药品集采新规发布

Core Viewpoint - The Hong Kong Stock Connect innovative drug sector experienced a rebound after five days of adjustment, with the Hong Kong Stock Connect Innovative Drug ETF (520880) rising by 1.77% on September 22, 2023, recovering its five-day moving average and achieving a total trading volume of 331 million yuan [1][3]. Group 1: Market Performance - The innovative drug ETF (520880) opened high and reached a peak increase of 2.57% during the day, closing in the green with a trading volume of 331 million yuan [1]. - Among the 37 constituent stocks, MIRXES-B surged by 27.68%, while major stocks like Innovent Biologics and Kintor Pharmaceutical rose by 2.88% and over 1%, respectively [1]. - The ETF has attracted nearly 680 million yuan over 14 consecutive days, indicating strong investor interest [3]. Group 2: Policy Impact - The National Healthcare Security Administration released the 11th batch of centralized drug procurement documents on September 20, emphasizing principles such as "stabilizing clinical use, ensuring quality, preventing collusion, and avoiding internal competition" [5]. - The fund manager of the innovative drug ETF interpreted the new procurement policy as a continuous support for innovation in the industry, allowing companies to ensure quality while avoiding a sole focus on low prices [6]. Group 3: Future Outlook - The innovative drug sector is expected to see a peak in business development transactions in October and November, with no significant impact from potential U.S. policies [6]. - The ETF's index has shown a cumulative increase of 119.75% year-to-date, indicating strong performance compared to other innovative drug indices [7]. - The ETF focuses exclusively on innovative drug research and development, excluding CXO companies, which is anticipated to enhance its performance during market rallies [7].