Group 1 - The 2025 ASCO annual meeting showcased outstanding clinical data from several domestic innovative drug companies, highlighting advancements in antibody-drug conjugates (ADCs), bispecific antibodies, and new-generation small molecules [1] - The increasing number of presentations by Chinese experts at international platforms indicates that Chinese pharmaceutical companies are rapidly advancing in innovative research and development [1] - The innovative drug sector is poised for a "golden era" of investment, with potential for reshaping global market perceptions [1] Group 2 - The Hong Kong innovative drug ETF (159567) tracks the Hong Kong Stock Connect Innovative Drug Index, allowing investors to easily invest in leading companies within the Hong Kong innovative drug industry [2] - The implementation of the 18A listing rule in the Hong Kong market has attracted many quality domestic innovative drug companies to list and raise funds, contributing to the positive earnings trend of these companies [2] - The valuation of the Hong Kong innovative drug index is considered attractive due to high profitability from the underlying companies, especially with the upcoming 2024 annual report disclosures [2]

消息面上，2025年一季度，中国创新药License-out交易活跃，在全球热门靶点中的贡献度居前。机构指 出，随着政策支持和AI赋能，板块盈利和估值有望双升。同时，多家医药公司回应关税风波，影响相 对有限，多元布局拓展新兴市场。江苏恒瑞医药股份有限公司近日通过港交所上市聆讯。 5月9日早盘，创新药板块直线拉升，舒泰神拉升涨超15%，河化股份直线涨停，海创药业、诚达药业、 泽璟制药、荣昌生物、热景生物、百济神州等跟涨。相关ETF方面，创新药ETF（159992）其盘中涨幅 为0.96%，资金层面，近3日净流入1192.74万元。 相关产品：创新药ETF(159992)、港股创新药ETF（159567） 风险提示：基金有风险，投资需谨慎。 中航证券表示，2025Q1医药行业基金重仓持股比例回升，但仍低于历史均值。生物制品、医疗器械等 板块环比下降，化学制药和医疗服务持仓上升。长期看，药品耗材带量采购推进下，安全边际高、创新 能力强、产品管线丰富的企业将持续受益。建议关注创新药产业链、高端医疗器械、医疗消费终端等领 域的投资机会，挖掘估值较低的优质标的。 海通国际表示，近期资本市场受国内政策放松、贸易缓和及地缘军 ...