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 ...

Core Viewpoint - The innovative drug sector is experiencing a rebound, with the Science and Technology Innovation Drug ETF (589720) rising over 1.2% in the afternoon, indicating a buying opportunity as funds have seen a net inflow of over 260 million yuan during the recent pullback [1] Group 1: Market Trends - The pharmaceutical sector has seen a slight pullback recently, presenting a potential bottom-fishing opportunity for investors [1] - The recovery in capital market financing and an increase in the scale of innovative drug transactions abroad have led to a resurgence in domestic innovative drug research and development demand [1] - The CXO industry is expected to experience performance recovery, aided by the recent interest rate cuts in the United States [1] Group 2: Future Outlook - The innovative drug sector will primarily focus on business development (BD) expectations, with the re-establishment of BD anticipated to be a key factor in the sector's recovery [1] - Data indicates that BD typically accounts for about 40% of the annual total in the fourth quarter, suggesting significant potential for growth during this period [1] - Major products continue to hold strong expectations, contributing to the overall positive outlook for the sector [1] Group 3: ETF Specifics - The Science and Technology Innovation Drug ETF (589720) focuses on innovative drug companies listed on the Science and Technology Innovation Board, tracking a representative index of 30 high-quality companies [1] - The ETF is primarily composed of high-growth biotech firms, and its 20% price fluctuation limit aligns it closely with sector volatility [1]

Core Viewpoint - The company is advancing its clinical pipeline, particularly ASC30, which has shown promising results in weight loss and is expected to generate top-line data by Q4 2025 [1][2]. Group 1: ASC30 Clinical Trials - The ASC30 oral formulation has completed enrollment in a 13-week Phase IIa study with 125 patients, aiming to read out top-line data in Q4 2025 [1]. - ASC30 has U.S. and global compound patent protection until 2044, excluding any patent extensions [1]. - The Phase IIa study is randomized, double-blind, placebo-controlled, and multi-center, targeting overweight individuals with at least one weight-related comorbidity [1]. Group 2: Efficacy and Comparison - In a previous Phase I trial in the U.S., ASC30 demonstrated excellent pharmacokinetics and efficacy, achieving a maximum weight loss of 6.5% over four weeks, outperforming Eli Lilly's Orforglipron, which achieved 3.4% [2]. - The ASC30 subcutaneous injection formulation has also commenced its first patient dosing in the U.S. Phase IIa trial, showing a half-life of up to 36 days, which is advantageous compared to Amgen's AMG133 [2]. Group 3: Additional Pipeline Potential - The company has several other promising pipelines, including ASC47, which targets THR-β for fat reduction and muscle gain, and ASC50, an oral IL-17 small molecule for psoriasis treatment [3]. - ASC47's unique mechanism may enhance weight loss effects while mitigating muscle loss side effects when used in conjunction with GLP-1 drugs [3]. - ASC50 is one of the few oral IL-17 small molecules in clinical stages, potentially offering a competitive edge in the psoriasis market [3]. Group 4: Financial Outlook - The company maintains its revenue forecasts for 2025-2027 at 0, 0.4, and 1 billion RMB, respectively [3]. - The target price has been raised to 14.02 RMB based on the FCFF valuation model, with a "buy" rating maintained [3].

Group 1: Market Activity and Trends - The Hong Kong innovative drug sector is experiencing significant activity, with the innovative drug ETF (159567) rising by 0.53% and trading volume exceeding 2.7 billion yuan on June 27 [1] - From June 16 to June 25, medical-themed ETFs saw a net inflow of over 6.4 billion yuan, with several leading innovative drug ETFs receiving more than 1.5 billion yuan [1] - As of June 25, the Hong Kong innovative drug index has increased by 65.50% year-to-date, while the innovative drug index rose by 24.83% [1] Group 2: Business Development (BD) Expectations - The practice of pre-announcing potential BD transactions has become more common in the Chinese pharmaceutical industry, particularly since 2025 [2] - Notable companies like CSPC Pharmaceutical and Rongchang Biopharmaceutical have engaged in pre-announcing BD activities, leading to significant stock price increases [3][4] - Rongchang Biopharmaceutical's announcement of a licensing deal with Vor Bio could yield up to 4.105 billion USD in milestone payments, although the initial payment is only 45 million USD [4][5] Group 3: Market Sentiment and Investment Dynamics - The recent surge in BD announcements has created a speculative environment, with investors increasingly reacting to potential deals, which may lead to volatility in stock prices [7] - The innovative drug sector has seen a significant influx of southbound capital, with net inflows exceeding 40 billion HKD since 2025 [9] - Despite recent market corrections, the long-term investment logic in the innovative drug sector remains strong, with a year-to-date increase of 54.09% in the Hang Seng Biotechnology Index [10][11] Group 4: Structural Challenges and Future Outlook - The domestic innovative drug market faces structural challenges, with a ceiling effect limiting growth potential, leading to increased reliance on BD transactions for valuation and stock price movements [5][6] - Analysts emphasize that while BD transactions can provide short-term financial relief, systemic support is necessary for sustainable industry growth [11]