from January to May 2025, surpassing the total for the first half of 2024, validating the "research in China, monetization globally" business model [2] Group 3: Fund Performance - The Zhongyin Hong Kong Stock Connect Medical Mixed Fund has performed well, ranking 1st out of 41 similar products over the past year [2] - Zhongyin Innovation Medical Mixed A Fund has also shown strong performance, ranking 3rd out of 83 similar funds over the past year [3] - The overall market capitalization of the innovative drug sector is approximately 3 trillion yuan, presenting a favorable risk-reward ratio for investors [3]