12月22日，港股通创新药板块三连涨后首度回调，高人气港股通创新药ETF（520880）午后一度跌近 1%，场内再现高频溢价，显示买盘资金较为活跃。 成分股方面，创新药龙头跌多涨少，康方生物、中国生物制药双双跌逾2%，云顶新耀、诺诚健华、亚 盛医药-B等多股跌逾3%。 | | | 分时 多日 1分 5分 15分 30分 * | | | | | F9 盘前盘后 鼎加 九转 画线 工具 份 | | 港股通创新药ETF O | | 520880 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.53 | | | | | 520880[程品通创新药ETF] 14:19 价 0.524 涨跌 -0.004[-0.76%) 均价 0.526 成交量 | | | | 0.524 | | -0.004 -0.76% | | | | | | | | | | | SSE CNY 14:19:16 交易中 | | T+0-B0 / 8 + | | 0.532 | | | | | | | | 0.7196 | ◎值走势 | ...

Core Viewpoint - The innovative drug sector is experiencing a rebound in both Hong Kong and A-share markets, driven by recent positive developments and increased investor interest in innovative drug ETFs [1][3][5]. Group 1: Market Performance - Hong Kong's innovative drug sector saw significant gains, with companies like InnoCare Pharma-B rising by 8% and Lepu Biopharma-B increasing over 5% [1]. - The A-share market's only drug ETF (562050) reached a premium of 1.67%, with leading stocks like Zai Lab Ltd. rising over 4% [3][12]. - The Hong Kong innovative drug ETF (520880) experienced a net subscription for nine consecutive days, with its fund size reaching a new high of 4.178 billion [5][13]. Group 2: Regulatory Developments - The new national medical insurance catalog added 111 new drugs launched within the last five years, including 50 first-class new drugs, marking a historical high in both quantity and proportion [7][15]. - Upcoming industry events, such as the January JPM conference and significant business development transactions, are expected to provide positive catalysts for the sector [15]. Group 3: Investment Opportunities - The Hong Kong innovative drug ETF (520880) is highlighted as a top choice for investors, offering unique advantages such as a pure focus on innovative drugs and a high concentration of leading companies, with over 72% of the top ten innovative drug leaders [15][16]. - For those looking to mitigate volatility while investing in innovative drugs, the only drug ETF in the market (562050) is recommended, which includes a significant portion of traditional Chinese medicine to provide stability [16].

近期港股创新药板块呈现持续回调的态势，主要原因或有三：其一临近年末，投资者兑现浮盈、落袋为 安情绪较强，市场风险偏好走低；其二在于流动性层面的冲击，美联储降息落地、日本央行加息预期升 温、南向资金流入放缓等多重因素叠加下，港股市场流动性边际收紧引发量能萎缩；其三部分行业个股 BD事件低于预期，情绪面受挫。（资料来源：上市公司公告-2025/12/15） 尽管伴随着指数点位的走势和成交额的收缩，市场情绪较为低迷，不过近期回调或仅为短期风险的集中 性释放，并未改变创新药板块国家化加速、技术突破、支付体系破局的叙事逻辑，市场资金积极借助波 动积极布局具备长期竞争力和明确成长路径的优质创新药资产。（数据来源：Wind，指数历史涨跌情 况不代表未来表现，不构成基金业绩表现的保证或承诺，请投资者关注指数波动风险。） Wind数据显示，目前市场仅有的跟踪恒生创新药指数的ETF——恒生创新药ETF（520500）已连续6个 交易日（25/12/8-25/12/15）获资金逆势净流入，合计金额达2.35亿元，助推产品份额攀升至12.51亿份， 刷新成立以来（2024/12/16）历史新高。产品自2025年四季度以来日均成交额达 ...

Group 1 - The core viewpoint is that by 2026, the focus in the innovative drug market will shift from "BD supremacy" to "data supremacy," emphasizing the importance of clinical data and commercial capabilities in realizing revenue growth [1] - The pharmaceutical industry is expected to experience a reversal in 2025, led by innovative drugs, with significant benefits extending to the CXO and upstream supply chain, as well as notable gains in secondary sectors [2] - The Hong Kong stock market has seen remarkable performance in innovative drugs, with a peak increase of over 80% year-to-date, making it one of the most关注板块 in the first half of the year [2] Group 2 - The core catalysts for innovative drugs include policy support and the realization of BD opportunities, with significant transactions such as those by 3SBio and Innovent Biologics, which have seen upfront payments exceeding $1 billion [2] - A significant reform in the payment sector is underway, with the introduction of a dual-track system for medical insurance, aimed at addressing the gap in coverage for high-value innovative drugs [2] - By November 13, 2025, the number of license-out transactions by Chinese pharmaceutical companies has rapidly increased, with total upfront payments reaching $6.298 billion, a 53% year-on-year increase, and total transaction amounts reaching $118.862 billion, a 125% year-on-year growth [3]

| 分时 多日 1分 5分 15分 30分 60分 | | F9 不塞权 盐城强加 画线 工具 @ > | | 生活的通知新的精选 HSSCPB | ਨਾ | | --- | --- | --- | --- | --- | --- | | HSSCPB.Hilld生殖品通函新药雕张 2025/12/09 收2393.89 幅-1.28%(-31.05) 于 2424.44 商 2453.43 | | | | 31.05 -1.28% | | | MAS 2437.831 MATO 2472.611 MA20 2490.541 MA60 2507.301 MA120 2558.001 MA250 2055.141 | | (146日) V | | | | | | | | | | 幅生系列描数 / ● / | | | | 3010 | 11 21 | 0 % 版 | 110.7 | | | | | 金额 | | 103,37亿 | | | | | 成效量 | | 4.56亿 | | | | 2690 | 开盘 | | 2424.44 (-0.02%) | | | | | 刷高 | | 2453,43 ( 1,17 ...

12月9日午后，港股通创新药板块加速走低，100%创新药研发标的——港股通创新药ETF（520880）跌 幅扩大逾2%，权重股普遍飘绿，康方生物、三生制药挫逾5%，信达生物跌近3%。 "抄底"资金躁动，港股通创新药ETF（520880）溢价飙升，值得关注的是，昨日已有超5600万元资金进 场。 港股创新药板块自9月初开始进入阶段调整期，截至发稿，港股通创新药ETF（520880）标的指数回撤 幅超19%，前期高位风险得以充分释放。分析指出，当下或是中长期维度配置创新药核心资产的较佳时 机。 2、龙头占比大。前十大创新药龙头权重超72%，表征创新药硬核力量。 3、风险更可控。对流动性较差的成份股强制降权，有力管控尾部风险。 | | | 港股通创新药ETF (520880) 标的指数 | | | --- | --- | --- | --- | | | | 前十成份股权重高达72.57%,龙头优势显著 | | | 46.85 | 简称 | 权重(%) | 总市值(亿港元) | | 6160.HK | 百济神州 | 11.51 | 3,070 | | 1801.HK | 信达生物 | 10.19 | 1,613 | ...

Core Viewpoint - The Hong Kong innovation drug sector is experiencing a downturn, with the Hong Kong Stock Connect Innovation Drug ETF (520880) declining over 2% and major stocks like Kangfang Biotech and 3SBio dropping more than 5% [1][9]. Group 1: Market Performance - The Hong Kong innovation drug sector has entered a phase of adjustment since early September, with the ETF index retreating over 19%, indicating that previous high risks have been sufficiently released [3][12]. - There is a surge in "bottom-fishing" capital, with over 56 million yuan entering the Hong Kong Stock Connect Innovation Drug ETF recently [1][9]. Group 2: Investment Opportunities - The National Healthcare Security Administration released the first version of the "Medical Insurance + Commercial Insurance Dual Directory," which may boost investment enthusiasm for innovative drugs in the short term [2][11]. - The 2025 National Medical Insurance Drug List successfully added 114 new drugs, including 50 innovative drugs, with an overall success rate of 88%, significantly higher than the 76% in 2024 [4][11]. - Analysts suggest that the current market conditions may present a favorable opportunity for long-term investment in core innovative drug assets [3][12]. Group 3: ETF Characteristics - The Hong Kong Stock Connect Innovation Drug ETF (520880) is the largest in its category, with a scale of 2.142 billion yuan and an average daily trading volume of 458 million yuan since its inception [7][15]. - The ETF's index has three unique advantages: it is purely focused on innovative drug companies, has a high concentration of leading firms with over 72% weight in the top ten stocks, and employs measures to control risks associated with less liquid stocks [5][6][13].

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry [1] Core Insights - The 2025 National Medical Insurance and Commercial Health Insurance Innovation Drug Catalogs were released, adding 114 new drugs to the national insurance list, with a success rate of 88%, significantly higher than the previous year's 76% [2] - The first three quarters of 2025 saw a notable recovery in domestic innovative drug financing, with 324 financing events totaling $5.51 billion, a 67.6% increase year-on-year [3] - The flu positivity rate has not peaked yet, with a significant increase in flu cases, indicating a growing market for flu medications [4] - The report highlights breakthroughs in dual-target and new-target opportunities in the autoimmune field, with several companies making significant advancements [5] - There is a focus on inhalation formulations in respiratory diseases, with new drugs showing promising results [6] - Progress in liver-targeted small nucleic acids is noted, with companies like Arrowhead Pharmaceuticals making strides in this area [7] Summary by Sections 1. National Medical Insurance and Commercial Insurance Innovation Drug Catalogs - The 2025 catalog added 114 new drugs, including 50 innovative drugs, with a success rate of 88% [2] 2. Financing Trends and CXO Order Changes - Innovative drug financing events increased by 5.2% year-on-year, with total financing amounting to $5.51 billion [3] 3. Flu Positivity Rates - The flu positivity rate reached 51.1%, indicating a rising demand for flu medications [4] 4. Autoimmune Field Developments - Significant partnerships and advancements in dual-target drugs for autoimmune diseases were reported [5] 5. Inhalation Formulations in Respiratory Diseases - New inhalation drugs are showing positive clinical results, indicating a shift in treatment approaches [6] 6. Progress in Liver-Targeted Small Nucleic Acids - Arrowhead Pharmaceuticals achieved a milestone payment for its innovative RNA therapy, expanding its research pipeline [7] 7. Stock Recommendations - The report recommends stocks in various sectors, including inhalation formulations, small nucleic acids, and innovative drugs, highlighting specific companies for investment [8]

Core Viewpoint - The pharmaceutical and biotechnology market currently lacks a clear main theme, but the release of the first "Medical Insurance + Commercial Insurance Dual Directory" by the National Healthcare Security Administration on December 7 may boost investment enthusiasm for innovative drugs [1] Market Performance - Last week, the pharmaceutical and biotechnology sector had a return of -0.74%, underperforming the CSI 300 by 2.02%, ranking 21st among 31 primary sub-industry indices [2] - The pharmaceutical commercial sub-sector had the highest weekly return at 5.19%, outperforming the CSI 300 by 3.91%, while the medical services sub-sector ranked sixth with a return of -1.37%, underperforming the CSI 300 by 2.65% [2] Innovative Drugs - Companies recommended for investment in innovative drugs include: - Innovent Biologics - 3SBio - Hengrui Medicine - Kelun-Biotech - Baillie Gifford - Rongchang Biologics - Yimeng Biologics - Huyou Pharmaceutical - King’s Ray Biotech - Valiant Biotech - Lee's Pharmaceutical [2] CXO and Life Sciences Upstream Industry Chain - Recommended global CXO leaders include: - WuXi AppTec - WuXi Biologics - WuXi AppTec's subsidiary - Kanglong Chemical - Kailai Ying [3] - Recommended domestic clinical CRO leaders include: - Tigermed - Proprius - Nossg - Sunshine Nuohe [3] - Recommended resource-type CXOs include: - Zhaoyan New Drug - Yinos - Medicy - Baiaosaitu - Yaokang Biotech [3] - Recommended companies in the life sciences upstream industry chain include: - Baipusais - Haoyuan Pharmaceutical - Bid Pharmaceutical - Nami Technology - Aopumai - Haier Biomedical - Aladdin - Titan Technology [3] Companies with Improved Operations and High Dividends - Companies recommended for attention include: - Baiyunshan - Sinopharm [4] High-end Medical Equipment - Recommended companies benefiting from overseas pharmaceutical investments include: - Sensong International - Dongfulong - Chutian Technology [4] - Companies expected to see business growth from hospital procurement recovery include: - United Imaging - Kaili Medical - Xinhua Medical - Mindray Medical - Aohua Endoscopy - Mountain Outside Mountain [4] - Companies with domestic demand-driven medical device recovery include: - Yiyue Medical - Kefu Medical - Sanofi Biotech [4] - Companies with restored overseas orders include: - Meihua Medical - Haitai New Light - Ruimaite [4] - Companies with increasing market penetration in high-end medical consumables include: - Xinmai Medical - Micron Medical - Weigao - Micron Brain Science - Aikang Medical - Chunli Medical [4]

Investment Rating - The report maintains an investment rating of "Positive" for the pharmaceutical and biotechnology industry [2]. Core Viewpoints - The recent release of the "Medical Insurance + Commercial Insurance Dual Directory" by the National Medical Insurance Administration is expected to boost investment enthusiasm for innovative drugs. The report suggests focusing on investment opportunities in innovative drugs, CXO, and the upstream life sciences industry chain [3][9]. - The pharmaceutical sector is currently experiencing a lack of clear market direction, with the pharmaceutical commercial sector leading in performance. Notable stocks include Haiwang Biological (up 55.59%), Ruikang Pharmaceutical (up 36.54%), and Yue Wannianqing (up 15.37%) [3][9]. - The report emphasizes the importance of companies with stable dividends and operational improvements, as well as potential turning points in high-end medical devices [3][11]. Summary by Sections 1. Market Performance - The pharmaceutical and biotechnology sector's return was -0.74% last week, underperforming the CSI 300 by 2.02%, ranking 21st among 31 primary sub-industry indices. The pharmaceutical commercial sector had the highest weekly return at 5.19% [3][7]. - Over the past month, the sector's return was -2.35%, also ranking 20th among sub-industry indices, with the pharmaceutical commercial sector leading at 5.78% [3][7]. 2. Innovative Drugs - The report recommends focusing on companies with leading product pipelines and market potential, including Innovent Biologics, 3SBio, Hengrui Medicine, and others [3][9][10]. 3. CXO and Upstream Life Sciences - Key CXO companies to watch include WuXi AppTec, WuXi Biologics, and others. The report also highlights clinical CRO leaders and resource-based CXOs [10]. 4. High-End Medical Devices - The report identifies several companies in the high-end medical device sector that may benefit from market recovery and increased demand, including Mindray Medical and others [11]. 5. Valuation Metrics - The current PE (TTM) for the pharmaceutical and biotechnology industry is 29.27 times, which is below the historical average of 30.88 times over the past five years [12][15].