创新药赛道热度不断，减肥药领域不断突破有望利好创新药与CXO

Core Insights - The Hang Seng Pharmaceutical ETF (159892) experienced slight fluctuations on August 11, with a near 0.5% increase and a trading volume exceeding 900 million yuan, indicating active market participation [1] - In the context of the weight-loss drug sector, several overseas innovative pharmaceutical companies have reported progress in their weight-loss drug pipelines, highlighting the growing market potential [1] - Domestic innovative pharmaceutical companies are broadly positioned in this sector, with competitive global pipelines, suggesting that breakthroughs in weight-loss drugs will significantly benefit innovative pharmaceutical firms and the CXO industry chain [1] Industry Analysis - Dongwu Securities has noted an increasing certainty in business development (BD) within the weight-loss drug sector, expressing a long-term positive outlook on domestic oral weight-loss drugs [1] - The focus on leading innovative pharmaceutical companies, such as the Hang Seng Pharmaceutical ETF (159892) and the Hong Kong Stock Connect Medical ETF (520510) with over 30% weight in CXO holdings, is expected to continue benefiting from the industry dividends brought by the innovation boom in weight-loss drugs [1]