量化掘基系列之三十七：政策红利叠加全球机遇，布局港股创新药正当时

• The "CNY Index" selects up to 50 listed companies in Hong Kong whose main business involves innovative drug R&D to reflect the overall performance of securities in the innovative drug theme in the Hong Kong market[37][38][39] - The historical performance of the "CNY Index" is outstanding, with a 74.99% increase in the past year, a 33.92% increase over the past three years, and a 7.83% decline over the past five years, outperforming other innovative drug indices[39][41][42] - The valuation level of the "CNY Index" is relatively low, with a PE (TTM) of 32.47x, ranking at the 26.12% percentile over the past three years and the 15.48% percentile over the past five years[42][43][44] - The "CNY Index" focuses more on small-cap stocks, with 68.42% of its constituent stocks having a market cap below 30 billion HKD[44][47][48] - The industry distribution of the "CNY Index" shows a higher proportion in "Other Biological Products" and "Chemical Preparations"[44][47][48] - Recent performance of some constituent stocks in the "CNY Index" is strong, such as Innovent Biologics with a 90.79% YoY increase in net profit and BeiGene with a 100.51% YoY increase in Q1 net profit for 2025[49][50][51] - The EPS forecast for the top 10 constituent stocks of the "CNY Index" shows growth in 2025 compared to 2024, with Three S Pharmaceutical's forecast EPS reaching 2.1661 HKD[52][53][54]