港股通创新药再陷调整

Core Viewpoint - The Hong Kong innovation drug sector is experiencing short-term adjustments, but the long-term outlook remains strong due to supportive policies and market dynamics [1][3][4]. Market Performance - The Hong Kong innovation drug ETF (520880) opened high but closed down by 1.74%, with a trading volume exceeding 1.4 billion yuan. Major stocks like InnoCare Pharma and China Biologic Products fell by over 7% and 4%, respectively [1]. Policy Developments - The Chief Executive of Hong Kong proposed the establishment of a "Greater Bay Area Clinical Trial Collaboration Platform" and a "Real-World Research and Application Center" to accelerate the approval and commercialization of innovative drugs [3]. - The National Medical Products Administration announced an optimized review process for innovative drug clinical trials, promising completion within 30 working days for eligible applications [3]. Industry Trends - The innovation drug sector is transitioning from a quantity-driven to a quality-driven approach, emphasizing the importance of product differentiation and internationalization by 2025 [4]. - The industry is witnessing a recovery in demand, ongoing supply-side adjustments, and a trend towards domestic substitution, with mergers and acquisitions helping companies to grow stronger [4]. - The sustainability of the innovation drug sector's attractiveness is supported by ongoing trends of "innovation + internationalization," enhancing China's global competitiveness in innovative pharmaceuticals [4]. Investment Focus - The Hong Kong innovation drug ETF (520880) is the first ETF tracking the Hang Seng Hong Kong Innovation Drug Select Index, focusing exclusively on innovative drug development without including CXO [4]. - Investors are encouraged to consider the associated fund (025221) for exposure to this sector [4].