跨国药企发起降价潮？港股通创新药逆市走低，520880溢价高企！机构力挺国产创新药：重点关注2026年Q1

Core Viewpoint - The Hong Kong stock market opened positively on December 29, with the Hang Seng Index rising, but the innovative drug sector unexpectedly declined, indicating potential investment opportunities amidst market fluctuations [1][7]. Group 1: Market Performance - The Hang Seng Index and the Hang Seng Tech Index saw gains, with the latter rising over 2% at one point [1][7]. - The Hong Kong Stock Connect Innovative Drug ETF (520880) experienced a drop of over 1.5%, with major stocks like CSPC Pharmaceutical Group falling more than 2% [1][7]. - Despite the decline, the Innovative Drug ETF continued to trade at a premium, suggesting that there may be buying interest from investors looking to capitalize on lower prices [1][8]. Group 2: Industry Developments - A price reduction trend initiated by multinational pharmaceutical companies Novo Nordisk and Eli Lilly is expected to take place by the end of 2025, with actual transaction prices nearly halved compared to six months ago [3][10]. - Experts suggest that this price setting is a defensive strategy ahead of the expiration of the patent for semaglutide in 2026 and the impending competition from domestic innovative drugs and biosimilars [3][10]. - Many institutions remain optimistic about domestic innovative drugs, highlighting that the past two years have been significant for Chinese innovative drugs entering international markets, with record-high licensing transactions [3][10]. Group 3: Investment Opportunities - The Hong Kong Stock Connect Innovative Drug sector has been in a phase of adjustment for over three months, with high-level risks being fully released, thus improving the cost-effectiveness of investments [3][10]. - The Hang Seng Stock Connect Innovative Drug ETF (520880) and its associated funds are recommended for investors, as the underlying index has unique advantages, including a focus on pure innovative drug companies and a high concentration of leading firms [3][10][11]. - The top ten holdings in the ETF account for over 72% of the index, indicating a strong representation of leading innovative drug companies [4][11].