Hengrui Pharma(SH:600276) Mei Ri Jing Ji Xin Wen·2025-10-20 07:30Core Viewpoint - The Hong Kong innovative drug sector is experiencing a positive trend with a 0.2% increase in the Hang Seng Innovative Drug Index and a significant net subscription of 21 million units for the Hang Seng Innovative Drug ETF (159316) as of 15:00 [1] Group 1: Industry Catalysts - The innovative drug industry is currently benefiting from three major catalysts: academic advancements, business development (BD) activities, and improved policy environment [1] - Domestic pharmaceutical companies such as Zai Lab and Ausun Pharma have presented their innovative drug research progress at the European Society for Medical Oncology (ESMO) conference, with Heng Rui Medicine showcasing 46 research results covering 14 innovative drugs [1] - Several companies, including Hansoh Pharmaceutical and Prizmed, have disclosed significant overseas licensing agreements focusing on key areas like Antibody-Drug Conjugates (ADC) [1] - The optimization of medical insurance, commercial insurance, and centralized procurement rules is enhancing payment and access, while domestic registration activities remain active [1] Group 2: Market Dynamics - The innovative drug sector has undergone adjustments recently, leading to improved cost-effectiveness for investors, with a resurgence of catalysts since October [1] - The Hang Seng Innovative Drug Index has excluded CXO companies, making it the first "pure" 100% innovative drug index, accurately reflecting the overall performance of Chinese innovative drug companies [1] - The Hang Seng Innovative Drug ETF (159316) is currently the only product tracking this index, providing investors with precise opportunities in the innovative drug industry [1]