截至目前，恒生生物科技指数年内已累计上涨超95%。 创新药行情还能不能继续演绎，后续空间还有多大？9月20日，东吴证券联席所长、医药首席分析师朱国广表 示，本轮创新药行情的驱动力是出海，"本土创新—全球变现"的新模式正逐渐成为创新药迈向新高度的关键支 撑。中期来看，恒生生物科技指数等创新药指数、创新药龙头都有望创出2021年以来的新高。 医药叙事逻辑转向BD出海 "相比2021年，本轮创新药行情的驱动力已经'升级'了。"朱国广表示，回溯2021年，国内创新药市场呈现出以 本土销售为核心驱动力的发展态势，其中以PD-1抑制剂为代表的重磅创新药成为市场焦点。凭借在肿瘤治疗 领域的突破性疗效，此类药物通过院内处方放量、医保谈判准入等方式快速占领国内市场，形成了"研发突破- 国内放量"的驱动。 然而四年时间过去，当前创新药产业的逻辑主线已转向以BD（Business Development，商务拓展）出海为核心 引擎。越来越多的国内创新药企，通过对外授权、联合开发等多元化方式，将自主研发的创新药推向国际市 场，有望在欧美等成熟医药市场实现商业化突破，这种"本土创新—全球变现"的新模式正在重塑行业格局。 事实上，中国创 ...

Group 1 - The Hang Seng Index Company has revised the compilation plan for the Hang Seng Innovative Drug Index, removing companies primarily engaged in the CXO (Contract Research Organization) sector, and the changes will take effect from August 11 [1] - The revised index now focuses solely on the pharmaceutical and biotechnology sectors, enhancing the purity of innovative drug companies and providing a more accurate reflection of the innovative drug industry's development trends [1] - The index has gained southbound trading eligibility, which is expected to enhance liquidity and serve as a valuable tool for investors to capture opportunities in innovative drug investments [1] Group 2 - The innovative drug industry is shifting its core logic towards business development (BD) and international expansion, with more domestic companies seeking to commercialize their innovative drugs in mature markets like Europe and the US through various collaborative methods [2] - The strategic investment value of the Hang Seng Innovative Drug ETF (520500) is expected to further upgrade due to the consolidation of innovative drug development trends and the "purification" of the index compilation plan, allowing investors to easily capture cutting-edge opportunities in the innovative drug sector [2]