收涨3.17%！港股创新药ETF（513120）单日涨幅全市场居首

Core Insights - The A-share market continues to show strength, with the Shanghai Composite Index closing at 3617.6 points, marking a new high for the phase [1] - The Hong Kong innovative drug ETF (513120) achieved a trading volume exceeding 11 billion yuan, with a closing increase of 3.17%, leading the market in ETF performance [1] - The ETF has seen a year-to-date return of over 105%, with its latest scale surpassing 16 billion yuan, highlighting significant market interest in the innovative drug sector [1] Industry Performance - The strong performance of the Hong Kong innovative drug ETF is supported by robust fundamentals in the innovative drug industry, with major domestic companies like Heng Rui Medicine and CSPC Pharmaceutical securing over 10 billion USD in overseas licensing deals [1] - The National Medical Products Administration reported that 43 innovative drugs were approved in the first half of 2025, a 59% increase year-on-year, indicating a peak in industry innovation achievements [1] Market Valuation - The Hong Kong innovative drug ETF closely tracks the CSI Hong Kong Innovative Drug Index, focusing on leading companies in the innovative drug supply chain, with a high weight of 92.5% in biopharmaceuticals and chemical drugs [2] - The current TTM price-to-earnings ratio of the index is 40.06, positioned at the 42nd percentile historically, suggesting a favorable valuation [2] Future Outlook - Analysts are optimistic about the sustained opportunities in the innovative drug sector, with expectations of improved cash flow and a solid long-term growth logic for the industry [2] - The domestic pharmaceutical companies are transitioning from a following phase to true innovation and internationalization, with a positive outlook for the next decade as they increasingly participate in the global market [2] - The narrowing premium between A/H listed pharmaceutical companies is anticipated, with potential for a value reassessment of Hong Kong pharmaceutical assets as the innovation capabilities of Chinese companies continue to be realized [2]