境内外医药投融资持续回暖，降息周期内恒生创新药ETF(159316)配置机遇备受关注

Core Insights - The investment trend in the pharmaceutical sector has shown signs of recovery in September, with both primary and secondary markets attracting investor attention [1] - In September 2025, there were 175 financing events in the global biopharmaceutical sector, with a total disclosed financing amount of $10.2 billion (approximately 72.7 billion RMB), marking a year-on-year increase of 57% and a quarter-on-quarter increase of 179% [1] - The domestic market recorded 68 financing events with a total disclosed amount of approximately $956 million, reflecting a quarter-on-quarter increase of about 1% and a year-on-year increase of 337% [1] Market Performance - The expectation of a rate cut has positively influenced overseas pharmaceutical-related assets, with the NASDAQ Biotechnology Index rising approximately 9% since the Federal Reserve announced the rate cut on September 18 [1] Fundamental Improvements - The fundamentals of the pharmaceutical industry have significantly improved in September [1] - From January to September, the total amount of contracts for Chinese innovative drug patents going abroad exceeded $100 billion, representing a year-on-year growth of 170% [1] - In the domestic market, there were 2,483 new clinical projects added from January to September 2025, which is a 6.8% increase compared to the same period last year [1]