从预期到兑现，港股医药持续修复！港股通创新药ETF（520880）、港股通医疗ETF（159137）携手冲击2%

Group 1: Market Activity - Hong Kong pharmaceutical stocks remain active, with Innovent Biologics experiencing a significant surge following an $8.85 billion business development deal, rising 5% after a previous 7.42% increase [1][7] - Other companies such as Zai Lab, CSPC Pharmaceutical, and Rongchang Biologics also saw substantial gains [1][7] - The Hong Kong Stock Connect Innovation Drug ETF (520880) rose over 2% during trading, recovering above the 20-day moving average [1][7] Group 2: Industry Trends - The total transaction scale for China's innovative drug license-out reached a record $135.7 billion in 2025, with significant collaborations in January 2026, including a $18.5 billion deal between CSPC and AstraZeneca, and a $5.6 billion deal between Rongchang and AbbVie, highlighting the global value of domestic innovative drug pipelines [9] - The innovative drug sector is transitioning from "scale accumulation" to "value release," with a focus on commercial realization of pipeline expectations [9] - The innovative drug sector has seen a correction over the past two quarters, but many quality stocks now offer attractive valuations, suggesting increased attention is warranted [9] Group 3: Investment Recommendations - Analysts recommend focusing on high-growth and improving expectation sectors within the pharmaceutical industry, as the impact of medical insurance cost control has been fully reflected [11] - The Hong Kong Stock Connect Innovation Drug ETF (520880) and its associated funds are highlighted for their 100% focus on innovative drug research companies, with the top ten weighted stocks accounting for over 73% [11] - The Hong Kong Stock Connect Medical ETF (159137) is suggested for its coverage of innovative medical concepts, including brain-computer interfaces and AI healthcare, while also encompassing leading companies across the entire innovative drug supply chain [11]