医保谈判启动，首次正式引入商保创新药目录机制！恒生创新药ETF(520500)交投活跃 昨日成交额环比大增约300%

Core Viewpoint - Despite recent adjustments in the Hong Kong innovative drug sector, continuous policy support and accelerated internationalization are leading to a quiet influx of capital into the sector, as evidenced by the performance of the Hang Seng Innovative Drug ETF (520500) [1][2]. Group 1: Market Performance - The Hang Seng Innovative Drug ETF (520500) has attracted a total of 814 million yuan since August 2025, with no net outflow of funds in October, resulting in record highs for both fund size (1.641 billion yuan) and shares (974 million) [1]. - The trading volume for the ETF reached 604 million yuan on October 30, 2025, marking a significant increase of 296.9% compared to previous trading days [1]. Group 2: Policy and Regulatory Developments - The launch of the "Commercial Insurance Innovative Drug Directory" mechanism on October 30, 2025, signifies a shift in China's medical insurance system towards multi-tiered protection, potentially alleviating the financial burden of high-value innovative drugs through commercial insurance channels [1]. - The ongoing support from policies and the recent initiation of the national medical insurance negotiations are expected to enhance the market's confidence in innovative drug products [1][3]. Group 3: Industry Trends and Developments - The global liquidity environment is improving due to the Federal Reserve's interest rate cuts, which may lower financing costs for innovative drug companies and promote R&D investments [2]. - Recent achievements at the European Society for Medical Oncology (ESMO) annual meeting highlight China's growing recognition in innovative drug research, with 35 studies presented, including 23 in the "Latest Breakthrough Abstracts" category [2]. - The trend of outbound licensing (BD) collaborations among domestic pharmaceutical companies is showing signs of recovery, with significant projects announced that involve high sales shares in the U.S. market and deep collaboration models [2][3]. Group 4: Investment Insights - The Hang Seng Innovative Drug ETF (520500) focuses on core areas of innovative drugs, including biopharmaceuticals and chemical pharmaceuticals, and is expected to provide significant investment opportunities in the long term due to favorable policies and improving fundamentals [3]. - The ETF's large scale and favorable liquidity, along with its T+0 trading mechanism, position it as an effective tool for investors to capitalize on opportunities in the Hong Kong innovative drug sector [3].