今日，港股医药板块震荡蓄势，截至收盘，恒生港股通创新药指数上涨0.04%，中证港股通医药卫生综 合指数上涨0.4%，沪深300医药卫生指数上涨1.0%，中证创新药产业指数上涨1.3%，中证生物科技主题 指数上涨1.4%。Wind数据显示，今日恒生创新药ETF（159316）获超1.3亿份净申购，截至昨日，该 ETF月内"吸金"超7亿元，在港股创新药相关产品中居前。 国金证券认为，创新药BD交易的再次密集落地缓解了市场的担忧，中国创新药BD出海的长期产业逻辑 不变，且临近年底BD交易有望持续活跃。同时，随着多款中国创新药数据在ESMO密集发布，且PD-1 双抗、ADC等领域的临床数据达到国际领先水平，引起较高关注，或有望提振创新药新一轮的出海机 会。 | 组成,汇聚A股创新药主力 年。 | 1.3% | 54.2倍 | 80.9% | | --- | --- | --- | --- | | 生物科技ETF (2) | | | 159837 | | 跟踪中证生物科技主题指数 | | | | | | | | ··· ////////// | | 该指数聚焦A股生物科技龙 | �日 | 该清做 | 该指数自2015年 ...

今日，医药板块延续涨势，截至收盘，恒生港股通创新药指数上涨2.3%，中证港股通医药卫生综合指 数上涨1.6%，中证创新药产业指数、中证生物科技主题指数、沪深300医药卫生指数均上涨0.4%，恒生 创新药ETF（159316）全天获近3000万份净申购。 中信建投证券指出，中国医药产业竞争力正持续提升。创新层面，国家政策积极鼓励行业创新，全球流 动性改善利好创新药企业定价；出海层面，中国具备制造与供应链优势，同时创新能力快速提升，长期 看好医药行业走出全球性大公司。 | 组成;汇菜A腹则新约土/ E. | 0.4% | 55.0倍 82.4% | | --- | --- | --- | | 生物科技ETF(NO] | | 159837 | | 跟踪中证生物科技主题指数 | | | | | | ·· ///////// | | 该指数聚焦A股生物科技龙 | रे 日 | 该指数 该指数自2015年 | | 头,由不超过50只业务涉 | 该指数涨跌 | 我国同需率 发布以来估值分位 | | 及基因诊断、生物制药、血 | | | | 液制品及其它人体生物科技 | 0.4% | 60.8倍 77.7% | | 的公司股 ...

Core Viewpoint - The Chinese innovative pharmaceutical sector is experiencing growth in revenue and a significant reduction in losses, driven by technological breakthroughs, accelerated internationalization, and policy support [1]. Group 1: Market Performance - The Hang Seng Innovative Drug Index fell by 2.0%, while the CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index decreased by 1.1% [1]. - The CSI Innovative Drug Industry Index and the CSI Biotechnology Theme Index saw declines of 0.6% and 0.5%, respectively [1]. - The Hang Seng Innovative Drug ETF (159316) recorded over 100 million net subscriptions throughout the day, marking four consecutive days of net inflow, with the latest scale reaching 2.5 billion yuan, a historical high [1]. Group 2: Industry Outlook - CITIC Construction Investment Securities forecasts that by the first half of 2025, revenue for Chinese innovative pharmaceutical companies will continue to grow, with losses significantly narrowing [1]. - The valuation of the innovative drug industry is expected to rise substantially, reflecting an enhancement in global competitiveness [1]. - The sector's accelerated development is attributed to three driving forces: technological breakthroughs, internationalization, and supportive policies [1].

Core Insights - The Hang Seng Hong Kong Stock Connect Innovation Drug Index increased by 7.1% this week, while the CSI Hong Kong Stock Connect Medical and Health Comprehensive Index rose by 6.9% [1] - The CSI Innovation Drug Industry Index and the CSI Biotechnology Theme Index saw increases of 5.3% and 3.6%, respectively, with the CSI 300 Medical and Health Index up by 3.4% [1] - The Hang Seng Innovation Drug ETF (159316) experienced a net inflow of nearly 200 million yuan this week, bringing its total size to over 2 billion yuan, a record high [1] Index Performance - Weekly performance: - Hang Seng Innovation Drug Index: +7.1% - CSI Hong Kong Stock Connect Medical and Health Comprehensive Index: +6.9% - CSI Innovation Drug Industry Index: +5.3% - CSI Biotechnology Theme Index: +3.6% - CSI 300 Medical and Health Index: +3.4% [3] - Year-to-date performance: - Hang Seng Innovation Drug Index: +116.2% - CSI Hong Kong Stock Connect Medical and Health Comprehensive Index: +102.9% - CSI Innovation Drug Industry Index: +43.5% - CSI Biotechnology Theme Index: +31.2% - CSI 300 Medical and Health Index: +22.9% [7] Valuation Metrics - Current rolling P/E ratios: - Hang Seng Innovation Drug Index: 57.7x - CSI Hong Kong Stock Connect Medical and Health Comprehensive Index: 30.7x - CSI Innovation Drug Industry Index: 57.3x - CSI Biotechnology Theme Index: 62.3x - CSI 300 Medical and Health Index: 33.0x [3] - Valuation percentile as of July 2023: - Hang Seng Innovation Drug Index: 48.5% - CSI Hong Kong Stock Connect Medical and Health Comprehensive Index: 88.1% - CSI Innovation Drug Industry Index: 82.1% - CSI Biotechnology Theme Index: 60.2% [3] ETF Overview - The Hang Seng Innovation Drug Index has one ETF tracking it, while the CSI Hong Kong Stock Connect Medical and Health Comprehensive Index has four ETFs [5] - The CSI Innovation Drug Industry Index is tracked by seven ETFs, and the CSI Biotechnology Theme Index has four ETFs [5]

Group 1 - The Hang Seng Hong Kong Stock Connect Innovative Drug Index decreased by 0.2%, while the CSI Hong Kong Stock Connect Medical and Health Comprehensive Index fell by 0.1%. Conversely, the CSI Innovative Drug Industry Index, CSI Biotechnology Theme Index, and CSI 300 Medical and Health Index all increased by 0.1% [1] - The Hang Seng Innovative Drug ETF (159316) experienced a growth of approximately 1 billion yuan in size over the past month, reaching a new historical high of nearly 2 billion yuan [1] Group 2 - The Hang Seng Innovative Drug ETF tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Index, which focuses on leading innovative drug companies in Hong Kong, comprising no more than 40 stocks involved in innovative drug research, development, and production [2] - The CSI Hong Kong Stock Connect Medical and Health Comprehensive Index has been tracking since 2017 and includes 50 stocks from the medical device, biopharmaceutical, chemical drug, and other sectors within the Hong Kong Stock Connect [2] - The CSI Innovative Drug Industry Index focuses on leading innovative drug companies in the A-share market, consisting of no more than 50 stocks involved in innovative drug research and development [2] - The CSI Biotechnology Theme Index targets leading biotechnology companies in the A-share market, including no more than 50 stocks involved in gene diagnosis, biopharmaceuticals, and other human biotechnology sectors [2] - The CSI 300 Medical and Health Index covers leading companies in the medical and health industry within the CSI 300 Index, encompassing various segments of the future health industry, including chemical pharmaceuticals, medical services, and medical devices [2]

Core Viewpoint - The healthcare and biotechnology sectors in the Hong Kong stock market have shown significant positive performance, with various indices reflecting substantial gains as of the midday close. Group 1: Index Performance - The CSI Hong Kong Stock Connect Healthcare Comprehensive Index increased by 4.0% [1] - The Hang Seng Hong Kong Stock Connect Innovative Drug Index rose by 3.7% [1] - The CSI Innovative Drug Industry Index saw a rise of 3.3% [1] - The CSI Biotechnology Theme Index increased by 2.8% [1] - The CSI 300 Healthcare Index rose by 2.1% [1] - The Hang Seng Innovative Drug ETF (159316) recorded a trading volume exceeding 500 million yuan [1] Group 2: ETF and Index Details - The Biotechnology ETF (159837) tracks the CSI Biotechnology Theme Index, which focuses on A-share biotechnology leaders and has a rolling P/E ratio of 60.7 times, with a 2.8% increase [4] - The CSI 300 Healthcare Index ETF (512010) tracks the CSI 300 Healthcare Index, covering major companies in the healthcare sector, with a rolling P/E ratio of 32.8 times and a 2.1% increase [4] - The indices have been established for several years, with the CSI Biotechnology Theme Index launched in 2015 and the CSI 300 Healthcare Index in 2007 [5]

Group 1 - The Hang Seng Hong Kong Stock Connect Innovative Drug Index increased by 3.6% at midday, while the CSI Hong Kong Stock Connect Medical and Health Comprehensive Index rose by 3.5% [1] - The CSI Innovative Drug Industry Index saw a 2.2% increase, and the CSI Biotech Theme Index rose by 1.7% [1] - The CSI 300 Medical and Health Index increased by 1.9% [3] Group 2 - The Hang Seng Innovative Drug ETF (159316) had a trading volume exceeding 500 million yuan, with a net subscription of 54 million units [1] - The index tracked by the Hang Seng Innovative Drug ETF focuses on leading innovative drug companies in Hong Kong, consisting of no more than 40 stocks involved in innovative drug research and development [2] - The rolling price-to-earnings ratio for the Hang Seng Innovative Drug Index is 56.7 times [2] Group 3 - The CSI Hong Kong Stock Connect Medical and Health Comprehensive Index includes 50 stocks from the medical device, biopharmaceutical, and chemical drug sectors [2] - The rolling price-to-earnings ratio for this index is 29.2 times, with a 46.2% increase since its inception in 2017 [2] Group 4 - The CSI Innovative Drug Industry Index focuses on leading innovative drug companies in A-shares, consisting of no more than 50 stocks involved in innovative drug research and development [2] - The rolling price-to-earnings ratio for this index is 52.8 times, with a 79.8% increase since its launch in 2019 [2] Group 5 - The CSI Biotech Theme Index includes up to 50 stocks involved in gene diagnostics, biopharmaceuticals, and other human biotechnology [2] - The rolling price-to-earnings ratio for this index is 58.3 times, with a 72.4% increase since its inception in 2015 [2] Group 6 - The CSI 300 Medical and Health Index covers leading companies in the medical and health sector, including chemical pharmaceuticals, medical services, and medical devices [3] - The rolling price-to-earnings ratio for this index is 32.6 times, with a 58.0% increase since its inception in 2007 [3]

Group 1 - The Shanghai and Shenzhen 300 Pharmaceutical Health Index decreased by 0.3% at midday, while the CSI Biotech Theme Index fell by 0.4%, the CSI Innovative Drug Industry Index dropped by 0.6%, the CSI Hong Kong Stock Connect Pharmaceutical Health Comprehensive Index declined by 1.3%, and the Hang Seng Hong Kong Stock Connect Innovative Drug Index decreased by 1.6% [1][2][3] - The Hang Seng Innovative Drug ETF (159316) saw a net subscription of 14 million units during the half-day trading session [1][2] Group 2 - The Hang Seng Innovative Drug Index focuses on leading innovative drug companies in Hong Kong, consisting of no more than 40 stocks involved in innovative drug research, development, and production [2] - The CSI Hong Kong Stock Connect Pharmaceutical Health Comprehensive Index targets leading companies in the Hong Kong medical and health sector, comprising 50 stocks from medical devices, biopharmaceuticals, and chemical drugs [2] - The CSI Innovative Drug Industry Index concentrates on leading innovative drug companies in A-shares, made up of no more than 50 stocks primarily engaged in innovative drug research and development [2] - The CSI Biotech Theme Index focuses on leading biotech companies in A-shares, including no more than 50 stocks involved in gene diagnostics, biopharmaceuticals, and blood products [2]

Group 1 - The core viewpoint of the news highlights the positive performance of various healthcare indices, with the CSI Hong Kong Stock Connect Healthcare Index rising by 2.4%, the Hang Seng Hong Kong Stock Connect Innovative Drug Index increasing by 2.3%, and the CSI Biotech Theme Index up by 0.8% [1][2] - The Hang Seng Innovative Drug ETF (159316) saw a net subscription of 16 million units today, bringing its total size to over 1.5 billion yuan, marking a historical high [1][2] - The indices mentioned focus on leading companies in the healthcare and innovative drug sectors, with the Hang Seng Innovative Drug Index comprising no more than 40 stocks involved in innovative drug research and development [2][3] Group 2 - The CSI Hong Kong Stock Connect Healthcare Index includes 50 stocks from the healthcare sector, covering medical devices, biopharmaceuticals, and chemical drugs, with a rolling price-to-earnings ratio of 30.4 times [2][3] - The CSI Innovative Drug Industry Index focuses on A-share innovative drug leaders, consisting of no more than 50 companies engaged in innovative drug research, with a rolling price-to-earnings ratio of 53.7 times [2][3] - The CSI Biotech Theme Index targets A-share biotech leaders, including companies involved in gene diagnostics and biopharmaceuticals, with a rolling price-to-earnings ratio of 56.2 times [2][3]

Group 1 - The core viewpoint of the news highlights the positive performance of various healthcare indices, with the Hang Seng Hong Kong Stock Connect Innovative Drug Index rising by 1.0% and the overall healthcare sector indices showing upward trends [1][2][3] - The Hang Seng Innovative Drug ETF (159316) has seen a net inflow of funds for five consecutive trading days, reaching a record size of over 1.2 billion yuan [1][2] - The indices mentioned focus on leading companies in the pharmaceutical and biotechnology sectors, with specific indices tracking innovative drug companies in both Hong Kong and A-shares [2][3] Group 2 - The rolling price-to-earnings (P/E) ratio for the Hang Seng Hong Kong Stock Connect Innovative Drug Index is reported at 57.4 times, while the P/E ratio for the Hong Kong Stock Connect Medical and Health Comprehensive Index stands at 31.6 times [2][3] - The A-share Innovative Drug Industry Index has a rolling P/E ratio of 52.6 times, indicating a strong valuation in the innovative drug sector [2] - The rolling P/E ratio for the Biotech Theme Index is noted at 54.9 times, reflecting the valuation dynamics within the biotech industry [2]