港股创新药ETF（513120）：创新药步入密集兑现期，产业趋势明显

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The Hong Kong innovative drug sector's valuation has not reached its peak and is below the 50% quantile. The industry is in a high - prosperity stage with improving performance in innovative drugs and CXO [1][11] - The innovative drug industry is entering a recovery phase in 2025, driven by industry trends, policies, and events. BD licensing of Chinese innovative drugs overseas is booming, indicating international recognition [2] - The Hong Kong Innovative Drug ETF (513120.OF) has advantages such as good liquidity, high - purity composition, and convenient trading, making it a good investment tool [4] 3. Summary by Directory 3.1 Value Analysis - Valuation Level: The PE of the China Securities Hong Kong Innovative Drug Index on August 8, 2025, was 45.73, below the 50% quantile (47.42x), indicating that the valuation of the Hong Kong innovative drug sector has not reached its peak [9] - Performance Improvement: The performance of innovative drugs (Biotech + Pharma) and CXO is improving. After ten batches of centralized procurement, innovative drug varieties of Pharma companies are becoming the main growth force, and leading biotech companies' products are rapidly expanding. CXO's performance is also rebounding due to the high - prosperity of the innovative drug track [11][13] - Representative Companies: Companies like BeiGene, Kelun Botai, and others have strong R & D capabilities, rich pipelines, and successful international cooperation experiences [20][23] - Comparison between H - shares and A - shares: H - shares have a larger scale, higher revenue, more listed Biotech companies, and lower valuations than A - shares. The proportion of innovative drugs in H - shares is also higher [36][39] 3.2 Industry Analysis - Development Stages: From 2015 - 2025, the innovative drug industry has gone through preliminary exploration (2015 - 2018), capital boom (2019 - 2021), deep adjustment (2022 - 2024), and recovery (2025) stages [2] - Policy Support: Policies have evolved from governance system innovation to continuous optimization and national - level support. Domestic policies have accelerated the approval process and improved the commercialization of innovative drugs through measures like optimizing the review and approval process and promoting医保access [2][60] - Ecosystem Features: The 18A channel in Hong Kong provides financing for unprofitable biotech companies. Overseas cooperation has led to the re - evaluation of innovative drug companies' valuations, with increasing cooperation between Chinese and international pharmaceutical giants [76][80] - Internationalization Potential: China has achieved breakthroughs in the quantity, quality, and technology of innovative drugs. The number of self - developed innovative drugs ranks first globally, the proportion of FIC molecules ranks second, and the gap in drug listing time between China and foreign countries has been significantly shortened [88][90][92] 3.3 ETF Product Introduction - ETF General Information: The GF China Securities Hong Kong Innovative Drug ETF was established on July 1, 2022, tracking the China Securities Hong Kong Innovative Drug Index. It has good liquidity, with a fund scale of 16.76 billion yuan as of August 6, 2025, and its daily trading volume has increased significantly [99] - Features and Advantages: It has high - purity industry focus and concentration, with the weight of bioproducts and chemical pharmaceuticals in the index reaching 92.5%, and the top ten component stocks' concentration reaching 70.59%. The industry is in a period of intensive realization, and policies provide full - chain support [105][106] - Configuration Attributes: It is an efficient tool for investors to allocate to the Hong Kong Biotech track, helping to avoid individual stock R & D risks. It also has medium - to - long - term rotation allocation value, with the index's one - year return ranking first among QDII stock funds and significant south - bound capital inflows [107][108]