ESMO会议即将召开，港股创新药精选ETF(520690)回调超3.5%，机构：创新药出海是长期趋势

Core Insights - The Hang Seng Hong Kong Stock Connect Innovative Drug Selection Index has decreased by 3.79% as of October 13, 2025, with notable declines in stocks such as Junshi Biosciences down 10.01% and Innovent Biologics down 7.08% [3] - The Hong Kong Innovative Drug Selection ETF (520690) has also fallen by 3.54%, currently priced at 0.95 yuan, indicating a challenging market environment for innovative drug companies [3] - The European Society for Medical Oncology (ESMO) conference is set to take place from October 17 to 21, 2025, in Berlin, where breakthrough data from various Chinese innovative drug companies is anticipated [3] Company Developments - Rongchang Biopharmaceutical's Taitasip has been proposed for priority review by China's drug regulatory authority, targeting adult patients with IgA nephropathy [4] - Innovent Biologics has initiated Phase III clinical trials for IBI363, aimed at squamous non-small cell lung cancer [4] - SystImmune, a wholly-owned subsidiary of Bai Li Tianheng, has entered a global strategic collaboration with Bristol-Myers Squibb for the dual antibody ADC project, triggering an initial payment of $250 million [4] Market Trends - The trend of Chinese innovative drugs entering international markets is expected to continue, with 72 license-out transactions recorded in the first half of 2025, surpassing the total for 2024 [4] - The total transaction amount for these deals has increased by 16% compared to the entirety of 2024, with 16 transactions exceeding $1 billion [4] - Despite concerns over trade tensions and potential decoupling, the shift of global innovative research and development towards China is viewed as an unstoppable trend [4] ETF Performance - The Hong Kong Innovative Drug Selection ETF has reached a new high with 431 million shares outstanding [5] - Recent net inflows into the ETF amount to 3.01 million yuan, with a total of 75.52 million yuan net inflow over the past 14 trading days [5] - The ETF closely tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Selection Index, which reflects the performance of Hong Kong-listed companies involved in innovative drug research, development, and production [5]