2026开年以来，港股创新药已上演了一波拉升行情。业内人士指出，1月7日行情诱因主要是美股公司Arrowhead发布了较好的小核酸药物临床数据，刺激了 创新药情绪。创新药行业属于技术驱动，如果全球有新技术发展和突破，相关板块和公司也会有较积极的反应。 公司新闻方面，脑机接口"独角兽"强脑科技完成20亿元融资，规模仅次于马斯克的Neuralink。此外，AI制药明星公司英矽智能上市后首单BD交易落地，1 月5日，英矽智能发布公告称，其与施维雅达成多年期抗肿瘤药物研发合作。根据公告，这笔合作总金额为8.88亿美元。英矽智能将有资格获得最高3200万 美元的首付款及近期研发里程碑付款。 港股通创新药ETF(159570)标的指数权重股多数飘红：三生制药涨超2%，信达生物、科伦博泰生物-B涨超1%，百济神州、翰森制药微涨。 | 序号 | 代码 | 名称 | 估算权重 | 涨跌幅 | 成交额 | | --- | --- | --- | --- | --- | --- | | 1 | 1093 | 石药集团 | 10.37% | -0.77% | 1.80亿 | | 2 | 1801 | 信达生物 | 10.21% | ...

今日（1.5），港药超强势反攻，创新药纯度100%的港股通创新药ETF(159570)大涨超5.5%，盘中成交额已超16亿元，较上一交易日巨幅放量！截至12月29 日，港股通创新药ETF(159570)最新规模超214亿元，同类持续领先！ 消息面上，2026年首个港股交易日（1月2日），港股市场迎来"开门红"。恒生指数收涨2.76%，报26338.47点；恒生科技指数大涨4%，报5736.44点；恒生中 国企业指数涨2.86%，报9168.99点。 公司新闻方面，刚刚"摘得"2025年募集资金最高港股生物医药IPO的英矽智能在2026年又迎来"开门红"。1月5日，英矽智能宣布与施维雅（Servier）达成了 一项总金额达8.88亿美元的多年期研发合作。该合作将英矽智能人工智能（AI）驱动的药物研发平台Pharma.AI与施维雅在抗肿瘤药物研发领域的全球专业 优势相结合，聚焦抗肿瘤领域具有挑战性的靶点，识别并开发全新的治疗药物。英矽智能将有资格获得最高 3200 万美元的首付款及近期研发里程碑付款。 （来源：医药魔方） 港股通创新药ETF(159570)标的指数权重股多数飘红：科伦博泰生物-B涨超6%，百济神州 ...

| 序号 | 代码 | 名称 | 估算权重 ▼ | 涨跌幅 | 成交额 | | --- | --- | --- | --- | --- | --- | | 1 | 1093 | 石药集团 | 10.69% | -0.82% | 9.82亿 | | 2 | 6160 | 百济神州 | 10.22% | -0.65% | 5.59亿 | | 3 | 1801 | 信达生物 | 9.98% | -0.25% | 9.24Z | | 4 | 1177 | 中国生物制药 | 9.89% | -0.16% | 3.52亿 | | ਟ | 9926 | 康方生物 | 9.66% | -0.27% | 5.92 7 | | 6 | 1530 | 三生制药 | 7.23% | -0.72% | 6.90亿 | | 7 | 3692 | 翰森制药 | 7.11% | -0.22% | 2.15亿 | | 8 | 6990 | 科伦博泰生物-B | 3.62% | -1.63% | 1.69亿 | | g | 0867 | 康哲药业 | 2.59% | 0.38% | 5879.48万 | | 10 | 1548 | 金斯瑞生物科 ...

今日（12.10），港药探底回升，创新药纯度100%的港股通创新药ETF(159570)微跌0.12%，全天成交额超15亿元！资金面上，昨日净流入超1.1亿元，今日 再获超1亿元净流入，近20日累计"吸金"超19亿元！截至12月9日，港股通创新药ETF(159570)最新规模超230亿元，同类持续领先！ 消息面上，美联储即将于北京时间周四凌晨3点公布最新利率决议。在经历了一段时间对于美联储决策方向的明显犹豫之后，市场目前已基本确信，美联储 将连续第三次降息25个基点，使联邦基金利率降至3.5%-3.75%。 因美联储联邦公开市场委员会（FOMC）出现严重的内部分歧，"鹰派降息（hawkishcut）"已成为本次政策会议的流行说法。在市场术语中，这指的是美联 储虽然会降息，但同时传递出一个信号——没人该指望下一次降息很快到来。 港股通创新药ETF(159570)标的指数权重股多数飘绿：科伦博泰生物-B、康哲药业跌超3%，康方生物跌超2%，百济神州、中国生物制药、三生制药跌超 1%，信达生物微跌；上涨方面，石药集团涨超3%，翰森制药涨超1%。 | 序号 | 代码 | 名称 | 估算权重 | 涨跌幅 | 成交额 | ...

今日（12.4），港药四连跌后强势反弹，创新药纯度100%的港股通创新药ETF(159570)四连跌后首次反弹涨1.5%，成交额快速突破12亿元！资金面上，此前 三日连续回调吸金，近5日累计净流入超1.8亿元！截至12月3日，港股通创新药ETF(159570)最新规模超232亿元，同类持续领先！ 消息面上，12月3日，信立泰发布公告，公司收到药监局核准签发的《临床试验批准通知书》，同意公司自主研发的创新小分子药物SAL0140片开展治疗慢 性肾脏病（CKD）的临床试验。 港股通创新药ETF(159570)标的指数权重股多数飘红：康方生物、科伦博泰生物-B、金斯瑞生物科技涨超3%，信达生物涨超2%，百济神州涨近2%，三生制 药涨近1%，中国生物制药微涨。 | 序号 | 代码 | 名称 | 估算权重 | 涨跌幅 | 成交额 | | --- | --- | --- | --- | --- | --- | | 1 | 6160 | 百济神州 | 11.90% | 2.19% | 2.99亿 | | 2 | 1801 | 信达生物 | 11.38% | 2.02% | 2.28亿 | | 3 | 9926 | 康方生物 ...

Group 1 - The Hong Kong Innovation Drug ETF (159570) experienced a 1.5% decline, marking its fourth consecutive day of decrease, with a trading volume exceeding 1.3 billion yuan [1] - The ETF has attracted a net inflow of over 6 million yuan during the day and has accumulated over 740 million yuan in the last 10 days, with a total size exceeding 23.6 billion yuan as of December 2 [1] - Major weighted stocks in the ETF, such as 3SBio, Innovent Biologics, and China Biologic Products, saw declines of over 2%, while others like CSPC Pharmaceutical and BeiGene dropped over 1% [2][3] Group 2 - The upcoming ASH conference is expected to reveal key data in the hematology field, which may catalyze the valuation recovery of related pipelines, particularly for companies with differentiated advantages in oncology, autoimmune, and rare disease products [5] - The Chinese innovative drug industry has shown significant growth, with the number of clinical trials increasing from 1,473 in 2020 to 2,539 in 2024, reflecting a compound annual growth rate of over 15% [6][9] - Chinese pharmaceutical companies are becoming increasingly prominent in global research, contributing 27% in oncology and 19% in autoimmune fields, with significant positions in ADC targets such as HER2 and TROP2 [9]

Group 1 - The Hong Kong Stock Connect Innovation Drug ETF (159570) experienced a slight decline of 0.41% on November 11, with a total trading volume exceeding 1.5 billion yuan, marking a continuous inflow of over 1.5 billion yuan in the last 10 days [1] - As of November 10, the latest scale of the Hong Kong Stock Connect Innovation Drug ETF (159570) surpassed 21.5 billion yuan, maintaining a leading position in terms of scale and liquidity [1] - The ETF has seen a significant increase in its net inflow, with a total of over 1.5 billion yuan in the past 10 days, indicating strong investor interest [1] Group 2 - The innovative drug sector has shown outstanding performance, with listed companies in this sector achieving a total revenue of 8.012 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 23.34% [3] - In Q3 2025, the innovative drug sector's listed companies reported a total revenue of 3.154 billion yuan, reflecting a year-on-year increase of 33.59% and a quarter-on-quarter growth of 23.75% [3] - The net profit attributable to shareholders for the innovative drug sector in Q3 2025 was -1.138 billion yuan, which is a year-on-year narrowing of 22.96% and a quarter-on-quarter narrowing of 26.01% [3] Group 3 - BeiGene has raised its full-year revenue guidance for 2025, now expecting revenue between 36.2 billion yuan and 38.1 billion yuan, driven by significant growth in product revenue and improved operational efficiency [6] - For the first three quarters of 2025, BeiGene reported revenue of 27.595 billion yuan, a year-on-year increase of 44.2%, surpassing the total revenue of 27.21 billion yuan for the entire previous year [6] - The growth in revenue is attributed to the leading position of its product, Brukinsa (Zebutinib), in the U.S. market and its continued expansion in Europe and other key global markets [6] Group 4 - The recent medical insurance negotiations involved 120 domestic and foreign enterprises, with 127 drugs participating in the basic medical insurance drug directory negotiations and 24 drugs in the commercial insurance innovative drug directory price negotiations [7] - The results of the medical insurance negotiations are expected to be announced in early December, with the new drug directory set to be implemented on January 1, 2026 [7] - This year marks the first introduction of an innovative drug directory, with a new price negotiation mechanism that facilitates coordination between pharmaceutical companies and commercial insurance [8]

Core Insights - The Hong Kong pharmaceutical market is experiencing a significant rebound, driven by the recent national negotiations regarding innovative drug pricing, with the Hong Kong Stock Connect Innovative Drug ETF (159570) surging over 2% and achieving a trading volume exceeding 3.2 billion CNY [1][3]. Group 1: Market Performance - The Hong Kong Stock Connect Innovative Drug ETF (159570) has seen a net inflow of nearly 700 million CNY during the trading session, indicating strong investor interest [1]. - As of October 31, the ETF's latest scale has surpassed 20.3 billion CNY, leading in both scale and liquidity among its peers [1]. - The top ten constituent stocks of the ETF account for 72.47% of its weight, showcasing a concentrated investment in innovative pharmaceuticals [7]. Group 2: Company Developments - Innovative drug companies are gaining attention due to the ongoing negotiations for the 2025 National Medical Insurance Directory, which includes a new commercial health insurance innovative drug directory [3]. - Notably, CAR-T cell therapy companies are in focus, with five high-cost CAR-T therapies passing the initial review for the commercial insurance directory, potentially increasing patient access [3]. - In Q3 2025, Innovent Biologics reported a total product revenue exceeding 3.3 billion CNY, reflecting a robust year-on-year growth of approximately 40%, driven by strong performance in oncology and other therapeutic areas [6][7]. Group 3: Clinical Trials and Global Expansion - Innovent Biologics and Pfizer have initiated two global Phase III clinical trials for their PD-1/VEGF dual antibody, SSGJ-707, targeting advanced non-small cell lung cancer and metastatic colorectal cancer [6]. - The trials are expected to enroll 1,500 and 800 patients respectively, with completion dates projected for early 2029 and early 2030, indicating a strong commitment to global market entry [6]. Group 4: Industry Outlook - Analysts suggest that the ongoing policy support for innovative drugs will likely lead to rapid revenue growth for those included in the medical insurance directory, benefiting both patients and pharmaceutical companies [4]. - The innovative drug sector is expected to continue its upward trajectory, with leading companies making significant progress both domestically and internationally [4][6].

Market Overview - The market opened lower and experienced low-volume fluctuations, with Hong Kong pharmaceutical stocks declining due to market sentiment despite positive news regarding overseas expansion [1] - The Hong Kong Stock Connect Innovation Drug ETF (159570) fell over 2%, with a trading volume exceeding 1.6 billion yuan during the session [1] - As of October 21, the latest scale of the Hong Kong Stock Connect Innovation Drug ETF (159570) exceeded 20.9 billion yuan, maintaining a leading position in scale and liquidity among peers [1] Strategic Collaborations - Innovent Biologics announced a global strategic partnership with Takeda Pharmaceutical to accelerate the development of its next-generation IO and ADC therapies, including two late-stage candidates and one early-stage project [3] - The collaboration includes an upfront payment of 1.2 billion USD, with potential milestone payments totaling up to 10.2 billion USD, bringing the total deal value to a maximum of 11.4 billion USD [3] Business Development (BD) Trends - A surge in business development activities was noted, with five BD announcements totaling 4.266 billion USD made on October 16 and 17 alone [4] - Major companies involved include Hansoh Pharmaceutical, Prigen, and others, with upfront payments ranging from 0.07 billion to 1.2 billion USD [4] - The Hong Kong Stock Connect Innovation Drug ETF (159570) saw mixed performance among its constituent stocks, with notable declines in several companies despite positive news for Innovent Biologics [4] Industry Insights - According to Huaxin Securities, the pace of outbound licensing for innovative drugs has resumed, with 93 transactions recorded by August 2025, accounting for 32% of global transactions [6] - The total upfront payments for these transactions reached 4.3 billion USD, exceeding the total for the previous year and expected to set a new high in nearly a decade [6] - The report indicates that multinational corporations (MNCs) continue to favor early-stage assets from China, particularly in hot areas like bispecific antibodies and ADCs [7] Future Outlook - The fourth quarter is expected to see concentrated BD activities, particularly with the ESMO conference and upcoming quarterly reports [7] - The trend of BD transactions is anticipated to continue as MNCs seek to fill revenue gaps from patent expirations of blockbuster products [7] - The performance of the Hong Kong Stock Connect Innovation Drug ETF (159570) has shown significant growth, with a year-to-date increase of over 109% [9]

Group 1 - The core viewpoint of the news highlights the strong performance of the Hong Kong Stock Connect Innovative Drug ETF (159570), which has seen a rise of over 2% despite a generally negative market, achieving a trading volume exceeding 2.1 billion yuan and maintaining a high financing balance above 300 million yuan [1][3] - The ETF's latest scale has surpassed 14.9 billion yuan, nearing the 15 billion yuan mark, indicating sustained leadership in scale and liquidity within the market [1] - The index of the ETF underwent a revision effective from August 12, changing the adjustment frequency to four times a year and increasing the purity of constituent stocks by excluding contract research organizations (CROs), thus becoming a 100% pure innovative drug index [4] Group 2 - According to Guojin Securities, the core investment value of the Hong Kong innovative drug industry stems from a mismatch between historically low valuations and accelerating fundamentals, creating a high cost-performance configuration window [5] - The innovative drug sector is currently in a valuation trough, with significant upward potential anticipated in the future [5] - The performance of innovative drug companies shows a clear pattern of "differentiated improvement," with leading firms achieving positive net profits due to their mature commercialization capabilities and diverse product matrices [5] Group 3 - The policy environment is favorable, with accelerated clinical approvals shortening the time to market for innovative drugs, and a balanced pricing mechanism in medical insurance negotiations promoting a virtuous cycle of "price reduction - volume increase - revenue growth" for innovative drug companies [5] - The Hong Kong innovative drug industry benefits from a unique ecological moat formed by a collaborative structure of innovation entities, service support, and capital hubs, particularly with the "18A" channel breaking traditional A-share profit constraints [5] Group 4 - The innovative drug sector in Hong Kong possesses both "technology attributes" and "pharmaceutical attributes," allowing it to adapt flexibly to market style shifts, especially during periods of policy recovery in the pharmaceutical sector [6] - The overall market sentiment is improving, with expectations for stable earnings growth in the Hong Kong market, particularly in the context of structural policy focus and improving fundamentals [7]