炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 今日（2025/11/20）早盘港股有所回暖，带动相关ETF产品交投活跃，其中截至上午10：53恒生创新药 ETF（520500）盘中成交额已达3.31亿元。（数据来源：Wind） 随着2025年三季报披露收官，在整体承压的医药行业中，创新药产业链展现出较强的业绩韧性，实现收 入与归母净利润双增长，验证了其长期向好趋势未改。在政策支持与全球流动性改善的双重推动下，创 新药板块经过前期调整后有望释放更大弹性。 （政策来源：国家医保局、国家卫生健康委-支持创新药高质量发展的若干措施-25/6/30） 国信证券研究显示，2025年前三季度，中国创新药板块实现营业收入488.3亿元，同比增长22.1%；归母 净利润为-4.6亿元，同比亏损收窄71.4%。第三季度单季实现营业收入192.1亿元，同比增长51.0%；归母 净利润达11.1亿元，同比增长147.1%，板块利润端实现扭亏为盈。创新药产品商业化销售快速增长主要 由于重磅品种销量持续放量、医保覆盖及新适应症拓展。 （研报来源：国信证券-创新药及产业链持续高景气，关注反转标的-25/11/1 ...

除政策面上的利好，创新药产业在国际化进程、研发管线推进层面同样表现向好，有望形成共振助 推产业基本面继续修复。东吴证券在研报中指出"由于创新药国际地位有赶超之势、BD出海井喷式增 长、市值空间大及业绩进入扭亏盈利阶段等原因，创新药或仍是2026年的投资主线之一"。恒生创新药 ETF（520500）支持场内T+0交易，或是助力布局创新药产业发展机遇的便捷工具之一。 注：场内T+0为交易所交易机制 风险提示：基金有风险，投资需谨慎。 近期创新药行业政策端持续发力，继医保谈判纳入创新药后，2025年11月6日，重庆市人民政府办 公厅印发《重庆市全链条支持创新药高质量发展若干措施》，其中提出，聚焦创新药核心技术突破、产 品加速培育，持续优化产业创新体系。到2027年，全市每年获批上市创新药1~3个，力争创新药总数达 到10个；培育产业创新综合体3个；建设高能级创新平台3个；打造创新药产业集群3个。 本次重庆市发布的相关政策力度较强，从研发补贴到临床加速、从产业集群到国际合作，几乎覆盖 了创新药从0到1再到100的全链条。本次政策的落地不仅是对重庆生物医药产业发展的"大提速"，更有 望通过辐射周围地区带动全国创新药产业 ...

Group 1 - The core viewpoint of the news is that the Chongqing government has implemented strong policies to support the high-quality development of the innovative drug industry, aiming to accelerate the approval and commercialization of new drugs by 2027 [1] - The policy includes measures such as R&D subsidies, clinical acceleration, industrial clusters, and international cooperation, covering the entire chain from drug development to market entry [1] - The goal is to approve 1 to 3 innovative drugs annually, reach a total of 10 innovative drugs, cultivate 3 industrial innovation complexes, and establish 3 high-level innovation platforms by 2027 [1] Group 2 - In terms of product layout, the Heng Seng Innovative Drug ETF (520500) has seen continuous net inflows for six consecutive trading days, indicating strong investor interest [2] - As of November 6, 2025, the Heng Seng Innovative Drug ETF has a total scale of 1.872 billion yuan and an average daily trading volume of 1.197 billion yuan over the past five trading days [2] - The ETF tracks companies in the Hong Kong market related to innovative drug research, development, and production, focusing on firms with strong R&D capabilities [2] Group 3 - The innovative drug industry is experiencing positive trends in internationalization and R&D pipeline advancement, which may further enhance the industry's fundamentals [2] - According to Dongwu Securities, the innovative drug sector is expected to remain a key investment theme in 2026 due to its growing international status and market potential [2]

恒生创新药ETF（520500）是目前全市场仅有的跟踪恒生创新药指数的ETF，其标的指数筛选出港股市 场中业务与创新药研究、开发及生产相关的上市公司，集结了一众研发实力强劲、具备发展潜力的创新 药行业翘楚，同时指数编制规则中强调剔除主营业务在CXO行业的公司，指数中创新纯度进一步升 级，截至2025/11/4，指数前五大成份股为百济神州、信达生物、中国生物制药、科伦博泰生物-B和康 方生物。（指数前五大成份股及数据来源：恒生指数公司，Wind，截至2025/11/4，涉及个股仅供展示 指数前五大成份股，非个股推荐，也不构成任何投资建议） 责任编辑：石秀珍 SF183 本次商保创新药目录的设立有望为高值创新药提供更为灵活的市场准入路径，从支付端打开创新药的市 场需求通道，叠加研发管线升级、BD交易落地等行业发展仍在持续推进，未来有望迎来更多的催化。 恒生创新药ETF（520500）支持场内T+0交易有望担当助力投资者把握港股创新药发展机遇的重要工 具。（数据来源：wind、交易所） 据悉，2025年11月3日，历时五天的医保谈判与商保创新药目录价格协商落下帷幕，首版商保创新药目 录将于12月第一个周末正式发布， ...

Group 1 - The innovative drug sector has become a main market trend this year, but has faced fluctuations due to various factors such as ongoing US-China negotiations and a lull in BD transactions since August [1] - The overall risk in the innovative drug sector may have been released, and market expectations have lowered, indicating that the valuation repair phase may be complete [1] - Recent positive catalysts, including the inclusion of innovative drugs in national negotiations, the resurgence of large BD transactions, strong Q3 performance from leading companies, and ongoing R&D pipeline advancements, suggest that the sector may be entering a new development phase [1] Group 2 - The Hang Seng Innovative Drug ETF (520500) has seen net inflows for three consecutive trading days, surpassing 1 billion shares, marking a historical high since its inception [1] - The ETF has recorded significant trading volumes, with daily transaction amounts exceeding 1.6 billion yuan in recent days, indicating increased market activity [1] - The introduction of a "commercial insurance innovative drug directory mechanism" by the National Healthcare Security Administration may provide new payment channels for high-value innovative drugs, facilitating their commercialization [1] Group 3 - The innovative drug sector's adjustment from August to October is viewed as relatively benign, with no negative changes in the industry fundamentals, which continue to develop positively [2] - The current pharmaceutical sector is considered to be at a relatively low level, suggesting strong upward potential in the long term [2] - The Hang Seng Innovative Drug Index, which the ETF closely tracks, includes companies with strong R&D capabilities and potential for growth, with the top five constituents being notable players in the innovative drug industry [2]

Core Viewpoint - The innovative drug sector has rebounded strongly since September, driven by the upcoming 2025 National Negotiation, with significant trading activity observed in the Hang Seng Innovative Drug ETF (520500) on the first trading day of November [1]. Group 1: Market Activity - The Hang Seng Innovative Drug ETF (520500) recorded a half-day trading volume of 1.105 billion yuan on November 1, 2025, indicating active market participation [1]. - The ETF's trading volume has increased significantly, with total trading amounts of 604 million yuan and 1.654 billion yuan on October 30 and 31, respectively, compared to an average daily trading volume of 584 million yuan since October [1]. Group 2: Policy Developments - The 2025 National Medical Insurance Directory negotiations commenced on October 30, 2025, introducing a commercial health insurance innovative drug directory, marking a shift from a "basic insurance only" model to a "medical insurance + commercial insurance" collaborative payment approach [1]. - A total of 535 drug generic names were approved for the basic drug directory, while 121 were approved for the commercial insurance innovative drug directory, with 79 names submitted for both directories [1]. Group 3: Industry Outlook - The establishment of the commercial insurance innovative drug directory is expected to diversify payment methods, particularly benefiting high-value innovative drugs and multinational pharmaceutical products, potentially opening up new growth opportunities for the industry [1]. - The Hang Seng Innovative Drug ETF (520500) is designed to track companies involved in innovative drug research, development, and production, focusing on firms with strong R&D capabilities [1]. - As of October 31, 2025, the top five constituents of the index include BeiGene, China Biologic Products, Innovent Biologics, Kelun-Biotech, and CanSino Biologics, reflecting the index's focus on high-potential companies in the innovative drug sector [1].

Core Viewpoint - Despite recent adjustments in the Hong Kong innovative drug sector, continuous policy support and accelerated internationalization are leading to a quiet influx of capital into the sector, as evidenced by the performance of the Hang Seng Innovative Drug ETF (520500) [1][2]. Group 1: Market Performance - The Hang Seng Innovative Drug ETF (520500) has attracted a total of 814 million yuan since August 2025, with no net outflow of funds in October, resulting in record highs for both fund size (1.641 billion yuan) and shares (974 million) [1]. - The trading volume for the ETF reached 604 million yuan on October 30, 2025, marking a significant increase of 296.9% compared to previous trading days [1]. Group 2: Policy and Regulatory Developments - The launch of the "Commercial Insurance Innovative Drug Directory" mechanism on October 30, 2025, signifies a shift in China's medical insurance system towards multi-tiered protection, potentially alleviating the financial burden of high-value innovative drugs through commercial insurance channels [1]. - The ongoing support from policies and the recent initiation of the national medical insurance negotiations are expected to enhance the market's confidence in innovative drug products [1][3]. Group 3: Industry Trends and Developments - The global liquidity environment is improving due to the Federal Reserve's interest rate cuts, which may lower financing costs for innovative drug companies and promote R&D investments [2]. - Recent achievements at the European Society for Medical Oncology (ESMO) annual meeting highlight China's growing recognition in innovative drug research, with 35 studies presented, including 23 in the "Latest Breakthrough Abstracts" category [2]. - The trend of outbound licensing (BD) collaborations among domestic pharmaceutical companies is showing signs of recovery, with significant projects announced that involve high sales shares in the U.S. market and deep collaboration models [2][3]. Group 4: Investment Insights - The Hang Seng Innovative Drug ETF (520500) focuses on core areas of innovative drugs, including biopharmaceuticals and chemical pharmaceuticals, and is expected to provide significant investment opportunities in the long term due to favorable policies and improving fundamentals [3]. - The ETF's large scale and favorable liquidity, along with its T+0 trading mechanism, position it as an effective tool for investors to capitalize on opportunities in the Hong Kong innovative drug sector [3].

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 core viewpoint of the article highlights the increasing interest and investment in the Hong Kong innovative pharmaceutical sector, despite recent market volatility [1][2] - The Hang Seng Innovative Pharmaceutical ETF (520500) has seen a net inflow of 109 million yuan on August 27, reaching new highs in both shares (710 million) and scale (1.392 billion yuan) since its inception [1] - The ETF has demonstrated strong trading activity with an average trading volume of 1.122 billion yuan in August, indicating high liquidity and investor interest in the innovative pharmaceutical sector [1] Group 2 - As the interim report disclosures near completion, market focus is shifting towards companies with significant R&D progress, procurement clearing, and overseas potential [1] - The innovative pharmaceutical sector in China is entering a phase of result realization, with many R&D catalysts expected to drive investment interest through 2025 [1] - Recent reports suggest that the liquidity narrative in the Hong Kong market is improving, which may support a rebound in stock prices and narrow the gap with the rapidly rising A-share market [1] Group 3 - The Hang Seng Innovative Pharmaceutical ETF (520500) tracks the Hang Seng Innovative Pharmaceutical Index, which includes high-growth companies in the pharmaceutical and biotechnology sectors, providing targeted exposure to core industry drivers [1] - The ETF's underlying index has a 100% "Hong Kong content" ratio, indicating a unique positioning and scarcity value in the market [1] - The fund manager, Huatai-PB Fund, has over 18 years of experience in ETF operations, managing over 550 billion yuan in ETF assets, placing it among the top tier in the industry [1]

Group 1 - The overall performance of the Hong Kong stock market is positive, with the innovative drug sector continuing its strong performance from the previous week, supported by solid fundamentals and high trading sentiment [1] - Southbound funds net bought HK stocks worth HKD 35.876 billion on August 15, setting a new record for single-day net inflow since the launch of the mutual market access mechanism in November 2014, with the innovative drug sector receiving a net inflow of HKD 1.042 billion [1] - The Hang Seng Innovative Drug ETF (520500) attracted a net inflow of HKD 117 million from August 11 to August 15, marking the highest weekly net inflow in nearly three months, and its total size reached HKD 1.351 billion, with a year-to-date increase of over 1000% [1] Group 2 - The Hang Seng Innovative Drug ETF (520500) closely tracks the Hang Seng Innovative Drug Index, which selects listed companies in the Hong Kong market related to innovative drug research, development, and production, emphasizing the exclusion of companies primarily engaged in the CXO industry [2] - The index's top five constituent stocks as of August 15 include BeiGene, CanSino Biologics, Innovent Biologics, China National Pharmaceutical Group, and Kelun-Biotech [2] - The national medical security work mid-year meeting held on August 15 emphasized empowering the pharmaceutical industry innovation and implementing measures to support high-quality development of innovative drugs, indicating continued policy support for the innovative drug sector [2] Group 3 - The manager of the Hang Seng Innovative Drug ETF (520500), Huatai-PB Fund, is one of the first ETF managers in China, known for creating leading ETFs such as the CSI 300 ETF and A500 ETF, maintaining an 18-year record of zero errors in ETF operations [3] - As of August 15, the size of the CSI 300 ETF is CNY 393.42 billion, and the A500 ETF is CNY 20.113 billion [3] - The Hang Seng Innovative Drug ETF (520500) was established on December 16, 2024, and supports T+0 trading, enhancing its liquidity advantage [3]