【为什么说，此轮修订是一次"提纯"？】 修订最大的变化，在于选样空间的调整。修订前，选样标准为"公司业务涉及创新药研发、生产等领 域"。而修订后，要求"公司主营业务涉及创新药研发、生产等领域，不含医药外包服务"。此外，样本 股定期调整规则由半年度调整修订为季度定期调整。本次修订将于2025年8月12日实施。 【"100%创新药"的含金量有多高？】 ETF跟随指数配置一篮子股票，而"纯度"对于指数而言至关重要，不仅能够最大化捕捉行业的上涨红 利，而且可避免相关度低成分所带来的稀释效应，更纯粹地获取收益。 "100%创新药"的含金量，在于剔除了CXO的影响。追根溯源，CXO的商业模式与创新药存在本质差 异，因此剔除CXO能减小其对创新药的扰动，从而更好地攫取收益。 CXO（Contract X Organization）是对医药外包服务组织的统称，CXO提供研发、生产等外包服务，收 入依赖订单合同，本质是"服务商"。而创新药通过自主研发获取药品知识产权（IP），核心收入来自专 利授权（如License-out）或药品销售分成。对比来看，创新药直接受益于药品商业化的成功，能够分享 药品上市后的高额专利收益；而CXO ...

Core Insights - The Hong Kong innovative drug ETF (513120) has gained significant attention, with its net asset value reaching a historical high of over 14 billion yuan and a one-year return exceeding 109%, ranking first among all stock funds in the market [1][2] - The performance is attributed to the anticipated interest rate cuts by the Federal Reserve, which have improved the financing environment for the innovative drug sector, alongside notable advancements in Chinese innovative pharmaceutical companies [1] - The innovative drug industry, characterized by high R&D costs and long development cycles, is highly dependent on the financing environment, which has recently improved due to the Fed's easing policies [1][2] Industry Analysis - Chinese innovative pharmaceutical companies are increasingly competitive globally, with their share of multinational pharmaceutical companies' upfront payments in business development transactions rising from less than 5% four years ago to 40% [1][2] - Recent successful Phase III clinical trials for dual-antibody ADC drugs indicate that Chinese companies are developing "First In Class" capabilities, marking a significant milestone in the industry [1] - The Hong Kong Monetary Authority's liquidity injections have provided essential support for the innovative drug sector, despite recent marginal tightening of liquidity [2] ETF Performance - The Hong Kong innovative drug ETF closely tracks the CSI Hong Kong Innovative Drug Index (CNY), which focuses on no more than 50 listed companies involved in innovative drug R&D [3] - The index has shown a one-year return of 109.8% with a price-to-earnings ratio (PE TTM) of 38, placing it in the 41st percentile of valuation since its inception [3] - The ETF is recommended for investors looking to gain exposure to the innovative drug sector, with specific connection fund codes provided for further investment options [2]