大爆发！创新药港ETF涨超4.6%，泰格医药等多股涨停，机构纷纷看好创新药出海机遇

Core Viewpoint - The pharmaceutical sector in Hong Kong and A-shares experienced a significant surge, particularly in innovative drugs, medical services, and CROs, driven by market speculation regarding supportive government policies for innovative drug development [1][3]. Group 1: Market Performance - A-shares in innovative drugs saw substantial gains, with companies like Tigermed and Shouyao Holdings hitting the 20% daily limit, while others like Zhaoyan New Drug and Aosaikang also reached their daily limits [1][2]. - The Hong Kong innovative drug sector, led by Tigermed, rose over 20%, with Zhaoyan New Drug increasing nearly 16% [2][3]. Group 2: Policy and Market Drivers - A draft proposal for comprehensive support for innovative drug development has circulated, aiming to enhance R&D, approval, usage, and payment processes, although it has not been officially confirmed [3]. - The 2024 government work report highlighted "innovative drugs" for the first time, signaling potential policy support that could enhance the competitiveness and innovation of the sector [3]. - Upcoming international conferences like AACR and ASCO are expected to act as catalysts for the innovative drug sector [3]. Group 3: Industry Growth and Internationalization - China has developed a competitive edge in certain innovative drug areas, with 5,033 drug pipelines under development, representing 23.6% of the global total, second only to the U.S. [4]. - The number of innovative drugs going international has been increasing, with nearly 200 projects from 2020 to 2023, averaging about 50 per year, indicating growing global recognition [4]. - In early 2024, overseas licensing transactions reached $9.146 billion, surpassing the total for 2020, marking a potential breakout year for innovative drugs going international [4]. Group 4: Valuation and Investment Opportunities - The pharmaceutical sector's valuation is currently below 40% of historical averages since 2005, suggesting limited downside potential even if valuations decline further [4]. - Analysts are optimistic about the innovative drug sector's valuation and potential, highlighting the importance of internationalization and government support in driving growth [4][5]. - Investment recommendations include focusing on overseas breakthroughs in specific therapeutic areas and identifying leading companies poised for recovery and international expansion, such as Innovent Biologics and WuXi Biologics [5].