国家药品监督管理局近期披露数据显示，"十四五"以来批准的创新药达到204个、创新医疗器械265个， 其中今年1到7月份，批准创新药50个、创新医疗器械49个。目前，我国医药产业规模位居全球第二位， 创新药在研数目达到全球的30%左右。 申万宏源表示，中国创新药行业或正迎来历史性拐点。产业呈现出从"仿制跟随"到"源头创新"的升级趋 势，国际化进程通过火热的BD交易加速，同时多家企业商业化开始兑现，逐步实现"自我造血"，行业 或迎来盈利拐点。 场内ETF方面，Wind数据显示，截至2025年8月26日收盘，科创医药ETF(588860)全天换手率达21.95%， 成交4691.45万元，市场交投活跃；份额方面，科创医药ETF近1周份额增长1400.00万份。从资金净流入 方面来看，Wind数据显示，科创医药ETF近4天获得连续资金净流入，最高单日获得983.22万元净流 入，合计"吸金"2281.23万元。 科创医药ETF(588860)作为聚焦科创板的高弹性医药ETF，其跟踪的上证科创板生物医药指数涨跌幅可 达20%，具备小盘成长风格，硬科技属性突出，聚焦医疗创新器械+创新药。Wind数据显示，截至8月 26日 ...

Group 1 - The core viewpoint of the articles is the support for the development of innovative drugs in China, as outlined in the measures released by the National Healthcare Security Administration and the National Health Commission, which include 16 specific initiatives to enhance the entire chain of innovative drug research and development, access, hospital use, and multi-payment systems [1] - The innovative drug sector has shown strong performance, with the Sci-Tech Innovation Pharmaceutical ETF (588860) achieving a trading volume of 33.04 million yuan on average over the past six months, ranking first among comparable funds [1] - The Sci-Tech Innovation Pharmaceutical ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index, which consists of 50 large-cap companies in the biopharmaceutical and related sectors, reflecting the overall performance of representative companies in the innovative pharmaceutical industry [1] Group 2 - The Sci-Tech Innovation Pharmaceutical ETF (588860) is characterized by high elasticity, with potential index fluctuations of up to 20%, focusing on medical innovation devices and innovative drugs, and has the lowest management and custody fees among similar ETFs at 0.45% and 0.07% respectively [2] - Domestic innovative drug companies are entering a harvest phase after years of R&D investment, with recent favorable policies and increasing overseas licensing amounts contributing to performance growth [2] - The market outlook remains positive for innovative drug companies with true innovation capabilities, as they are expected to have greater valuation elasticity, while cyclical recovery presents opportunities in upstream sectors like CXO and scientific services [2] Group 3 - The Hong Kong Stock Connect Innovative Drug ETF (ICBC, 159217) closely tracks the National Index of Hong Kong Stock Connect Innovative Drugs, with a management fee of 0.40% and a custody fee of 0.07%, both among the lowest in its category [3] - The tracking error of the Hong Kong Stock Connect Innovative Drug ETF over the past two months is 0.8395%, indicating a strong alignment with its benchmark index [3]

Core Viewpoint - The innovative pharmaceutical sector is experiencing a resurgence, driven by improved fundamentals, supportive policies, and increased market interest, particularly in the A-share and Hong Kong markets [1][3][12]. Group 1: Market Performance - The pharmaceutical sector has shown strong performance this year, with a notable rebound starting from April 9, despite recent pullbacks [1]. - The innovative drug segment in A-shares and Hong Kong stocks has continued to strengthen, indicating a recovery after four years of adjustment [1][3]. - The total amount of business development (BD) transactions for innovative drugs is projected to rise significantly, from $8.4 billion in 2020 to $51.9 billion in 2024 [4]. Group 2: Policy and Industry Trends - The policy environment has shifted from cost control to encouraging innovation, providing strong support for the development of innovative drugs [3]. - The number and quality of innovative drug products in China have significantly improved, leading to increased interest from foreign pharmaceutical companies [3][5]. - The penetration rate of innovative drugs in China is expected to rise, with current levels at around 20%, compared to 70%-80% in the U.S. [5]. Group 3: Investment Opportunities - Fund managers are optimistic about the future of innovative drugs, emphasizing the importance of technology and growth attributes in the sector [6]. - Investment strategies include focusing on high-quality companies, innovative drug leaders, and traditional pharmaceutical companies transitioning to innovative drugs [7][8][9]. - Investors can consider actively managed pharmaceutical funds or industry-themed ETFs to gain exposure to the innovative drug market [10][12]. Group 4: Fund Performance - Several funds managed by 工银瑞信 have demonstrated strong performance, ranking highly in their respective categories over various time frames [13][15]. - The 工银港股通创新药ETF has seen significant inflows, reflecting market preference for innovative drug companies [11].