截至收盘，恒生港股通创新药指数上涨3.3%，中证港股通医药卫生综合指数上涨3%，中证创新药产业指数上涨1.6%，中证生物科技主题指数上涨1.4%，沪 深300医药卫生指数上涨1%。 中信建投证券表示，中国医药产业已迈入"创新兑现+全球布局"的关键阶段，人口与内需基数、全产业链制造能力构成核心支撑，企业积极探索多元化的出 海路径。展望2026年，可以重点关注创新商业化、全球化突破、政策优化带来的新增量及行业并购整合的机遇。 1.6% 生物科技ETF (NO] 器踪中证生物科技术频指数 3.0% 取标十儿酒胶迪医药 上一示宣情数 该指数聚焦港股医疗卫生行 业龙头,由50只医疗器械 、生物药品、化学药及其它 医药卫生行业的港股通股票 组成。 �H 该指数涨跌 创新药ETF易方达得 跟踪中证创新药产业指数 该指数聚焦A股创新药龙头, 由不超过50只主营业务涉 及创新药研发的公司股票 组成,汇聚A股创新药主力 车。 �日 该指数涨跌 该指数聚焦A股生物科技龙 头,由不超过50只业务涉 及基因诊断、生物制药、血 液制品及其它人体生物科技 的公司股票组成。 �日 该指数涨跌 医药 ETF ONLY 跟踪沪深300医药卫生指 ...

港股早盘全线走强，医药板块涨幅居前，截至午间收盘，恒生港股通创新药指数上涨2.1%，中证港股通医药卫生综合指数上涨1.7%，中证创新药 产业指数、中证生物科技主题指数均上涨0.8%，沪深300医药卫生指数上涨0.6%。 （文章来源：每日经济新闻） ...

Core Insights - The innovation drug sector indices, including the CSI Innovation Drug Industry Index and the CSI Biotechnology Theme Index, experienced a decline of 1.0% as of the market close, indicating a short-term adjustment in the market [1] - Despite the recent downturn, the innovation drug sector is showing improved resilience, with positive trends observed in investment and financing data, orders, and performance metrics [1] Group 1: Index Performance - The CSI Innovation Drug Industry Index fell by 1.0% with a rolling P/E ratio of 50.5 times and a valuation increase of 73.4% since its inception [5] - The CSI Biotechnology Theme Index also decreased by 1.0%, having a rolling P/E ratio of 55.4 times and a valuation increase of 65.3% since its launch [7] - The CSI 300 Healthcare Index declined by 0.7%, with a rolling P/E ratio of 31.0 times and a valuation increase of 47.2% since its inception [9] Group 2: Sector Focus - The CSI Innovation Drug Industry Index focuses on leading companies in the A-share market involved in innovative drug research and development, comprising no more than 50 stocks [4] - The CSI Biotechnology Theme Index targets leading companies in the A-share market engaged in genetic diagnostics, biopharmaceuticals, blood products, and other human biotechnology sectors [6] - The CSI 300 Healthcare Index encompasses leading companies in the A-share healthcare sector, covering various segments such as chemical pharmaceuticals, medical services, and medical devices [8]

恒生港股通创新药指数是ETF跟踪的指数中首批"纯度"达100%的创新药指数，精准汇聚港股创新药领军 企业；中证创新药产业指数则聚焦于A股创新药赛道，由不超过50家主营业务涵盖创新药研发的龙头公 司组成。恒生创新药ETF（159316）与创新药ETF易方达（516080）分别跟踪上述指数，为投资者提供 了便捷布局前沿创新药企业的工具。 （文章来源：每日经济新闻） 消息面上，全球创新药研发进展密集落地。国际层面，罗氏新一代口服SERD药物三期研究成功，巩固 乳腺癌靶向治疗领先地位，Arrowhead获FDA批准首款长效降脂siRNA疗法，验证"季度给药"便利性趋 势；本土创新国际化竞争力也持续凸显，百利天恒EGFR/HER3双抗ADC晚期食管癌三期临床成功，中 国生物制药旗下礼新医药自主研发的1类创新药获临床试验批准。 兴业证券表示，在短期调整后，创新药板块弹性进一步提升。可重点关注基本面已开始改善的创新药产 业链，当前在投融资数据、订单和业绩层面均看到向好趋势。 创新药板块今日延续调整，截至14:40，恒生港股通创新药指数下跌1%，中证创新药产业指数下跌 0.8%。近期资金布局创新药板块意愿强烈，11月以来，港 ...

恒生港股通创新药指数是ETF跟踪的指数中首批"纯度"达100%的创新药指数，精准汇聚港股创新药领军 企业；中证创新药产业指数则聚焦于A股创新药赛道，由不超过50家主营业务涵盖创新药研发的龙头公 司组成，在当前政策与产业趋势双重利好下，指数成分股有望持续受益于行业高质量发展。 近期创新药板块资金布局意愿强烈，11月以来，全市场创新药相关ETF合计净流入超80亿元，一定程度 上反映出市场对板块投资价值的青睐。 政策面上，首版"商保创新药目录"将于12月初正式发布，为创新药支付开辟了重要渠道；产业层面，中 国创新药"出海"势头迅猛，2025年1-10月License-out总金额已突破千亿美元，同比增速超190%，交易覆 盖了ADC、双抗等多个前沿技术领域。 分析指出，中国在全球创新药BD交易中的项目数占比已从2019年的3%跃升至2024年的13%，金额占比 从1%提升至28%，显示了中国创新药企强劲的全球竞争力。 恒生创新药ETF（159316）与创新药ETF易方达（516080）分别跟踪上述指数，为投资者提供了便捷布 局前沿创新药企业的工具。 （文章来源：每日经济新闻） ...

Core Viewpoint - Hong Kong pharmaceutical stocks are showing resilience, with the Hang Seng Hong Kong Stock Connect Innovative Drug Index rising by 1.12%, indicating a strong performance in the sector [1] Industry Performance - The Hang Seng Hong Kong Stock Connect Innovative Drug Index has experienced a three-day upward trend, with leading stocks such as Cloudtop New Drug, 3SBio, and InnoCare Pharma driving the gains [1] - The Hang Seng Innovative Drug ETF (159316) has seen trading volumes exceed 500 million yuan, reflecting increased investor interest and market activity [1] - The A-share pharmaceutical commercial sector is also performing well, with the E Fund Innovative Drug ETF (516080) index rising nearly 1% in early trading [1] Industry Trends - According to CICC, there is a clear trend of innovation going global, with ongoing benefits from drug review reforms and supportive policies in China [1] - The Chinese innovative drug industry is transitioning into its 2.0 era, moving from "importing and imitating" to "innovating and exporting" [1] - The industry is increasingly internationalizing through models such as License-out and New-Co, showcasing the global ambitions of Chinese innovative drug companies [1] Investment Opportunities - The Hang Seng Hong Kong Stock Connect Innovative Drug Index is the first index with 100% "purity" in tracking innovative drugs, providing a precise reflection of the overall performance of Chinese innovative drug companies [1] - The Hang Seng Innovative Drug ETF (159316) is currently the only product tracking this index, offering investors a convenient way to capitalize on industry development opportunities [1]

Core Viewpoint - The Hong Kong pharmaceutical sector showed strong performance in the morning session, with various indices reflecting significant gains, indicating a positive market sentiment towards innovative drug companies and the broader healthcare industry [1]. Group 1: Index Performance - The Hang Seng Hong Kong Stock Connect Innovative Drug Index rose by 4.3% [1]. - The CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index increased by 3.3% [1]. - The CSI Innovative Drug Industry Index saw a rise of 1.9% [1]. - The CSI Biotechnology Theme Index grew by 1.4% [1]. - The CSI 300 Pharmaceutical and Health Index climbed by 1.3% [1]. Group 2: Fund Inflows - The Hang Seng Innovative Drug ETF (159316) attracted a total of 1.4 billion yuan in inflows over the past month [1]. Group 3: Index Valuation Metrics - The rolling price-to-earnings (P/E) ratio for the CSI Biotechnology Theme Index is currently at 58.0 times, with a valuation percentile of 70.7% since its inception in 2015 [5]. - The rolling P/E ratio for the CSI 300 Pharmaceutical and Health Index stands at 31.3 times, with a valuation percentile of 49.3% since its inception in 2007 [7].

Group 1 - The innovative drug sector continues to rise, with the Hang Seng Hong Kong Stock Connect Innovative Drug Index up by 3.7% and the CSI Innovative Drug Industry Index up by 1.1% as of 10:18 AM [1] - The Hang Seng Innovative Drug ETF (159316) has attracted a total of 1.4 billion yuan in the past month, indicating strong investor interest in related products [1] - The introduction of a "commercial insurance innovative drug catalog" in the 2025 national medical insurance negotiations is expected to create new payment channels for high-priced innovative drugs, significantly improving cash flow for pharmaceutical companies [1] Group 2 - In the first ten months of 2025, the total value of outbound licensing transactions for Chinese innovative drugs exceeded 100 billion USD, highlighting the global competitiveness of Chinese pharmaceutical companies [1] - Major leading pharmaceutical companies are expected to report strong performance in their Q3 2025 results, indicating a shift from the "R&D investment phase" to the "commercialization harvest phase" [1] - The trend of innovative drugs going global is clear, with ongoing benefits from drug review reforms and supportive policies, marking the entry of the Chinese innovative drug industry into its 2.0 era [1] Group 3 - The Hang Seng Hong Kong Stock Connect Innovative Drug Index consists of leading companies in the Hong Kong innovative drug sector, being the first ETF-tracked index with a "purity" of 100% in innovative drugs [2] - The CSI Innovative Drug Industry Index focuses on leading companies in the A-share innovative drug sector, comprising no more than 50 companies primarily engaged in innovative drug R&D [2] - The Hang Seng Innovative Drug ETF (159316) and the E Fund Innovative Drug ETF (516080) track the aforementioned indices, providing investors with convenient access to opportunities in the innovative drug industry [2]

Core Viewpoint - The innovative drug sector is experiencing a strong performance amidst market fluctuations, with significant capital inflow into related products, indicating a positive outlook for the industry [1][2]. Group 1: Market Performance - The Hang Seng Hong Kong Stock Connect Innovative Drug Index rose by 2.3%, while the CSI Innovative Drug Industry Index increased by 0.8% as of 14:15 [1]. - The Hang Seng Innovative Drug ETF (159316) attracted over 1.4 billion yuan in capital in the past month, while the E Fund Innovative Drug ETF (516080) has seen net inflows for nine consecutive trading days [1]. Group 2: Corporate Developments - Pfizer completed the acquisition of weight-loss drug developer Metsera for a total price of 10 billion USD, which is seen as a strategic move to overcome its R&D challenges [1]. - Analysts suggest that this global event is beneficial for the innovative drug industry, as multinational pharmaceutical companies are likely to adopt an open attitude towards innovative drugs that show potential breakthroughs [1]. Group 3: Industry Trends - According to China International Capital Corporation (CICC), the trend of innovation going global is clear, with ongoing benefits from drug review reforms [1]. - The Chinese innovative drug industry has entered its 2.0 era, shifting from "importing and imitating" to "innovating and exporting," supported by domestic engineering talent, abundant clinical resources, and favorable policies [1].

Group 1 - The core viewpoint of the news highlights a strong rebound in the innovative drug sector, with significant increases in relevant indices and substantial net inflows into innovative drug ETFs, indicating a rapid recovery in market sentiment [1][2] - The Heng Seng Hong Kong Stock Connect Innovative Drug Index rose by 1.4%, while the CSI Innovative Drug Industry Index increased by 0.9%, reflecting positive market dynamics [1] - Over the past five days, innovative drug-related ETFs, such as Heng Seng Innovative Drug ETF (159316) and E Fund Innovative Drug ETF (516080), have seen a total net inflow exceeding 7 billion yuan, showcasing renewed investor interest [1] Group 2 - The global competition for innovative drug pipelines is intensifying, as evidenced by Pfizer's acquisition of Metsera, which underscores the escalating competition among multinational corporations for popular innovative drug pipelines [1] - Chinese innovative drug companies, with strong R&D capabilities and differentiated pipelines, are becoming increasingly attractive for overseas expansion and business development collaborations, suggesting potential for continued growth [1] - The pharmaceutical sector's third-quarter report confirmed industry resilience, with a year-on-year net profit increase of 7.7%, particularly in the innovative drug segment, providing a solid foundation for valuation recovery [1] Group 3 - A new policy is expected to be introduced with the first version of the commercial insurance innovative drug catalog set to be released in early December, which is anticipated to expand payment channels and serve as a new engine for the growth of innovative drugs [1][2] - The Heng Seng Hong Kong Stock Connect Innovative Drug Index is a pure index tracking innovative drug companies in the Hong Kong stock market, while the CSI Innovative Drug Industry Index consists of no more than 50 leading companies focused on innovative drug R&D in the A-share market [2]