创新药指数“纯度”拉满，恒生创新药ETF（159316）早盘获资金净申购1500万份，近期规模快速增长

Core Insights - The Hong Kong stock market experienced fluctuations, with the innovative drug sector showing a peak and subsequent decline. The Hang Seng Hong Kong Stock Connect Innovative Drug Index fell over 1% during the morning session, while the only ETF tracking this index, the Hang Seng Innovative Drug ETF (159316), saw a net subscription of 15 million units, bringing its total size to 1.15 billion yuan, doubling from a month ago [1][2] Group 1 - The adjustment of the Hang Seng Hong Kong Stock Connect Innovative Drug Index compilation scheme has officially taken effect, removing CXO companies to create a "pure" innovative drug index that better reflects the overall performance of China's innovative drug companies [1] - Historical performance simulations indicate that the revised index's annualized return exceeds 47%, with an improved Sharpe ratio, suggesting a significant enhancement in performance metrics post-adjustment [1] - Analysts believe that the current trend in the innovative drug industry differs significantly from that of 2020-2021, with China's innovative drug sector transitioning from "follower" to "leader" [1] Group 2 - The amount of authorized transactions for external licensing is expected to set new records by 2025, indicating greater investment opportunities compared to the 2020-2021 period [1] - The high-risk nature of innovative drug research makes individual stock investments challenging, thus utilizing ETFs to cover the entire innovative drug sector is an effective way to diversify risk and capture overall industry growth [1]