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 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]

Core Viewpoint - The Hong Kong innovative drug sector has shown remarkable performance, with several related indices having accumulated gains exceeding 40% this year. The article discusses the differences between two key indices: the Hang Seng Innovative Drug Index and the CSI Hong Kong Innovative Drug Index. Group 1: Sample Space - The Hang Seng Innovative Drug Index consists of the largest 40 companies related to innovative drug research, development, and production listed in Hong Kong, currently comprising 37 constituent stocks with an average market capitalization of approximately 44.7 billion [2] - The CSI Hong Kong Innovative Drug Index is based on the union of the sample spaces of the CSI Hong Kong 300 Index and the CSI Hong Kong Stock Connect Composite Index, currently comprising 36 constituent stocks with an average market capitalization of approximately 40.5 billion [3] Group 2: Industry Distribution - In the Hang Seng Innovative Drug Index, stocks are primarily concentrated in two industries: biotechnology (56.5%) and pharmaceuticals (43.5%) [5] - The CSI Hong Kong Innovative Drug Index has a more balanced distribution, with biopharmaceuticals (49%), chemical drugs (29.4%), pharmaceutical and biotechnology services (20.4%), and medical commerce and services (1.2%) [7] Group 3: Top Ten Weightings - The top ten weightings in the Hang Seng Innovative Drug Index account for 71.47%, with notable companies like Innovent Biologics (12.58%), CanSino Biologics (9.69%), and WuXi Biologics (8.74%) having significant weightings [9][10] - The top ten weightings in the CSI Hong Kong Innovative Drug Index account for 72.16%, with companies such as Innovent Biologics (12.08%), BeiGene (10.36%), and WuXi Biologics (9.66%) being prominent [11][13] Group 4: Historical Performance - Both indices have shown gains exceeding 50% over the past year, with similar performance. However, the CSI Hong Kong Innovative Drug Index has outperformed the Hang Seng Innovative Drug Index over the past three and five years [14] Group 5: Valuation Levels - The Hang Seng Innovative Drug Index's TTM price-to-earnings ratio remains at a historically low level, around the 10% percentile [19] - The CSI Hong Kong Innovative Drug Index's TTM price-to-earnings ratio is also below 15%, indicating a low valuation level [19] Group 6: Common Points - Both indices focus on the innovative drug sector in the Hong Kong market, reflecting the performance of companies involved in innovative drug research, development, and production [22] - The purpose of both indices is to provide investors with a benchmark for observing the performance of the Hong Kong innovative drug market, aiding investment decision-making [22] - Multiple ETFs track these two indices, allowing for T+0 trading [23]