Core Viewpoint - The pharmaceutical sector continues its upward trend, achieving a "three consecutive days of gains" with various indices showing positive growth, indicating a robust market performance in the industry [1]. Group 1: Market Performance - The Hang Seng Hong Kong Stock Connect Innovative Drug Index rose by 1.7% [1]. - The CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index increased by 1.2% [1]. - The CSI Innovative Drug Industry Index saw a rise of 1.1% [1]. - The CSI Biotechnology Theme Index and the CSI 300 Pharmaceutical and Health Index both grew by 0.6% [1]. Group 2: Industry Insights - CITIC Securities states that the Chinese pharmaceutical industry has entered a critical phase characterized by "innovation realization and global layout" [1]. - Key supports for the industry include population and domestic demand base, as well as comprehensive manufacturing capabilities across the entire industry chain [1]. - Companies are actively exploring diversified overseas paths [1]. - Looking ahead to 2026, opportunities are expected in innovative commercialization, global breakthroughs, policy optimization, and industry mergers and acquisitions [1].

港股早盘全线走强，医药板块涨幅居前，截至午间收盘，恒生港股通创新药指数上涨2.1%，中证港股通医药卫生综合指数上涨1.7%，中证创新药 产业指数、中证生物科技主题指数均上涨0.8%，沪深300医药卫生指数上涨0.6%。 （文章来源：每日经济新闻） ...

Group 1 - The core viewpoint is that China's biopharmaceutical investment and financing may be in a stage of bottoming out and recovery, with significant inflows into medical ETFs [1][2] - Medical ETF (159865) saw a net inflow of 25 million units, indicating strong capital interest in medical assets [2] - The State Council's approval of the "Full Chain Support for Innovative Drug Development Implementation Plan" in July 2024 is expected to enhance the investment environment for the biopharmaceutical industry [2] Group 2 - The biopharmaceutical investment amount in China reached $1.76 billion in Q3 2025, marking a new high since Q4 2022, with $590 million in October 2025, indicating a positive trend [2] - The medical ETF (159828) tracks the CSI Medical Index (399989), which includes listed companies in the medical and pharmaceutical retail sectors, reflecting the overall performance of related securities [2] - The index components are skewed towards small and mid-cap stocks, which exhibit higher growth potential and volatility characteristics [2]

聚焦港股创新药龙头,由不超过40只业务涉及创新药研究、 开发及生产的港股通股票组成,主要包括医疗保健行业 中证港股通医药卫生综合指数 M 聚焦港股医疗卫生行业龙头,由50只医疗器械、生物药 品、化学药及其它医药卫生行业的港股通股票组成,主 要包括医疗保健行业 本周，恒生港股通创新药指数下跌7.8%，中证港股通医药卫生综合指数下跌7.5%，中证创新药产业指数下跌6.2%，中证生 物科技主题指数下跌6.5%，沪深300医药卫生指数下跌4.9%。资金逆势加仓，据Wind数据统计，医药ETF（512010）本周 合计获超2亿元资金净流入。 中信建投证券表示，中国医药产业已迈入"创新兑现+全球布局"的关键阶段，人口与内需基数、全产业链制造能力构成核 心支撑，企业积极探索多元化的出海路径。展望2026年，可以重点关注创新商业化、全球化突破、政策优化带来的新增量 及行业并购整合的机遇。 | | | - 15 20 71 | | | -4 4% | | --- | --- | --- | --- | --- | --- | | 指数估值 | 滚动市留率 57.9倍 | 滚动市盈率 28. 5倍 | 滚动市盈率 49.8倍 | ...

Core Insights - The innovation drug sector indices, including the CSI Innovation Drug Industry Index and the CSI Biotechnology Theme Index, experienced a decline of 1.0% as of the market close, indicating a short-term adjustment in the market [1] - Despite the recent downturn, the innovation drug sector is showing improved resilience, with positive trends observed in investment and financing data, orders, and performance metrics [1] Group 1: Index Performance - The CSI Innovation Drug Industry Index fell by 1.0% with a rolling P/E ratio of 50.5 times and a valuation increase of 73.4% since its inception [5] - The CSI Biotechnology Theme Index also decreased by 1.0%, having a rolling P/E ratio of 55.4 times and a valuation increase of 65.3% since its launch [7] - The CSI 300 Healthcare Index declined by 0.7%, with a rolling P/E ratio of 31.0 times and a valuation increase of 47.2% since its inception [9] Group 2: Sector Focus - The CSI Innovation Drug Industry Index focuses on leading companies in the A-share market involved in innovative drug research and development, comprising no more than 50 stocks [4] - The CSI Biotechnology Theme Index targets leading companies in the A-share market engaged in genetic diagnostics, biopharmaceuticals, blood products, and other human biotechnology sectors [6] - The CSI 300 Healthcare Index encompasses leading companies in the A-share healthcare sector, covering various segments such as chemical pharmaceuticals, medical services, and medical devices [8]

Core Viewpoint - The Hong Kong pharmaceutical sector showed strong performance in the morning session, with various indices reflecting significant gains, indicating a positive market sentiment towards innovative drug companies and the broader healthcare industry [1]. Group 1: Index Performance - The Hang Seng Hong Kong Stock Connect Innovative Drug Index rose by 4.3% [1]. - The CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index increased by 3.3% [1]. - The CSI Innovative Drug Industry Index saw a rise of 1.9% [1]. - The CSI Biotechnology Theme Index grew by 1.4% [1]. - The CSI 300 Pharmaceutical and Health Index climbed by 1.3% [1]. Group 2: Fund Inflows - The Hang Seng Innovative Drug ETF (159316) attracted a total of 1.4 billion yuan in inflows over the past month [1]. Group 3: Index Valuation Metrics - The rolling price-to-earnings (P/E) ratio for the CSI Biotechnology Theme Index is currently at 58.0 times, with a valuation percentile of 70.7% since its inception in 2015 [5]. - The rolling P/E ratio for the CSI 300 Pharmaceutical and Health Index stands at 31.3 times, with a valuation percentile of 49.3% since its inception in 2007 [7].

Group 1 - The pharmaceutical sector experienced a collective rise in the afternoon, with the Hang Seng Hong Kong Stock Connect Innovative Drug Index increasing by 1.5%, the CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index rising by 1.4%, the CSI 300 Pharmaceutical and Health Index up by 1.1%, the CSI Biotechnology Theme Index increasing by 1.0%, and the CSI Innovative Drug Industry Index rising by 0.9% [1] - China Galaxy Securities stated that the pharmaceutical sector has undergone a prolonged valuation adjustment, and a significant structural repair trend has emerged recently. The innovative drug business development (BD) is expected to continue in the second half of the year, and the global trend of interest rate cuts by major central banks is likely to further enhance the valuation of the innovative drug sector [1] Group 2 - The index focuses on leading companies in the Hong Kong medical and health industry, consisting of 50 stocks from the medical device, biopharmaceutical, chemical drug, and other pharmaceutical sectors [4] - The innovative drug ETF managed by E Fund tracks the CSI Innovative Drug Industry Index, which focuses on leading innovative drug companies in the A-share market, comprising no more than 50 stocks involved in innovative drug research and development [6] - The biotechnology ETF tracks the CSI Biotechnology Technology Index, which focuses on leading biotechnology companies in the A-share market, consisting of no more than 50 stocks involved in gene diagnosis, biopharmaceuticals, blood products, and other human biotechnology [11] - The pharmaceutical ETF tracks the CSI 300 Pharmaceutical and Health Index, which focuses on leading companies in the A-share pharmaceutical and health industry, covering various segments of the future health industry, including chemical pharmaceuticals, medical services, and medical devices [13]

Core Viewpoint - The pharmaceutical sector experienced a pullback in early trading, with various indices reflecting declines in the healthcare and pharmaceutical sectors in Hong Kong and mainland China [1][4][6][10][14]. Group 1: Index Performance - The Hang Seng Hong Kong Stock Connect Innovative Drug Index fell by 1.9% [1] - The CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index decreased by 1.7% [1] - The CSI Innovative Drug Industry Index saw a decline of 0.3% [1] - The CSI Biotechnology Theme Index dropped by 0.2% [1] - The CSI 300 Pharmaceutical and Health Index experienced a slight decrease of 0.1% [1] Group 2: Fund Flows - The Pharmaceutical ETF (512010) recorded a net inflow of 400 million yuan over the past four trading days [1] - The Hang Seng Innovative Drug ETF (159316) attracted over 1.6 billion yuan in the past month [1]

Core Viewpoint - The pharmaceutical sector experienced a rise in indices, with significant inflows into related ETFs, indicating strong investor interest in the industry [1]. Group 1: Index Performance - The CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index increased by 0.7% [1]. - The CSI Innovative Drug Industry Index rose by 0.5% [1]. - The Hang Seng Hong Kong Stock Connect Innovative Drug Index and the CSI 300 Pharmaceutical and Health Index both saw an increase of 0.4% [1]. - The CSI Biotechnology Theme Index grew by 0.2% [1]. Group 2: Fund Inflows - The Hang Seng Innovative Drug ETF (159316) attracted approximately 400 million yuan in the past week [1]. - The Pharmaceutical ETF (512010) received around 900 million yuan in inflows during the same period [1]. Group 3: Index Composition and Valuation - The innovative drug index focuses on leading A-share companies involved in innovative drug research and development, comprising no more than 50 stocks [6]. - The rolling P/E ratio for the innovative drug index is currently 61.1 times [3]. - The biotechnology ETF tracks the CSI Biotechnology Theme Index, which includes up to 50 companies in gene diagnostics, biopharmaceuticals, and other biotechnology sectors, with a rolling P/E ratio of 57.8 times [8]. - The rolling P/E ratio for the CSI Innovative Drug Industry Index is 52.1 times [7].

Core Viewpoint - The Hong Kong stock market showed a strong performance today, particularly in sectors such as semiconductors, new energy vehicles, internet, and new consumption, with the Hang Seng Technology Index rising by 2.0% and other related indices also experiencing gains [1]. Sector Performance - The Hang Seng Technology Index increased by 2.0% [1] - The Hang Seng Hong Kong Stock Connect New Economy Index rose by 1.9% [1] - The CSI Hong Kong Stock Connect Consumption Theme Index saw an increase of 1.3% [1] - The CSI Hong Kong Stock Connect Internet Index grew by 1.2% [1] - The CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index declined by 0.3% [1] Index Composition - The CSI Hong Kong Stock Connect Consumption Theme Index consists of 50 major consumer stocks within the Hong Kong Stock Connect, with nearly 60% of the index composed of discretionary consumption [4] - The rolling price-to-earnings ratio of the index is 21.0 times, with a valuation percentile of 17.0% since its inception in 2020 [4]