Group 1 - The core viewpoint of the articles highlights the significant growth and activity in the Hong Kong innovative drug sector, with the Hong Kong Innovative Drug 50 ETF (513780) experiencing a year-to-date increase of approximately 100% [1] - Notable individual stocks in the innovative drug sector include Ascentage Pharma-B, which rose over 10%, and others like CanSino Biologics and Lepu Biopharma-B, which increased by more than 7% [1] - The net inflow of funds into the Hong Kong Innovative Drug 50 ETF has been substantial, with a total net inflow of 526 million yuan over the last nine trading days and over 800 million yuan in the past three months, indicating accelerated capital deployment [1] Group 2 - The top ten constituents of the CSI Hong Kong Stock Connect Innovative Drug Index account for a cumulative weight of 70.19%, including high-quality A-share companies like Innovent Biologics and CSPC Pharmaceutical Group [2] - The innovative drug sector in China is at a new historical starting point, with domestic companies enhancing their competitiveness and expanding overseas, while industry revenue is rapidly growing and moving towards a profit-driven new cycle [2] - Strong policy support is crucial for the development of the innovative drug industry, providing a favorable environment for growth and investment opportunities [2]

港股创新药板块早盘表现活跃，截至10:40，恒生港股通创新药指数上涨0.6%，乐普生物-B上涨5.1%， 信达生物上涨3.3%，亚盛医药-B上涨2.8%，诺诚健华上涨2.7%，科伦博泰生物-5上涨2.5%，恒生创新 药ETF（159316）盘中成交额超2.5亿元，净申购达3500万份。 信达证券表示，展望2025年下半年，世界肺癌大会（WCLC）、欧洲肿瘤内科学会（ESMO）、美国风 湿病学会年会（ACR）、美国肝病研究学会年会（AASLD）等学术会议持续催化，创新药主线行情有 望贯穿全年。 日前，恒生港股通创新药指数宣布修订编制方案，明确剔除CXO公司，修订规则将于8月11日生效，该 指数将成为ETF跟踪的指数中首批"纯度"达100%的创新药指数。作为市场上唯一跟踪该指数的ETF，恒 生创新药ETF（159316）已连续15个交易日获净流入，产品规模连创新高，可助力投资者一键布局创新 药产业龙头。 （文章来源：每日经济新闻） ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" [2]. Core Views - The report highlights that the innovative drug market is expected to maintain momentum throughout the year, driven by significant business development (BD) activities [3][4]. - The report emphasizes the importance of new technologies and unmet clinical needs in the innovative drug sector, suggesting that Chinese innovative drug companies are gaining global recognition [3][4]. Summary by Sections 1. Industry Overview - The pharmaceutical and biotechnology sector achieved a weekly return of 2.95%, outperforming the CSI 300 index by 4.70%, ranking first among 31 primary sub-industry indices [3][12]. - The chemical pharmaceutical sub-sector had the highest weekly return of 5.01%, while the medical device sub-sector ranked sixth with a return of -0.07% [3][12]. 2. Market Performance and Valuation - The pharmaceutical and biotechnology industry index increased by 11.90% over the past month, ranking second among 31 primary sub-industry indices [14][23]. - The current price-to-earnings (PE) ratio for the pharmaceutical and biotechnology industry is 30.90, which is at a historically low level compared to the average PE of 30.89 over the past five years [17][19]. 3. Key Developments - Significant BD projects include: 1. Hengrui Medicine authorized overseas rights for its innovative drug HRS-9821 to GSK, with an upfront payment of $500 million and potential milestone payments totaling approximately $12 billion [3][12]. 2. CSPC Pharmaceutical authorized overseas rights for its GLP-1 receptor agonist SYH2086 to Madrigal, with a total package amount of $2.075 billion [3][12]. 3. Lepu Biopharma authorized overseas rights for two T cell connector projects to Excalipoint, with an upfront payment of $10 million and potential milestone payments of $847.5 million [3][12]. 4. Focus Areas - The report suggests focusing on the upstream supply chain of innovative drugs and high-end medical devices, highlighting key companies in these sectors [3][4]. - In the innovative drug sector, attention is drawn to areas such as dual-target and multi-target therapies, small nucleic acids, and PD-1/L1 based constructs [3][4]. 5. Policy Dynamics - The report notes the implementation of a childcare subsidy policy effective from January 1, 2025, which aims to support families with children under three years old, potentially impacting the healthcare sector positively [3][12].