12月22日，港股通创新药板块三连涨后首度回调，高人气港股通创新药ETF（520880）午后一度跌近 1%，场内再现高频溢价，显示买盘资金较为活跃。 成份股方面，创新药龙头跌多涨少，康方生物、中国生物制药双双跌逾2%，云顶新耀、诺诚健华、亚 盛医药-B等多股跌逾3%。 消息面，近日，西安市发布《促进生物医药产业能力提升实施方案（2025—2027年）》，其中提到，在 干细胞药物、多肽药物、肝靶向创新药物、麻醉制品等领域突破一批药物研发关键核心技术；支持企业 开展Ⅰ类创新药、临床紧缺药研发及成果转化，推动企业研发立项Ⅱ类创新药。今年以来，北京、上 海、重庆、四川等多地也出台相关政策，推动创新药行业高质量发展。 长江证券指出，医药行业呈现一定的政策周期性。近年来，创新药全产业链支持政策逐步落地，比如引 入保险增量资金、丙类医保目录、临床试验30日审批通道等，医药行业尤其是创新药已经步入新一轮的 政策支持发展新周期。未来，应关注部分优质创新药资产，一是"硬创新"资产，二是具备较强出海潜力 的资产。 把握创新药低吸窗口期，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 ...

Core Viewpoint - The Ministry of Industry and Information Technology emphasizes the importance of innovation for small and medium-sized enterprises (SMEs) to achieve high-quality development, focusing on both "hard innovation" and "soft innovation" to enhance competitiveness and adapt to market changes [1][2]. Group 1: Hard Innovation - Hard innovation is crucial for SMEs to strengthen core competitiveness, involving investments in new materials, technologies, and smart production equipment [2][3]. - Many SMEs have successfully enhanced product competitiveness and gained market share through hard innovation, establishing a solid foundation for long-term development [2]. - SMEs face challenges in funding, technology, and talent when pursuing hard innovation, necessitating support from capital markets through listings and mergers [2][3]. Group 2: Soft Innovation - Soft innovation encompasses management, business model, and corporate culture improvements, which are key drivers of enterprise development [3]. - The rise of social media provides new marketing channels, prompting SMEs to adopt precise positioning and personalized marketing to enhance brand awareness [3]. - Both hard and soft innovations must work in tandem for SMEs to thrive in competitive markets and achieve sustainable development [3]. Group 3: Future Outlook - By the end of 2024, the number of SMEs in China is expected to exceed 60 million, reflecting a trend of simultaneous quantity and quality improvement [4]. - Continuous innovation is essential for SMEs to contribute to high-quality economic development in the future [4].

Core Viewpoint - The Ministry of Industry and Information Technology emphasizes the importance of innovation for small and medium-sized enterprises (SMEs) to achieve high-quality development, focusing on both "hard innovation" and "soft innovation" to enhance competitiveness and adapt to market changes [1][2]. Group 1: Hard Innovation - "Hard innovation" is crucial for SMEs to strengthen core competitiveness, involving investments in new materials, technologies, and smart production equipment [2][3]. - SMEs that accelerate the development of new technologies and products through "hard innovation" can enhance product competitiveness and secure market share and profit margins [2][3]. - Challenges such as funding, technology, and talent constraints hinder SMEs in their pursuit of "hard innovation," necessitating capital market support through listings and mergers [2][3]. Group 2: Soft Innovation - "Soft innovation" encompasses management, business model, and corporate culture innovations, which are essential for driving enterprise development [3]. - The rise of social media provides new marketing channels, prompting SMEs to adopt precise positioning and personalized marketing to enhance brand awareness [3]. - Both "hard innovation" and "soft innovation" must work in tandem to enable SMEs to thrive in competitive markets and achieve sustainable development [3]. Group 3: Future Outlook - By the end of 2024, the number of SMEs in China is expected to exceed 60 million, reflecting a trend of simultaneous quantity and quality improvement [4]. - Continuous innovation is essential for SMEs to contribute to high-quality economic development in the future [4].