创新药基本面趋势持续上行、美联储降息预期持续升温，市场首批“纯度”100%港股创新药标的恒生创新药ETF(159316)备受关注

Industry Trends - The innovative drug industry is expanding from single target discovery to more complex and advanced technology platforms and broader therapeutic areas [1] - Emerging molecular types (PROTAC, bispecific/multispecific antibodies) are entering a harvest period, while traditional hot targets (PD-1/L1) are expanding into new indications and combination therapies [1] - The therapeutic areas are shifting from oncology to blue ocean markets such as autoimmune and metabolic diseases [1] Fundamentals - Leading innovative pharmaceutical companies are experiencing strong profitability and continuous high R&D investment due to the commercialization of their products [1] - For example, BeiGene reported total revenue of 17.518 billion yuan in H1, a 46% increase, successfully turning a profit [1] Valuation - As of August 14, the probability of a Federal Reserve rate cut in September reached 100%, an increase of 5.7 percentage points from the previous value [1] - Historically, during Federal Reserve rate cut cycles, the valuation of innovative drug assets in Hong Kong stocks tends to expand, benefiting from a favorable liquidity environment for financing and R&D investment [1] Related Securities - Hang Seng Innovative Drug ETF (159316, Connect A/C: 024328/024329) [2] - Hong Kong Stock Connect Pharmaceutical ETF (513200, Connect A/C: 018557/018558) [3] - Pharmaceutical ETF (512010, Connect A/C: 001344/007883) [3]