指数基金产品研究系列报告之二百四十二：富国恒生港股通医疗保健ETF及联接基金投资价值分析

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The healthcare industry is promising with AI assistance and policy support. With the government's emphasis on the "AI +" initiative and related policies, and the increasing demand and supply in the healthcare market, the industry is undergoing significant changes, presenting more investment opportunities [3][7][14]. - The Hang Seng Hong Kong Stock Connect Healthcare Index has investment value. It has a large capacity and wide market - value coverage, high stock concentration, and currently has a low valuation with room for repair [18][21][34]. - The China Universal Hang Seng Hong Kong Stock Connect Healthcare ETF and its linked fund are good investment vehicles. The ETF has excellent tracking performance, and the linked fund can achieve returns similar to the index by investing in the target ETF [3][37][39]. 3. Summary by Directory 3.1 AI Assistance, Policy Support, and a Promising Future for the Healthcare Industry - The healthcare industry aims to ensure national health, covering multiple fields such as drugs, biotechnology, and medical services. It has significant technological and people - related characteristics [7]. - From the demand side, China's monthly medical treatment volume and annual health expenditure are increasing, indicating an expanding medical service market and growing health consumption. In 2024, the per - capita healthcare consumption expenditure was 2,547 yuan, a 3.6% increase, accounting for 9.0% of per - capita consumption expenditure [7]. - From the supply side, China's medical device exports have remained at a high level since 2020, demonstrating the competitiveness of Chinese medical enterprises in the global market [10]. - AI technology is being increasingly applied in the healthcare field, and policies are promoting the development of "AI + medicine and health", which will drive the industry into a new era of "precision, universal access, and intelligence" [14]. - The government supports the development of innovative drugs, and local governments are taking corresponding actions, which will promote the high - quality development of the chemical pharmaceutical field [14]. 3.2 Investment Value of the Hang Seng Hong Kong Stock Connect Healthcare Index 3.2.1 Hang Seng Theme Index Series Compilation Plan - The Hang Seng Hong Kong Stock Connect Healthcare Index is issued by the Hang Seng Index Company, with a base date of December 31, 2014, and a base point of 3,000. Its 40 component stocks are selected from Hong Kong - listed companies engaged in healthcare - related businesses through the Hong Kong Stock Connect, and are weighted by free - float market value [18]. - The sample selection method includes classifying securities by industry, excluding companies with low R & D expenditure ratios, selecting the top 40 by market value, and adjusting the component stocks semi - annually [19]. 3.2.2 Component Stock Market - Value Distribution: Large Capacity and Wide Coverage - As of April 2, 2025, the total market value of the 40 component stocks of the index is HK$1.63 trillion, and the total free - float market value is HK$0.69 trillion, accounting for 2.99% and 3.34% of the Hang Seng Composite Index respectively. The index has a large capacity and wide market - value coverage [21]. - There are both leading enterprises with a market value of over HK$100 billion and many companies with a market value of less than HK$20 billion. The number of companies with a total market value of less than HK$50 billion is the largest, and the companies with the largest total market value are BeiGene and WuXi AppTec [21]. - The free - float market value is more concentrated below HK$10 billion, and the company with the largest free - float market value is BeiGene [24]. 3.2.3 High Stock Concentration - As of April 2, 2025, the top ten component stocks of the index account for 70.68% of the total weight, with the highest weight of a single stock reaching 13.99%. All the top ten stocks belong to the pharmaceutical and biological industry, covering various sub - industries such as chemical pharmaceuticals, biological products, medical devices, and medical services [27]. - BeiGene, with a weight of 13.99%, is expected to turn a profit in 2025 according to market forecasts [27][28]. 3.2.4 Index Valuation and Performance: Weak Performance Since 2024 and Low Valuation - As of April 2, 2025, among the 40 component stocks, 18 have a negative PE, and 17 of the remaining stocks have a current PE percentile below the 50% level in the past ten years, with 11 below the 30% level. The healthcare sector currently has a low valuation and room for repair [34]. - Historically, the index has generally outperformed the Hang Seng Composite Index. Although its performance has been poor since 2024, the trend is expected to improve with the development of AI in 2025. In an uncertain global environment, the pharmaceutical sector has relatively weak trade - relatedness and growing demand, so there is potential for repair [34]. 3.3 China Universal Hang Seng Hong Kong Stock Connect Healthcare ETF and Its Linked Fund 3.3.1 China Universal Hang Seng Hong Kong Stock Connect Healthcare ETF - The ETF (fund code: 159506) was listed on July 3, 2023, with Tian Ximeng as the fund manager. It closely tracks the Hang Seng Hong Kong Stock Connect Healthcare Index, with a tracking error of 1.67% in the past year. The management fee is 0.50% and the custody fee is 0.10% [37]. 3.3.2 China Universal Hang Seng Hong Kong Stock Connect Healthcare ETF Linked Fund - The linked fund (A - class fund code: 020110, C - class fund code: 020111) was established on December 5, 2023, also managed by Tian Ximeng. It invests in the target ETF to track the index and achieve returns similar to the index. The management fee is 0.50% and the custody fee is 0.10% [39]. 3.4 Appendix 3.4.1 Fund Manager Introduction - China Universal Fund Management Co., Ltd. was established in Beijing in 1999, one of the first ten fund management companies approved by the China Securities Regulatory Commission. It has branches in multiple cities and foreign - capital participation. It has rich investment management experience and provides professional fund investment services [40]. 3.4.2 Fund Manager Profile - Tian Ximeng, a master's degree holder, joined China Universal Fund in May 2017. He has held various positions and is currently a quantitative fund manager in the Quantitative Investment Department of the company [41].