来源：市场资讯 （来源：ETF全知道） 8月19日，港股创新药明显回调，创新药"新势力"——$港股通创新药ETF(520880)场内价格现跌2.6%， 下坠区间再现宽幅溢价，实时溢价率达0.28%，显示买盘资金态度积极。 个股多数回调，中国生物制药绩后意外领跌逾7%，三生制药、信达生物跌超4%，康方生物、百济神州 跌超1%。 恒生港股通创新药精选指数基日为2020.12.31，发布日期为2023.7.17，恒生港股通创新药精选指数发布 以来各个完整年度涨跌幅为：2021年，-22.72%；2022年，-16.48%；2023年，-19.76%；2024 年，-14.16%。指数成份股构成根据该指数编制规则适时调整，其回测历史业绩不预示指数未来表现。 天风证券表示，从估值的角度看，过去对创新药的估值以国内为主，主要的商业化方式是通过医保（或 其他途径）触及国内患者市场；而海外合作为中国创新药参与广阔的全球市场（国内的近十倍）提供可 能，主要的商业化方式是通过授权给海外企业，最终触及海外市场。考虑到创新药密集兑现期到来，国 家政策支持力度持续明确，创新药产业发展趋势及产业升级主线已经较明确。 中金公司表示，看好创 ...

Group 1 - The core viewpoint of the articles highlights the significant boost in the Hong Kong stock market's innovative drug sector, with the Hang Seng Innovative Drug Index showing an impressive increase of over 111% this year, attracting market attention [1] - The Hang Seng Innovative Drug Index has undergone a revision to focus solely on the pharmaceutical and biotechnology sectors, enhancing its ability to reflect the development trends of the innovative drug industry [1] - The index has gained eligibility for southbound trading, which is expected to improve liquidity and serve as a valuable tool for investors seeking opportunities in innovative drugs [1] Group 2 - The Hang Seng Innovative Drug ETF (520500) is currently one of the few ETFs tracking the Hang Seng Innovative Drug Index, with its latest shares and scale reaching 555 million and 1.128 billion yuan, respectively, both hitting historical highs [2] - The ETF has demonstrated strong liquidity, with a daily trading volume exceeding 1 billion yuan for 12 consecutive trading days, and an average daily trading volume of 1.453 billion yuan during the specified period [2] - The current logic of the innovative drug industry has shifted towards international expansion, with domestic companies increasingly seeking to commercialize their innovations in mature markets like Europe and the U.S. [2] Group 3 - The management of the Hang Seng Innovative Drug ETF (520500) by Huatai-PB Fund has a strong track record, having launched several benchmark ETFs and maintaining an 18-year record of zero errors in ETF operations [3] - The ETF has achieved a return of 56.94% in the first half of 2025, closely aligning with its benchmark, the Hang Seng Innovative Drug Index, which had a return of 57.83% during the same period [3]

Group 1: Breakthroughs in Innovative Drugs - The innovative drug sector has achieved significant breakthroughs, with Guangshantang's hepatitis B new drug Phase I data endorsed by The Lancet, targeting low-viral-load patients unresponsive to existing therapies, indicating a broad commercialization prospect [1] - Hanyu Pharmaceutical is exploring drug revenue rights tokenization, pioneering a new financing model in the biopharmaceutical sector [1] Group 2: Future Trends in Innovative Drugs - Dongwu Securities highlights four key points regarding the future of innovative drugs: 1) The fundamentals of two major leaders have changed, with BeiGene's revenue and profit expected to turn around by 2025, and Heng Rui's innovative drug proportion expected to exceed 50% in 2024 [2] - 2) The logic behind the two innovative drug bull markets differs, with the 2021 and 2025 markets driven by domestic commercialization and strategic overseas expansion, respectively [2] - 3) China is the second-largest source of quality innovative drug pipelines globally, holding 22% of global FIC pipelines, with a potential market share of $275 billion if the global market reaches $1.1 trillion by 2024 [2] - 4) The market capitalization of the healthcare sector in A-shares, Hong Kong, and U.S. markets is lower than that of the U.S., indicating structural growth opportunities for domestic innovative drug companies [2] Group 3: Performance of Biopharmaceutical Index - The STAR Market Biopharmaceutical Index (000683) includes 50 large-cap companies from various sectors, reflecting the overall performance of representative biopharmaceutical companies in the STAR Market [3] - As of July 31, 2025, the top ten weighted stocks in the STAR Market Biopharmaceutical Index accounted for 49.14% of the index, indicating a concentration of market value among leading companies [3]

Core Viewpoint - The public fund market is experiencing a positive trend, with multiple funds achieving over 100% net asset value growth in 2023, indicating strong performance in the healthcare sector, particularly in innovative pharmaceuticals [1][2]. Fund Performance - The Changcheng Pharmaceutical Industry Select Fund, managed by Liang Furui, has achieved a year-to-date net asset value growth of 102.52%, following the Huatai-PineBridge Hong Kong Advantage Select Fund, which also surpassed 100% [2]. - The fund's net value has accelerated in recent trading days, with increases of 3.17%, 2.58%, and 4.10% on July 11, 14, and 15, respectively [2]. - Over the past six months, the fund's growth reached 111.15%, leading among its peers [2]. Investment Focus - The fund's top ten holdings include companies such as 3SBio, Innovent Biologics, and Hotgen Biotech, with a significant focus on innovative drugs [2]. - Liang Furui indicated that the fund will continue to focus on innovative pharmaceuticals in the third quarter, particularly in areas of overseas licensing and domestic sales expansion [3]. Market Trends - The A-share and Hong Kong stock markets have shown strong performance, with the Shanghai Composite Index and Hang Seng Index surpassing key levels of 3,500 and 24,000 points, respectively [2]. - The innovative drug sector has outperformed, with an annual growth rate exceeding 36% [2]. Broader Fund Performance - As of July 15, the equity fund index has risen by 7.95% year-to-date, outperforming the CSI 300 Index by over 6 percentage points [4]. - Several other funds, including the Bank of China Hong Kong Stock Connect Pharmaceutical Fund, have also reported significant growth, with some exceeding 90% [4]. Future Outlook - Fund managers express confidence in the innovative drug sector, citing strong clinical data and ongoing commercialization efforts as key drivers for future performance [5]. - The Hong Kong Stock Connect Innovative Drug Index is expected to continue its rebound, supported by international collaborations and policy optimizations [6].

Core Insights - The Chinese innovative pharmaceutical industry has transitioned from imitation to breakthrough innovation over the past decade, facing a critical transformation point influenced by policy, capital cycles, and global competition [1][2][4]. Policy Influence - Policies serve as a guiding force for the innovative pharmaceutical industry, directly impacting resource allocation and value evolution [4]. - Comprehensive policy support across drug development, insurance payment, regulatory approval, and financial backing is essential for the breakthrough development of innovative drugs [4]. Capital Dynamics - The capital landscape is undergoing significant changes, with trends of "internal acceleration" and "BD transformation" emerging in the innovative pharmaceutical sector [4]. - Despite challenges, the innovative drug sector is experiencing a surge in patent procurement by multinational pharmaceutical companies, indicating the competitiveness of Chinese innovative drugs [5][6]. - The current valuation environment in the capital market is complex, necessitating a balanced approach to maintain core competitiveness while adapting to market realities [4][6]. Globalization Trends - The trend of internationalization is becoming a critical factor for the innovative pharmaceutical industry, with significant improvements in molecular design diversity and global clinical trial activities [6]. - The Chinese innovative drug market has become the second largest globally, reflecting enhanced recognition of Chinese pharmaceutical companies in international markets [6][7]. Industry Consensus - The industry is currently in a cyclical adjustment phase, requiring differentiated strategies to overcome homogenized competition and effectively advance drug pipelines [7]. - A consensus emerged during the closed-door meeting that emphasizes the need for policy guidance, capital support, and a global perspective to navigate cyclical fluctuations and achieve value creation [7].

Group 1 - The innovation drug sector is experiencing a significant surge in interest, comparable to recent high temperatures, with major events attracting over 130 institutions [1] - The innovation drug index has seen substantial gains, with a 28.65% increase in the domestic market and a 64.86% rise in the Hong Kong market as of June 13 [3] - Smaller market cap companies with breakthrough therapies and overseas expansion potential are leading the sector's growth, such as Shuyou Shen and Yipin Hong [5][6] Group 2 - The trend of TMT and electronic funds investing in innovation drugs indicates a shift in focus, with these funds showing increased interest in companies previously overlooked by traditional pharmaceutical analysts [4] - The number of license-out projects from Chinese pharmaceutical companies has surpassed license-in projects for the first time, indicating a shift towards global collaboration and market expansion [7] - The Chinese pharmaceutical industry is witnessing a rapid increase in drug development, with 6,280 drugs in the pipeline as of 2024, a 1200% increase over the past decade [10] Group 3 - Cross-border pharmaceutical companies are increasingly acquiring Chinese innovation assets, driven by the need to replenish their product pipelines amid patent expirations [9] - The cost of drug development in China is significantly lower than in the U.S., attracting multinational companies to invest more in Chinese R&D [11] - China's share of global innovation drug pipelines has reached 36%, with notable advancements in cutting-edge fields such as ADC and bispecific antibodies [11]