Core Insights - The Hang Seng Healthcare Index (HSHCI) has shown a strong increase of 1.66%, with notable gains in constituent stocks such as Weigao (9.05%) and Innovent Biologics (4.41%) [3] - The Hang Seng Medical ETF (513060) has risen by 0.89%, with a recent price of 0.68 yuan, and has accumulated a 15.41% increase over the past month, ranking in the top third among comparable funds [3] - The Hang Seng Hong Kong Stock Connect Innovative Drug Selection Index (HSSCPB) has also increased by 1.63%, with significant contributions from stocks like Innovent Biologics and Kangtai Biologicals [5] Market Dynamics - The National Healthcare Security Administration has announced the preliminary review of 121 innovative drugs for inclusion in the commercial insurance innovative drug directory, which is expected to enhance payment accessibility and commercial expectations for these products [5][6] - The medical device sector is experiencing positive sentiment due to clear technological routes and industrialization goals for brain-computer interfaces, which are expected to boost high-end medical equipment and surgical robotics [6] Investment Trends - The innovative drug sector has seen significant year-to-date gains, leading to some profit-taking and short-term volatility, while the medical device sector is attracting marginal inflows due to favorable policies and industry trends [7] - Analysts suggest focusing on companies with strong cash flow and commercial certainty in the innovative drug space, while the medical device sector is recommended for its policy-driven opportunities [8] ETF Performance - The Hang Seng Medical ETF has a current scale of 73.29 billion yuan, ranking in the top third among comparable funds, with a net value increase of 39.30% over the past two years [11][12] - The ETF has demonstrated a maximum monthly return of 28.34% since inception, with an average monthly return of 7.42% [12] - The Hang Seng Medical ETF has a tracking error of 0.060%, the highest precision among comparable funds, and its latest P/E ratio is 29.88, indicating a historical low valuation [16] Fund Characteristics - The Hong Kong Innovative Drug Selection ETF (520690) has seen a significant increase in scale, with a recent size growth of 27.29 million yuan, ranking in the top half among comparable funds [18] - The ETF has achieved a new high in shares at 404 million, with continuous net inflows over the past four days [19] - The management fee for both ETFs is 0.50%, with the Hong Kong Innovative Drug Selection ETF having the lowest custody fee at 0.10% among comparable funds [21]

Core Viewpoint - The Hang Seng Healthcare Index (HSHCI) has shown strong performance, with significant increases in constituent stocks and the Hang Seng Healthcare ETF, driven by ongoing innovation and M&A activities in the pharmaceutical sector [3][4]. Group 1: Market Performance - As of August 1, 2025, the HSHCI rose by 1.15%, with notable gains from stocks such as Yaoshi Bang (up 4.87%) and Gushengtang (up 4.62%) [3]. - The Hang Seng Healthcare ETF (513060) increased by 1.46%, with a latest price of 0.7 yuan, and has accumulated a 4.58% rise over the past week [3]. - The ETF recorded a turnover rate of 5.66% and a trading volume of 4.53 billion yuan, with an average daily trading volume of 33.29 billion yuan over the past week, ranking first among comparable funds [3][4]. Group 2: Fund Growth and Performance - The Hang Seng Healthcare ETF saw a significant scale increase of 27.99 million yuan over the past week, placing it in the top third of comparable funds [4]. - The ETF's latest financing buy-in amount reached 288 million yuan, with a financing balance of 218 million yuan [4]. - Since its inception, the ETF has achieved a net value increase of 31.51% over the past two years, ranking 16th out of 90 QDII equity funds [4]. Group 3: Valuation and Index Composition - The HSHCI's latest price-to-earnings ratio (PE-TTM) stands at 32.12, indicating a valuation below 83.19% of the historical range over the past three years, suggesting it is at a historical low [5]. - The top ten weighted stocks in the HSHCI account for 62.14% of the index, including companies like BeiGene and WuXi Biologics [5].

Core Viewpoint - The healthcare sector, particularly the Hang Seng Healthcare Index (HSHCI), is experiencing a positive trend with significant stock price increases and a favorable outlook for valuation recovery due to policy improvements and ongoing innovation in drug development [3][4]. Group 1: Market Performance - As of July 30, 2025, the HSHCI rose by 0.75%, with notable increases in stocks such as BGI Genomics (4.02%) and MicroPort Medical (3.85%) [3]. - The Hang Seng Healthcare ETF (513060) has seen a 1.57% increase, marking its third consecutive rise, with a latest price of 0.71 HKD [3]. - Over the past week, the Hang Seng Healthcare ETF has accumulated an 8.71% increase, ranking in the top third among comparable funds [3]. Group 2: Fund Performance and Metrics - The Hang Seng Healthcare ETF has experienced a significant growth in scale, with a 1.70 billion HKD increase over the past week, placing it in the top third among comparable funds [4]. - The ETF's financing buy-in amount reached 2.45 billion HKD, with a financing balance of 2.37 billion HKD [4]. - Since its inception, the ETF has achieved a net value increase of 33.35% over the past two years, with a maximum monthly return of 28.34% and an average monthly return of 6.82% [4]. Group 3: Risk and Valuation Metrics - The ETF's Sharpe ratio for the past year stands at 2.30, indicating strong risk-adjusted returns [5]. - The ETF has the lowest relative drawdown among comparable funds, with a drawdown of 0.54% year-to-date [5]. - The latest price-to-earnings ratio (PE-TTM) for the HSHCI is 32.93, which is below 81.37% of the historical data over the past three years, indicating a low valuation [5]. Group 4: Top Holdings - The top ten weighted stocks in the HSHCI account for 61.7% of the index, including companies like BeiGene (61.60) and Innovent Biologics (18.01) [6].

Core Viewpoint - The pharmaceutical sector continues to strengthen, particularly in innovative drug development, with notable gains in companies like WuXi AppTec and others, reflecting a robust demand for CRO/CDMO services driven by global innovation in drug research and development [1][2][3][4][5]. Group 1: Company Performance - WuXi AppTec reported a revenue of 20.8 billion RMB for the first half of the year, representing a year-on-year increase of 20.6%, with a non-GAAP net profit of 5.58 billion RMB, up 26.5% [2]. - The TIDES business (oligonucleotides and peptides) achieved a revenue of 5.03 billion RMB, showing a remarkable growth of 141.6% year-on-year, with a backlog of orders increasing by 48.8% [2][3]. - The company has a total order backlog of 56.69 billion RMB, reflecting a growth of 37.2%, indicating strong future growth potential [2]. Group 2: Industry Trends - The global CRO/CDMO market is expected to maintain double-digit growth due to the increasing demand for innovative drug development and the rising outsourcing penetration rate [2][3]. - Revolutionary technologies such as ADC, cell and gene therapy, and mRNA vaccines are driving rapid growth in specialized fields, creating a blue ocean market for CRO/CDMO companies [3][4]. - The industry is experiencing accelerated consolidation, with leading companies benefiting from their comprehensive service capabilities and global network, enhancing their competitive advantages [4][5]. Group 3: Investment Opportunities - The BoShi CSI Pharmaceutical 50 ETF provides investors with a convenient tool to capture the growth of leading companies in the Chinese pharmaceutical industry, particularly in the CRO sector [4][5]. - The Hang Seng Medical ETF is positioned as an effective tool for investing in the Hong Kong medical sector, benefiting from policy optimizations and technological advancements [6].

Core Viewpoint - The Hang Seng Healthcare Index (HSHCI) has shown positive performance, with significant increases in constituent stocks, indicating a favorable market environment for healthcare investments [3][4]. Group 1: Market Performance - As of July 28, 2025, the HSHCI rose by 0.64%, with notable gains from stocks such as MicroPort Medical (up 9.51%) and Eddy Health Holdings (up 3.93%) [3]. - The Hang Seng Healthcare ETF (513060) opened higher, increasing by 1.22% to a latest price of 0.66 yuan, and has accumulated a 0.92% rise over the past week [3]. - The ETF recorded a turnover of 0.79% during the trading session, with a transaction volume of 61.18 million yuan, and an average daily trading volume of 2.815 billion yuan over the past week, ranking first among comparable funds [3]. Group 2: Policy and Industry Outlook - The national procurement policy is expected to expand from pharmaceuticals to medical devices, potentially leading to performance reversals in high-value consumables and in vitro diagnostics sectors [4]. - The medical device sector is anticipated to benefit from a recovery in procurement activities this year, with expectations of an earnings turning point in the third quarter [4]. Group 3: ETF Performance Metrics - The latest size of the Hang Seng Healthcare ETF is 7.656 billion yuan, placing it in the top third among comparable funds [4]. - The ETF has seen a net value increase of 29.88% over the past two years, with a maximum monthly return of 28.34% since inception [4]. - The ETF's Sharpe ratio for the past year is 2.30, indicating strong risk-adjusted returns [4]. Group 4: Valuation and Tracking Accuracy - The HSHCI's latest price-to-earnings ratio (PE-TTM) is 31.72, which is below 84.29% of the historical data over the past three years, suggesting a low valuation [6]. - The ETF has the highest tracking accuracy among comparable funds, with a tracking error of 0.060% over the past year [6]. - The top ten weighted stocks in the HSHCI account for 60.54% of the index, including companies like BeiGene and WuXi Biologics [6].

截至2025年7月24日 13:06，恒生医疗保健指数(HSHCI)强势上涨1.56%，成分股微创医疗(00853)上涨16.53%，云顶新耀(01952)上涨7.92%，三生制药(01530) 上涨7.71%，药明合联(02268)，微创机器人-B(02252)等个股跟涨。恒生医疗ETF(513060)上涨1.24%，最新价报0.65元。拉长时间看，截至2025年7月23日， 恒生医疗ETF近1周累计上涨4.21%。 流动性方面，恒生医疗ETF盘中换手18.49%，成交14.66亿元，市场交投活跃。拉长时间看，截至7月23日，恒生医疗ETF近1周日均成交33.42亿元，排名可 比基金第一。 消息面上。7月24日，国家医疗保障局相关负责人在国新办举行的"高质量完成'十四五'规划"系列主题新闻发布会上介绍，"十四五"以来累计402种药品进入 目录。国家医保药品目录实现全国统一，目录内药品总数达到3159种。 方正证券指出，CD3 T细胞衔接器（TCE）类药物在自身免疫疾病领域展现出显著治疗潜力，其优势包括靶向精准、毒性降低以及可通过工程化调整提升药 物活性。2024年以来，TCE技术受到全球药企高度关注，成为创 ...

Market Overview - The A-share market continues to rise, with the Shanghai Composite Index closing at 3534.48 points, marking a new high for the year [1] - The overall performance of ETFs has been active, particularly in the Hong Kong innovative drug sector, which has led the gains [1][2] ETF Performance - Nearly 1100 ETF products saw gains this week, with a median weekly increase of approximately 1.29%, slightly up from the previous week [2] - The top-performing ETFs include several Hong Kong innovative drug-related ETFs, with weekly gains exceeding 13% [4][6] - Notable ETFs include: - 恒生创新药ETF: 13.686% weekly gain, 89.746% year-to-date gain - 港股通创新药ETF: 13.248% weekly gain, 15.631% year-to-date gain - 港股创新药ETF基金: 13.128% weekly gain, 89.775% year-to-date gain [4] Sector Highlights - The Hong Kong innovative drug sector saw significant individual stock performances, with 康方生物 rising nearly 24% and 三生制药 increasing by 23% [6] - The entrepreneurial board's artificial intelligence ETFs also experienced over 10% gains, driven by strong performances from companies like 新易盛 and 中际旭创 [6] Declining Sectors - The gaming ETF sector faced declines, with several products dropping over 3% this week [7][10] - Other underperforming sectors included financial technology, photovoltaic, and real estate ETFs, with the banking ETF also experiencing a decline after reaching historical highs [10]

Group 1 - The Hang Seng Healthcare Index increased by over 2% [1] - The Hang Seng Healthcare ETF (513060) rose by 1.62%, marking its third consecutive day of gains [1] - The latest price of the ETF reached a 120-day high, with a premium rate of -0.71% [1] Group 2 - The trading volume of the ETF was 156 million yuan, which is an increase of 131.71% compared to the same time yesterday [1] - The trading volume has decreased by 8.32 billion units over the past month [1] - The fund supports T+0 trading [1]

Group 1 - The Hang Seng Healthcare Index (HSHCI) increased by 0.87% as of July 15, 2025, with notable gains from stocks such as Health Road (02587) up 9.58% and BeiGene (06160) up 5.18% [3] - The Hang Seng Healthcare ETF (513060) has seen a 1.01% rise, marking its third consecutive increase, with a latest price of 0.6 yuan [3] - The ETF's trading volume was active, with a turnover of 1.151 billion yuan and a turnover rate of 13.96% [3] Group 2 - The adjustment of the 2025 National Basic Medical Insurance and commercial health insurance drug catalogues officially started on July 11, 2025, with results expected to be announced between October and November 2025 [4] - In the first half of 2025, China's innovative drug license-out transactions reached nearly 66 billion USD, surpassing the total for 2024, indicating strong interest from multinational pharmaceutical companies [4] - Key transaction categories include Antibody-Drug Conjugates (ADC) and bispecific antibodies, with expectations for continued activity in the second half of 2025 [4] Group 3 - The Hang Seng Healthcare ETF's size grew by 196 million yuan over the past week, ranking it in the top third among comparable funds [5] - The ETF's net value has increased by 19.77% over the past two years, with a maximum monthly return of 28.34% since inception [5] - The ETF's Sharpe ratio for the past year is 2.02, indicating strong risk-adjusted returns [5] Group 4 - The management fee for the Hang Seng Healthcare ETF is 0.50%, and the custody fee is 0.15% [6] - The ETF's tracking error over the past year is 0.060%, the highest tracking precision among comparable funds [6] - The latest price-to-earnings ratio (PE-TTM) for the index tracked by the ETF is 28.79, indicating a valuation lower than 87.88% of the time over the past three years [6] Group 5 - The top ten weighted stocks in the Hang Seng Healthcare Index account for 58.84% of the index, including companies like Innovent Biologics (01801) and WuXi Biologics (02269) [6]

Group 1: Market Performance - The Hang Seng Healthcare Index (HSHCI) increased by 1.64% as of July 11, 2025, with notable gains from companies like WuXi AppTec (up 9.84%) and Sihuan Pharmaceutical (up 7.22%) [3] - The Hang Seng Healthcare ETF (513060) rose by 1.04%, reaching a latest price of 0.58 yuan, and has accumulated a 3.21% increase over the past two weeks [3] - The trading volume for the Hang Seng Healthcare ETF was 1.85 billion yuan, with a turnover rate of 2.29% [3] Group 2: Company Earnings - WuXi AppTec announced an expected adjusted net profit of approximately 6.315 billion yuan for the first half of the year, representing a year-on-year growth of about 44.43% [3] - The company anticipates a net profit attributable to shareholders of approximately 8.561 billion yuan, a year-on-year increase of about 101.92%, which includes investment gains from the sale of equity in an associate [3] - The basic earnings per share for WuXi AppTec is projected to be around 3.01 yuan, reflecting a year-on-year growth of approximately 106.16% [3] Group 3: Industry Trends - According to GF Securities, China's innovative drug development has entered a phase of intensive policy support, with significant measures introduced by the National Healthcare Security Administration and the National Health Commission [4] - By the end of 2024, the number of original innovative drugs developed by Chinese companies reached 3,575, surpassing the United States and ranking first globally [4] - Over 30% of global collaborations with upfront payments exceeding 50 million USD in 2024 originated from China, indicating a growing recognition of Chinese innovative drugs by global pharmaceutical giants [4] Group 4: ETF Performance Metrics - The Hang Seng Healthcare ETF has seen a net value increase of 19.11% over the past two years [5] - The ETF's highest monthly return since inception was 28.34%, with an average monthly return of 6.82% [5] - The ETF's Sharpe ratio for the past year was 2.07, indicating strong risk-adjusted returns [5] Group 5: Risk and Valuation - The Hang Seng Healthcare ETF has the lowest relative drawdown of 0.45% compared to its benchmark this year [6] - The ETF's management fee is 0.50%, and the custody fee is 0.15% [6] - The latest price-to-earnings ratio (PE-TTM) for the Hang Seng Healthcare Index is 27.75, indicating a valuation below 89.82% of the historical data over the past three years [6]