每日经济新闻 创新药在药企国际化能力提升与产业政策支持下，景气度和市场风险偏好持续提升，中国创新药资产的 全球竞争力获广泛共识。 CXO则受益于降息周期开启+本土创新驱动，大周期拐点或现，美联储降息带来流动性宽松，国内创新 药二级市场好转有望带动一级市场投融资回暖，海外需求复苏将改善CXO需求和业绩。 从二级市场表现来看，恒生生物科技指数年内涨幅逼近14%，领涨港股关键指数，高弹性特征突出。截 至1月9日，恒生医药ETF（159892）年内获得超8亿资金申购，份额增长超13%，在港股医药、医疗赛 道位列第一。 恒生生物科技指数是恒生指数公司于2019年推出的反映港股市场生物科技板块整体表现的指数，相较于 高度聚焦于创新药的指数，恒生生物科技指数同时兼顾上游的CXO及AI医疗，能更准确的捕捉创新药 全产业链表现。 ...

Core Viewpoint - The Hong Kong pharmaceutical sector continues to rise, with the Hang Seng Biotechnology Index increasing by over 2%, indicating strong market performance in the biotech industry [1] Group 1: Market Performance - The largest ETF in the Hang Seng Biotechnology Index, the Hang Seng Pharmaceutical ETF (159892), is following the upward trend [1] - Notable stocks such as First Signal Pharmaceuticals surged by over 9%, while companies like Yuan Da Pharmaceutical, Kangfang Biotech, and King’s Ray Biotech led the gains [1] - WuXi AppTec, WuXi AppTec Holdings, and WuXi Biologics experienced slight adjustments in their stock prices [1] Group 2: Index and Futures Development - The Hang Seng Biotechnology Index was launched by the Hang Seng Index Company in 2019 to reflect the overall performance of the Hong Kong biotech market, capturing the entire innovation drug supply chain [1] - The Hong Kong Stock Exchange announced plans to launch futures for the Hang Seng Biotechnology Index on October 14, 2023, enhancing its derivatives ecosystem [1] - The new futures contract is set to begin trading on November 28, 2025, providing investors with precise risk management tools, making it the only index in the Hong Kong pharmaceutical and healthcare sector with index futures [1]