三季报业绩验证韧性，港股创新药板块交投情绪大幅提振！场内T+0恒生创新药ETF（520500）助力高纯度布局

Core Viewpoint - The innovative pharmaceutical sector in China is showing strong resilience with both revenue and net profit growth, supported by policy measures and improved global liquidity, indicating a positive long-term trend for the industry [1][2][6]. Group 1: Industry Performance - In the first three quarters of 2025, the innovative pharmaceutical sector in China achieved operating revenue of 48.83 billion, a year-on-year increase of 22.1%, while the net profit attributable to shareholders was a loss of 460 million, narrowing by 71.4% [2]. - The third quarter alone saw operating revenue of 19.21 billion, up 51.0% year-on-year, with a net profit of 1.11 billion, marking a year-on-year growth of 147.1%, indicating a turnaround in profitability for the sector [2]. Group 2: Market Dynamics - The market's focus on the innovative pharmaceutical sector is increasing, as evidenced by the active trading of the Hang Seng Innovative Drug ETF (520500), which recorded an average daily trading volume of 984 million from November 3 to November 19, a 52% increase from October's 648 million [4]. - The total assets of the Hang Seng Innovative Drug ETF reached 1.933 billion, with 1.1112 billion shares outstanding, reflecting growing investor interest [4]. Group 3: Global Positioning - The pace of Chinese innovative drugs entering international markets has accelerated, with total licensing amounts exceeding 100 billion, doubling compared to 2024 [3]. - China now accounts for over 20% of the global pipeline of new drugs, ranking second in the world for new drug development, indicating a shift from a follower to a leader in the pharmaceutical industry [3]. Group 4: ETF Insights - The Hang Seng Innovative Drug ETF (520500) tracks an index that focuses on core areas of innovative pharmaceuticals, having removed CXO companies to concentrate on biopharmaceuticals, chemical pharmaceuticals, and raw materials [5]. - The ETF utilizes a QDII mechanism to invest in 31 leading Hong Kong innovative pharmaceutical companies, covering both research and commercialization aspects of the industry [5]. Group 5: Future Outlook - With the continuous improvement of the policy framework and expectations of global liquidity easing, the Chinese innovative pharmaceutical industry is poised to transition from a "research investment phase" to a "value realization phase" [6].