生物科技创新活力增强，关注恒生生物科技ETF国泰（520933）投资价值，聚焦创新药“皇冠明珠”

Core Insights - The Chinese biotechnology industry is experiencing significant growth in research and development (R&D) driven by policy incentives, leading to a substantial increase in the approval of innovative drugs and medical devices by mid-2025 [1] - The application of artificial intelligence (AI) is accelerating the digitalization and intelligence of pharmaceutical R&D, while the Hong Kong Stock Exchange's technology enterprise channel facilitates the listing of biotech companies [1] - China's pharmaceutical companies are shifting from relying on technology imports to focusing on independent innovation, with a notable increase in globalization [1] Industry Developments - As of December 31, 2024, the number of active innovative drug R&D projects in China has reached 3,575, surpassing the United States and making China the global leader [1] - The License-out transaction model has become mainstream among Chinese pharmaceutical companies, further promoting the internationalization of innovative drugs [1] - The CXO (Contract Research Organization) industry is experiencing robust growth driven by the demand for innovative drug R&D and production [1] Investment Opportunities - The Hang Seng Biotechnology Index focuses on innovative drugs, presenting three key advantages: concentration of leading companies, scarcity of futures liquidity, and high elasticity & Sharpe ratio [1] - Investors looking to conveniently participate in the core leaders of innovative drugs can consider the Hang Seng Biotechnology ETF (520933) for streamlined investment [1]