利率周期与产业突破共振，港股创新药ETF最新规模突破140亿元

Core Insights - The Hong Kong innovative drug ETF (513120) has gained significant attention, with its net asset value reaching a historical high of over 14 billion yuan and a one-year return exceeding 109%, ranking first among all stock funds in the market [1][2] - The performance is attributed to the anticipated interest rate cuts by the Federal Reserve, which have improved the financing environment for the innovative drug sector, alongside notable advancements in Chinese innovative pharmaceutical companies [1] - The innovative drug industry, characterized by high R&D costs and long development cycles, is highly dependent on the financing environment, which has recently improved due to the Fed's easing policies [1][2] Industry Analysis - Chinese innovative pharmaceutical companies are increasingly competitive globally, with their share of multinational pharmaceutical companies' upfront payments in business development transactions rising from less than 5% four years ago to 40% [1][2] - Recent successful Phase III clinical trials for dual-antibody ADC drugs indicate that Chinese companies are developing "First In Class" capabilities, marking a significant milestone in the industry [1] - The Hong Kong Monetary Authority's liquidity injections have provided essential support for the innovative drug sector, despite recent marginal tightening of liquidity [2] ETF Performance - The Hong Kong innovative drug ETF closely tracks the CSI Hong Kong Innovative Drug Index (CNY), which focuses on no more than 50 listed companies involved in innovative drug R&D [3] - The index has shown a one-year return of 109.8% with a price-to-earnings ratio (PE TTM) of 38, placing it in the 41st percentile of valuation since its inception [3] - The ETF is recommended for investors looking to gain exposure to the innovative drug sector, with specific connection fund codes provided for further investment options [2]