在恒生指数有限公司（以下简称恒生指数公司）位于中国香港中环的总部内，有一面充满历史气息的 数 字 背 景 墙 。其 中 的"19691124"，代表恒生指数（以下或简称恒指）诞生的日子，"19940808"则代 表恒生中国企业指数的问世日期。这些数字，浓缩了香港金融市场半个多世纪的波澜壮阔与不断发展。 1997年7月1日，香港尖沙咀东部的大厦挂上了庆祝香港回归祖国的灯饰。巫婉雯在这一年加入恒生指数 公司（旧称恒生指数服务公司），自此开启了与香港金融市场同行的旅途。 从最初仅有7人的服务性质公司一路走来，如今恒生指数公司已成为一家国际性指数公司，旗下港股指 数已在中国内地获60只相关ETF（交易型开放式指数基金）追踪，恒生指数系列挂钩的产品横跨全球17 个市场。在这个历程中，巫婉雯从基层职员一路升至董事、行政总裁兼客户管理总监，她的职业生涯几 乎完整映照了中国香港和中国内地金融市场的崛起与转型，她也亲身参与并推动了多项与恒指有关的里 程碑事件。 2025年，港股市场迎来强势反弹，IPO（首次公开募股）募资额重返全球第一，恒指年内涨幅一度突破 30%，科技、消费、生物科技等领域协同发力，南向资金与海外资本双向涌入 ...

Group 1 - The innovative drug sector is experiencing a rebound due to favorable policy news, with the Hang Seng Innovative Drug ETF (520500) seeing active trading [1] - The National Medical Products Administration announced a 30-day approval channel for innovative drug clinical trials, effective September 12, 2025, aimed at optimizing the review process [1] - Despite recent overseas restrictive policy rumors affecting market sentiment, there is strong capital inflow into the ETF, indicating resilience in market confidence [1] Group 2 - On September 11, 2025, the Hang Seng Innovative Drug ETF (520500) received 127 million yuan in capital inflow, with a total trading volume of 1.548 billion yuan, reflecting a 94% increase [1] - The ETF tracks the Hang Seng Innovative Drug Index, which focuses on high-growth Hong Kong-listed companies involved in drug research, development, and production [1] - The index was revised on August 11, 2025, to exclude companies in the CXO sector, thereby concentrating on the upstream innovative drug industry [1] Group 3 - The innovative drug sector's fundamentals are gradually improving, making it a worthwhile area for attention despite uncertainties surrounding overseas policies [1] - The offshore Hong Kong market is expected to benefit from rising expectations of interest rate cuts by the Federal Reserve, enhancing the attractiveness of the Hang Seng Innovative Drug ETF [1] - The ETF offers significant scale, good liquidity, and supports T+0 trading, positioning it as an effective tool for investors to capitalize on opportunities in the Hong Kong innovative drug sector [1]

Group 1 - The Hang Seng Innovation Drug Index is expected to achieve its first annual increase since 2020 after four consecutive years of decline, with a year-to-date increase of 116% as of August 22, 2025, outperforming the Hang Seng Index's 30.5% rise and the overall healthcare sector's 91.2% increase [1][5] - The strong performance of the index has brought it to its highest level since December 2021 [1] - The healthcare sector has shown the best performance among 12 industry indices, with a year-to-date increase of 91.2%, followed by materials (+73.1%) and information technology (+44%) [5][6] Group 2 - The IPO market for the healthcare sector has rebounded, with the top five IPOs of 2025 coming from this sector, showing first-day increases between 78.7% and 206.5%, compared to an average increase of 18.4% for the overall IPO market [9][11] - As of August 22, 2025, healthcare-related IPOs have raised HKD 20.7 billion, a 299% increase compared to the total raised in 2024, marking the highest level since 2021 [9][11] - The rebound in healthcare IPOs is primarily driven by pharmaceuticals and biotechnology, which accounted for approximately 93% of the total funds raised in the sector [9] Group 3 - The Hang Seng Innovation Drug Index was launched in May 2023 to reflect the performance of Hong Kong-listed companies involved in innovative drug research, development, and production [13] - The index's calculation method was adjusted on June 30, 2025, to better reflect its target by excluding companies primarily engaged in contract research and manufacturing [13][14] - Following the adjustment, the weight of biotechnology and pharmaceuticals in the index changed to approximately 54% and 46%, respectively, from 62% and 38% prior to the adjustment [14][16]

Core Viewpoint - The Hong Kong stock market's innovative drug sector has seen a significant rebound in performance this year, driven by favorable policies, accelerated R&D, and a surge in overseas expansion. The Hang Seng Innovative Drug Index (HSIDI.HI) has gained over 100% year-to-date, attracting considerable market attention. In light of this positive trend, the index's compilation rules have undergone important revisions [1][2]. Summary by Relevant Sections Index Adjustments - On August 1, 2025, the Hang Seng Index Company announced key revisions to the Hang Seng Innovative Drug Index, effective from August 11, 2025. The main changes include the removal of companies in the CXO sector, which encompasses Contract Research Organizations (CRO), Contract Manufacturing Organizations (CMO), and Contract Development and Manufacturing Organizations (CDMO) [1][2]. Focus on Core Enterprises - The index has removed seven companies with relatively low "innovative drug content," resulting in a renewed focus on core innovative drug enterprises. These companies typically possess strong R&D capabilities and core patent technologies, enhancing the index's ability to capture the industry's driving forces [3][5]. Top Constituents and Their Weightings - The top ten constituents of the revised index and their respective weights are as follows: - 9926.HK: 10.31% - 6160.HK: 9.80% - 1801.HK: 9.52% - 1177.HK: 9.47% - 6990.HK: 9.18% - 1093.HK: 6.98% - 1952.HK: 6.22% - 9688.HK: 6.12% - 1530.HK: 5.90% - 2157.HK: 2.94% [4]. Enhanced Liquidity and Trading Efficiency - The index's selection criteria have been modified to include only companies eligible for trading under the Southbound Stock Connect, thereby enhancing liquidity and trading convenience. This change is expected to attract more mainland capital, further improving the index's trading dynamics [7]. Investment Opportunities - The Huatai-PineBridge Fund's Hang Seng Innovative Drug ETF (520500) is the first ETF tracking the Hang Seng Innovative Drug Index. As of August 8, 2025, the ETF has seen a significant increase in both shares and scale, with year-to-date growth rates of 389.34% and 854.55%, respectively. The ETF has also demonstrated strong liquidity, with daily trading volumes exceeding 1 billion HKD for 15 consecutive trading days [8].

Group 1 - The Hang Seng Innovation Drug Index and the Hang Seng Hong Kong Stock Connect Innovation Drug Index have undergone a composition adjustment effective from August 11 [1] - The new calculation method excludes companies primarily engaged in the CXO industry, including Contract Research Organizations (CRO), Contract Manufacturing Organizations (CMO), and Contract Development and Manufacturing Organizations (CDMO) [1] - The adjustment introduces a requirement for Southbound trading connectivity, meaning only stocks that meet the Hong Kong Stock Connect criteria can be included, enhancing investment convenience [1] Group 2 - The Hang Seng Innovation Drug Index will maintain a fixed number of 40 constituent stocks, with eligible securities selected based on their relevance to innovative drug business [1] - The adjustment reflects the latest development trends in the Hong Kong innovative drug sector, providing investors with a more precise market benchmark [1] - The changes also indicate a trend of deeper integration between the capital markets of the two regions as the connectivity mechanism continues to improve [1]

Group 1 - The Hang Seng Innovation Drug Index and the Hang Seng Hong Kong Stock Connect Innovation Drug Index will explicitly exclude CXO companies [1] - The 2025 China Solid-State Battery Technology Industry Development Conference is scheduled [1] - New stock subscription for Hongyuan Co., Ltd. is announced [1] Group 2 - The domestic refined oil will enter a new round of adjustment [2] - The Reserve Bank of Australia will announce its interest rate decision [2] - The US Consumer Price Index (CPI) for July will be released [2] - OPEC will publish its monthly oil market report [2] - The 2025 Green Low-Carbon Innovation Conference will take place in Huzhou [2] - Supermicro will host the 2025 Open Storage Summit [2] Group 3 - The EIA will release its monthly Short-Term Energy Outlook [2] - The IEA will publish its monthly oil market report [2] - Tencent will release its financial report [2] Group 4 - The 2025 World Humanoid Robot Games will be held in Beijing [2] - HTC VIVE will hold a press conference, expected to launch official products [2] - The US Producer Price Index (PPI) for July will be released [2] - JD.com and NetEase will release their financial reports [2] Group 5 - The National Bureau of Statistics will release the national economic operation data for July [2] - A summit between the US and Russian leaders will take place in Alaska [2] - The 2025 China (Guangzhou) Cross-Border E-Commerce Trade Fair is scheduled [2]

Group 1 - The Hang Seng Index Company has revised the compilation plan for the Hang Seng Innovative Drug Index, removing companies primarily engaged in the CXO (Contract Research Organization) sector, and the changes will take effect from August 11 [1] - The revised index now focuses solely on the pharmaceutical and biotechnology sectors, enhancing the purity of innovative drug companies and providing a more accurate reflection of the innovative drug industry's development trends [1] - The index has gained southbound trading eligibility, which is expected to enhance liquidity and serve as a valuable tool for investors to capture opportunities in innovative drug investments [1] Group 2 - The innovative drug industry is shifting its core logic towards business development (BD) and international expansion, with more domestic companies seeking to commercialize their innovative drugs in mature markets like Europe and the US through various collaborative methods [2] - The strategic investment value of the Hang Seng Innovative Drug ETF (520500) is expected to further upgrade due to the consolidation of innovative drug development trends and the "purification" of the index compilation plan, allowing investors to easily capture cutting-edge opportunities in the innovative drug sector [2]

Group 1 - The core viewpoint of the articles highlights the significant boost in the Hong Kong stock market's innovative drug sector, with the Hang Seng Innovative Drug Index showing an impressive increase of over 111% this year, attracting market attention [1] - The Hang Seng Innovative Drug Index has undergone a revision to focus solely on the pharmaceutical and biotechnology sectors, enhancing its ability to reflect the development trends of the innovative drug industry [1] - The index has gained eligibility for southbound trading, which is expected to improve liquidity and serve as a valuable tool for investors seeking opportunities in innovative drugs [1] Group 2 - The Hang Seng Innovative Drug ETF (520500) is currently one of the few ETFs tracking the Hang Seng Innovative Drug Index, with its latest shares and scale reaching 555 million and 1.128 billion yuan, respectively, both hitting historical highs [2] - The ETF has demonstrated strong liquidity, with a daily trading volume exceeding 1 billion yuan for 12 consecutive trading days, and an average daily trading volume of 1.453 billion yuan during the specified period [2] - The current logic of the innovative drug industry has shifted towards international expansion, with domestic companies increasingly seeking to commercialize their innovations in mature markets like Europe and the U.S. [2] Group 3 - The management of the Hang Seng Innovative Drug ETF (520500) by Huatai-PB Fund has a strong track record, having launched several benchmark ETFs and maintaining an 18-year record of zero errors in ETF operations [3] - The ETF has achieved a return of 56.94% in the first half of 2025, closely aligning with its benchmark, the Hang Seng Innovative Drug Index, which had a return of 57.83% during the same period [3]

Group 1 - The Hang Seng Index Company announced adjustments to the calculation methods of several indices, including the Hang Seng Hong Kong Stock Connect Innovative Drug Index, Hang Seng Innovative Drug Index, Hang Seng Biotechnology Index, and Hang Seng Hong Kong-US Biotechnology Index [1] - The adjustments aim to enhance the focus on pure innovative drug companies by excluding companies primarily engaged in the CXO industry, which includes Contract Research Organizations (CRO), Contract Manufacturing Organizations (CMO), and Contract Development and Manufacturing Organizations (CDMO) [2][4] - The changes will result in a more concentrated index composition, with the top five constituents of the Hang Seng Hong Kong Stock Connect Innovative Drug Index shifting to companies like Innovent Biologics, BeiGene, and others, while the previous weight of excluded companies was approximately 18.1% [3] Group 2 - The Hang Seng Biotechnology Index will see a reduction in the number of constituents from 50 to a fixed number of 30, along with new trading qualification requirements under the Stock Connect program [6] - The Hang Seng Hong Kong-US Biotechnology Index will also reduce its constituent count from 60 to a fixed number of 40, indicating a significant decrease in the number of stocks included [9] - The adjustments to the indices will take effect on June 30, 2025, with the changes in constituent stocks implemented on September 8, 2025 [9]

Group 1 - The calculation method for the Hang Seng Hong Kong Stock Connect Innovative Drug Index will be updated [1] - New liquidity requirements will be added to the index calculation method [1] - Industry requirements will be modified, and thematic requirements will be removed [1] - The method for selecting constituent stocks will be revised [1] - These changes will take effect during the index review as of June 30, 2025, with constituent stock changes implemented on September 8, 2025 [1]