创新药指数 “基因” 大比拼

Core Viewpoint - The innovation drug sector has seen a significant increase in interest this year, with various indices related to innovation drugs in both Hong Kong and A-shares showing strong performance [1]. Index Comparison - The CSI Innovation Drug Industry Index focuses on A-share companies involved in innovation drug research and development, selecting up to 50 representative stocks, while the Hang Seng Hong Kong Stock Connect Innovation Drug Index targets Hong Kong stocks that can be traded via the Stock Connect and are related to innovation drug research, development, and production [1][3]. - The Hang Seng index has excluded contract research organizations (CROs) from its selection criteria, while the CSI index includes them, leading to differences in sample selection and index composition [1][3]. Industry Distribution - The top three weighted industries in the CSI Innovation Drug Industry Index are chemical preparations (46.6%), medical research outsourcing (21.3%), and other biological products (15.2%). In contrast, the Hang Seng index emphasizes chemical preparations (48.9%) and other biological products (41.1%) [5][6]. Component Stock Concentration - The Hang Seng Hong Kong Stock Connect Innovation Drug Index has a higher concentration of component stocks, with the top ten stocks accounting for approximately 75% of the index, while the CSI Innovation Drug Industry Index has a more diversified composition with the top ten stocks making up less than 50% [8]. - Notable component stocks include WuXi AppTec in the CSI index, which has a weight of over 13%, while the Hang Seng index features companies like CSPC Pharmaceutical Group and China Biologic Products, each with weights exceeding 10% [10]. Market Products - There are currently market products such as the Hang Seng Innovation Drug ETF (159316) and the E Fund Innovation Drug ETF (516080) that track these two indices [11].