上半年我国创新药对外授权金额近660亿美元，恒生创新药ETF（159316）规模创成立以来新高

Core Insights - The National Medical Products Administration of China reported that during the 14th Five-Year Plan period, 210 innovative drugs and 269 innovative medical devices were approved, showing a trend of accelerated growth [1] - China's biopharmaceutical market has become the second largest globally, with approximately 30% of the world's innovative drugs under development [1] - By the first half of 2025, the total amount of foreign licensing for innovative drugs is nearing $66 billion, indicating increasing global recognition of Chinese innovative drugs [1] Industry Developments - Huatai Securities noted that the revaluation of Chinese innovative drug projects has begun in the overseas trading sector, with domestic innovative drugs expected to achieve commercialization and share overseas market revenues as research progresses [1] - The Hang Seng Hong Kong Stock Connect Innovative Drug Index has recently been adjusted to exclude contract research organizations (CROs), resulting in a 100% "purity" index that more accurately reflects the overall performance of Chinese innovative pharmaceutical companies [1] - Backtesting shows that since the index's launch on July 10, 2023, the annualized return and Sharpe ratio have improved after excluding CROs [1] Investment Opportunities - The Hang Seng Innovative Drug ETF (159316) is currently the only product tracking this adjusted index, with a net inflow of 360 million yuan over the past five trading days, frequently reaching new highs since its inception [1] - This ETF provides investors with a precise opportunity to invest in leading innovative pharmaceutical companies [1]