Group 1 - The pharmaceutical sector is experiencing significant growth, with BD transaction volumes reaching new highs and domestic innovative drugs gaining international recognition, making it a focal point for investors [1][3] - However, there is a growing fatigue regarding the expectations for innovative drugs going abroad, leading to a shift from a "highlight moment" to a "volatile adjustment" in the market [2][3] - This transition is viewed as a necessary step towards a long-term market trend, with signs of recovery in the pharmaceutical sector as it approaches a new cycle starting in 2026 [3][11] Group 2 - The current investment rationale in the pharmaceutical sector is supported by three main forces: demand, supply, and policy, which are converging to fuel a new round of growth [5][36] - Demand for healthcare is increasing due to an aging population and rising health awareness, transforming medical consumption from optional to essential [6][37] - The supply side shows that China's innovative drugs are becoming globally competitive, with the number of innovative drug pipelines accounting for nearly 30% of the global total and BD overseas licensing transactions reaching $135.7 billion in 2025, a 161% increase year-on-year [7][38] Group 3 - Policy changes are shifting from cost control to empowerment, with new measures introduced to support the entire chain of innovative drug development, access, usage, and payment [10][41] - The Hong Kong stock market is becoming a primary platform for Chinese innovative drug companies due to its flexible listing regulations and foreign investment environment, which has attracted over 70 competitive innovative drug and CXO companies [12][43] - The establishment of the Hong Kong Medical Device Regulatory Center (CMPR) and other supportive mechanisms is expected to enhance the internationalization and business development capabilities of companies listed in Hong Kong [13][44] Group 4 - The Hang Seng Biotechnology Index has outperformed other indices with a 82.75% increase, highlighting its strong market position [16][46] - The index is composed of the top 30 biotechnology companies, focusing on high-growth sectors such as innovative drugs (79% weight) and CXO services (11% weight), ensuring coverage of the core segments of the pharmaceutical industry [17][49] - The index's unique feature includes being the only pharmaceutical-themed index in Hong Kong equipped with index futures, providing risk management tools and enhancing liquidity for investors [23][54] Group 5 - The Hang Seng Biotechnology Index is currently at a historically low valuation, with a PE ratio of 30.01, significantly lower than the NASDAQ Biotechnology Index and the CSI Biotechnology Index, indicating a valuation advantage [26][55] - The index's components are primarily leading innovative drug and CXO companies with solid R&D capabilities, suggesting potential for steady profit release as pipelines mature and orders are fulfilled [28][57] - The current market conditions may present a favorable opportunity for long-term investors to allocate resources into high-quality pharmaceutical assets through the Hang Seng Biotechnology ETF [29][58]

近年来，生物科技产业全面步入高速成长期，已成为引领全球科技革命与产业变革的关键赛道，持续吸 引海内外资金加速布局。马年伊始，恒生生物科技ETF华泰柏瑞（认购代码：513933，交易代码： 513930）于2026年2月24日起正式发售，为投资者提供一键布局港股生物科技核心资产的便捷投资工 具。 聚焦产业创新龙头，重点覆盖创新药+CXO方向 从成分股业务构成来看，指数高度聚焦创新药与CXO两大核心方向，合计权重接近90%，创新属性突 出。与此同时，指数还覆盖了AI+医疗等前沿领域优质标的，在精准捕捉医药赛道创新核心环节的同 时，映射中国生物科技产业的整体发展趋势。 凭借较高的创新药+CXO含量及鲜明的科技创新属性，恒生生物科技指数在2025年以来港股医药板块行 情中表现突出。截至2026年2月6日，该指数累计涨幅达76.52%，不仅跑赢同期恒生指数（32.40%）， 也显著超越恒生医疗保健（67.97%）、港股通医疗（34.21%）及恒生港股通创新药指数（70.43%）等 其他港股医药类指数，充分彰显其投资价值与成长弹性。 值得关注的是，截至2026年2月6日，恒生生物科技指数市盈率（PE-TTM）为29.60 ...