创新药十年蝶变，从跟跑到领跑，普通人的财富密码藏在哪？

Group 1 - The core viewpoint emphasizes that the investment value in innovative drugs is not a short-term pulse but a long-term industrial dividend, driven by technological breakthroughs, policy support, and capital recognition [1] - The National Index for Hong Kong Innovative Drugs and the China Securities Innovative Drug Industry Index have achieved significant year-to-date gains of 106.7% and 32.3% respectively as of July 31 [1] - The innovative drug industry in China has transformed from a "follower" to a "leader" over the past decade, with domestic innovations like IO dual antibodies and ADC drugs leading international trends [1][9] Group 2 - The recent adjustment of the Hong Kong Innovative Drug ETF (159567) to exclude CXO companies and increase sample adjustment frequency to quarterly aims to enhance the index's focus on core innovative drug enterprises [4] - The index now primarily includes biotech companies that directly lead drug development and hold core patents, reflecting their competitive products and advancements [4] - The adjustment is expected to improve the index's sensitivity to emerging growth forces within the innovative drug sector [4] Group 3 - The innovative drug industry is currently experiencing a "golden development period" supported by favorable policies, including a strategic goal to create a globally competitive innovation ecosystem [6][5] - Multiple government agencies have introduced supportive measures to optimize approval processes and facilitate financing for biotech companies, enhancing the overall industry environment [6][7] - By 2024, the expenditure on innovative drugs from the medical insurance fund is projected to be 3.9 times that of 2020, with an annual growth rate of 40% [7] Group 4 - The innovative drug sector is expected to see significant growth due to an aging population, with projections indicating that by the end of 2024, 15.6% of the population will be over 65 years old, leading to increased demand for innovative treatments [9] - The supply side is characterized by high technical barriers and a long development cycle, making quality innovative drugs relatively scarce and valuable [9][10] - China's innovative drugs currently account for less than 10% of the pharmaceutical market, indicating substantial room for growth compared to other G20 countries [10] Group 5 - The Hong Kong Innovative Drug ETF has achieved a year-to-date increase of 106.7%, leading the Hong Kong pharmaceutical sector [11] - The ETF focuses on biotech and pharmaceutical companies that are core to innovative drug development, ensuring high purity and precision in capturing industry growth [11] - The upcoming split of the Hong Kong Innovative Drug ETF on August 11 signifies the beginning of a long-term investment opportunity in the innovative drug sector [12]