今日，港股医药板块震荡蓄势，截至收盘，恒生港股通创新药指数上涨0.04%，中证港股通医药卫生综 合指数上涨0.4%，沪深300医药卫生指数上涨1.0%，中证创新药产业指数上涨1.3%，中证生物科技主题 指数上涨1.4%。Wind数据显示，今日恒生创新药ETF（159316）获超1.3亿份净申购，截至昨日，该 ETF月内"吸金"超7亿元，在港股创新药相关产品中居前。 国金证券认为，创新药BD交易的再次密集落地缓解了市场的担忧，中国创新药BD出海的长期产业逻辑 不变，且临近年底BD交易有望持续活跃。同时，随着多款中国创新药数据在ESMO密集发布，且PD-1 双抗、ADC等领域的临床数据达到国际领先水平，引起较高关注，或有望提振创新药新一轮的出海机 会。 | 组成,汇聚A股创新药主力 年。 | 1.3% | 54.2倍 | 80.9% | | --- | --- | --- | --- | | 生物科技ETF (2) | | | 159837 | | 跟踪中证生物科技主题指数 | | | | | | | | ··· ////////// | | 该指数聚焦A股生物科技龙 | �日 | 该清做 | 该指数自2015年 ...

今日，医药板块延续涨势，截至收盘，恒生港股通创新药指数上涨2.3%，中证港股通医药卫生综合指 数上涨1.6%，中证创新药产业指数、中证生物科技主题指数、沪深300医药卫生指数均上涨0.4%，恒生 创新药ETF（159316）全天获近3000万份净申购。 中信建投证券指出，中国医药产业竞争力正持续提升。创新层面，国家政策积极鼓励行业创新，全球流 动性改善利好创新药企业定价；出海层面，中国具备制造与供应链优势，同时创新能力快速提升，长期 看好医药行业走出全球性大公司。 | 组成;汇菜A腹则新约土/ E. | 0.4% | 55.0倍 82.4% | | --- | --- | --- | | 生物科技ETF(NO] | | 159837 | | 跟踪中证生物科技主题指数 | | | | | | ·· ///////// | | 该指数聚焦A股生物科技龙 | रे 日 | 该指数 该指数自2015年 | | 头,由不超过50只业务涉 | 该指数涨跌 | 我国同需率 发布以来估值分位 | | 及基因诊断、生物制药、血 | | | | 液制品及其它人体生物科技 | 0.4% | 60.8倍 77.7% | | 的公司股 ...

港股通医药ETF（513200，联接A/C：018557/018558） 医药ETF（512010，联接A/C：001344/007883） 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 9月境内外医药投融资趋势回暖，一二级市场相关资产均受到投资人关注。2025年9月，全球生物医药领 域共发生175起融资事件（不包括IPO、定向增发等），披露融资总额102亿美元（约727亿人民币）， 同比增长57%，环比增长179%。其中，国内市场共发生68起融资事件，披露融资总额约9.56亿美元，总 额环比增长约1%，同比增长约337%。 降息周期的预期带动下，海外医药相关资产表现较好，纳斯达克生物技术指数自9月18日美联储宣布降 息以来上涨约9%。 基本面方面，9月医药行业基本面也明显改善。出海方面，1-9月中国创新药专利出海合同总金额超1000 亿美元，同比增长170%。境内市场方面，2025年1-9月，国内累计新增临床项目数2483个，相比去年同 期增长6.8%。 相关标的： 恒生创新药ETF（159316，联接A/C：024328/024329） ...

Core Viewpoint - The innovative drug sector is experiencing a rebound, with the Hang Seng Hong Kong Stock Connect Innovative Drug Index rising by 2.54% as of 15:15. The recent fluctuations in the sector are attributed to the digestion of previous positive news and geopolitical concerns, rather than a reversal in industry trends. The recognition of Chinese innovative drugs by overseas pharmaceutical companies has shifted from a "stock selection" approach to a "country-level" strategic focus, making China a core supplier in the global innovative drug landscape [1]. Group 1: Market Dynamics - The innovative drug sector is currently undergoing a fundamental transformation in its business development (BD) logic, with overseas companies increasingly recognizing the importance of Chinese innovative drugs [1]. - The current slowdown in BD transaction activity is viewed as a minor fluctuation within a longer-term trend, rather than a sign of a significant downturn [1]. Group 2: Upcoming Catalysts - The fourth quarter is expected to be a period of intensive catalysts for the innovative drug sector, with major academic conferences such as ESMO, ASH, and SABCS set to present key clinical data from Chinese innovative drugs, which could enhance market confidence if results exceed expectations [2]. - The traditional peak season for BD transactions is anticipated in October and November, with significant deals already initiated, such as the one involving Innovent Biologics, which may validate long-term industry logic [2]. - Policy adjustments, both domestically and internationally, are expected to support the innovative drug sector, including the opening of a window for adjustments to the medical insurance catalog and the potential benefits from a renewed interest in interest rate cuts by the Federal Reserve [2]. Group 3: Related Investment Vehicles - Relevant investment vehicles include the Hang Seng Innovative Drug ETF (159316), Hong Kong Stock Connect Pharmaceutical ETF (513200), and Pharmaceutical ETF (512010), which provide exposure to the innovative drug sector [3].

Core Viewpoint - The Chinese innovative pharmaceutical sector is experiencing growth in revenue and a significant reduction in losses, driven by technological breakthroughs, accelerated internationalization, and policy support [1]. Group 1: Market Performance - The Hang Seng Innovative Drug Index fell by 2.0%, while the CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index decreased by 1.1% [1]. - The CSI Innovative Drug Industry Index and the CSI Biotechnology Theme Index saw declines of 0.6% and 0.5%, respectively [1]. - The Hang Seng Innovative Drug ETF (159316) recorded over 100 million net subscriptions throughout the day, marking four consecutive days of net inflow, with the latest scale reaching 2.5 billion yuan, a historical high [1]. Group 2: Industry Outlook - CITIC Construction Investment Securities forecasts that by the first half of 2025, revenue for Chinese innovative pharmaceutical companies will continue to grow, with losses significantly narrowing [1]. - The valuation of the innovative drug industry is expected to rise substantially, reflecting an enhancement in global competitiveness [1]. - The sector's accelerated development is attributed to three driving forces: technological breakthroughs, internationalization, and supportive policies [1].

Core Insights - The Hang Seng Hong Kong Stock Connect Innovation Drug Index increased by 7.1% this week, while the CSI Hong Kong Stock Connect Medical and Health Comprehensive Index rose by 6.9% [1] - The CSI Innovation Drug Industry Index and the CSI Biotechnology Theme Index saw increases of 5.3% and 3.6%, respectively, with the CSI 300 Medical and Health Index up by 3.4% [1] - The Hang Seng Innovation Drug ETF (159316) experienced a net inflow of nearly 200 million yuan this week, bringing its total size to over 2 billion yuan, a record high [1] Index Performance - Weekly performance: - Hang Seng Innovation Drug Index: +7.1% - CSI Hong Kong Stock Connect Medical and Health Comprehensive Index: +6.9% - CSI Innovation Drug Industry Index: +5.3% - CSI Biotechnology Theme Index: +3.6% - CSI 300 Medical and Health Index: +3.4% [3] - Year-to-date performance: - Hang Seng Innovation Drug Index: +116.2% - CSI Hong Kong Stock Connect Medical and Health Comprehensive Index: +102.9% - CSI Innovation Drug Industry Index: +43.5% - CSI Biotechnology Theme Index: +31.2% - CSI 300 Medical and Health Index: +22.9% [7] Valuation Metrics - Current rolling P/E ratios: - Hang Seng Innovation Drug Index: 57.7x - CSI Hong Kong Stock Connect Medical and Health Comprehensive Index: 30.7x - CSI Innovation Drug Industry Index: 57.3x - CSI Biotechnology Theme Index: 62.3x - CSI 300 Medical and Health Index: 33.0x [3] - Valuation percentile as of July 2023: - Hang Seng Innovation Drug Index: 48.5% - CSI Hong Kong Stock Connect Medical and Health Comprehensive Index: 88.1% - CSI Innovation Drug Industry Index: 82.1% - CSI Biotechnology Theme Index: 60.2% [3] ETF Overview - The Hang Seng Innovation Drug Index has one ETF tracking it, while the CSI Hong Kong Stock Connect Medical and Health Comprehensive Index has four ETFs [5] - The CSI Innovation Drug Industry Index is tracked by seven ETFs, and the CSI Biotechnology Theme Index has four ETFs [5]

Group 1 - The China Securities Innovation Drug Industry Index rose by 0.1% at midday, while the CSI 300 Healthcare Index fell by 0.02%, the CSI Biotech Theme Index decreased by 0.1%, the Hang Seng Hong Kong Stock Connect Healthcare Comprehensive Index dropped by 0.7%, and the Hang Seng Hong Kong Stock Connect Innovation Drug Index declined by 0.9% [1] Group 2 - The CSI Biotech Theme Index focuses on A-share biotech leaders and consists of no more than 50 companies involved in areas such as gene diagnostics, biopharmaceuticals, and blood products [4] - The CSI 300 Healthcare Index targets A-share healthcare industry leaders and includes companies from the CSI 300 Index that are involved in chemical pharmaceuticals, medical services, and medical devices [4] - The indices have been published since 2015 for the Biotech Theme Index and since 2007 for the CSI 300 Healthcare Index, with respective rolling price-earnings ratios of 33.9 times and 65.7% valuation percentile [4]

Core Viewpoint - The healthcare and biotechnology sectors in the Hong Kong stock market have shown significant positive performance, with various indices reflecting substantial gains as of the midday close. Group 1: Index Performance - The CSI Hong Kong Stock Connect Healthcare Comprehensive Index increased by 4.0% [1] - The Hang Seng Hong Kong Stock Connect Innovative Drug Index rose by 3.7% [1] - The CSI Innovative Drug Industry Index saw a rise of 3.3% [1] - The CSI Biotechnology Theme Index increased by 2.8% [1] - The CSI 300 Healthcare Index rose by 2.1% [1] - The Hang Seng Innovative Drug ETF (159316) recorded a trading volume exceeding 500 million yuan [1] Group 2: ETF and Index Details - The Biotechnology ETF (159837) tracks the CSI Biotechnology Theme Index, which focuses on A-share biotechnology leaders and has a rolling P/E ratio of 60.7 times, with a 2.8% increase [4] - The CSI 300 Healthcare Index ETF (512010) tracks the CSI 300 Healthcare Index, covering major companies in the healthcare sector, with a rolling P/E ratio of 32.8 times and a 2.1% increase [4] - The indices have been established for several years, with the CSI Biotechnology Theme Index launched in 2015 and the CSI 300 Healthcare Index in 2007 [5]

Group 1 - The Hang Seng Hong Kong Stock Connect Innovative Drug Index increased by 3.6% at midday, while the CSI Hong Kong Stock Connect Medical and Health Comprehensive Index rose by 3.5% [1] - The CSI Innovative Drug Industry Index saw a 2.2% increase, and the CSI Biotech Theme Index rose by 1.7% [1] - The CSI 300 Medical and Health Index increased by 1.9% [3] Group 2 - The Hang Seng Innovative Drug ETF (159316) had a trading volume exceeding 500 million yuan, with a net subscription of 54 million units [1] - The index tracked by the Hang Seng Innovative Drug ETF focuses on leading innovative drug companies in Hong Kong, consisting of no more than 40 stocks involved in innovative drug research and development [2] - The rolling price-to-earnings ratio for the Hang Seng Innovative Drug Index is 56.7 times [2] Group 3 - The CSI Hong Kong Stock Connect Medical and Health Comprehensive Index includes 50 stocks from the medical device, biopharmaceutical, and chemical drug sectors [2] - The rolling price-to-earnings ratio for this index is 29.2 times, with a 46.2% increase since its inception in 2017 [2] Group 4 - The CSI Innovative Drug Industry Index focuses on leading innovative drug companies in A-shares, consisting of no more than 50 stocks involved in innovative drug research and development [2] - The rolling price-to-earnings ratio for this index is 52.8 times, with a 79.8% increase since its launch in 2019 [2] Group 5 - The CSI Biotech Theme Index includes up to 50 stocks involved in gene diagnostics, biopharmaceuticals, and other human biotechnology [2] - The rolling price-to-earnings ratio for this index is 58.3 times, with a 72.4% increase since its inception in 2015 [2] Group 6 - The CSI 300 Medical and Health Index covers leading companies in the medical and health sector, including chemical pharmaceuticals, medical services, and medical devices [3] - The rolling price-to-earnings ratio for this index is 32.6 times, with a 58.0% increase since its inception in 2007 [3]

Industry Trends - The innovative drug industry is expanding from single target discovery to more complex and advanced technology platforms and broader therapeutic areas [1] - Emerging molecular types (PROTAC, bispecific/multispecific antibodies) are entering a harvest period, while traditional hot targets (PD-1/L1) are expanding into new indications and combination therapies [1] - The therapeutic areas are shifting from oncology to blue ocean markets such as autoimmune and metabolic diseases [1] Fundamentals - Leading innovative pharmaceutical companies are experiencing strong profitability and continuous high R&D investment, exemplified by BeiGene's H1 total revenue of 17.518 billion yuan (+46%) and a successful turnaround to profitability [1] - Heng Rui Medicine's H1 net profit increased by 30%, with innovative drug revenue accounting for 61% of total revenue [1] Valuation - As of August 25, the CME FedWatch data indicates an 87% probability of the Federal Reserve cutting interest rates twice within the next 25 years, with a clearer rate-cutting schedule emerging [1] - Historically, during Federal Reserve rate-cutting cycles, the valuation of Hong Kong stock innovative drug assets tends to expand, and a favorable liquidity environment benefits financing and R&D investments for innovative drug companies [1] Related Products - Hang Seng Innovative Drug ETF (159316, Connect A/C: 024328/024329) [3] - Hong Kong Stock Connect Pharmaceutical ETF (513200, Connect A/C: 018557/018558) [3] - Pharmaceutical ETF (512010, Connect A/C: 001344/007883) [3] Index Adjustment - On August 11, the Hang Seng Hong Kong Stock Connect Innovative Drug Index was officially adjusted to exclude CXO, becoming the first "pure" 100% innovative drug index, providing a more accurate reflection of the overall performance of Chinese innovative pharmaceutical companies [2] - Simulated calculations indicate that the historical performance of the index will significantly improve after excluding CXO, with a 30% enhancement in performance since the revised index was published [2]