Core Viewpoint - The innovative drug ETF Tianhong (517380) has experienced a decline of 2.56% as of June 26, with a current scale exceeding 5 billion yuan, making it the largest innovative drug ETF across the Shanghai, Shenzhen, and Hong Kong markets [1][2]. Fund Performance - The ETF has seen net inflows for 3 out of the last 5 days, indicating continued investor interest despite recent market fluctuations [2]. - The innovative drug sector in both Hong Kong and A-shares experienced a brief correction in mid-June after a period of significant gains [2]. Market Analysis - Analysts suggest that the development and commercialization of innovative drugs is a long-term process, and as research capabilities gain recognition, the sector may experience substantial growth [2]. - Recent reports indicate that the innovative drug sector underwent a phase of correction due to geopolitical tensions and prior market sentiment-driven rapid increases [2]. Future Outlook - According to Xiangcai Securities, the domestic innovative drug industry is expected to reach a turning point by 2025, shifting from capital-driven growth to profit-driven growth, presenting opportunities for both performance and valuation recovery [3]. - The supply-demand dynamics in the innovative drug sector are improving, with innovation becoming the core driving force, suggesting a favorable investment environment [3]. - As of June 25, the top ten constituents of the Hang Seng Shanghai-Shenzhen-Hong Kong Innovative Drug 50 Index account for 60.17% of the index, including high-quality A-share companies like Innovent Biologics and BeiGene [3].

天弘基金在ETF和场外指数基金上均拥有该指数的全市场独家产品。Wind金融终端数据显示，创新药 ETF天弘（517380）当前份额与规模均创新高，分别为6.82亿份与4.59亿元。是目前全市场规模最大的 横跨沪深港三地的创新药ETF。该ETF联接基金为（A类：014564，C类：014565）。 国盛证券指出，中国创新药经过接近10年的快速发展，正站在从量变到质变的关键转折点，前景十分广 阔。合作方向方面，国内药企BD已开始由向内引进转为向外授权。交易身位方面，国产创新持续崛 起。中美市值前十大药企在总营收和净利润上仍然有较大差距，伴随中国产品在美上市，差距有望部分 缩小，中国也有望诞生世界级药企。 申万宏源指出，关注创新药行情全面扩散下的投资机会。创新药板块的产品收入和对外授权过去三年来 一直保持着较快增长，今年来大额BD交易频出，推动创新药行情呈现出向整体板块扩散趋势，重点提 示关注未来有大品种放量及BD预期的创新药公司及产业链相关的CXO公司。 6月11日，A股创新药概念开盘后小幅走弱，港股医药生物概念飘红。相关ETF方面，创新药ETF天弘 （517380）截至发稿翻红上涨0.30%，盘初一度跌近0.9 ...

Group 1 - The innovative drug sector showed strong performance today, with notable gains from companies such as Innovent Biologics rising over 13%, and Tigermed, Ascentage Pharma-B, and Kelun Pharmaceutical increasing over 3% [1] - The Tianhong Innovative Drug ETF (517380) rose by 1.88% in early trading, reaching a 250-day high in net value, influenced by the overall market trend [1] - The upcoming 2025 American Society of Clinical Oncology (ASCO) annual meeting in Chicago is expected to further boost investment enthusiasm in innovative drugs, with a record number of presentations from Chinese experts [1] Group 2 - The Tianhong Innovative Drug ETF (517380) has a core holding that includes leading innovative drug companies such as Hengrui Medicine, BeiGene, Innovent Biologics, Kelun Pharmaceutical, China National Pharmaceutical Group, Hansoh Pharmaceutical, and CXO companies like WuXi AppTec and Kelun [2] - Historically, the Tianhong Innovative Drug ETF has shown strong excess returns, with a cumulative increase of over 25% this year, outperforming the second-best industry ETF by more than 10 percentage points [2] Group 3 - Investors optimistic about the pharmaceutical sector may consider focusing on linked funds, specifically Class A (014564) and Class C (014565) [3]