“100%创新药”的含金量有多高？港股通创新药ETF(159570)标的指数大提纯

Core Viewpoint - The innovative drug sector is experiencing significant growth, driven by favorable policies, internationalization, and technological breakthroughs, with the Hong Kong Stock Connect Innovative Drug ETF (159570) showing a remarkable increase of over 109% year-to-date, outperforming other pharmaceutical indices [1][5][10]. Group 1: ETF and Index Changes - The Hong Kong Stock Connect Innovative Drug Index will undergo a revision to exclude contract research organizations (CXO), ensuring a 100% purity in innovative drug representation [1][2]. - The revision changes the sample selection criteria from "companies involved in innovative drug development" to "companies whose main business involves innovative drug development, excluding CXO" [2]. - The sample stock adjustment frequency will shift from semi-annual to quarterly, effective August 12, 2025 [2]. Group 2: Importance of 100% Innovative Drug Index - The purity of the index is crucial for maximizing industry gains and avoiding dilution effects from unrelated components, allowing for a more direct capture of returns [3]. - CXO's business model differs fundamentally from innovative drugs, as CXOs provide outsourced services and do not share in the patent revenues from successful drug commercialization [3]. Group 3: Growth Drivers for Innovative Drugs - The rise of Chinese innovative drugs is characterized by a transition from "Me-too" and "Me-better" strategies to achieving "Best-in-Class" (BIC) and "First-in-Class" (FIC) innovations [4]. - The innovative drug sector is propelled by three main drivers: accelerated internationalization, supportive policies, and technological advancements [5][10]. - Internationalization is evidenced by increasing participation of domestic innovative drug data in international conferences and rising transaction volumes in out-bound business development (BD) [5]. - Policy support includes a series of measures aimed at enhancing the innovative drug industry, with significant potential for growth in the reimbursement space [10][12]. - Technological breakthroughs in areas such as ADC, GLP-1, and immunotherapy are leading the industry innovation [10][12]. Group 4: Market Outlook - The innovative drug sector is expected to enter a profitability phase in 2025, marking a transition to a stage of business model validation and systematic valuation increase [6]. - The market perception of innovative drug companies is shifting from continuous financing to a focus on profitability, indicating a positive outlook for the sector [6].