Group 1 - The core viewpoint highlights a significant rise in Hong Kong pharmaceutical stocks following positive earnings reports, with Ping An Good Doctor increasing by 15.06% and Hengrui Medicine rising over 1% [1] - Ping An Good Doctor reported a revenue of 2.5 billion yuan for the first half of 2025, marking a year-on-year growth of 19.5%, exceeding market expectations [1] - Hengrui Medicine's half-year report showed a revenue of 15.761 billion yuan, a year-on-year increase of 15.88%, and a net profit attributable to shareholders of 4.45 billion yuan, up 29.67% [1] Group 2 - Two leading companies in the innovative drug sector, Hengrui and China National Pharmaceutical Group, are actively increasing their shareholdings, signaling positive market sentiment [2] - Hengrui plans to repurchase A-shares using its own funds, with a total investment of no less than 1 billion yuan and not exceeding 2 billion yuan, at a price not exceeding 90.85 yuan per share [2] - The Hong Kong pharmaceutical ETF (159718.SZ) is noted for its balanced composition, including innovative drugs, CXO, internet healthcare, and innovative medical devices, making it a convenient investment tool for the sector [2]

Group 1 - The core viewpoint of the news is the removal of CXO companies from the Hang Seng Hong Kong Innovation Drug Index to enhance the precision of public ETF tracking of innovative drug stocks, focusing solely on core innovative drug companies [1][2] - The adjustment is driven by the increasing divergence in performance between CXO companies and the innovative drug industry, with the five removed companies underperforming the overall index and collectively accounting for a 20% weight [1][2] - As of the end of Q2 2025, the allocation of public funds to the CXO sector has dropped to a historical low, while the innovative drug ETF has nearly doubled in returns this year, indicating strong market expectations for profitability in the innovative drug sector [1][2] Group 2 - CXO companies, previously a significant part of the innovative drug industry chain, are primarily service providers and do not hold core intellectual property or share in the commercialization success of new drugs, leading to a shift in investment focus [2] - The demand for more refined and personalized investment strategies in innovative drug theme funds and ETFs has increased, highlighting a growing disparity in attractiveness between the innovative drug sector and the CXO sector [2] - The removal of CXO companies from the index allows for a more accurate representation of the current trends in the innovative drug industry, as these companies do not contribute to fund managers' returns [2]

Core Viewpoint - The innovation drug sector has seen a continuous rise in popularity this year, with various indices related to innovation drugs in both Hong Kong and A-shares showing strong performance [1] Index Comparison - The Hang Seng Hong Kong Stock Connect Innovation Drug Index focuses on Hong Kong stocks related to innovation drug research, development, and production, while the CSI Innovation Drug Industry Index targets A-share companies involved in innovation drug R&D, selecting up to 50 representative stocks [2] - The Hang Seng index excludes contract research organizations (CROs) and selects stocks based on their relevance to innovation drug business, while the CSI index does not exclude CROs and selects the largest 50 stocks by market capitalization [2] Industry Distribution - The CSI Innovation Drug Industry Index has a higher weight in chemical preparations (46.6%) and medical R&D outsourcing (21.3%), while the Hang Seng index has a greater focus on chemical preparations (48.9%) and other biological products (41.1%) [5] - The Hang Seng index excludes medical outsourcing companies, leading to a different industry distribution compared to the CSI index, which includes this segment [5] Component Stock Concentration - The Hang Seng index has a higher concentration of component stocks, with the top ten stocks accounting for approximately 75% of the index, while the CSI index's top ten stocks account for less than 50% [9] - Major stocks in the CSI index include WuXi AppTec (13.09% weight) and Hengrui Medicine (10.19% weight), while the Hang Seng index features CSPC Pharmaceutical (10.75% weight) and China National Pharmaceutical (10.31% weight) [11] Summary - Both indices focus on the innovation drug industry but differ in their compilation rules, industry distribution, and component stocks, which investors should consider based on their investment goals and risk tolerance [12]

Core Viewpoint - The SHS Innovation Drug Index has shown significant growth, reflecting the performance of listed companies involved in innovative drug research and production in both mainland China and Hong Kong [1]. Group 1: Index Performance - The SHS Innovation Drug Index increased by 4.03%, reaching 2393.56 points, with a trading volume of 54.435 billion [1]. - Over the past month, the index has risen by 11.98%, and over the last three months, it has increased by 35.45%. Year-to-date, the index has surged by 47.88% [1]. Group 2: Index Composition and Adjustments - The index is composed of up to 50 representative securities selected from mainland and Hong Kong markets, focusing on companies engaged in innovative drug development and production [1]. - The index is adjusted semi-annually, with changes implemented on the next trading day following the second Friday of June and December each year. Weight factors are generally fixed until the next adjustment [1]. - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers, acquisitions, or splits [1].

Group 1 - The innovative drug sector has experienced adjustments after a strong rally, with significant capital inflow into ETFs indicating renewed investor interest [1][2] - Since the beginning of the adjustment on July 30, the net subscription amount for innovative drug-themed ETFs has exceeded 10 billion yuan, reaching 100.09 billion yuan by August 11 [2] - Major ETFs such as Guangfa CSI Hong Kong Innovative Drug ETF and Huatai-PineBridge CSI Hong Kong Innovative Drug ETF have seen substantial net subscriptions, indicating strong demand [2][4] Group 2 - Long-term funds have been actively increasing their positions in innovative drug-themed ETFs, with notable performances reported, such as the Huatai-PineBridge Hong Kong Advantage Selected Mixed Fund achieving over 130% returns this year [4][6] - The innovative drug sector is expected to see further differentiation, with a focus on companies with strong fundamentals as the market evolves [6][7] - The domestic policy environment is improving, enhancing the market potential for innovative drugs, and the global expansion of these drugs is accelerating, providing significant growth opportunities [7][8] Group 3 - The valuation logic for the innovative drug sector differs from traditional industries, relying more on future product sales peaks and cash flow discount models, suggesting potential for further valuation increases as global development progresses [8] - The Chinese innovative drug industry is currently experiencing explosive growth, transitioning from a follower to a leader in the global market, with a significant increase in approved drugs and overseas licensing transactions [7][8]

近日，恒生港股通创新药指数宣布修订编制方案，并于8月11日正式生效。此次修订明确剔除医药 外包企业（CXO，全称为医药合同外包服务组织），恒生港股通创新药指数将纯粹聚焦创新药核心公 司，是目前ETF跟踪的指数中首批"纯度"达100%的创新药指数。 根据新的编制方案，指数剔除了5家CXO公司，这5家公司原先在指数中的权重合计约为20%，且年 内涨幅均不及指数整体表现。根据剔除CXO后的指数成份股进行回测，2023年指数发布日以来、2024 年、2025年初至今，指数业绩表现均更好，且自2023年指数发布日至今，修订后的指数年化收益率超 47%，夏普比率也更高。 （责任编辑：康博） 近年来，我国创新药产业发展取得了显著成果，创新成本不断降低、研发效率不断提高，管线储备 已跃居全球第二，吸引跨国药企大幅增加我国创新药专利的采购，今年1-5月采购金额已接近2024年全 年水平。从中长期来看，大型跨国药企加快从我国采购创新药专利的趋势仍有望持续。 我国创新药在国际市场上的竞争力不断加强，这也成为股票市场重新定价我国创新药资产价值的重 要依据。今年以来，港股医药板块表现亮眼，成为市场关注的焦点。截至8月5日，恒生港股通创 ...

回顾这一轮创新药板块的行情，廖庆阳将今年2月至5月划分为第一波主升浪，5月以来划分为第二波主 升浪。在他看来，当前第二波主升浪行情仍在持续。 "第一波行情主要源于医保政策的推动，创新药不仅可以由医保支付，商业保险也逐步覆盖。在此过程 中，一些医药企业逐步有大额的BD项目出现，创新药在AI及机器人之后承接了市场的热点切换。而支 撑起第二轮行情的因素，一是在以ASCO年会为代表的全球创新药学术会议上，中国大量优秀的创新药 产品凭借出色的临床验证成果，获得了全球投资者的高度关注；二是全球大型跨国制药企业对国内创新 药产品进行'扫货式'抢购，大型BD交易浮出水面，正式开启了这一轮国内创新药资产的价值重估。"廖 庆阳总结道。 在廖庆阳看来，BD交易爆发的原因，一方面是全球大型跨国制药公司专利药进入了快速迭代的"悬崖 期"，另一方面是肿瘤等重大疾病的治疗方式正经历重大变革。在这样的迭代周期中，跨国公司发现， 中国的创新药企业经过多年蛰伏，已经能生产出疗效显著的创新药产品，并且成本要远低于欧美的大型 生物技术公司，工程师红利的释放使得中国创新药管线迅速扩围。因此，中国创新药企业开始在资本市 场上得到广泛认可。 差异化挖掘黑 ...

Core Viewpoint - The SHS Innovation Drug Index has shown significant growth, with a 21.77% increase over the past month, 33.51% over the past three months, and 50.42% year-to-date, indicating a strong performance in the innovative drug sector in both mainland China and Hong Kong [1]. Group 1 - The SHS Innovation Drug Index opened lower but closed higher, rising by 4.05% to 2435.18 points, with a trading volume of 68.919 billion yuan [1]. - The index is composed of up to 50 representative securities from the mainland and Hong Kong markets, focusing on companies involved in innovative drug research and production [1]. - The index was established on December 31, 2014, with a base point of 1000.0 [1]. Group 2 - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [1]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [1]. - The index will be adjusted if a sample company is delisted or if there are significant corporate changes such as mergers or acquisitions [1]. Group 3 - Public funds tracking the SHS Innovation Drug Index include various ETFs and fund products from institutions like Guotai, Xizang Dongcai, and Fuguo [2].

Core Viewpoint - The report highlights the strong performance of the Dongwu Medical Services Stock A fund, driven by the innovation drug sector, with a significant net value growth rate and positive returns over various time frames [2][3]. Fund Performance - In Q2 2025, the fund reported a profit of 8.0949 million yuan, with a weighted average profit per fund share of 0.106 yuan [2]. - The fund's net value growth rate for the reporting period was 18.12%, and as of the end of Q2, the fund size was 52.522 million yuan [2][15]. - As of July 18, the fund's unit net value was 0.822 yuan, with a one-year cumulative net value growth rate of 75.56%, ranking it 8th out of 53 comparable funds [2][3]. Investment Strategy - The fund focuses on long-term investments in pharmaceutical and medical stocks, with a portfolio primarily composed of innovative drugs [2][3]. - The fund manager noted that despite market volatility due to international trade impacts, the innovative drug sector quickly rebounded, reflecting confidence in the industry's trends [2]. Comparative Performance - The fund's three-month net value growth rate was 47.93%, ranking 5th out of 54 comparable funds, while the six-month growth rate was 69.65%, ranking 8th out of 54 [3]. - Over the past three years, the fund's Sharpe ratio was -0.0279, ranking 21st out of 46 comparable funds [8]. - The maximum drawdown over the past three years was 51.61%, with the largest single-quarter drawdown occurring in Q3 2022 at 24.3% [10]. Portfolio Composition - As of Q2 2025, the fund's top ten holdings included companies such as Innovent Biologics, CanSino Biologics, and 3SBio, indicating a high concentration in its stock holdings [17]. - The average stock position over the past three years was 85.43%, with a peak of 91.31% at the end of Q3 2022 and a low of 78.09% at the end of Q1 2023 [13].

Group 1 - The fund is named "Innovative Drug ETF Hong Kong-Shanghai-Shenzhen" and is managed by Tibet Dongcai Fund Management Co., Ltd. [2] - The fund aims to closely track the performance of the underlying index, minimizing tracking deviation and error [2][10]. - As of the end of the reporting period on June 30, 2025, the total fund shares amounted to 236,603,238 [2][14]. Group 2 - The fund's investment strategy primarily employs a full replication method, constructing the investment portfolio based on the composition and weight of the underlying index [2][10]. - The fund's performance benchmark is the China Securities Index for the innovative drug industry, which reflects the overall performance of listed companies in this sector [4][10]. - The fund's net asset value growth rate for the reporting period was 8.60%, outperforming the benchmark return of 7.86% [10]. Group 3 - The fund's asset allocation as of the reporting period includes 97.67% in stocks, with no holdings in bonds or asset-backed securities [11]. - The healthcare sector represents 41.91% of the fund's net asset value, indicating a significant focus on this industry [12][13]. - The fund's total subscription during the reporting period was 80,000,000 shares, while total redemptions were 76,000,000 shares [14].