恒生创新药ETF（520500）获资金逆市加仓 产业高景气与长期价值引关注

Core Viewpoint - The Hong Kong innovative drug sector is experiencing a period of volatility, but the fundamental industry logic remains solid, indicating long-term investment value in the sector [1][2]. Group 1: Market Performance - The Hang Seng Innovative Drug ETF (520500) has seen active trading, with an average daily trading volume of 999.1 million yuan in November, a 53% increase from October's 648 million yuan [1]. - The ETF has recorded net inflows for seven consecutive trading days, increasing its fund size to a historical high of 1.838 billion yuan and total shares to 1.094 billion [1][2]. Group 2: Industry Developments - The "going global" process for domestic innovative drugs has accelerated significantly, with 115 licensing agreements totaling 101.24 billion USD reported by October 21, 2025, surpassing the total of 51.9 billion USD for all of 2024 [2]. - The National Medical Products Administration has approved two innovative drug products for market launch in November 2025, focusing on critical areas such as cancer treatment and COVID-19 [2]. Group 3: Financial Performance - The innovative drug sector has shown a significant turnaround in profitability, with a 36% year-on-year increase in revenue for Q3 2025, and a shift from a net loss of 500 million yuan in the previous year to a profit of 1.5 billion yuan [2]. Group 4: Policy and Future Outlook - The Chinese innovative drug industry is expected to transition from a "research investment phase" to a "value realization phase," supported by improved policies and global market expansion [2]. - The Hang Seng Innovative Drug ETF (520500) is positioned as an effective tool for investors to capitalize on opportunities in the Hong Kong innovative drug market, benefiting from its large scale and favorable liquidity [2].