恒生创新药指数优化助力投资者精准把握产业机遇——访易方达恒生港股通创新药ETF基金经理成曦

Core Viewpoint - The innovative drug sector in China is entering a revaluation cycle due to industry upgrades, technological advancements, and the rebuilding of market confidence, with domestic pharmaceutical companies gaining recognition from international giants, which is expected to be reflected in their performance [3][4][9]. Group 1: Index Optimization - The recent revision of the Hang Seng Innovative Drug Index aims to enhance the purity and representativeness of its constituent stocks, providing investors with a 100% pure innovative drug investment tool [4][5]. - The index adjustment removed five pharmaceutical outsourcing companies, ensuring that all constituent stocks are innovative drug companies, making it one of the first indices with 100% purity in innovative drugs [5][6]. Group 2: Market Dynamics - There is an increasing internal demand for refined classification management of innovative drugs, distinguishing between companies holding core patents and those providing outsourcing services [6]. - Current national policies are more focused on supporting pharmaceutical companies with independent core technology breakthroughs and continuous innovation capabilities, which are key dimensions for evaluating the value of innovative drug companies [6][7]. Group 3: Industry Recovery - The innovative drug sector has shown significant recovery since the second quarter of this year, driven by multiple factors including industry development, valuation adjustments, and renewed market confidence [7][9]. - The downturn experienced since 2019, influenced by public health events and global liquidity conditions, allowed for a recalibration of valuations, enabling the market to recognize companies with genuine R&D capabilities [7][9]. Group 4: Future Outlook - The key to the continued strength of the innovative drug sector lies in the ability of companies to deliver strong financial results in the coming quarters, as the market is increasingly focused on translating technology into actual revenue and profits [10]. - If Chinese pharmaceutical companies can consistently reflect the results of patent sales and international product launches in their financial statements, market confidence will further strengthen, potentially leading to a new upward cycle driven by fundamentals [10].