12月30日，医药方向走弱。相关ETF方面，恒生沪港深创新药精选50指数盘中跌0.56%。成分股中，甘 李药业、皓元医药、君实生物-U等涨幅居前，百济神州、药明康德、凯莱英等走低。 创新药ETF天弘（517380）跟踪恒生沪港深创新药精选50指数，汇聚中国硬核创新药力量、新质生产力 代表，全面覆盖临床前研究至商业化全产业链，一键布局A股+港股创新药及CXO龙头企业。Wind数据 显示，截至12月29日，创新药ETF天弘（517380）最新基金份额18.48亿份，最新规模13.81亿元，年初 至今份额增超308%。 消息面上，据智通财经，12月29日，华东医药对外宣布称，12月26日，全资子公司杭州中美华东制药有 限公司收到农业农村部发出的《受理通知书》，HDM7006项目普瑞泊肽注射液一类新兽药上市注册申 请获得受理，申报适应证为成年肥胖猫的体重管理。 信达证券认为，春季行情即将启动，建议关注医药新兴产业方向，如脑机接口、手术机器人及AI应 用，长期来看，创新和出海仍是医疗投资主线，建议关注高端医械及创新药产业链。 华西证券指出，当前产业趋势明显，创新药产业链是2026年医药板块主线。具体看好两条线：海外需求 ...

12月9日，三大指数集体低开盘中涨跌不一，恒生沪深港创新药精选50指数(HSSSHID.HK)涨超1%，该 指数成分股中，昭衍新药A股、H股纷纷上涨超10%，药明合联、美迪西上涨超4%。 创新药ETF天弘（517380）跟踪恒生沪港深创新药精选50指数，汇聚中国硬核创新药力量、新质生产力 代表，全面覆盖临床前研究至商业化全产业链，一键布局A股+港股创新药及CXO龙头企业。 中信建投认为，国家医保谈判成功率创新高，商保目录有望成为重要增量，政策鼓励创新药发展。与此 同时，中国创新药管线国际化竞争力持续提升，出海模式持续升级，新技术推动行业快速发展。看好相 关创新药及制药企业。 相关ETF方面，创新药ETF天弘（517380）走强，实时溢价率为0.17%。资金流向方面，该ETF上个交易 日(12月8日)净流入额为1558.07万元，截至上个交易日，已连续8个交易日获资金净流入，累计净流入额 为1.13亿元。该ETF最新流通份额为18.6亿份，最新流通规模为14.46亿元。 据报道，12月7日，国家医保局、人力资源社会保障部公布《国家基本医疗保险、生育保险和工伤保险 药品目录（2025年）》和《商业健康保险创新药品 ...

Group 1 - The Hang Seng Shanghai Shenzhen Hong Kong Innovation Drug Selected 50 Index (HSSSHID.HK) decreased by 0.38% on October 22, with Rongchang Biologics and Huyou Pharmaceutical rising over 2% [1] - The National Biomedicine Index (399441.SZ) fell by 0.11%, with Rongchang Biologics again showing a rise of over 2% [1] - The Tianhong Innovation Drug ETF (517380) dropped by 0.74%, with a trading volume of 13.43 million yuan and a real-time premium rate of 0.02% as of October 21 [1] Group 2 - Innovent Biologics announced a global strategic partnership with Takeda Pharmaceutical to advance the development of next-generation immuno-oncology (IO) and antibody-drug conjugate (ADC) therapies, with an upfront payment of $1.2 billion and potential milestone payments totaling up to $10.2 billion, making the total deal value up to $11.4 billion [2] - The National Medical Products Administration (NMPA) is enhancing the legal standard system and increasing support for R&D innovation to accelerate the market entry of innovative medical devices [2] - Beijing's medical instrument and device exports reached 5.83 billion yuan in the first eight months of the year, reflecting a year-on-year growth of 21.5% [2] Group 3 - The Tianhong Innovation Drug ETF (517380) is the largest in the market, tracking the Hang Seng Shanghai Shenzhen Hong Kong Innovation Drug Selected 50 Index, covering both A-shares and Hong Kong stocks [3] - The National Biomedicine Index includes the top 30 stocks based on market capitalization and liquidity from the A-share market, reflecting the overall performance of the biomedicine industry [3] - Huafu Securities believes that China's innovative drugs are experiencing a "qualitative change driven by quantitative change," and suggests focusing on companies with both business development (BD) expectations and commercial sales support [3]

Group 1 - The innovation drug concept continues its rebound, with the Tianhong Innovation Drug ETF (517380) rising by 2.35% and component stocks like Sanofi Pharmaceutical increasing over 8% [1] - The Biopharmaceutical ETF (159859) has risen by 1.17%, with a trading volume nearing 50 million yuan, leading among similar products [1] - On October 13, CSPC Pharmaceutical Group (1093.HK) announced that its subsidiary's new drug application for Idaglutide α injection has been accepted, aimed at long-term weight management for overweight or obese adults [1] Group 2 - The Biopharmaceutical ETF (159859) closely tracks the Biopharmaceutical Index, which includes the top 30 stocks in the A-share market based on market capitalization and liquidity, reflecting the overall performance of the biopharmaceutical industry [2] - Huafu Securities believes that China's innovative drugs are experiencing a "quantitative change leading to qualitative change," with a positive outlook on the industry trend over the next 5 to 10 years driven by business development (BD) overseas, continuous data catalysts, and new product sales [2] - Guotai Haitong emphasizes that the current market is trading on the logic of innovative drug overseas expansion, with BD transactions becoming a key valuation basis, and leading innovative drug companies with high R&D efficiency and strong overseas collaboration are expected to benefit first [2]

Core Viewpoint - The innovative drug ETF Tianhong (517380) has shown a positive performance, with a 2.70% increase on the last trading day of September and a total trading volume of 80.39 million yuan, reflecting strong investor interest in the sector [1]. Group 1: ETF Performance - The innovative drug ETF Tianhong (517380) has increased by 5.56% in September and has achieved five consecutive months of growth [2]. - The biopharmaceutical ETF (159859) rose by 1.59% on the same day, with a trading volume of 114 million yuan, leading among similar products [3]. - The biopharmaceutical ETF (159859) has also seen a 1.82% increase in September, maintaining a five-month upward trend [4]. Group 2: Regulatory Developments - On September 30, the National Medical Products Administration announced new regulations allowing the import and market sale of commercially scaled batches of overseas drugs that have been approved in China, under specific conditions [5]. - The eligible drugs include original or modified drugs, those listed in national shortage or essential drug lists, and those for rare diseases, among others [5]. Group 3: Market Sentiment - According to Zhongyou Securities, the innovative drug sector has been undergoing adjustments, partly to digest previous gains and due to a lack of catalysts for business development [5]. - The firm suggests that the adjustment phase is nearing completion and recommends maintaining or increasing positions in innovative drug assets based on long-term industry development logic, focusing on competition, clinical data, and team capabilities to select high-quality growth stocks [5].

Group 1 - The A-share market showed mixed performance on September 25, with active trading in some pharmaceutical stocks, while the Hong Kong pharmaceutical and biotechnology sector saw significant gains [1] - The Tianhong Innovation Drug ETF (517380) continued its rebound, rising by 1.74% with a premium trading rate of 0.25%, and has seen net inflows for 9 out of the last 10 trading days, accumulating over 280 million yuan [1] - The Biopharmaceutical ETF (159859) also continued its upward trend, increasing by 1.13% after a previous gain of over 1.3% [1][2] Group 2 - Hengrui Medicine, a leading innovative drug company, announced a licensing agreement for its proprietary drug SHR-A1811, receiving an upfront payment of 18 million USD and potential milestone payments up to 1.093 billion USD [4] - Hengrui's SHR7280, an oral GnRH receptor antagonist for controlled ovarian stimulation, has had its market application accepted by the National Medical Products Administration, marking a significant advancement as no oral GnRH antagonists have been approved in this indication [4] - Hengrui also reported that its subsidiary received acceptance for a new indication application for Adalimumab injection for use in non-small cell lung cancer patients, further expanding its product pipeline [4]

Market Performance - A-shares and Hong Kong stocks weakened collectively, while the pharmaceutical sector showed active performance, with the Hang Seng Shanghai Shenzhen Hong Kong Innovative Drug Selected 50 Index (HSSSHID.HK) rising by 0.63% [1] - Within this index, Haoyuan Pharmaceutical increased by over 5%, while WuXi AppTec, Kelun Pharmaceutical, and Ganli Pharmaceutical rose by over 3% [1] - The National Biopharmaceutical Index (399441.SZ) fell by 0.55%, with Ganli Pharmaceutical up nearly 3%, and Rongchang Biopharmaceutical and Zhaoyan New Drug both rising by over 1% [1] ETF Performance - The Tianhong Innovative Drug ETF (517380) saw an intraday increase of over 2%, currently up by 0.7%, with a net inflow of 307 million yuan over the last 10 trading days [1] - The latest circulation size of this ETF is 1.428 billion yuan, with a total circulation of 1.664 billion shares [1] - The Biopharmaceutical ETF (159859) decreased by 0.45%, with a trading volume of 42.47 million yuan and a net inflow of 5.6463 million yuan on the previous trading day [1] Drug Procurement Policy - On September 20, the National Medical Insurance Administration released the 11th batch of centralized drug procurement documents, emphasizing principles such as "stabilizing clinical use, ensuring quality, preventing collusion, and countering internal competition" [2] - The procurement policy requires selected enterprises to be the primary responsible party for supply assurance and to respond promptly to medical institutions' orders [2] Clinical Trials and Drug Approvals - Watson Bio announced that its subsidiary, in collaboration with several institutions, has applied for clinical trials for a freeze-dried mRNA vaccine for shingles, which has received acceptance notification from the National Medical Products Administration [2] - Sinopharm announced that its self-developed Class 1 biological drug "Tykasimon Antibody Injection" has received acceptance for its market application from the National Medical Products Administration [2] Industry Outlook - Guojin Securities believes the upward trend in the innovative drug industry remains unchanged, with multinational corporations facing patent cliffs and seeking to fill revenue gaps through business development [4] - The second half of the year is expected to see increased global cooperation in innovative drug product licensing, with the innovative drug sector awaiting further business development catalysts [4] - The recent interest rate cut by the Federal Reserve is expected to lower financing costs for biotech companies, encouraging increased R&D investment and generating more orders for CXO companies [4]

Group 1 - The pharmaceutical sector experienced fluctuations and a pullback on September 19, with the Tianhong Innovation Drug ETF (517380) dropping by 2.39% and trading volume exceeding 540 million yuan [1] - The Tianhong Innovation Drug ETF has seen a net inflow of 270 million yuan over the past nine trading days, indicating strong investor interest [1] - The Tianhong Innovation Drug ETF is the largest in the market, covering both A-shares and Hong Kong stocks, and tracks the Hang Seng-Hushen-Hong Kong Innovation Drug Selected 50 Index [1] Group 2 - The Biopharmaceutical ETF (159859) closely tracks the Biopharmaceutical Index, which includes the top 30 stocks in the biopharmaceutical sector based on market capitalization and liquidity [2] - The Hong Kong market has become a significant financing hub for biopharmaceutical companies, with 13 mainland biotech firms successfully listing in Hong Kong since 2025, surpassing the total for the previous year [2] - According to Jiyin International, the importance of stock selection has increased following a prior surge in the innovation drug sector, suggesting gradual positioning during market pullbacks [2]

Core Viewpoint - The innovation drug ETFs are experiencing significant capital inflow and market interest, with specific companies showing strong performance and new product approvals enhancing market sentiment [1][2][3] Group 1: ETF Performance - The Tianhong Innovation Drug ETF (517380) saw a slight decline of 0.46% but has been experiencing notable premium trading, with a net capital inflow exceeding 180 million yuan over the past eight trading days [1] - The Biopharmaceutical ETF (159859) rebounded to a 0.22% increase after an initial drop, with a trading volume exceeding 160 million yuan, indicating strong market activity [1] Group 2: Company Developments - Heng Rui Medicine announced that its subsidiary received a notice from the National Medical Products Administration regarding the acceptance of a new indication for its drug SHR-A1811, which is now under priority review [2] - The drug has already been approved for treating specific types of lung cancer, showcasing the company's ongoing innovation and regulatory progress [2] Group 3: Market Sentiment and Trends - Recent reports indicate that while there are concerns about the overseas expansion of innovation drugs, Chinese companies possess competitive advantages in high-efficiency and low-cost development [3] - Major overseas pharmaceutical companies are facing challenges and are increasingly looking to Chinese innovation for resource acquisition, which could enhance the competitive landscape for Chinese firms [3] - Analysts remain optimistic about the long-term growth potential of the innovation drug sector, particularly in the Hong Kong market, while also highlighting the value of core assets in the A-share market [3]

Core Insights - The stock of innovative drug company Yaojie Ankang-B experienced significant volatility, initially rising by 63.73% before closing down 53.73% on September 16, with an intraday fluctuation exceeding 110% [1] - The innovative drug sector has been a focal point for investors this year, with Yaojie Ankang-B being included in certain innovative drug indices, impacting the net asset values of related index-tracking funds [1] - The surge in trading volume for Yaojie Ankang-B, from a daily turnover of around 30 million yuan to over 2.5 billion yuan in the days following its index inclusion, has raised concerns about potential arbitrage activities [1] Industry Overview - The Tianhong Innovative Drug ETF (517380) focuses on the entire innovative drug industry chain, which includes preclinical research, clinical research, custom manufacturing, and commercialization, aiming to reduce investment uncertainties and enhance long-term returns [2] - As of September 16, the Tianhong Innovative Drug ETF has recorded a year-to-date increase of 67.69%, outperforming other industry ETFs by approximately 10 percentage points [2] - Analysts predict that 2025 will mark a significant growth year for China's innovative drug industry, driven by high-value business development transactions, profitability improvements among leading companies, and an increasingly favorable policy environment [2] - The Chinese innovative drug market is projected to exceed 2 trillion yuan by 2030, with a compound annual growth rate of 24.1% [2]