数据来源：wind 进一步展望生物科技领域的投资前景。大家已经了解，港股为生物科技公司上市提供了得天独厚的条 件，那么当前为何要投资港股的生物科技公司？这可以从宏观背景层面进行分析。当前美联储正处于降 息周期，大家也清楚，在降息环境下，包括美国在内的境外资金更倾向于流出美股市场，转而寻找具有 成长价值的投资机会，而非停留在美股市场追求低息无风险收益，而港股很可能成为其优先选择。 在美联储新一轮防御式降息周期中，港股资产展现出比以往更优的收益弹性和流动性前景。这对于以港 股生物科技为代表的成长板块的估值修复和业绩增长，具有重要的指引意义。下方列出的时间序列图 表，重点标记了恒生生物科技指数与美联储降息周期时间节点的重要关联。可以看到，2019年7月至 2020年美联储降息期间，恒生生物科技指数就展现出了较好的业绩弹性。而从2024年至2025年年底，乃 至如今迈入2026年，在降息周期的大背景下，恒生生物科技指数很可能展现出更优的收益弹性表现。这 是我们从宏观政策角度分析得出的结论。 回归国内政策层面，未来境内尤其是港股上市的生物科技公司将获得哪些政策支持？我们能看到，行业 政策正全链条支持创新药发展。其中一个 ...

Group 1 - The core viewpoint of the news highlights the significant performance of the Hang Seng Biotechnology ETF (513280), which has seen a strong upward trend with a more than 2% increase and has recorded net inflows for 4 out of the last 5 days, marking it as the only ETF in its category to achieve net inflows this year [1][6] - The latest scale of the Hang Seng Biotechnology ETF has reached a new high since its listing, indicating strong investor interest and confidence in the biotechnology sector [1][6] - The majority of the index constituent stocks of the Hang Seng Biotechnology ETF have shown positive performance, with notable increases from companies such as CSPC Pharmaceutical Group (up over 7%) and BeiGene (up over 6%) [3][4] Group 2 - According to Zhongyou Securities, China's share of global innovative drug BD transactions has increased significantly from 3% in 2019 to 13% in 2024, with the monetary share rising from 1% to 28% [4] - The total amount of innovative drug License-out transactions in China for the first half of 2025 is approaching $66 billion, surpassing the total BD transaction amount for 2024, indicating a growing interest from multinational corporations in Chinese innovative drug assets [4][5] - The report suggests that there will be continued activity in the ADC and dual-antibody sectors in the short term, with several related BD transactions expected to materialize in the second half of 2025 [5]