创新药基本面趋势持续上行，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, exemplified by BeiGene's H1 total revenue of 17.518 billion yuan (+46%) and a successful turnaround to profitability [1] - Heng Rui Medicine's H1 net profit increased by 30%, with innovative drug revenue accounting for 61% of total revenue [1] Valuation - As of August 25, the CME FedWatch data indicates an 87% probability of the Federal Reserve cutting interest rates twice within the next 25 years, with a clearer rate-cutting schedule emerging [1] - Historically, during Federal Reserve rate-cutting cycles, the valuation of Hong Kong stock innovative drug assets tends to expand, and a favorable liquidity environment benefits financing and R&D investments for innovative drug companies [1] Related Products - Hang Seng Innovative Drug ETF (159316, Connect A/C: 024328/024329) [3] - Hong Kong Stock Connect Pharmaceutical ETF (513200, Connect A/C: 018557/018558) [3] - Pharmaceutical ETF (512010, Connect A/C: 001344/007883) [3] Index Adjustment - On August 11, the Hang Seng Hong Kong Stock Connect Innovative Drug Index was officially adjusted to exclude CXO, becoming the first "pure" 100% innovative drug index, providing a more accurate reflection of the overall performance of Chinese innovative pharmaceutical companies [2] - Simulated calculations indicate that the historical performance of the index will significantly improve after excluding CXO, with a 30% enhancement in performance since the revised index was published [2]