创新药企大额专利授权交易不断，恒生创新药ETF（159316）等产品获资金青睐

Core Insights - The Hang Seng Innovation Drug Index fell by 4.8% this week, while the CSI Hong Kong Pharmaceutical and Health Comprehensive Index decreased by 3.2%. In contrast, the CSI Innovation Drug Industry Index rose by 1.1%, the CSI Biotechnology Theme Index increased by 1.3%, and the CSI 300 Pharmaceutical and Health Index grew by 1.7% [1][3]. Index Performance - As of August 28, the Hang Seng Innovation Drug ETF (159316) has seen continuous capital inflow, reaching a record size of over 1.7 billion yuan [1]. - The rolling P/E ratios for various indices are as follows: Hang Seng Innovation Drug Index at 56.7x, CSI Hong Kong Pharmaceutical and Health Comprehensive Index at 29.2x, CSI Innovation Drug Industry Index at 52.8x, CSI Biotechnology Theme Index at 58.3x, and CSI 300 Pharmaceutical and Health Index at 32.6x [3][6]. Recent Transactions - In August, several Chinese pharmaceutical companies announced significant patent licensing deals. Fosun Pharma's subsidiary entered into a licensing agreement with Sitala for the small molecule inhibitor FXS6837, involving a $190 million upfront payment, $5 million in equity, and up to $480 million in sales milestone payments. Additionally, Rongchang Bio and Santen Pharmaceuticals reached a licensing agreement for the RC28-E injection, with a 250 million yuan upfront payment and potential milestone payments totaling up to 525 million yuan [1].