Core Insights - The innovative drug ETF Tianhong (517380) has seen significant trading activity, with a transaction volume of 28.36 million yuan, and the underlying index, the Hang Seng Shanghai Shenzhen Hong Kong Innovative Drug Select 50 Index (HSSSHID), has risen nearly 3%, marking a strong performance with several constituent stocks like Kelaiying (06821) and Yifang Bio (688382) showing notable gains [1] Product Highlights - The innovative drug ETF Tianhong (517380) spans the markets of Shanghai, Hong Kong, and Shenzhen, selecting 50 leading innovative drug companies, with 40% from Hong Kong and 60% from A-shares, covering key areas such as biopharmaceuticals and chemical pharmaceuticals [1] Relevant Events - The new national medical insurance directory and the first commercial insurance innovative drug directory were implemented on January 1, 2026, adding 50 types of first-class innovative drugs and 19 types of commercial insurance drugs, establishing a "medical insurance + commercial insurance" payment loop. In 2025, China approved 76 innovative drugs, a significant increase of 58.3% from 48 in 2024, with over 80% being domestically produced, laying a foundation for sales growth in 2026 [1] Industry Trends - China's innovative drug licensing abroad has seen a breakthrough, with total transaction amounts reaching 135.655 billion USD by December 31, 2025, including upfront payments of 7 billion USD and 157 transactions, significantly surpassing the 51.9 billion USD and 94 transactions recorded in 2024 [2] - According to Zhongtai Securities, the pharmaceutical market is expected to continue benefiting from innovation-driven growth and industrial upgrades, with investment strategies for 2026 focusing on innovative drugs and their supply chains, demand recovery, and AI-related opportunities [2] Market Dynamics - The current innovative drug market differs from the 2019-2021 period, as the focus has shifted from narrative to actual execution, with transaction amounts reaching new highs, reflecting a transition in China's innovative capabilities from quantity to quality. Continuous policy support for innovative drugs, including the introduction of a commercial insurance directory, is expected to enhance payment options [3] - Companies with mature products successfully entering multinational corporations (MNCs) and those with strong platform advantages in cutting-edge technologies (such as ADC, small nucleic acids, and bispecific antibodies) are recommended for attention, along with potential collaboration opportunities [3]
审批放量+支付闭环+出海提速，创新药产业进入黄金期！创新药ETF天弘(517380)标的指数强势拉升涨近3%，冲击四连阳！
Sou Hu Cai Jing·2026-01-07 03:15