首版商业健康保险创新药品目录发布！恒生创新药ETF（520500）成交放量、逆势获资金加仓

Core Insights - The newly released commercial health insurance innovation drug directory includes 19 high-value innovative drugs, addressing critical treatment areas such as oncology, rare diseases, and neurodegenerative diseases, which is expected to alleviate patients' financial burdens and broaden market access for innovative drugs [1] - The Hang Seng Innovation Drug ETF (520500) experienced a significant trading volume increase, with a single-day transaction amount reaching 6.797 billion yuan, a 45.12% increase compared to the previous day, indicating strong market confidence in the long-term value of the innovative drug industry [1] Group 1 - The establishment of the commercial health insurance innovation drug directory is significant as it opens new payment channels for expensive drugs, potentially stimulating original innovation [1] - The Hang Seng Innovation Drug ETF (520500) closely tracks the Hang Seng Innovation Drug Index, which includes companies involved in the research, development, and production of innovative drugs, emphasizing a higher purity of innovation by excluding companies primarily engaged in the CXO sector [2] - Despite recent market corrections in the innovative drug sector, there remains a high level of confidence in its fundamentals, with the new insurance drug directories creating a new payment structure that addresses affordability issues for patients and provides sustainable returns for pharmaceutical companies [2] Group 2 - The top five constituents of the Hang Seng Innovation Drug Index as of December 8, 2025, are Kangfang Biotech, China National Pharmaceutical Group, BeiGene, Innovent Biologics, and Kelun-Biotech, showcasing strong R&D capabilities and growth potential [2] - The upcoming Federal Reserve meeting is anticipated to result in a potential interest rate cut, which could provide new development opportunities for the innovative drug industry, known for its high R&D investment sensitivity to interest rates [2]