港药再度大涨！港股通创新药ETF(159570)涨近2%，近3日疯狂吸金超14亿元！创新药再迎出海+会议+政策三重催化

Core Viewpoint - The Hong Kong innovative drug ETF (159570) has seen significant growth, with a recent increase of nearly 2% and a rapid transaction volume exceeding 1.5 billion yuan in just three days, indicating strong market interest and liquidity in the sector [1][3]. Market Performance - As of September 15, the latest scale of the Hong Kong innovative drug ETF (159570) surpassed 22.5 billion yuan, leading in both scale and liquidity among its peers [1]. - The index components of the ETF showed mixed performance, with notable gains from companies like药捷安康 (over 50% increase) and 同源康医药 (over 14% increase), while others like 诺诚健华 and 百济神州 experienced declines [3]. Industry Trends - The continuous growth of Chinese innovative drugs in international markets is driven by collaborations with multinational corporations (MNCs), which benefit from China's efficient and cost-effective R&D pipelines [4]. - The innovative drug sector is currently in a transitional phase, with increased focus on international expansion and the realization of value through milestones and competitive advantages [4]. Clinical Developments - At the World Lung Cancer Conference (WCLC), several clinical data updates for Chinese innovative drugs were presented, particularly highlighting the promising results of ADC therapies [5]. - The release of clinical data for drugs like HLX43 and Eiza-bren indicates significant advancements in treatment efficacy for specific cancer patient populations [5]. Policy Environment - The National Healthcare Security Administration (NHSA) is set to release the 2025 medical insurance drug list, which will significantly impact companies involved in negotiations for drug inclusion [5]. - The approval of orphan drugs and imported PD-1/L-1 drugs for the insurance directory reflects a supportive policy environment for innovative drug development [5]. Financial Outlook - The anticipated easing of monetary policy by the Federal Reserve is expected to improve liquidity in the market, which could positively influence the financing environment for innovative drug companies [6]. - The A+H share innovative drug index has shown substantial growth, suggesting a favorable investment climate and potential for increased capital inflow [6]. Investment Recommendations - The Hong Kong innovative drug ETF (159570) is highlighted as a key investment vehicle, with a significant increase of over 109% in the past year, outperforming other indices [7][8]. - Investors are encouraged to focus on the underlying assets and the potential for T+0 trading, which enhances liquidity and trading flexibility [9].