Core Viewpoint - The release of the first commercial insurance innovative drug directory on December 7, 2025, is a focal point for investment discussions in the innovative drug sector, aiming to create new payment channels for high clinical value drugs that exceed basic medical insurance coverage, significantly reducing patient out-of-pocket expenses and enhancing product accessibility and market penetration [1][3]. Group 1: Innovative Drug Directory - The commercial insurance innovative drug directory is designed to open new payment channels for innovative drugs with high clinical value, which are beyond the basic insurance coverage [1][3]. - The directory's implementation is expected to significantly enhance the accessibility and market penetration of innovative drugs, promoting a greater degree of "universal access" [1][3]. - The final selection rate for the directory was approximately 15.7%, highlighting the recognition of differentiated innovative products with significant clinical advantages [1][3]. Group 2: Hang Seng Innovative Drug ETF - The Hang Seng Innovative Drug ETF (520500) is currently the only ETF tracking the Hang Seng Innovative Drug Index, serving as a tool for investors to capitalize on opportunities in the Hong Kong innovative drug sector [1][3]. - As of December 11, 2025, the top five constituents of the index include Kangfang Biotech, China National Pharmaceutical Group, BeiGene, Innovent Biologics, and Kelun-Biotech, reflecting strong R&D capabilities and growth potential [1][3]. - Since December 8, 2025, the ETF has seen a net inflow of 192 million yuan over four consecutive trading days, with its latest share count reaching 1.225 billion and total assets hitting 2.041 billion yuan, both marking new highs since its inception [1][3]. Group 3: Market Outlook - The central economic work conference held on December 10-11, 2025, emphasized "innovation-driven development" as a key task for the upcoming year, aligning with the supportive policy direction for the innovative drug sector [1][3]. - The combination of proactive policy guidance, breakthroughs in payment systems, and maintained liquidity is expected to create a new development opportunity for the Hong Kong innovative drug sector [1][3]. - The high innovation purity of the Hang Seng Innovative Drug ETF (520500) is anticipated to assist investors in seizing the window of opportunity in the Hong Kong innovative drug market [1][3].

据悉，2025年12月10日国家药品监督管理局局长接受采访时表示，药品监管部门将坚持有效市场和有为 政府相结合，尊重医药企业的创新主体地位，支持企业加强创新药械研发布局，助推企业把医药新科技 转化为新质生产力。将审评资源充分向"全球新"的原创性产品和突破关键技术的国产替代产品倾斜，以 监管政策的优化助力医药产业高质量发展。 来源：智通财经 北京时间2025年12月11日凌晨,市场迎来了美联储年内最后一次利率决议:美联储如期降息25个基点，且 并未释放此前市场预期的鹰派信号，市场情绪获得大幅提振，港股市场今日开盘集体高开，助推恒生创 新药ETF（520500）交投情绪活跃，截至11：25，盘中成交额已达4.07亿元。 除宏观层面的变化外，近期，创新药领域接连迎来利好，继2025年12月7日首版商保创新药目录出炉为 高值创新药开辟"第二支付通道、2025年12月2日中国药品价格登记系统正式上线促进国内创新药全球发 展后，昨日国家药监局重磅发声，再次为创新药板块注入信心。 在多重利好支撑下，市场对于创新药板块未来长期发展的信心有望进一步强化，也带来了市场的逆势加 仓行为。Wind数据显示，恒生创新药ETF（5205 ...

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！ 北京时间2025年12月11日凌晨，市场迎来了美联储年内最后一次利率决议：美联储如期降息25个基点， 且并未释放此前市场预期的鹰派信号，市场情绪获得大幅提振，港股市场今日开盘集体高开，助推恒生 创新药ETF（520500）交投情绪活跃，截至11：25，盘中成交额已达4.07亿元。（数据来源：Wind， 2025/12/11，指数历史涨跌幅情况不代表未来表现，不构成对基金业绩表现的保证，请投资者关注指数 波动风险。） 除宏观层面的变化外，近期，创新药领域接连迎来利好，继2025年12月7日首版商保创新药目录出炉为 高值创新药开辟"第二支付通道、2025年12月2日中国药品价格登记系统正式上线促进国内创新药全球发 展后，昨日国家药监局重磅发声，再次为创新药板块注入信心。 据悉，2025年12月10日国家药品监督管理局局长接受采访时表示，药品监管部门将坚持有效市场和有为 政府相结合，尊重医药企业的创新主体地位，支持企业加强创新药械研发布局，助推企业把医药新科技 转化为新质生产力。将审评资源充分向"全球新"的原创性产品和突破"卡脖子"技术的国产 ...

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！ 责任编辑：宋雅芳 近期，在港股整体持续回调的背景下，港股创新药板块的市场关注度却有所升温，助推恒生创新药ETF （5200500）等相关产品获资金逆势加仓，主要原因或有三：其一，2025年12月7日首版《商业健康保险 创新药品目录》发布，为高值创新药开辟"第二支付通道"，为创新药产业的健康发展注入新动力；其 二，2025年12月2日，中国药品价格登记系统正式上线，这一系统致力于构建全球化价格体系，或有利 于中国创新药走出去并吸引国外高质量新药进入中国市场；其三，2025年12月9日晚间，某创新药企公 告一笔首付款达1.5亿美元及开发里程碑款项至多达3.5亿美元的BD大单，中国创新药出海进程持续演 绎。 产业层面的推进使得市场资金躁动，Wind数据显示，恒生创新药ETF（520500）已连续2个交易日 （25/12/8-25/12/9）获资金加仓，合计吸金1.54亿元，其中12月9日当日资金净流入额达1.23亿元，刷新 今年10月以来的单日净流入纪录。面对增量资金的加速涌入，恒生创新药ETF（520500）成交额同步放 大，近2个交易日分 ...

此外，叠加美国联邦储备委员会定于当地时间2025年12月9日和10日举行货币政策例会并公布议息决 定，基于近期公布的9月核心PCE、11月私营部门就业等经济数据，市场普遍认为美联储再次降息可能 性较大，创新药产业作为高研发投入型行业对于利率敏感度较高，有望在流动性宽松的环境中获得新一 轮的发展机遇，对于创新药行业具有信心的投资者，可关注高创新纯度、支持场内T+0的恒生创新药 ETF（520500）。 据悉，恒生创新药ETF（520500）紧密跟踪的恒生创新药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2025/12/8，指数前五 大成份股为康方生物、中国生物制药、百济神州、信达生物和科伦博泰生物-B。 尽管近期创新药板块呈现持续回调的态势，但是市场对于其基本面的发展仍具有较高的信心。万联证券 在研报中指出，"新版医保药品目录和首版商保创新药目录的协同发布，共同构建"医保保基本，商保补 高端"的创新药支付新格局。既解决了患者"用不起"的痛点，又为药企提 ...

Core Viewpoint - The innovative pharmaceutical sector in China is showing strong resilience with both revenue and net profit growth, supported by policy measures and improved global liquidity, indicating a positive long-term trend for the industry [1][2][6]. Group 1: Industry Performance - In the first three quarters of 2025, the innovative pharmaceutical sector in China achieved operating revenue of 48.83 billion, a year-on-year increase of 22.1%, while the net profit attributable to shareholders was a loss of 460 million, narrowing by 71.4% [2]. - The third quarter alone saw operating revenue of 19.21 billion, up 51.0% year-on-year, with a net profit of 1.11 billion, marking a year-on-year growth of 147.1%, indicating a turnaround in profitability for the sector [2]. Group 2: Market Dynamics - The market's focus on the innovative pharmaceutical sector is increasing, as evidenced by the active trading of the Hang Seng Innovative Drug ETF (520500), which recorded an average daily trading volume of 984 million from November 3 to November 19, a 52% increase from October's 648 million [4]. - The total assets of the Hang Seng Innovative Drug ETF reached 1.933 billion, with 1.1112 billion shares outstanding, reflecting growing investor interest [4]. Group 3: Global Positioning - The pace of Chinese innovative drugs entering international markets has accelerated, with total licensing amounts exceeding 100 billion, doubling compared to 2024 [3]. - China now accounts for over 20% of the global pipeline of new drugs, ranking second in the world for new drug development, indicating a shift from a follower to a leader in the pharmaceutical industry [3]. Group 4: ETF Insights - The Hang Seng Innovative Drug ETF (520500) tracks an index that focuses on core areas of innovative pharmaceuticals, having removed CXO companies to concentrate on biopharmaceuticals, chemical pharmaceuticals, and raw materials [5]. - The ETF utilizes a QDII mechanism to invest in 31 leading Hong Kong innovative pharmaceutical companies, covering both research and commercialization aspects of the industry [5]. Group 5: Future Outlook - With the continuous improvement of the policy framework and expectations of global liquidity easing, the Chinese innovative pharmaceutical industry is poised to transition from a "research investment phase" to a "value realization phase" [6].

Group 1 - The core viewpoint of the news highlights the recent policy initiatives in the innovative drug industry, particularly the measures introduced by the Chongqing Municipal Government to support high-quality development in this sector [1] - The policy aims to achieve the approval of 1 to 3 innovative drugs annually by 2027, with a target of reaching a total of 10 innovative drugs, alongside the establishment of 3 comprehensive innovation industry complexes and high-level innovation platforms [1] - The comprehensive nature of the policy covers various aspects from R&D subsidies to clinical acceleration and international cooperation, indicating a significant boost for the biopharmaceutical industry in Chongqing and potentially influencing the national innovative drug industry [1] Group 2 - In terms of product layout, the innovative drug sector is experiencing positive capital inflow, particularly into the Hang Seng Innovative Drug ETF (520500), which has seen net inflows for six consecutive trading days [2] - The latest scale of the Hang Seng Innovative Drug ETF has reached 1.872 billion, with an average daily trading volume of 1.197 billion over the past five trading days, showcasing its substantial size and liquidity advantages [2] - The ETF focuses on companies in the Hong Kong market involved in the research, development, and production of innovative drugs, emphasizing firms with strong R&D capabilities and growth potential [2] Group 3 - The innovative drug industry is also benefiting from internationalization and advancements in R&D pipelines, which are expected to further enhance the industry's fundamentals [3] - Factors such as the rising international status of innovative drugs, explosive growth in business development (BD) overseas, and the transition to profitability are positioning innovative drugs as a key investment theme for 2026 [3] - The Hang Seng Innovative Drug ETF (520500) facilitates T+0 trading, providing a convenient tool for investors looking to capitalize on opportunities in the innovative drug sector [3]

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]

Group 1 - The innovative drug sector has regained investor attention since the inclusion of innovative drugs in medical insurance negotiations, with significant capital inflow into the Hang Seng Innovative Drug ETF (520500) totaling 214 million yuan over four consecutive trading days [1] - The first version of the commercial insurance innovative drug catalog is set to be officially released on the first weekend of December 2025, with implementation starting on January 1, 2026 [1] - The National Healthcare Security Administration's announcement on November 4, 2025, regarding the successful conclusion of drug price negotiations has significantly boosted market confidence, potentially enhancing the payment landscape for high-value innovative drugs [1] Group 2 - The "Creating the Future: International Lung Cancer Frontier and Innovation Forum" held in Shanghai on November 2, 2025, gathered top lung cancer experts from multiple countries to address key challenges in lung cancer treatment, which may further promote the integration and development of innovative drug technologies [2] - The Hang Seng Innovative Drug ETF (520500) is currently the only ETF tracking the Hang Seng Innovative Drug Index, which includes companies involved in the research, development, and production of innovative drugs, emphasizing strong R&D capabilities [2] - The establishment of the commercial insurance innovative drug catalog is expected to provide a more flexible market access pathway for high-value innovative drugs, opening up market demand channels [2]

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]