格隆汇APP·2025-06-12 09:05Core Viewpoint - The innovation drug sector is a prominent investment theme this year, showing strong performance driven by policy support, global competitiveness, and commercial profitability [1][3][31]. Group 1: Market Performance - The Hang Seng Pharmaceutical ETF (159892) increased by 60% this year, while the STAR Pharmaceutical ETF (588130) rose by 10.9% in the last ten trading days [3][27]. - Despite a recent pullback, the innovation drug sector continues to dominate the ETF performance rankings [2][3]. Group 2: Driving Factors - Two main reasons for the strong performance of innovation drugs: improvement in the macroeconomic environment and favorable policy developments [4][5]. - The U.S. CPI in May was lower than expected, leading to increased market expectations for a potential interest rate cut by the Federal Reserve, which would benefit the valuation of innovation drug stocks [4]. Group 3: Market Dynamics - The innovation drug sector is experiencing a turning point characterized by macroeconomic recovery, industry fundamentals, and valuation adjustments [9][10]. - The latest PE ratio of the Hang Seng Biotechnology Index is 27.64, indicating room for further valuation recovery as it remains below the historical range of the past decade [11]. Group 4: Industry Developments - Recent approvals of 11 innovative drugs by the National Medical Products Administration signify a growing pipeline for domestic innovation drug companies [11][12]. - Successful international collaborations and participation in global events like the ASCO conference highlight the competitive strength of Chinese innovation drug firms [11][12]. Group 5: Liquidity and Investment Trends - The influx of foreign capital into the Hong Kong market is evident, with 27 companies listed this year, 15 of which attracted foreign cornerstone investors [19][20]. - The average daily trading volume in Hong Kong has significantly increased, reflecting heightened liquidity that benefits the innovation drug sector [25][27]. Group 6: Future Outlook - The innovation drug sector is expected to continue benefiting from a favorable macroeconomic environment, policy support, and increasing global competitiveness [31][34]. - The current growth cycle for innovation drugs is distinct due to the backdrop of macroeconomic recovery and industry value reassessment [33][34].