机构表示，预计11-12月仍将是BD交易较为活跃的时点，12月将有ASH（美国血液学会）、SABCS（圣 安东尼奥乳腺癌大会）等行业会议，本周ASH会议摘要已公布，且明年年初还有JPM大会（摩根大通医 疗健康年会）催化。综合今年医保谈判继续对创新药"暖风劲吹"，以及美联储降息的宏观背景，当下创 新药向上风险或已经大于向下风险。 消息面上，2025年国家基本医保药品目录谈判竞价和商保创新药目录价格协商工作已完成，120家内外 资企业现场参与，其中参与基本医保药品目录谈判竞价的目录外药品127个，参与商保创新药目录价格 协商的药品24个。 港股医疗板块延续昨日走势，继续领涨市场，早盘创新药、疫苗等细分领域情绪火热。截至发稿，港股 通医疗ETF富国（159506）盘中涨幅达3.48%，其成分股三生制药、映恩生物-B、百济神州涨超6%，此 外，创新药ETF富国（159748）盘中亦涨2.35%。 港股通医疗ETF富国（159506）紧密跟踪恒生港股通医疗保健指数（HSSCHI），根据指数编制方案， 成分股中最近两年平均研究开发/收入排名位列最低的公司会被剔除，研发支出占比及创新药业务占比 较高，创新属性突出，帮助投资 ...

今日早盘，港股医疗板块高开高走，创新药、生物医药、医疗服务等细分领域领涨市场。截至发稿，港 股通医疗ETF富国（159506）盘中涨幅达3.17%，成分股百济神州涨超7%，平安好医生、三生制药涨超 6%；此外，创新药ETF富国（159748）盘中亦涨2.52% 消息面上，11月以来国家药品监督管理局已先后批准2个创新药和2个医疗器械创新产品上市，并有7款1 类创新药头次在中国获得临床试验默示许可。此外，机构研报显示，A股创新药板块三季度单季度营业 收入实现了36%的高速增长，归母净利润由去年同期的亏损5亿元转为盈利15亿元，且季度环比持续保 持增长，第三季度净利润同比提升7.7%，有望为估值修复提供坚实基础。 机构表示，近3个月创新药经历了较长时间回调，调整幅度达到一定水平，在外围扰动事件的影响下， 当前市场预期已经降低。短期后续仍然有多个催化（三季度业绩持续放量、BD有望持续落地、全球主 要央行降息趋势），以及长期创新药企业报表有望持续改善，对外出海维持高景气度的趋势。 港股通医疗ETF富国（159506）紧密跟踪恒生港股通医疗保健指数（HSSCHI），根据指数编制方案， 成分股中最近两年平均研究开发/收入 ...

机构表示，政策强调支持创新药和医疗器械发展，健全医疗、医保、医药协同发展机制，并推进中医药 传承创新。在创新导向下，重大疾病领域如肿瘤、自身免疫、神经系统疾病等新技术具备长期发展空 间。此外，政策还提出发展医养结合服务与银发经济，强化基层医疗体系建设，为相关细分赛道带来结 构性机遇。 今日市场风格快速切换，港股医药回暖，创新药、疫苗、医疗器械等细分领域上涨。港股通医疗ETF富 国（159506）盘中涨幅达4.7%，其标的指数成分股三生制药、映恩生物-B涨超10%，信达生物、复星医 药等纷纷跟涨。此外，创新药ETF富国（159748）涨幅近3%。 港股通医疗ETF富国（159506）紧密跟踪恒生港股通医疗保健指数（HSSCHI），成分股研发支出占比 及创新药业务占比较高，创新属性突出，助力投资者精准捕捉港股医药板块投资机会。 消息面上，2025年国家医保谈判（国谈）正式启动，首次引入"商保创新药目录"机制，形成基本医保与 商保双轨并行的调整模式。业内人士指出，高值创新药的支付压力有望通过商保渠道分流。据国家医保 局8月28日公告，2025年基本药品目录调整有535个药品通用名通过形式审查。商保创新药目录有121 ...

Core Viewpoint - The Hong Kong pharmaceutical sector continues its upward trend, driven by strong performances in innovative drugs, vaccines, and biopharmaceuticals, with significant gains observed in related ETFs and stocks [1] Group 1: Market Performance - The Hong Kong medical ETF, 富国 (159506), saw an intraday increase of 3.21%, with stocks like 映恩生物-B rising over 8% and 三生制药 and 康方生物 increasing more than 7% [1] - The innovative drug ETF, 富国 (159748), experienced a 2.54% rise during the trading session [1] Group 2: Upcoming Events - The 2025 European Society for Medical Oncology (ESMO) annual meeting is scheduled from October 17 to October 21 in Berlin, Germany, expected to showcase significant clinical research results that may enhance market interest in innovative drug assets [1] Group 3: Industry Trends - The trend of Chinese innovative drugs entering international markets is gaining momentum, with expectations of more business development (BD) deals being finalized by year-end, indicating potential collaborations between Chinese pharmaceutical companies and large overseas firms [1] - Historically, the end of the year has been a peak time for major BD agreements in the innovative drug sector [1] - The current U.S. interest rate cut environment is anticipated to further boost performance in the CXO industry [1] Group 4: ETF Composition - The 富国 medical ETF (159506) closely tracks the Hang Seng Stock Connect Healthcare Index (HSSCHI), with a unique index composition strategy that excludes companies with the lowest average R&D/revenue rankings over the past two years [1] - Companies with high R&D expenditure ratios and significant innovative drug business proportions are prioritized, enhancing the ETF's ability to capture investment opportunities in the Hong Kong pharmaceutical sector [1]

Core Viewpoint - The Hong Kong stock market's healthcare sector led the gains on the first trading day of September, driven by strong performance in innovative drugs and vaccines, with significant increases in related ETFs and stocks [1] Group 1: Market Performance - The innovative drug ETF, 富国 (159748), saw an intraday increase of 4.43%, with constituent stocks such as 长春高新, 华海药业, and 健康元 hitting the daily limit [1] - The Hong Kong Stock Connect healthcare ETF, 富国 (159506), recorded an intraday rise of 3.85% [1] Group 2: Regulatory Developments - On August 28, the National Healthcare Security Administration officially announced the preliminary review of the drug list for the 2025 medical insurance and commercial insurance innovative drug directory adjustments [1] - The directories primarily feature new drugs, including the "million-dollar anti-cancer drug" CAR-T products and several "global first and only" products [1] Group 3: Industry Outlook - The pharmaceutical and biotech industry is expected to show a marginal improvement trend in the first half of 2025, with a notable recovery in the pharmaceutical and CXO sectors [1] - Projected revenue and net profit growth rates for the first half of 2025 are 6.9% and 56.1%, respectively, with gross margin increasing to 77.7% and a continuous decline in sales and R&D expense ratios [1] - The current phase of innovative drug development in China is characterized by significant progress, which is anticipated to remain a key investment theme in the pharmaceutical sector for 2025 [1]

今日港股医疗板块高开高走，延续近日景气行情，创新药、疫苗等细分领域表现亮眼，截至发稿，港股 通医疗ETF富国（159506）盘中涨幅达3.34%，其成分股绿叶制药、药明康德涨超8%，先声药业涨超 7%。此外，创新药ETF富国（159748）盘中涨幅达3.55%，成分股药明康德涨超8%，泰格医药、石药 集团涨超7%。 港股通医疗ETF富国（159506）紧密跟踪恒生港股通医疗保健指数（HSSCHI），根据指数编制方案， 成分股中最近两年平均研究开发/收入排名位列最低的公司会被剔除，研发支出占比及创新药业务占比 较高，创新属性突出，帮助投资者精准捕捉港股医药板块投资机会。 创新药ETF富国（159748）紧密跟踪SHS创新药（CSI：931409）指数，指数从市场中选取主营创新药 物研发、生产和销售的上市公司证券作为指数样本，聚焦医药生物行业中创新型制药企业，以反映创新 药领域内优质上市公司证券的整体表现，帮助投资者精准捕捉医药板块创新药领域投资机会。 消息面上，近期国家医保局召开座谈会，明确表示将通过医保价格政策赋能药械创新，包括统一新设医 疗服务价格项目、推动高水平科技创新成果加快进入临床应用、研究实行新上市 ...

Group 1: Market Performance - The innovative drug and rare earth permanent magnet sectors are leading in gains, with over 3,900 stocks in the market rising [1] - The financial sector, particularly brokerage firms, experienced a rapid increase, with notable gains in stocks like Xinda Securities, Dongxing Securities, and China Galaxy [3][5] Group 2: Brokerage Sector Developments - Xinda Securities reached a trading limit, with a 10.01% increase, while other firms like Dongxing Securities and China Galaxy also saw significant gains [6] - The China Securities Regulatory Commission approved the change of actual controllers for several brokerage firms to Central Huijin, marking a step towards further industry consolidation [7] - Analysts suggest that the restructuring within the "Huijin system" may lead to a new wave of mergers and acquisitions in the brokerage sector, enhancing market confidence and investment attractiveness [7] Group 3: Innovative Drug Sector Highlights - The innovative drug concept continues to break through, with significant gains in related ETFs in the Hong Kong market, such as the Hang Seng Medical ETF and the innovative drug ETF [9][10] - The recent ASCO annual meeting showcased a record number of Chinese research abstracts, indicating strong performance and breakthroughs in domestic innovative drug companies [10] Group 4: Rare Earth Sector Insights - The rare earth sector saw a substantial increase of over 38%, driven by export control measures announced by the Ministry of Commerce [11][14] - The Hong Kong market has been active, with increased investment from mainland public funds, particularly in the new consumption sector, which is expected to perform well [14]