公开资料显示，港股通创新药ETF（520880）及其场外联接基金（025221）被动跟踪恒生港股通创新药 精选指数，该指数具备三大独特优势，配置价值突出： 1、纯粹，全面。不含CXO，纯正创新药！全面覆盖创新药研发类公司。 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。 12月31日，港股通创新药板块继续低迷，龙头普跌，百济神州、中国生物制药跌逾1%，信达生物、三 生制药跌超3%。 港股通创新药ETF（520880）连续第4日下跌，场内价格续创7月10日以来新低！溢价逆向走高，显示买 盘资金相对强势。此前2日已有千万元资金逢跌吸筹。 中邮证券分析称，近期创新药板块仍处于持续回调阶段，其核心仍是资金面主导的此前乐观BD预期的 退潮。展望2026年，临床数据的成熟将会是主导创新药行情的核心因素，而BD会是国产新药竞争力确 定性提升后的必然结果，也会是未来常态化贡献收入的利好因素。 东吴证券最新研报也建议，2026年战略性布局创新药。从配置性价比角度出发，当前港股通创新药板块 或处于较佳配置窗口期。本轮调整自9月开启，至今已持续3个月有余，板块代表性标的——港股通创新 药ETF（520880）盘 ...

展望2026年，梁福睿依旧看好创新药行情。梁福睿认为，2026年创新药有望兼具Beta和Alpha，是双层 共振的方向。底层逻辑在于，中国的创新药发展到当前阶段，从实际产业的发展延展到二级市场股价的 发展，整个传导周期并不算很长，从2025年上半年开始看到比较强的从产业到二级市场股价的共振发 展。另外，2026年中国依旧有很多已经实现BD的产品开启大的全球性三期临床，以及还会有比较重磅 的临床数据读出，可能会打破资本市场的疑虑，创新药的全球价值后续有上涨的空间。叠加2026年全球 流动性环境可能总体宽裕，以及自身产业趋势加持、Alpha变化支撑，明年创新药值得期待。 近日，长城基金举办了2026年度投资策略会，长城医药产业基金经理梁福睿在会上就创新药领域的热门 问题展开了深度探讨。 当下，医药产业步入创新突破叠加技术融合的关键期，投资逻辑也在重塑。 梁福睿表示，医药行业当前正经历由过去偏模式创新的方向，转化到技术创新突破的方向上。短期来 看，这几年医药行业，不管是创新药还是创新器械，真正具有全球化能力、对现有治疗方式方法产生迭 代化影响的医药或设备、器械，它们会通过自身能力的发展、创新的突破，进而突破公司自身 ...

| 代码 | 未来 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 159366 | 篇 | 港股医疗ETF T+0 | 1.446 | 0.043 | 3.06% | | 513780 | 跨 | 港股创新药50ETF T+0 | 1.642 | 0.042 | 2.62% | | 159130 | 跨 | 恒生生物科技ETF鹏华 T+ 0.958 | | 0.023 | 2.46% | | 520700 | 跨 | 港股创新药ETF基金 T+0 1.580 | | 0.038 | 2.46% | | 159615 | 跨 | 恒生生物科技ETF T+0 | 1.165 | 0.028 | 2.46% | | 159102 | 覧 | 港股通生物科技ETF T+0 0.843 | | 0.020 | 2.43% | | 520970 | 跨 | 港股通创新药ETF嘉实 T+ 0.884 | | 0.021 | 2.43% | | 159506 | 跨 | 港股通医疗ETF富国 T+0 1.397 | | 0.033 | 2.42% ...

港股创新药概念股早盘走低，科伦博泰生物-B跌超7%，百济神州、三生制药跌超5%，康方生物、翰森 制药跌超4%。 受盘面影响，港股创新药相关ETF跌约2%。 | 代码 | 名称 | 现价 | | 涨跌 涨跌幅 ▲ | | --- | --- | --- | --- | --- | | 159297 | 港股通创新药ETF南方 | 0.837 | -0.019 | -2.22% | | 159570 | 港股通创新药ETF | 1.651 | -0.037 | -2.19% | | 159217 | 港股通创新药ETF工银 | 1.340 | -0.029 | -2.12% | | 159567 | 港股创新药ETF | 0.799 | -0.017 | -2.08% | | 159286 | 港股创新药ETF鹏华 | 0.855 | -0.016 | -1.84% | 有券商表示，从企业层面看，越来越多创新药企业从"研发投入期"进入"商业化兑现期"，核心产品销售 收入稳步增长，部分企业实现从减亏到盈利的跨越，为股价提供坚实支撑。同时，公募基金等机构对优 质标的配置比例提升，市场认可度持续提高。创新药行情的核心也 ...

人民财讯12月4日电，中泰证券（600918）研报表示，创新药仍是目前医药板块最重要的主线，且近2— 3个月实现了震荡调整，股价位置、市场预期、资金配置等均回到了相对合理偏低的位置，投资安全边 际及收益回报价值凸显。在创新药火热高涨及震荡回调中，医药板块内部均出现一定程度的高低切换或 者主题轮动，因此同样建议积极布局2026年伴随价格出清、需求复苏、经营周期拐点有望出现基本面改 善的板块及个股。 ...

有机构分析指出，目前，创新药指数已经自高点回调20%左右，部分创新药公司回调幅度达到 30%-50%，市场预期从八、九月份的过分乐观，切换至目前的偏悲观状态，而很多创新药公司的估值也 已经回归合理甚至低估的水平。站在当前时点，我们有理由对创新药板块重新乐观起来——中国创新药 企业正在重塑全球创新药研发生态体系，背靠强大的产业趋势，创新药行情虽有波折，但总会螺旋上 升。 把握创新药深度回调机遇，配置工具首选同类最大港股通创新药ETF（520880）及其场外联接基金 （025221），标的指数恒生港股通创新药精选指数具备三大独特优势： 1、纯粹，全面。不含CXO，纯正创新药！全面覆盖创新药研发类公司。 2、龙头占比大。前十大创新药龙头权重超71%，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71.51%,龙头优势显著 | | | 代码 | 简称 | 权重(%) | 总市值(亿港元) | | 6160.HK | 百济神州 | ...

方正证券表示，当下时点更应积极看多，新一轮行情有别于今年第一轮估值修复的轰轰烈烈行情，未来 创新药将呈现核心龙头震荡上行，新机会继续涌现的慢牛行情。 恒生医药ETF（159892）聚焦创新+药品主线，涵盖创新药、CXO、互联网药店等细分领域，具备较强 的创新特征，契合创新、出海等主线方向。 百济神州的三季报相当于给创新药行情注入了稳定剂，提示中国原研新药可以在国际市场获得丰厚的回 报和利润，打开创新药行情空间。 方正证券表示，本轮创新药从8月中下旬进行调整状态，部分个股尤其是港股调整剧烈，市场对创新药 的核心逻辑出现怀疑，部分市场资金在国际博弈扰动下有减仓，但实质上创新药BD的逻辑从未改变。 从后续一二级层出不穷的BD可以印证，部分个股调整剧烈是预期过高、过于超前导致，不是行情逻辑 的证伪或终结，这点从龙头稳健的走势上可见一斑。 ...

Group 1 - The Hong Kong stock market for innovative drugs experienced a significant surge, with the Hong Kong Stock Connect Innovative Drug ETF (520880) rising by 5.31%, outperforming the Hang Seng Index and other related indices [1] - Major stocks leading the rally included 3SBio, which surged by 10.18%, and BeiGene, which rose by 7.71%, reaching a nearly four-year high [1] - The ETF recorded a trading volume of 588 million yuan, indicating strong investor interest [1] Group 2 - Technical indicators show a strong bullish signal for the Hong Kong Stock Connect Innovative Drug ETF, with a significant increase in buying pressure and a MACD indicator suggesting a trend reversal [2] - Citic Securities forecasts continued over-allocation to the pharmaceutical sector through 2026, while Dongwu Securities identifies innovative drugs as a key investment theme for the same period [3] Group 3 - BeiGene's impressive performance, with a net profit of 1.139 billion yuan in the first three quarters, has positively influenced industry expectations [4] - The introduction of a new payment channel for high-priced innovative drugs through commercial insurance in the 2025 national medical insurance negotiations is expected to enhance cash flow for pharmaceutical companies [4] - The total value of outbound licensing transactions for Chinese innovative drugs exceeded 100 billion USD in the first ten months of 2025, highlighting the global competitiveness of Chinese pharmaceutical companies [4] Group 4 - The Hong Kong Stock Connect Innovative Drug ETF (520880) is recommended for investment, with its index comprising primarily innovative drug companies, excluding CXO firms [4][5] - The top ten innovative drug companies account for over 71% of the ETF's weight, indicating a strong focus on leading firms in the sector [5] - The ETF's design includes measures to control risks associated with less liquid stocks, enhancing overall risk management [6]

Core Viewpoint - The innovative drug sector in Hong Kong is experiencing a resurgence, with significant trading activity and price increases among leading companies, indicating a potential investment opportunity in this market [1][3]. Market Performance - The Hong Kong Stock Connect innovative drug ETF (520880) has seen a stable increase of over 2.5%, with trading volume exceeding 520 million yuan, a 130% increase compared to the previous day [1]. - Leading innovative drug stocks such as BeiGene have reached a three-year high with an 8.8% increase, while other companies like 3SBio and Kelun-Bio have also shown strong performance with gains exceeding 5% and 4% respectively [1][3]. Industry Trends - The acquisition of Metsera by Pfizer highlights the intensifying competition among multinational corporations for innovative drug pipelines [3]. - The upcoming release of the first commercial insurance innovative drug directory in early December is expected to provide a new growth engine for the innovative drug sector [3]. Company Performance - BeiGene recently reported impressive earnings, and CanSino Biologics announced significant results from its HARMONi-A study, reinforcing the positive trends in the industry [3]. - The ETF manager, Feng Chen Cheng, noted that the end of the year is typically a peak season for mergers and acquisitions in the biopharmaceutical sector, with the JPMorgan Healthcare Conference in early January serving as a catalyst for further developments [3]. Investment Strategy - The recommended investment approach is to actively accumulate shares in the Hong Kong Stock Connect innovative drug ETF (520880) and its associated funds, which track the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index [3][4]. - The index is characterized by three unique advantages: it exclusively includes innovative drug companies, has a high concentration of leading firms, and employs measures to control risks associated with less liquid stocks [4][5]. Index Composition - The top ten holdings in the ETF account for over 71% of the index, showcasing the dominance of leading innovative drug companies [5][6]. - The ETF has surpassed a fund size of 2 billion yuan and has the highest liquidity among similar ETFs since its inception [6].

Group 1 - The Hong Kong innovative drug sector is experiencing a rebound after a two-month pullback, with the Hong Kong Stock Connect Innovative Drug ETF (520880) rising over 3% and quickly surpassing the 20-day moving average [1] - Significant capital has been flowing into the Hong Kong innovative drug sector, with the fund size of the Hong Kong Stock Connect Innovative Drug ETF (520880) exceeding 2 billion yuan for the first time on November 3, marking a 392% increase since its launch on July 7 [1] - The fund manager of the Hong Kong Stock Connect Innovative Drug ETF (520880) indicated that the innovative drug market may be on the verge of a rally, suggesting that the current period may be a high-probability zone for investment [1] Group 2 - Huafu Securities believes that the focus of the innovative drug market is shifting from broad valuation recovery to the ability of companies to deliver on their fundamentals, with companies that have excellent clinical data, strong commercialization capabilities, and successful international expansion potential likely to emerge as future winners [2] - The Hong Kong Stock Connect Innovative Drug ETF (520880) and its linked fund (025221) passively track the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, which exclusively invests in innovative drug R&D companies, with over 70% of its holdings in large-cap innovative drug leaders [2] - As of the end of September, the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index has shown a year-to-date increase of 108.14%, outperforming other innovative drug indices [2]