波动加剧，创新药如何介入？高人气港股通创新药ETF（520880）逆市涨逾1%

Core Viewpoint - The Hong Kong stock market experienced a slight decline on August 21, while the innovative drug sector showed resilience, with the Hong Kong Stock Connect Innovative Drug ETF (520880) rising by 1.12% after two consecutive days of decline, indicating a potential recovery in this sector [1]. Group 1: Market Performance - The Hong Kong Stock Connect Innovative Drug ETF (520880) had a trading volume of 389 million yuan, ending the day with a price increase of 1.12% [1]. - The index tracked by the ETF has a price-to-sales ratio of 3.59, which is significantly lower than that of U.S. biotech indices, suggesting attractive valuation levels [5]. - The index has shown a cumulative increase of 101.58% year-to-date as of July 31, outperforming other indices such as the Hang Seng Index and the Hang Seng Tech Index by 78.08% and 79.53% respectively [9]. Group 2: Industry Trends - The innovative drug sector is experiencing increased volatility, primarily due to previous gains and short-term market divergences, but long-term factors are contributing to a high level of certainty in this sector [3]. - The Chinese government has established a comprehensive policy framework to support the innovative drug industry, emphasizing the creation of a globally competitive innovation ecosystem [3]. - In the first half of 2025, the National Medical Products Administration approved 43 innovative drugs, marking a 59% increase year-on-year, nearing the total of 48 approvals for the entire year of 2024 [4]. Group 3: Company Performance - Leading innovative drug companies, such as BeiGene, have reported a turnaround in profitability, indicating a shift from a focus on research and development to realizing value [3]. - The innovative drug sector is expected to benefit from increased external licensing transactions, with the total licensing amount exceeding $60.8 billion in the first half of 2025, indicating a strong growth trajectory [3]. - The innovative drug industry is entering a new phase characterized by qualitative improvements, with major firms expected to continue delivering strong earnings and growth [7].