创新药进入快速成长期，恒生医药ETF（159892）连续3日获得资金净流入

Core Insights - The domestic innovative pharmaceutical companies are experiencing a surge in overseas expansion, with BD transaction amounts reaching new highs, making outbound licensing a key pathway for China's pharmaceutical industry to engage in global competition and achieve industrial upgrades [1] Group 1: Market Trends - In the first half of 2025, the total transaction value of China's innovative drugs reached $63.55 billion, surpassing the total for the entire year of 2024 and accounting for approximately 40% of the global license-out transaction total [1] - Leading innovative drug companies have completed multiple product lines or international layouts, maintaining stable and rapid revenue growth, with some companies successfully turning losses into profits [1] Group 2: Company Performance - BeiGene achieved a net profit of 450 million yuan in H1, marking its first profitable period [1] - Innovent Biologics reported a net profit of 834 million yuan, continuing its profitability trend [1] Group 3: Market Reactions - In the secondary market, ETFs focused on innovative drugs and CXO sectors experienced declines, with the Hang Seng Medical ETF (159892) and the Hong Kong Stock Connect Medical ETF (520510) both dropping over 1% [1] - Innovent Biologics saw a decline of over 6%, with other companies like Legend Biotech, InnoCare Pharma, JD Health, and Alibaba Health also leading the downturn [1] - Despite the market declines, the Hang Seng Medical ETF has seen three consecutive days of capital inflow [1]