Core Viewpoint - The domestic innovative drug industry is transitioning from a follower to FIC/BIC innovation, supported by engineer dividends, abundant clinical resources, and favorable policies, indicating a qualitative improvement as it enters the 2.0 era [1][2] Group 1: Industry Development - The innovative drug sector is expected to benefit from policy reforms in payment systems, enhancing the profitability of innovative drug companies as they commercialize domestic products [2] - The upcoming ESMO conference in mid-October is anticipated to provide new investment opportunities through the release of relevant clinical data and business development (BD) activities [2] Group 2: Investment Climate - The investment landscape has improved since early this year, with a notable reversal in the financing trend for the innovative drug industry, particularly in the A/H market [3] - The recovery of IPO projects and financing activities in the secondary market is expected to positively impact investment data in Q3, benefiting domestic CROs and upstream research sectors [3] Group 3: Policy Support - Continuous advancement of commercial medical insurance policies since 2025 is likely to accelerate payment system reforms, easing supply-demand conflicts and supporting domestic innovation [4] - Fiscal policy enhancements are expected to increase market interest in domestic medical equipment stocks [4] Group 4: Target Companies - A-share targets include: BeiGene (688235.SH), Hengrui Medicine (600276.SH), Kelun Pharmaceutical (002422.SZ), WuXi AppTec (603259.SH), Tigermed (300347.SZ), New Industry (300832.SZ), BGI Genomics (688114.SH), Huatai Medical (688617.SH), and Dian Diagnostics (300244.SZ) [5] - H-share targets include: Kelun Biotech (06990), CSPC Pharmaceutical (01093), China Biologic Products (01177), CanSino Biologics (09926), WuXi Biologics (02269), Junshi Biosciences (01877), and Zai Lab (09688) [5]

医疗健康 证券研究报告 2025.10.02 中金医药 10 月组合：看好创新药及产业 链，期待商保突破 张琎 分析员 SAC 执证编号：S0080517040001 SFC CE Ref：BHM689 jin.zhang@cicc.com.cn 纵轴：相对值（%） 76 84 92 100 108 116 2024-10 2025-01 2025-04 2025-07 2025-09 沪深300 中金医疗健康 | V：shuimu2026 | 中金医药 | 月组合：看好创新药及产业 | 更多一手调研纪要和海外投行研报数据加 | 10 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 链，期待商保突破 | | | | | | | | | | | | | | | | | | | | 张琎 分析员 | SAC 执证编号：S0080517040001 | V：shuimu2 ...

9月16日午后，创新药ETF天弘（517380）截至发稿跌1.14%，成交额超4000万元。溢折率0.28%，盘中 频现溢价交易。 生物医药ETF(159859）紧密跟踪生物医药指数。国证生物医药指数以A股市场属于生物医药产业相关上 市公司为样本空间，根据市值规模和流动性的综合排名，选出前30只股票作为指数样本股（数量不足时 则按实际数量选入），反映了生物医药行业的整体运行情况，向市场提供了细分行业的指数化投资标 的。该ETF还配备了联接基金（A：011040，C：011041）。 中信建投证券称，从中报业绩来看，创新药、CXO、生物制药等医药行业细分板块均迎来业绩修复， 中国医药产业当前已具备全球竞争力，长期看好医药行业走出全球性大公司。 中金公司表示，在国内工程师红利、丰富临床资源和支持性政策多边加持下，国产创新药已经从跟随时 代走向FIC/BIC创新，进入 2.0时代的创新药产业已经逐步完成质的提升，看好创新药长期产业发展趋 势，下半年10月中旬围绕ESMO会议前后相关临床数据读出与BD有望带来板块新一轮投资机遇。 资金流向上看，截至9月15日，创新药ETF天弘（517380）近6日持续获资金净流入，累 ...

利空消息突袭，9月11日早盘，AH创新药一度全线重挫。重仓A股创新药的药ETF（562050）盘初下探 5%；港股创新药波动更为剧烈，中国生物制药等多股开盘后一度跌超10%，创新药纯度100%的港股通 创新药ETF（520880）跌幅一度超过7%。 盘初情绪快速释放后，港股通创新药ETF（520880）跌幅逐步收窄，截至发稿跌逾3%。成份股跌幅普 遍收至10%以下，中国生物制药现跌逾6%，恒瑞医药、百济神州H股跌逾7%。 究竟发生了什么？ 有消息称，美方或将把矛头对准中国创新药BD。隔夜外媒报道，一项草拟的行政命令威胁要切断从中 国引进创新药的通道，一是针对美国制药公司从中国药企收购药物权益的交易，二是试图阻止制药企业 依赖来自中国患者的临床试验数据。 影响多大？ 机构分析认为，该报道提到的草案对创新药板块带来的影响或类似于去年生物安全法案之于CXO，草 案大概率无法落地，但可能会围绕是否发布进行一系列的博弈。 业内分析人士也指出，去年CXO已经验证医药脱钩断链不可行，相信中国创新药产业也将承受住压力 测试。目前中国已成为全球创新药不可动摇的源头，中国创新药的崛起不可逆转，这是全球创新资源优 化配置的结果。 ...

在第十七届中国生物产业大会开幕当天，全国创新药慧眼系统正式亮相。该系统由国家发展改革委战略 布局指导、国家发展改革委创新驱动发展中心组织，深圳国家高技术产业创新中心联合北京笃威尔数字 技术有限公司等单位共同打造。系统从国家战略视角出发，依托国际创新产业信息服务平台的全链条数 据支撑，通过"数据整合-情报分析-精准赋能"的全链路能力，精准破解政府、企业、金融机构等多元主 体在产业发展中的全过程核心痛点，为我国创新药产业突破"卡脖子"瓶颈、实现高质量集群发展注入关 键动能。（经济观察网） ...

Group 1 - The Hong Kong innovative drug sector opened high and fluctuated, with the Hang Seng Hong Kong Stock Connect Innovative Drug Index rising by 0.5% as of 10:50 AM [1] - The Hang Seng Innovative Drug ETF (159316) recorded a trading volume exceeding 200 million yuan, with a net subscription of 6 million units, and has seen over 500 million yuan in net inflows since August, reaching a historical high of over 1.5 billion yuan [1] - A recent report from the West Pharmaceutical 2025 DTP Pharmacy New Development Summit indicates that the retail pharmacy (DTP) innovative drug sales are expected to reach 88.7 billion yuan in 2024, representing a year-on-year growth of 16.6% [1] Group 2 - In the first quarter of 2025, the sales scale is projected to reach 23.3 billion yuan, with a year-on-year increase of 15.0%, indicating a sustained growth trend in innovative drug sales [1] - Shenwan Hongyuan pointed out that the revenue from innovative drug products and external licensing has maintained rapid growth over the past three years, with significant BD transactions occurring this year, leading to a trend of expanding the innovative drug market [1] - The recent revision of the Hang Seng Hong Kong Stock Connect Innovative Drug Index has officially taken effect, removing contract research organizations (CROs) and becoming the first index with a "purity" of 100% for innovative drugs [1]

Group 1 - The Hong Kong innovative drug sector experienced a pullback after four consecutive days of gains, with the Hang Seng Hong Kong Stock Connect Innovative Drug Index down by 2.2% as of 14:57 [1] - The Hang Seng Innovative Drug ETF (159316) recorded a trading volume of 700 million yuan, with a net subscription of nearly 100 million shares, indicating significant growth with over 500 million yuan net inflow in the past month [1] - The 18th Western Pacific Conference, dubbed the "Davos of the Health Industry," recently opened in Boao, focusing on drug research and development, payment innovation, and outpatient services, highlighting the new value in the pharmaceutical industry [1] Group 2 - Experts at the conference believe that China's innovative drug industry is poised for a new growth wave, driven by advantages in the entire chain of innovation, accelerated internationalization, and continuous policy support [1] - The recent revision of the Hang Seng Hong Kong Stock Connect Innovative Drug Index has officially excluded CXO companies, making it the first index with a 100% "purity" in tracking innovative drugs [1] - Backtesting data shows that the adjusted index has higher annualized returns and Sharpe ratios since its launch on July 10, 2023, making the Hang Seng Innovative Drug ETF (159316) the only product tracking this index, providing investors with precise opportunities in the innovative drug sector [1]

Group 1 - The National Healthcare Security Administration has announced the preliminary results for the 2025 "Medical Insurance Directory + Commercial Insurance Innovative Drug Directory," with 534 generic names approved for medical insurance and 121 for commercial insurance, marking the beginning of a dual-track payment system for innovative drugs [1] - Recent market sentiment for innovative drugs continues to rise, with significant potential for further growth in the sector. There have been ongoing developments in outbound licensing transactions, indicating that many high-quality domestic innovative drugs may have opportunities for international expansion [1] - The adjustment of the medical insurance directory and the advancement of commercial insurance policies in the second half of the year are expected to serve as important catalysts for the industry [1] Group 2 - The new compilation scheme for the Hang Seng Hong Kong Stock Connect Innovative Drug Index has taken effect, focusing exclusively on innovative drug companies and achieving a "100% purity" in the ETF tracking index [1] - Backtesting shows that since the adjustment, the index has demonstrated higher annualized returns and Sharpe ratios since its launch on July 10, 2023 [1] - The Hang Seng Innovative Drug ETF (159316) is the only product tracking this index, having attracted significant investment with its latest scale exceeding 1.2 billion yuan, reaching a historical high, thus enabling investors to share in the industry's development dividends [1]

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].

Core Viewpoint - The Hong Kong stock market's innovative drug sector has seen a significant rebound in performance this year, driven by favorable policies, accelerated R&D, and a surge in overseas expansion. The Hang Seng Innovative Drug Index (HSIDI.HI) has gained over 100% year-to-date, attracting considerable market attention. In light of this positive trend, the index's compilation rules have undergone important revisions [1][2]. Summary by Relevant Sections Index Adjustments - On August 1, 2025, the Hang Seng Index Company announced key revisions to the Hang Seng Innovative Drug Index, effective from August 11, 2025. The main changes include the removal of companies in the CXO sector, which encompasses Contract Research Organizations (CRO), Contract Manufacturing Organizations (CMO), and Contract Development and Manufacturing Organizations (CDMO) [1][2]. Focus on Core Enterprises - The index has removed seven companies with relatively low "innovative drug content," resulting in a renewed focus on core innovative drug enterprises. These companies typically possess strong R&D capabilities and core patent technologies, enhancing the index's ability to capture the industry's driving forces [3][5]. Top Constituents and Their Weightings - The top ten constituents of the revised index and their respective weights are as follows: - 9926.HK: 10.31% - 6160.HK: 9.80% - 1801.HK: 9.52% - 1177.HK: 9.47% - 6990.HK: 9.18% - 1093.HK: 6.98% - 1952.HK: 6.22% - 9688.HK: 6.12% - 1530.HK: 5.90% - 2157.HK: 2.94% [4]. Enhanced Liquidity and Trading Efficiency - The index's selection criteria have been modified to include only companies eligible for trading under the Southbound Stock Connect, thereby enhancing liquidity and trading convenience. This change is expected to attract more mainland capital, further improving the index's trading dynamics [7]. Investment Opportunities - The Huatai-PineBridge Fund's Hang Seng Innovative Drug ETF (520500) is the first ETF tracking the Hang Seng Innovative Drug Index. As of August 8, 2025, the ETF has seen a significant increase in both shares and scale, with year-to-date growth rates of 389.34% and 854.55%, respectively. The ETF has also demonstrated strong liquidity, with daily trading volumes exceeding 1 billion HKD for 15 consecutive trading days [8].