是时候重新关注港股生物科技板块？

Group 1 - The pharmaceutical sector is experiencing significant growth, with BD transaction volumes reaching new highs and domestic innovative drugs gaining international recognition, making it a focal point for investors [1][3] - However, there is a growing fatigue regarding the expectations for innovative drugs going abroad, leading to a shift from a "highlight moment" to a "volatile adjustment" in the market [2][3] - This transition is viewed as a necessary step towards a long-term market trend, with signs of recovery in the pharmaceutical sector as it approaches a new cycle starting in 2026 [3][11] Group 2 - The current investment rationale in the pharmaceutical sector is supported by three main forces: demand, supply, and policy, which are converging to fuel a new round of growth [5][36] - Demand for healthcare is increasing due to an aging population and rising health awareness, transforming medical consumption from optional to essential [6][37] - The supply side shows that China's innovative drugs are becoming globally competitive, with the number of innovative drug pipelines accounting for nearly 30% of the global total and BD overseas licensing transactions reaching $135.7 billion in 2025, a 161% increase year-on-year [7][38] Group 3 - Policy changes are shifting from cost control to empowerment, with new measures introduced to support the entire chain of innovative drug development, access, usage, and payment [10][41] - The Hong Kong stock market is becoming a primary platform for Chinese innovative drug companies due to its flexible listing regulations and foreign investment environment, which has attracted over 70 competitive innovative drug and CXO companies [12][43] - The establishment of the Hong Kong Medical Device Regulatory Center (CMPR) and other supportive mechanisms is expected to enhance the internationalization and business development capabilities of companies listed in Hong Kong [13][44] Group 4 - The Hang Seng Biotechnology Index has outperformed other indices with a 82.75% increase, highlighting its strong market position [16][46] - The index is composed of the top 30 biotechnology companies, focusing on high-growth sectors such as innovative drugs (79% weight) and CXO services (11% weight), ensuring coverage of the core segments of the pharmaceutical industry [17][49] - The index's unique feature includes being the only pharmaceutical-themed index in Hong Kong equipped with index futures, providing risk management tools and enhancing liquidity for investors [23][54] Group 5 - The Hang Seng Biotechnology Index is currently at a historically low valuation, with a PE ratio of 30.01, significantly lower than the NASDAQ Biotechnology Index and the CSI Biotechnology Index, indicating a valuation advantage [26][55] - The index's components are primarily leading innovative drug and CXO companies with solid R&D capabilities, suggesting potential for steady profit release as pipelines mature and orders are fulfilled [28][57] - The current market conditions may present a favorable opportunity for long-term investors to allocate resources into high-quality pharmaceutical assets through the Hang Seng Biotechnology ETF [29][58]