医药行业接棒“反内卷”！恒生创新药ETF（520500）规模首破10亿元，创历史新高

Group 1 - The innovative drug industry is experiencing explosive growth since 2025, driven by policy support, international cooperation, and continuous R&D achievements, making it a focal point in the capital market [1] - Recent changes in centralized procurement rules by the National Medical Insurance Administration aim to optimize price difference calculations, promoting a new phase of "quality-price balance" for high-quality development in the industry [1] Group 2 - Under positive policy expectations, trading activity for related products has significantly increased, with the Hang Seng Innovative Drug ETF (520500) seeing a net inflow of funds for four consecutive weeks, with daily trading volumes exceeding 1 billion yuan [2] - As of July 24, 2025, the Hang Seng Innovative Drug ETF (520500) has reached a scale of over 1 billion yuan and a share count of 528 million, both hitting historical highs, with increases of 103% and 45% respectively over the past two months [2] - The ETF covers 37 leading innovative drug companies in the Hong Kong market, with top five constituents including Kangfang Biotech, BeiGene, Innovent Biologics, WuXi Biologics, and China National Pharmaceutical Group [2] - The index tracked by the Hang Seng Innovative Drug ETF (520500) has shown a return of 104.31% over the past six months, with a price-to-earnings ratio (PE-TTM) of 34.61, indicating that the valuation may still be within a reasonable range given its growth potential [2] Group 3 - The management of the Hang Seng Innovative Drug ETF (520500) is handled by Huatai-PB Fund, one of the first ETF managers in the domestic market, known for its track record of zero errors in ETF operations over 18 years [3]