近一年涨幅108.21%！这一板块凭什么成为资金“心头好”？

Core Viewpoint - The Chinese innovative drug market is experiencing significant growth, driven by policy support, increased capital investment, and industry maturation, leading to a sustained release of innovative drug value [1][4][7] Group 1: Policy Support - Since 2015, a series of medical reform policies have been implemented, facilitating a profound transition from generic to innovative drugs in China [3] - In 2025, several supportive policies for innovative drugs were introduced, including optimization of clinical trial reviews and adjustments to insurance drug lists [3][4] - The establishment of a comprehensive support system for innovative drug development has been noted, aiding China's transformation into a strong player in the innovative drug sector [4] Group 2: Capital Investment - The financing environment for innovative drugs is improving, with significant increases in BD (business development) transactions and IPOs in the Hong Kong market [4][6] - In the first five months of 2025, BD transaction amounts reached $598 million, surpassing the total for 2024 [4] - The reintroduction of the fifth set of listing standards on the Sci-Tech Innovation Board is expected to stimulate investment in innovative drug companies [6] Group 3: Industry Development - The number of approved innovative drugs in China has significantly increased, with 48 new approvals in 2024, five times that of 2018 [6] - China has become a major player in the global innovative drug field, with a substantial pipeline of research and development [7] - The combination of strong national support and the maturation of innovative drug companies indicates that the industry is entering a phase of substantial returns [7]