“纯度”更高！港股这一指数大调整，5家CXO公司被剔除

Core Viewpoint - The recent revision of the Hang Seng Hong Kong Stock Connect Innovative Drug Index has removed five CXO companies to enhance the index's focus on core innovative drug companies, achieving a "purity" of 100% [1][3][4]. Group 1: Index Revision and Performance - The Hang Seng Hong Kong Stock Connect Innovative Drug Index has excluded five CXO companies, which previously accounted for approximately 20% of the index's weight and underperformed compared to the overall index [2][4]. - The revised index has shown improved performance since its announcement, with an annualized return exceeding 47% and a higher Sharpe ratio compared to the previous index [4][5]. - The removal of CXO companies allows the index to more accurately reflect the development trends of the innovative drug industry, as CXO companies operate under a different business model and do not directly engage in the core intellectual property of innovative drugs [3][5]. Group 2: Market Trends and Fund Manager Sentiment - Public funds have reduced their allocation to the CXO sector, with the proportion of CXO holdings in pharmaceutical theme funds at a historical low as of Q2 2025 [2][5]. - The innovative drug sector has gained significant attention, with the Hang Seng Hong Kong Stock Connect Innovative Drug Index experiencing a year-to-date increase of approximately 100% [5][6]. - Fund managers are increasingly optimistic about the long-term returns of innovative drugs, citing improved research and commercialization capabilities, as well as a favorable market environment for growth-oriented sectors [6][5].