百济神州自研管线药物BGB-B2033获FDA快速通道认定，小核酸药物领域频频出现新进展，消息面催化，创新药板块利好不断，单日涨跌幅20%的科创创新 药 ETF（589720）涨超2%。 基本面看，今年即是创新药资产估值修复的一年，近年来国产原研药获批数量持续攀升，从肿瘤治疗到自身免疫疾病领域，创新药凭借确切的临床价值迅速 占领市场。与此同时，越来越多国产创新药通过"出海"实现价值升级，海外授权交易金额屡创新高，为板块增长注入新动力。长期向好趋势已从业绩兑现延 伸至BD出海，创新药行业未来发展前景可期。 此外，近期全球范围内的小核酸药物领域频频出现新进展，引发产业界和投资界的高度关注。小核酸药物已从概念验证进入产业崛起前夜。2025年以来，随 着递送技术突破推动适应症从肝脏向心血管、CNS等领域拓展，叠加重磅产品商业化放量及跨国制药巨头大额并购验证，行业迎来"技术突破+商业兑现"双 主线驱动的黄金发展期。 图 小核酸作用原理 关注20cm标的科创创新药 ETF（589720），跟踪指数"924行情"以来跑赢港股创新药 技术突破+BD助力，创新药板块发展加速 消息面，百济神州自研管线药物BGB-B2033获FD ...

Market Overview - A-shares experienced a slight stabilization today, with the Shanghai Composite Index rising by 0.05% to 3836.77 points and the Shenzhen Component Index increasing by 0.37% to 12585.08 points, amidst a total trading volume of 1.7 trillion yuan [1] - The military and media sectors led the market, while the dividend style saw a pullback, indicating a recent adjustment phase influenced by external economic pressures and high valuations [1] Gaming Sector - The gaming sector showed strength today, with the gaming ETF (516010) rising by 3.15%, recovering from last week's losses, indicating a "post-pullback offensive window" for investment [3] - In Q3 2025, the gaming industry's revenue reached 30.362 billion yuan, marking a year-on-year growth of 28.6% and a quarter-on-quarter increase of 9.48%, with profits growing by 112% to 5.777 billion yuan, reflecting strong profitability and continued industry momentum [3] - AI's impact on cost reduction is significant, with management expense ratios decreasing from 10% in Q1 2023 to 7% in Q3 2025, and R&D expense ratios dropping from 12% to 11% in the same period, enhancing profit margins [3] Media and Internet Sector - In Q3 2025, public funds increased their holdings in the media and internet sector, with the market value proportion rising to 2.50%, and the gaming sub-sector's allocation increasing to 1.68%, indicating a positive outlook for valuation and liquidity recovery [4] - The gaming industry remains resilient due to high fundamental growth, ongoing AI cost reduction trends, and a favorable supply of game licenses, suggesting improved investment opportunities [4] Hong Kong Market - The Hong Kong market rebounded significantly, with the Hang Seng Index rising by 1.97% to 25716.50 points, and the Hang Seng Tech Index increasing by 2.78% to 5545.56 points, indicating a systemic recovery in the internet sector [6] - Despite recent volatility due to hawkish signals from the Federal Reserve and concerns over AI valuations, there is potential for marginal improvement in risk appetite following upcoming policy meetings [6][5] Gold and Innovation Drug Sectors - The gold ETF (518800) saw a slight increase of 0.31%, supported by fluctuating interest rate expectations and geopolitical tensions, which have bolstered safe-haven demand [6] - The innovation drug sector reported a revenue of 48.56 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 21.41%, with a significant reduction in net profit losses, indicating a positive trend in the industry [8] - The establishment of a commercial insurance directory for innovative drugs is expected to create a potential funding pool of approximately 20 billion yuan, enhancing the financial landscape for the sector [8]

Core Insights - The innovative drug sector is experiencing a correction, with the Sci-Tech Innovation Drug ETF (589720) dropping over 2.5% today, indicating potential buying opportunities as funds may be looking to accumulate at lower prices [1] - Since September, innovative drugs have seen a valuation adjustment to a more reasonable range, and as the fourth quarter approaches, business development (BD) transactions are expected to increase, potentially revitalizing the innovative drug market [1] - Dongwu Securities projects that by 2026, innovative drugs will remain a key investment theme due to their improving international standing, explosive growth in overseas BD, significant market capitalization potential, and a shift towards profitability [1] - The focus areas for innovative drugs include next-generation ADC+2.0 IO and small nucleic acids, which are expected to be pivotal in the sector's growth [1] - The Sci-Tech Innovation Drug ETF (589720) targets innovative drug companies on the Sci-Tech Innovation Board, tracking a representative index of 30 high-quality companies, primarily in high-growth biotech, with a 20% limit on daily price fluctuations to better align with sector volatility [1]

Core Viewpoint - The innovative drug sector is experiencing a strong rebound, with the Kexin Innovative Drug ETF (589720) rising over 3%, and a net inflow of over 270 million yuan in the past 10 days [1]. Group 1: Market Performance - The Kexin Innovative Drug ETF (589720) focuses on innovative drug companies listed on the Sci-Tech Innovation Board, tracking 30 representative high-quality companies [1]. - The ETF is primarily composed of high-growth biotech firms, with a 20% limit on price fluctuations, making it more aligned with sector volatility [1]. Group 2: Future Outlook - Dongwu Securities projects that innovative drugs will remain the main investment theme through 2026 due to several factors, including the international competitiveness of innovative drugs, explosive growth in business development (BD) overseas, significant market capitalization potential, and a transition to profitability [1]. - Key focus areas for innovative drugs include the next generation of ADC+2.0 IO and small nucleic acids [1].

Group 1 - The core viewpoint of the article highlights a rebound in the innovative drug sector, with the Sci-Tech Innovation Drug ETF (589720) rising nearly 2% due to increased capital inflow during the recent pullback period, totaling over 270 million yuan in net inflows over the past 10 days [1] - China Galaxy Securities indicates that the pharmaceutical sector has undergone a significant valuation adjustment and is now showing a notable structural recovery trend, with expectations that the innovative drug business development (BD) will continue in the second half of the year [1] - The global trend of interest rate cuts by major central banks is anticipated to further enhance the valuation of the innovative drug sector [1] Group 2 - The Sci-Tech Innovation Drug ETF focuses on innovative drug companies listed on the Sci-Tech Innovation Board, tracking an index that aggregates 30 representative high-quality companies, primarily in high-growth biotech [1] - The product features a 20% limit on daily price fluctuations, making it more aligned with the volatility of the sector [1]

Group 1 - The innovative drug sector has rebounded significantly, with the Kexin Innovative Drug ETF (589720) rising by 2.5% and trading volume increasing [1] - BeiGene's recent Q3 financial report shows total revenue of $1.4 billion, a 41% year-over-year increase, and a GAAP net profit of $125 million, marking a turnaround from a net loss of $121 million in the same quarter last year [2] - Market attention is shifting back to fundamentals as more multinational corporations (MNCs) disclose their investment and planning in collaboration pipelines, coinciding with the upcoming national medical insurance negotiations [2] Group 2 - There is a trend of funds buying on dips, with over $300 million invested in the Kexin Innovative Drug ETF (589720) in the past 10 days, indicating a rotation in market activity [3] - The focus is returning to the essence of the innovative drug industry, moving from speculative trading to validating the value of business development (BD) partnerships through tangible actions and investments by MNCs [4] - The Chinese innovative drug sector is entering a 2.0 era, transitioning from "importing and imitating" to "innovating and exporting," supported by favorable policies and abundant clinical resources [4] Group 3 - The Kexin Innovative Drug ETF (589720) is highlighted for its high growth potential and significant elasticity, focusing entirely on the innovative drug index with a 20% price fluctuation limit [5] - The top ten components of the Kexin Innovative Drug ETF include companies like BeiGene and Boli Tianheng, with BeiGene holding a weight of 10.45% [6]

Core Viewpoint - The innovative drug sector continues to experience a downward trend, with the Sci-Tech Innovation Drug ETF (589720) declining nearly 15% over the past two months, despite recent capital inflows indicating potential buying opportunities [1]. Group 1: Market Performance - The Sci-Tech Innovation Drug ETF has seen a net inflow of over 260 million yuan in the last five days and over 350 million yuan in the last ten days, suggesting investor interest during the pullback [1]. - The recent sentiment in the innovative drug sector has declined, but the ongoing business development (BD) activities indicate that the sector's overall health remains sustainable [1]. Group 2: Industry Trends - The trend of "innovation + internationalization" in the innovative drug industry remains unchanged, with expectations for increased elasticity in the sector following the short-term adjustments [1]. - The Sci-Tech Innovation Drug ETF focuses on innovative drug companies listed on the Sci-Tech Innovation Board, tracking a representative index of 30 high-quality companies, primarily in the high-growth biotech sector [1].

Core Viewpoint - The innovative drug sector is experiencing a rebound, with the Science and Technology Innovation Drug ETF (589720) rising over 1.2% in the afternoon, indicating a buying opportunity as funds have seen a net inflow of over 260 million yuan during the recent pullback [1] Group 1: Market Trends - The pharmaceutical sector has seen a slight pullback recently, presenting a potential bottom-fishing opportunity for investors [1] - The recovery in capital market financing and an increase in the scale of innovative drug transactions abroad have led to a resurgence in domestic innovative drug research and development demand [1] - The CXO industry is expected to experience performance recovery, aided by the recent interest rate cuts in the United States [1] Group 2: Future Outlook - The innovative drug sector will primarily focus on business development (BD) expectations, with the re-establishment of BD anticipated to be a key factor in the sector's recovery [1] - Data indicates that BD typically accounts for about 40% of the annual total in the fourth quarter, suggesting significant potential for growth during this period [1] - Major products continue to hold strong expectations, contributing to the overall positive outlook for the sector [1] Group 3: ETF Specifics - The Science and Technology Innovation Drug ETF (589720) focuses on innovative drug companies listed on the Science and Technology Innovation Board, tracking a representative index of 30 high-quality companies [1] - The ETF is primarily composed of high-growth biotech firms, and its 20% price fluctuation limit aligns it closely with sector volatility [1]

Group 1 - The core viewpoint of the article highlights a recent pullback in the innovative drug sector, with the Science and Technology Innovation Drug ETF (589720) declining nearly 1%, while funds have seen a net inflow of over 170 million yuan for four consecutive days, indicating a buying opportunity [1] - According to Zhongan International, the recent slight pullback in the pharmaceutical sector presents a bottom-fishing opportunity, driven by a recovery in capital market financing and an increase in overseas trading scale for innovative drugs [1] - The CXO industry is expected to experience performance recovery due to the combination of a recovering domestic demand for innovative drug research and development and the impact of interest rate cuts in the U.S. [1] Group 2 - Looking ahead, the innovative drug sector is primarily driven by expectations surrounding business development (BD), with the re-establishment of BD anticipated to be a key factor in stimulating sector recovery [1] - Data indicates that BD accounts for approximately 40% of the annual total in the fourth quarter, suggesting significant potential for large product expectations [1] - The Science and Technology Innovation Drug ETF focuses on innovative drug companies listed on the Science and Technology Innovation Board, tracking an index of 30 representative high-quality companies, primarily in the high-growth biotech sector [1]

Core Viewpoint - The innovative drug sector is experiencing fluctuations, with the ChiNext innovative drug ETF (589720) dropping over 3%. However, there has been a net inflow of over 110 million yuan in the past 10 days, indicating a buying opportunity as the sector's cost-effectiveness becomes apparent after significant adjustments [1]. Group 1: Market Trends - The innovative drug sector has undergone substantial adjustments in the past two months, leading to improved cost-effectiveness for investments [1]. - Recent slight corrections in the pharmaceutical sector are seen as potential bottom-fishing opportunities, driven by a recovery in capital market financing and an increase in the scale of innovative drug transactions abroad [1]. - The demand for domestic innovative drug research and development is showing signs of recovery, supported by the recent interest rate cuts in the U.S. which may lead to performance recovery in the CXO industry [1]. Group 2: Future Outlook - The innovative drug sector is expected to primarily focus on business development (BD) expectations, with the re-establishment of BD being a key factor for the sector's recovery [1]. - Data indicates that BD typically accounts for about 40% of the annual total in the fourth quarter, suggesting significant potential for growth during this period [1]. - Major products within the sector continue to hold strong expectations, contributing to the overall positive outlook [1]. Group 3: ETF Insights - The ChiNext innovative drug ETF (589720) focuses on innovative drug companies listed on the ChiNext board, tracking a representative index of 30 high-quality companies [1]. - The ETF is primarily composed of high-growth biotech firms and features a 20% limit on daily price fluctuations, making it more aligned with the sector's volatility [1].