年内最大港股Biotech IPO！港股通创新药ETF(159570)跌超1%再创阶段新低，昨日净流入超1100万元！JPM大会有哪些值得关注？

Core Viewpoint - The Hong Kong pharmaceutical market is experiencing a downturn, with the Hong Kong Stock Connect Innovation Drug ETF (159570) declining by 1.14% and over 25% from its previous high, despite a significant trading volume of over 1.44 billion yuan [1][4]. Group 1: Market Performance - The Hong Kong Stock Connect Innovation Drug ETF (159570) has seen a three-day decline, reaching a new low, with a total trading volume exceeding 14.4 billion yuan [1]. - As of December 29, the latest scale of the Hong Kong Stock Connect Innovation Drug ETF (159570) is over 21.9 billion yuan, leading among its peers [1]. - Major stocks within the ETF, such as King’s Bio and Kelun-Bio, have experienced declines, with King’s Bio dropping over 3% [4][5]. Group 2: IPO Activity - On December 30, Insilico Medicine, a generative AI-driven biopharmaceutical company, successfully listed on the Hong Kong Stock Exchange, marking it as the first AI biopharmaceutical company to do so under the main board listing rules [3]. - The IPO raised a total of 2.277 billion Hong Kong dollars, making it the highest fundraising biopharmaceutical IPO in Hong Kong for the year [3]. Group 3: Industry Trends - The upcoming J.P. Morgan Healthcare Conference in January 2026 is expected to attract over 8,000 global participants, featuring more than 500 listed companies and thousands of startups, focusing on "capital + strategy" discussions [6]. - Key trends highlighted for the industry include the continued rise of gene and cell therapies, deep integration of AI in pharmaceuticals, and the emergence of new market forces from China [7]. Group 4: Investment Insights - Multinational corporations (MNCs) are willing to pay higher prices for innovative drugs and technology platforms from China, with average total deals from China reaching 2.756 billion USD compared to 1.289 billion USD from overseas [8]. - The pressure from patent expirations, estimated at around 300 billion USD in sales, is driving MNCs to seek high-potential assets in China, particularly in advanced fields like ADCs and cell therapies [9]. - MNCs are shifting their focus from merely acquiring products to obtaining platforms and technologies that can yield new molecules, indicating a strategic evolution in their investment approach [10]. Group 5: Key Investment Areas - Key investment areas include ADCs, GLP-1 for metabolic diseases, bispecific antibodies, and neuroscience, with a focus on companies that can deliver competitive clinical data and innovative platforms [12][13].