Core Viewpoint - The pharmaceutical and healthcare indices in the Chinese stock market have shown positive performance, with significant inflows into innovative drug ETFs, indicating a growing interest in the sector [1][2]. Group 1: Index Performance - The CSI 300 Pharmaceutical and Healthcare Index increased by 1.2% [1]. - The CSI Hong Kong Stock Connect Pharmaceutical and Healthcare Comprehensive Index rose by 1.1% [1]. - The Hang Seng Hong Kong Stock Connect Innovative Drug Index and the CSI Biotechnology Theme Index both saw a rise of 0.7% [1]. - The CSI Innovative Drug Industry Index experienced a slight increase of 0.01% [1]. Group 2: ETF Activity - The Hang Seng Innovative Drug ETF (159316) recorded a net subscription of 11 million units in the first half of the day, bringing its total size to over 1.5 billion yuan, a historical high [1]. - The index tracked by the Hang Seng Innovative Drug ETF focuses on leading innovative drug companies in the Hong Kong stock market, comprising no more than 40 stocks involved in innovative drug research, development, and production [2]. - The rolling price-to-earnings ratio for the Hang Seng Innovative Drug Index is currently at 56.2 times [2]. Group 3: Valuation Metrics - The rolling price-to-earnings ratio for the CSI Hong Kong Stock Connect Pharmaceutical and Healthcare Comprehensive Index stands at 30.4 times, with a valuation percentile of 48.1% since 2017 [2]. - The rolling price-to-earnings ratio for the CSI Innovative Drug Industry Index is not specified, but it focuses on A-share innovative drug leaders, comprising no more than 50 stocks involved in innovative drug research and development [2].

今日，南向资金全天净买入358.8亿港元，创历史最高单日净买入纪录。从本周维度看，中证港股通医药卫生综合指数上涨 7.3%，中证港股通互联网指数上涨3.5%，恒生港股通新经济指数上涨3.4%，中证港股通消费主题指数上涨1.9%，恒生科技 指数上涨1.5%。相关产品受到资金青睐，Wind数据显示，截至昨日，恒生科技ETF易方达（513010）近一个月净流入超15 亿元。 由港股上市公司中与科技主题高度相关的、市值 最大的30只股票组成,信息技术及可选消费行业 合计占比超90% 1 中证港股通医药卫生综合指数 | | 恒生港股 通新经济 | 恒生科技 指数 | 中证港股通 医药卫生综 | 中证港股通 互联网指数 | 中证港版 通消费 主题指数 | | --- | --- | --- | --- | --- | --- | | | 指数 | | 合指数 | | | | 本周涨跌幅 | 3.4% | 1.5% | 7.3% | 3.5% | 1.9% | | 指数滚动 市盈率 | 24. 2倍 | 22. 1倍 | 31.5倍 | 24.2倍 | 21.6倍 | | 滚动市盈率 分位 | 51. 3% | 23. 5 ...

截至收盘，中证港股通医药卫生综合指数上涨0.6%，中证港股通互联网指数下跌0.02%，中证港股通消 费主题指数下跌0.2%，恒生港股通新经济指数下跌0.4%，恒生科技指数下跌1.0%，Wind数据显示，截 至昨日，恒生科技ETF易方达（513010）近一个月净流入超15亿元，最新规模已突破140亿元。 本周起，港股进入业绩中报高峰披露期，腾讯控股昨日公布的业绩数据显示，第二季度收入同比增长 15%至1845亿元，超出市场预估的1789.4亿元；网易和京东将于今日盘后公布财报，下周起，小米、百 度、快手等也将陆续披露业绩。 -U. U% Z4. Z信 LL. 3% 港股消费ETF易方达 ( 513070 跟踪中证港股通消费主题指数 该指数自2020年 今日 该指数 该指数由港股通范围内流动性 该指数涨跌 发布以来估值分位 滚动市盈率 较好、市值较大的50只消费主 题股票组成,可选消费占比近 21. 4倍 -0. 2% 19.7% 60% | 恒生新经济ETF | | | 513320 | | --- | --- | --- | --- | | 跟踪恒生港股通新经济指数 | | | | | 该指数由港股通范围内、 ...

| 港股消费ETF易方达 1 | | | 513070 | | --- | --- | --- | --- | | 跟踪中证港股通消费主题指数 | | | | | 该指数由港股通范围内流动性 | 今日 | 该指数 | 该指数自2020年 | | 较好、市值较大的50只消费主 | 该指数涨跌 | 滚动市盈率 | 发布以来估值分位 | | 题股票组成,可选消费占比近 60% | 0. 0% | 21.0倍 | 17.1% | 截至收盘，中证港股通医药卫生综合指数上涨4.0%，恒生港股通新经济指数上涨0.5%，中证港股通消 费主题指数上涨0.04%，中证港股通互联网指数下跌0.2%，恒生科技指数下跌0.4%。 广发证券表示，从全球视角看中国创新药的崛起，BD出海催化新药价值重估；在"研发-准入-临床-支 付-保障"全链条的政策支持下，我国创新药行业发展驶入快车道。 | 恒生新经济ETF | | | 513320 | | --- | --- | --- | --- | | 跟踪恒生港股通新经济指数 | | | | | 该指数由港股通范围内、属于 | 令日 | 该指数 | 该指数自2018年 | | "新经济"行业中市 ...

Group 1 - The Hong Kong pharmaceutical sector has seen a significant rise, with companies like Zai Lab and SiHuan Pharmaceutical increasing by over 7% [1] - The Hang Seng Innovation Drug ETF (159316) and the Hong Kong Stock Connect Pharmaceutical ETF (513200) both tracked indices that rose over 1%, reaching new highs for the year [1] - In May 2025, Chinese innovative pharmaceutical companies showcased 71 original research results at the ASCO conference, highlighting their international leadership in innovation and research [1] Group 2 - Recent approvals for multiple innovative drugs in China cover various cutting-edge treatment areas, indicating a significant enhancement in the ability of domestic innovative drugs to transition from research to commercialization [1] - Some innovative products have achieved a positive feedback loop in R&D investment returns under the current domestic innovation payment system, with sales reaching new highs [1] - The Hang Seng Innovation Drug ETF (159316) is the first ETF tracking the Hang Seng Stock Connect Innovation Drug Index, focusing on companies involved in innovative drug research, development, and production [2]

Core Insights - The 2025 American Society of Clinical Oncology (ASCO) annual meeting in Chicago showcased a record 73 oral reports on innovative drugs from China, highlighting the rapid development of domestic innovative pharmaceuticals [1] - The Hong Kong Stock Connect medical ETF (513200) has seen a year-to-date increase of 42.23%, while the Hang Seng Innovative Drug ETF (159316) has surged by 52.19%, indicating strong market performance in the innovative drug sector [1] - The Chinese innovative drug industry is entering a new phase of profitability, with leading biotech companies beginning to expand internationally, suggesting a favorable investment outlook [2] Investment Landscape - The innovative drug sector is identified as a core investment theme within the pharmaceutical and biotechnology industry, characterized by high certainty and leadership potential [2] - E Fund's medical industry index products cover A-shares, Hong Kong stocks, and U.S. stocks, with a total scale of nearly 27 billion yuan across six medical-related ETFs, making it a leader in the industry [3] - The Hang Seng Innovative Drug ETF (159316) tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Index, which includes leading companies in the innovative drug field, with significant exposure to biotechnology and chemical pharmaceuticals [4] Key Holdings - The top holdings in the Hang Seng Innovative Drug Index include Innovent Biologics, CanSino Biologics, and WuXi Biologics, each with a weight exceeding 8% [5] - The index's price-to-earnings ratio stands at 22.96, indicating a higher safety margin compared to historical averages [6] - The China Securities Hong Kong Stock Connect Medical and Health Comprehensive Index includes 50 liquid and large-cap healthcare companies, reflecting the overall performance of the sector [6][8]

每经记者｜叶峰 每经编辑｜肖芮冬 近期，医药板块持续走强，恒生创新药ETF（159316）、港股通医药ETF（513200）早盘大涨，所跟踪 的恒生港股通创新药指数、中证港股通医药卫生综合指数双双大涨超4%，成分股中，信达生物涨超 17%，再鼎医药涨超8%。 消息面上，日前，国家药监局公布11款获批上市新药，涵盖肿瘤、内分泌等多个领域，其中多款为相关 领域"国内首款"或"国产首款"。11款新药中，有7款为1类药，根据《化学药品注册分类改革工作方 案》，1类药为境内外均未上市的创新药，代表我国药品注册分类中药物创新的最高水平。 此外，当地时间2025年5月30日至6月3日，2025年美国临床肿瘤学会(ASCO)年会在美国芝加哥举行，本 届年会中国专家的发言数量再创新高，ASCO的召开进一步推动创新药投资热情。同时，继三生制药达 成一项超60亿美元的交易之后，石药集团也预告6月拟达成一项约50亿美元的创新药交易。 有机构表示，国内利好政策频出，鼓励高质量创新，创新品种或继续驱动企业业绩高速增长，商保发展 或转移支付有利于创新品种持续放量；国产创新药估值水平低，且部分创新药品种已具备全球同类最佳 的潜力，持续看好创 ...