指数基金投资价值分析系列之三十五：银华创新药ETF、港股创新药ETF投资价值分析：医药企业投融资环比改善，创新药出海势头强劲

1. Report's Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - The government's support for innovative drugs and policy - capital synergy drive the industry's recovery. The demand for major innovative drugs is expected to increase, and the market window loss will be reduced [11][12]. - In 2025, the investment and financing in the medical and health field have improved, and the momentum of innovative drug going global is strong. The Chinese biopharmaceutical market is expanding, and the industry has entered a harvest period [2][14]. - International conferences such as AACR and ASCO are important for the R & D and application of innovative drugs, and Chinese innovative drugs show strong R & D strength [32][33]. - The future prospects of the pharmaceutical sector are promising, with the industry entering a normalization stage, the marginal impact of procurement decreasing, and continuous policy support for the innovative drug industry chain [37]. - The innovative drug globalization process is expected to continue, as MNCs face the "patent cliff" and Chinese innovative drug companies can provide competitive early - stage R & D pipelines [3][38]. - The CSI Innovative Drug Industry Index and the Guozheng Hong Kong - Stock Connect Innovative Drug Index focus on A - share and Hong Kong - share innovative drug companies respectively, with high elasticity, reasonable valuations, and high growth potential [4][41]. - The Silver Fund's innovative drug ETFs provide investors with low - cost tools to participate in the growth of the innovative drug industry [5][62]. 3. Summary by Directory 3.1 Government Report Re - mentions "Innovative Drugs" - The 2025 government report supports the development of innovative drugs, including improving the drug price formation mechanism and formulating an innovative drug catalog. The top - level policy promotes the "true innovation" industry [11]. - The National Healthcare Security Administration will launch the first - edition Class C drug catalog in 2025, and the "basic medical insurance + commercial insurance" model will solve the payment problem of high - value innovative drugs. The demand for major innovative drugs is expected to increase [11]. - The adjustment time of the medical insurance drug catalog will be advanced, and the "pre - declaration" mechanism will be introduced to reduce market window losses [12]. 3.2 Improvement in Pharmaceutical Enterprise Investment and Financing, Strong Momentum of Innovative Drug Going Global - In January 2025, global medical and health investment and financing had explosive growth, with a monthly financing of $8.004 billion, a year - on - year increase of 88.7%. Domestic investment and financing also showed a warming trend, with a 14.11% month - on - month increase [2][14]. - From 2019 to 2023, the Chinese biopharmaceutical market grew from $45.2 billion to $66.5 billion at a CAGR of 10.5%, and is expected to reach $103.4 billion in 2026 and $162.8 billion in 2030 [16]. - In 2024, the number of new drug IND applications and approvals reached a record high. The clinical progress of domestic innovative biopharmaceuticals is accelerating, and the industry has entered a harvest period [19]. - In the first quarter of 2025, there were 33 Chinese pharmaceutical overseas transactions, with a disclosed amount exceeding $36.2 billion. Chinese pharmaceutical companies are exploring diversified internationalization paths [27]. 3.3 Focus on International Conference Catalytic Nodes - The AACR annual meeting from April 25th to 30th, 2025, is an important platform for cancer research results. 95 Chinese pharmaceutical companies will present over 200 new drug research results, with nearly 100 ADC drugs [32]. - The ASCO annual meeting from May 30th to June 3rd, 2025, is a high - level event in the clinical oncology field, and many important research findings will be announced [33]. 3.4 Future Outlook: Hope and Challenges of Recovery - The industry's special rectification will enter a normalization stage, and the growth of the pharmaceutical sector in the second half of 2025 is expected due to the low - base effect of the second half of last year [37]. - The marginal impact of drug and medical consumables procurement on the industry is gradually decreasing, and the procurement rules are becoming more moderate [37]. - The innovative drug industry chain continues to receive policy support, and the equipment procurement in the second half of the year will be boosted [37]. - The innovative drug globalization process is expected to continue, as MNCs face the "patent cliff" and Chinese innovative drug companies can provide competitive early - stage R & D pipelines [38]. 3.5 CSI Innovative Drug and Hong Kong - Stock Connect Innovative Drug Index Focus on A - Share and Hong Kong - Share Innovative Drug Companies - The CSI Innovative Drug Industry Index selects 50 representative A - share stocks, and the Guozheng Hong Kong - Stock Connect Innovative Drug Index selects 50 representative Hong Kong - share stocks [41]. - Both indexes have high - elasticity historical trends, with the CSI Innovative Drug Index having a cumulative increase of 68.62% from 2015 to March 31, 2025, and the Guozheng Hong Kong - Stock Connect Innovative Drug Index having a cumulative increase of 45.77% from 2019 to March 31, 2025 [42][45]. - As of March 31, 2025, the PE of the CSI Innovative Drug Industry Index is 43.19 times, at the 57.5% quantile since April 2019; the PE of the Guozheng Hong Kong - Stock Connect Innovative Drug Index is 52.26 times, at the 42.7% quantile since November 2021 [46]. - Both indexes focus on chemical innovative drugs, bioproducts, and medical R & D outsourcing. The CSI Innovative Drug Industry Index focuses more on chemical innovative drugs, while the Guozheng Hong Kong - Stock Connect Innovative Drug Index has a higher weight in bioproducts [48]. - Both indexes are positioned in the small - and medium - cap growth style, with high growth potential and continuous revenue growth [54][59]. 3.6 Product Information of Silver Fund's Innovative Drug ETF and Hong Kong Innovative Drug ETF - The Silver Fund has developed the Silver CSI Innovative Drug Industry ETF (fund code: 159992) and the Silver Guozheng Hong Kong - Stock Connect Innovative Drug ETF (fund code: 159567), which closely track the corresponding indexes [62][63]. - The current asset scale of the Silver CSI Innovative Drug Industry ETF is 10.998 billion yuan, with good liquidity. The Silver Guozheng Hong Kong - Stock Connect Innovative Drug ETF has a current scale of 972 million yuan and is actively traded [62][63]. - The fund managers of the Silver CSI Innovative Drug Industry ETF are Ma Jun and Wang Shuai, and the fund manager of the Silver Guozheng Hong Kong - Stock Connect Innovative Drug ETF is Ma Jun [68].