指数基金产品研究系列报告之二百五十一：汇添富科创创新药ETF：把握创新药产业景气，双轮驱动捕捉成长标的

Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. Core Viewpoints of the Report - China's innovative drug industry is at a historical inflection point, moving towards the "global leadership" stage, with innovation upgrades, accelerated internationalization, and a profit inflection point [1][18]. - The Sci - Tech Innovation New Drug Index (931852.CSI) can accurately capture the industry's prosperity and core growth targets, with strong performance and fundamental support [1]. - The Huatai - PineBridge Shanghai Sci - Tech Innovation Board Innovative Drug ETF (589120) provides a convenient tool for investors to access the core assets of innovative drugs on the Sci - Tech Innovation Board [1]. Summary According to the Directory 1. Sci - Tech Innovation New Drug Index: Grasp Industry Prosperity and Capture Growth Targets - Industry Representation and Growth Capture Ability: The Sci - Tech Innovation New Drug Index, also known as the Shanghai Sci - Tech Innovation Board Innovative Drug Index (931852.CSI), selects 30 large - cap stocks related to innovative drugs from the Sci - Tech Innovation Board, reflecting the overall performance of the sector [5]. - Dispersed Component Weights: The index focuses on high - quality leading companies. Its weight distribution is relatively dispersed, with companies in the 30 - 50 billion yuan market - cap range having a high proportion. The top ten weighted stocks account for 63.85% of the total weight, and most stocks have shown an upward trend after being included in the index [7][9]. - Strong Index Elasticity: The Shanghai Sci - Tech Innovation Board Innovative Drug Total Return Index has a more prominent upward trend compared to similar indices. Since the second quarter of 2025, its cumulative increase of 82.66% and risk - adjusted return - to - risk ratio of 2.31 are significantly higher than those of similar indices [11][13]. - Revenue Growth and Profit Improvement Expectations: The index's constituent stocks are expected to have high - speed revenue growth and improved profitability. Market consensus predicts that the total revenue will continue to grow, and the net profit attributable to shareholders is expected to turn positive in 2025 and reach 7.537 billion yuan in 2026 [14]. 2. China's Innovative Drug Industry Enters a New Stage of "Global Leadership" - Innovation Upgrade: China has achieved a transformation from "imitation - following" to "original innovation" in the field of innovative drugs. The number of self - developed First - in - Class (FIC) drugs has increased from 9 in 2015 to 120 in 2024, accounting for 31% of the global pipeline, second only to the United States. Chinese pharmaceutical companies also show global competitiveness in popular target areas [21][24]. - Accelerated Internationalization: The internationalization of domestic innovative drugs is accelerating. Nine domestic innovative drugs from eight companies have been approved for listing in the United States. The license - out business has also entered a period of explosive growth, with an increase in upfront payments and total transaction amounts [27][29]. - Profit Inflection Point: With the commercialization of innovative drugs and the normalization of external licensing, Chinese innovative pharmaceutical companies have reached a profit inflection point. For example, the sales of Vemurafenib of Alis in 2024 reached 3.5 billion yuan, a year - on - year increase of 77%, and the global sales of Zanubrutinib of BeiGene in 2024 were 2.6 billion US dollars (about 19 billion yuan), a year - on - year increase of 105% [33]. 3. Huatai - PineBridge Shanghai Sci - Tech Innovation Board Innovative Drug ETF (589120) - The fund is an index fund under Huatai - PineBridge Fund, with Luo Hao as the proposed fund manager. It has a management fee of 0.50% and a custody fee of 0.10%. It uses a full - replication method to track the Shanghai Sci - Tech Innovation Board Innovative Drug Index, aiming to minimize tracking deviation and error [1][35][36]. - The fund will be issued from August 25 to September 5, 2025, with different subscription rates based on the amount of subscription shares [37][38]. 4. Fund Manager Information - Huatai - PineBridge Fund was established in February 2005. It is a first - class comprehensive asset management company in China, known as the "stock - picking expert". It has a complete range of business licenses and a well - developed product layout. As of August 21, 2025, it has 61 non - monetary ETF products, with a total scale of over 93.6 billion yuan [1][39].