港股CRO概念反弹爆发，覆盖创新药全产业链的港股医疗ETF(159366)涨超2.3%

Core Viewpoint - The Hong Kong medical sector is experiencing a strong performance, with the CSI Hong Kong Stock Connect Medical Theme Index rising by 2.19%, driven by leading stocks such as BeiGene and Ping An Good Doctor [1][2]. Group 1: Market Performance - The Hong Kong medical ETF (159366) has increased by over 2%, and over the past three months, it has accumulated a rise of 1.74% as of November 11, 2025 [1][2]. - The CSI Hong Kong Stock Connect Medical Theme Index includes 50 listed companies in the medical device, medical services, and pharmaceutical sectors, reflecting the overall performance of the medical sector within the Stock Connect [2]. Group 2: Company Performance - BeiGene reported a total revenue of $1.4 billion for Q3, marking a 41% year-on-year increase, with a GAAP net profit of $125 million, reversing a loss from the previous year [4]. - The innovative drug sector is showing strong growth, with a 23.34% increase in revenue year-on-year, and CXO companies seeing a 55.90% increase in net profit [4]. Group 3: Market Trends - The CRO service market in China is projected to grow from 52.2 billion yuan in 2020 to 87.8 billion yuan by 2024, with a compound annual growth rate (CAGR) of 13.9% [3]. - The overall performance of the pharmaceutical and biotechnology sector has been under pressure, with a decline in revenue and net profit by 1.9% and 4.8% respectively for the first three quarters of 2025 [4].