创新药出海破纪录！年内License-out总金额超千亿美元

Group 1 - The total amount of License-out transactions in China reached $92.03 billion in the first three quarters of 2025, with the total amount exceeding $100 billion for innovative drug licensing [1] - The transaction amount between Innovent Biologics and Takeda in October could reach up to $11.4 billion, indicating strong international collaboration in the innovative drug sector [1] - Recent announcements from 3SBio and Pfizer regarding the initiation of two global Phase III clinical trials for NSCLC and CRC highlight ongoing advancements in drug development [1] Group 2 - The innovative drug industry is expected to continue its strong performance, with leading companies like Innovent Biologics and 3SBio exceeding expectations both domestically and internationally [1] - The ongoing business development (BD) efforts are expected to deepen China's participation in the global pharmaceutical supply chain, enhancing long-term value [1] - Relevant ETFs in the innovative drug industry include the Hong Kong Stock Connect Medical ETF (520510), which has a leading CXO content, and the Hang Seng Medical ETF (159892), which emphasizes innovation [2]