
Core Insights - The healthcare indices in Hong Kong have shown positive performance, with the Hang Seng Healthcare Index rising by 0.67% and the Hang Seng Innovation Drug Selection Index increasing by 0.74% as of September 25, 2025 [3][5] - Notable stock performances include a 6.57% increase in Crystal Technology Holdings and a 6.41% rise in Junshi Biosciences [3][5] - The liquidity of the ETFs tracking these indices is robust, with significant trading volumes and turnover rates [3][5][7] ETF Performance - The Hang Seng Healthcare ETF (513060) has seen a 27.42% increase over the past three months, ranking in the top third among comparable funds [3] - The Hong Kong Innovation Drug Selection ETF (520690) has recorded a 2.63% increase since its inception [5] - The Medical 50 ETF (159838) has increased by 2.19% over the past month, ranking in the top half among comparable funds [7] Company Developments - Heng Rui Medicine has entered an overseas licensing agreement with Glenmark for the drug Rukang Qumai (HER2 ADC), which includes an upfront payment of $18 million and potential milestone payments and sales royalties totaling nearly $1.1 billion, indicating international recognition of its ADC products [7][8] - The National Healthcare Security Administration is actively seeking information on innovative medical consumables such as brain-computer interfaces and surgical robots, aiming to accelerate the coding process for medical insurance and support the commercialization of innovative medical devices [7][8] Market Sentiment - The dual boost from the international licensing agreement and proactive government engagement in innovative technologies is expected to enhance sentiment in the healthcare sector, particularly for companies with technological barriers in ADCs, surgical robots, and brain-computer interfaces [8]