科创创新药ETF（589720）涨近2%，924行情以来指数跑赢主要港股创新药指数

Group 1 - The core viewpoint indicates that domestic large pharmaceutical companies in China have stabilized their revenue from generic drugs after initial disruptions from centralized procurement, and the results of innovation transformation are becoming evident [1] - Heng Rui Medicine has disclosed three business development (BD) collaborations this year with multinational pharmaceutical companies such as Merck, GSK, and others, with a total upfront payment of approximately $720 million and a potential total transaction value exceeding $13.7 billion, suggesting BD could become a sustainable revenue source for the company [1] - China National Pharmaceutical Group is expected to achieve a "landmark external authorization deal" involving potential products by June this year, and in July, it realized a net gain of $500 million by acquiring core assets and continuing BD collaboration, enhancing its dual antibody/ADC platform and international R&D capabilities [1] Group 2 - From a fundamental perspective, innovative drugs are currently the most clearly defined industry trend within the pharmaceutical sector, with significant growth potential, and innovative drugs are expected to remain the main investment theme throughout the year [1] - The Guotai Innovation Drug ETF (589720) focuses on innovative drug companies listed on the Sci-Tech Innovation Board, tracking an index of 30 representative high-quality companies, primarily in high-growth biotech, with a 20% limit on daily price fluctuations to better align with sector volatility [1] Group 3 - Since the "924 market" began, the Sci-Tech Innovation Drug Index has outperformed major Hong Kong innovation drug indices, with returns of 75%, 70%, and 70% for the Sci-Tech Innovation Drug, Hong Kong Innovation Drug, and Hang Seng Hong Kong Stock Connect Innovation Drug indices, respectively, during the market rebound from September 24, 2024, to June 30, 2025 [2]