创新药“普惠化”进程加速！支持场内T+0恒生创新药ETF（520500）助力布局支付体系破局机遇

Core Viewpoint - The release of the first commercial insurance innovative drug directory on December 7, 2025, is a focal point for investment discussions in the innovative drug sector, aiming to create new payment channels for high clinical value drugs that exceed basic medical insurance coverage, significantly reducing patient out-of-pocket expenses and enhancing product accessibility and market penetration [1][3]. Group 1: Innovative Drug Directory - The commercial insurance innovative drug directory is designed to open new payment channels for innovative drugs with high clinical value, which are beyond the basic insurance coverage [1][3]. - The directory's implementation is expected to significantly enhance the accessibility and market penetration of innovative drugs, promoting a greater degree of "universal access" [1][3]. - The final selection rate for the directory was approximately 15.7%, highlighting the recognition of differentiated innovative products with significant clinical advantages [1][3]. Group 2: Hang Seng Innovative Drug ETF - The Hang Seng Innovative Drug ETF (520500) is currently the only ETF tracking the Hang Seng Innovative Drug Index, serving as a tool for investors to capitalize on opportunities in the Hong Kong innovative drug sector [1][3]. - As of December 11, 2025, the top five constituents of the index include Kangfang Biotech, China National Pharmaceutical Group, BeiGene, Innovent Biologics, and Kelun-Biotech, reflecting strong R&D capabilities and growth potential [1][3]. - Since December 8, 2025, the ETF has seen a net inflow of 192 million yuan over four consecutive trading days, with its latest share count reaching 1.225 billion and total assets hitting 2.041 billion yuan, both marking new highs since its inception [1][3]. Group 3: Market Outlook - The central economic work conference held on December 10-11, 2025, emphasized "innovation-driven development" as a key task for the upcoming year, aligning with the supportive policy direction for the innovative drug sector [1][3]. - The combination of proactive policy guidance, breakthroughs in payment systems, and maintained liquidity is expected to create a new development opportunity for the Hong Kong innovative drug sector [1][3]. - The high innovation purity of the Hang Seng Innovative Drug ETF (520500) is anticipated to assist investors in seizing the window of opportunity in the Hong Kong innovative drug market [1][3].