创新药重磅会议临近，恒生医药ETF涨近2%

Core Viewpoint - The Hong Kong stock market is experiencing slight fluctuations, with the pharmaceutical sector leading gains, particularly driven by the upcoming ESMO annual meeting in Berlin, which is expected to provide a platform for domestic pharmaceutical companies to showcase their achievements and facilitate new licensing deals [1] Group 1: Market Performance - The Hang Seng Biotechnology Index has risen over 2%, with the Hang Seng Pharmaceutical ETF (159892) following suit [1] - Leading companies in the sector include Ming En Bio, Kangfang Bio, Nuocheng Jianhua, and WuXi Biologics [1] Group 2: Upcoming Events - The 2025 European Society for Medical Oncology (ESMO) annual meeting is scheduled from October 17 to 21 in Berlin, Germany [1] - This meeting is anticipated to be a significant opportunity for domestic pharmaceutical companies to present their results and explore new business development (BD) licensing opportunities [1] Group 3: Valuation Insights - According to Guotai Junan Futures, the price-to-sales (PS) valuation of innovative drug companies represented by Hong Kong stocks is not considered expensive following significant gains this year [1] - The improvement in cash flow expectations is attributed to breakthroughs in the commercialization capabilities of innovative drug companies and the early monetization of core products through licensing agreements [1]