港股创新药板块关注度升温！恒生创新药ETF（520500）连续两个交易日成交放量并获资金逆势加仓

Core Insights - The Hong Kong innovative drug sector is gaining market attention despite an overall market downturn, driven by several key developments [1][3][4] Group 1: Market Developments - The release of the first version of the "Commercial Health Insurance Innovative Drug Directory" on December 7, 2025, opens a "second payment channel" for high-value innovative drugs, injecting new momentum into the innovative drug industry [1][3] - The launch of the Chinese drug price registration system on December 2, 2025, aims to establish a global pricing system, potentially benefiting Chinese innovative drugs in international markets and attracting high-quality foreign drugs [1][3] - An announcement on December 9, 2025, from an innovative drug company regarding a $150 million upfront payment and up to $350 million in milestone payments for a business development deal indicates ongoing progress in the internationalization of Chinese innovative drugs [1][3] Group 2: Fund Performance - The Hang Seng Innovative Drug ETF (520500) has seen a significant inflow of funds, accumulating 154 million yuan over two trading days (December 8-9, 2025), with a record net inflow of 123 million yuan on December 9, 2025 [2][4] - Trading volume for the ETF has increased, with recorded transaction amounts of 680 million yuan and 780 million yuan over the last two days, compared to an average daily trading volume of 453 million yuan in the first five days of December [2][4] - As of December 9, 2025, the ETF's shares reached 1.203 billion, marking a historical high since its inception on December 16, 2024, with a total asset size of 2.031 billion yuan [2][4] Group 3: Index Composition - The Hang Seng Innovative Drug Index, which the ETF closely tracks, includes companies involved in the research, development, and production of innovative drugs, emphasizing firms with strong R&D capabilities [2][4] - The top five constituents of the index as of December 9, 2025, are Kangfang Biotech, China National Pharmaceutical Group, BeiGene, Innovent Biologics, and Kelun-Biotech [2][4] Group 4: Investment Outlook - The innovative drug sector in Hong Kong has experienced a notable correction since September 2025, but favorable policy and industry developments, along with expectations of U.S. Federal Reserve interest rate cuts and liquidity easing, suggest a potential investment window [2][4] - The Hang Seng Innovative Drug ETF (520500) is characterized by its large scale, favorable liquidity, and support for T+0 trading, making it an efficient tool for investors looking to capitalize on opportunities in the Hong Kong innovative drug sector [2][4]