Core Viewpoint - The Hong Kong stock market's innovative drug sector is gaining significant attention from investors, driven by strong government support and increasing demand for high-quality medical services, particularly in the context of aging populations and rising health awareness [1][3][4]. Group 1: Government Support and Policy Framework - The 2025 government work report emphasizes the establishment of an innovative drug directory, marking a strategic shift to support the development of innovative drugs [1]. - The "Implementation Plan for Supporting the Development of Innovative Drugs" approved in July 2024 outlines comprehensive support across all stages of drug development, from initial investment to market entry, addressing key challenges in the sector [2]. Group 2: Market Demand and Growth Potential - The demand for high-quality medical services is surging, particularly in China, where economic growth and improved living standards are driving the need for innovative drugs to treat chronic diseases and cancers [3]. - The market for diabetes treatment, a significant chronic disease in China, is projected to grow from 62.4 billion yuan in 2022 to over 132.3 billion yuan by 2030, highlighting the strong growth potential for innovative drugs in this area [3]. Group 3: Competitive Landscape and Investment Opportunities - The structural changes in demand are reshaping the competitive landscape of the pharmaceutical market, with innovative drugs transitioning from supplementary options to mainstream treatment solutions [4]. - The Hong Kong innovative drug ETF (520700) offers investors a tool to access leading companies in the innovative drug sector, benefiting from favorable policies and advancements in AI technology [5][6]. Group 4: Valuation and Market Positioning - The "18A rule" allows unprofitable biotech companies to list in Hong Kong, providing a diverse range of investment opportunities in innovative drugs [6]. - As of June 10, 2025, the latest PE-TTM valuation for the index tracking innovative drugs is 28.25 times, indicating a relatively low historical valuation and high long-term investment potential [6]. Group 5: Strategic Timing for Investment - The convergence of supportive policies, industry dynamics, and capital market conditions suggests that now is an opportune time for strategic long-term investments in the Hong Kong innovative drug sector [7].
政策加持叠加需求爆发,港股创新药进入发展黄金期?
申万宏源证券上海北京西路营业部·2025-07-02 02:00