20cm速递丨科创创新药ETF（589720）回调超3%，去年“924行情”以来跑赢主要港股创新药指数，机构：合规指引或加速行业优化

Group 1 - The Beijing Municipal Drug Administration has released the first provincial-level compliance guidelines for biopharmaceutical companies in China, marking a shift from fragmented regulation to standardized and systematic management across the entire lifecycle of drugs, cosmetics, and medical devices [1] - This initiative is expected to promote industry competition, favoring compliant leading enterprises with more policy support and market opportunities, while smaller companies may face pressure to comply [1] - The guidelines align with national policies and emphasize support for innovative drugs and devices, potentially simplifying clinical evaluations and approval processes for innovative medical devices, thus accelerating product launches [1] Group 2 - The guidelines may incorporate international compliance standards, aiding Chinese companies in connecting with global markets and reducing compliance risks when expanding abroad [1] - The long-term outlook suggests that the standardization and internationalization of the industry will benefit, compelling companies to enhance R&D quality and reduce homogenized competition [1] - The innovative drug sector in China is entering a phase of realization of results, with significant R&D progress that is not affected by trade frictions, expected to remain a key investment theme in the pharmaceutical sector through 2025 [1] Group 3 - Since the "924 market" rally last year, the Science and Technology Innovation Drug Index has outperformed major Hong Kong innovation drug indices, with respective gains of 75%, 70%, and 70% during the market rebound from September 24, 2024, to June 30, 2025 [2] - The Science and Technology Innovation Drug Index may provide better exposure to the elasticity of the Science and Technology Innovation Board when market risk appetite increases [2]