机构称2026年创新药仍将是投资主线，聚焦恒生医药ETF（159892）布局机会

Core Viewpoint - The Hong Kong stock market opened lower, with the Hang Seng Index down 0.51% and the Hang Seng Tech Index down 0.83%. Notable stocks like Hua Hong Semiconductor and BeiGene showed mixed performance, while the market anticipates a positive long-term outlook for innovative drugs despite recent adjustments in the healthcare insurance directory [1]. Market Performance - The Hang Seng Index opened down 0.51% and the Hang Seng Tech Index down 0.83% [1]. - Hua Hong Semiconductor opened down 3.87%, reporting Q3 sales revenue of $635 million, a year-on-year increase of 20.7% [1]. - BeiGene opened up 3.02%, with total revenue for the first nine months approximately $3.845 billion, a year-on-year increase of 43% [1]. - The Hang Seng Biotech Index opened lower but showed narrow fluctuations, with the Hang Seng Pharmaceutical ETF experiencing a slight decline [1]. Healthcare Insurance Directory Adjustment - This year marks the 8th adjustment of the healthcare insurance directory since the establishment of the National Healthcare Security Administration, with the notable addition of a commercial health insurance innovative drug directory [1]. Innovative Drug Market Outlook - The innovative drug sector has experienced a significant correction over the past three months, but the market expectations have lowered without impacting the fundamentals [1]. - There are multiple catalysts expected in the short term, including continued growth in Q3 performance and ongoing business development (BD) opportunities [1]. - Long-term prospects for innovative drug companies are expected to improve, maintaining a high level of enthusiasm for overseas expansion [1]. Investment Thesis - Dongwu Securities believes that innovative drugs will remain a key investment theme through 2026 due to their rising international status, explosive growth in overseas business development, significant market capitalization potential, and a transition to profitability [1]. - Key focus areas for innovative drugs include the next generation of ADC+2.0 IO and small nucleic acids [1].