创新药板块本周震荡调整，关注创新药ETF易方达（516080）、恒生创新药ETF（159316）等配置价值

Group 1 - The core viewpoint of the article highlights a decline in various biotechnology and pharmaceutical indices, with the Hang Seng Innovation Drug Index dropping by 3.0% and the CSI Innovation Drug Industry Index falling by 1.8% this week [1][3] - The CSI Biotechnology Theme Index decreased by 0.7%, while the CSI Hong Kong Stock Connect Pharmaceutical Comprehensive Index fell by 1.7% [1][3] - Despite the overall decline in indices, the Hang Seng Innovation Drug ETF (159316) experienced a net inflow of over 600 million yuan over four consecutive days, reaching a record size of approximately 2.7 billion yuan [1] Group 2 - According to Shenwan Hongyuan Securities, the Chinese innovative drug sector is supported by three main logics: "innovation upgrade, profit inflection point, and normalization of overseas business development," which are expected to sustain future market performance [1] - The rolling price-to-earnings (P/E) ratios for the indices are as follows: Hang Seng Innovation Drug Index at 63.0 times, CSI Pharmaceutical Comprehensive Index at 31.1 times, and CSI Innovation Drug Industry Index at 57.9 times [3][7] - The valuation percentiles indicate that the Hang Seng Innovation Drug Index is at the 48.5% percentile, while the CSI Pharmaceutical Comprehensive Index is at the 88.8% percentile, suggesting varying levels of relative valuation across these indices [3][7]