该行指，关注创新药在海外的临床进展以及数据读出。中国创新药产业已经体现出长期向好的发展趋 势，并在近年集中体现在BD交易的爆发式增长。值得注意的是，对于大部分国产创新药，对外授权通 常只是全球开发的起点，合作伙伴在海外的开发进度，以及后续全球临床数据的读出可以进一步加强产 品在全球市场商业化的确定性。 智通财经APP获悉，国信证券发布研报称，器械板块有望迎来"政策优化+景气回升+业绩复苏"下的估值 修复机会。25年以来医疗设备招投标持续回暖，随着库存逐步消耗，部分企业25Q3业绩有望反转。高 值耗材过往受集采和关税影响压制业绩和估值，集采反内卷和关税缓和背景下估值修复机会大，出海潜 力足。体外诊断受医保控费政策冲击较大，集采有望加速进口替代和龙头集中。家用器械中的热门单品 国内市场规模快速提升，国产龙头出海布局方兴未艾，业绩呈加速复苏态势。 报告中称，多项成果在ESMO中展示。2025年的欧洲肿瘤学会(ESMO)将于10月中下旬举行，一系列国 产创新药的研究成果在会议中进行展示：康方生物(09926)的伊沃西联合化疗对照替雷利珠单抗联合化 疗一线治疗sqNSCLC的ph3临床(HARMONi-6)，科伦博泰（ ...

Core Viewpoint - The A-share and Hong Kong stock markets have experienced significant gains, with the Hong Kong Stock Connect Innovative Drug ETF (159570) seeing a nearly 2% increase and a trading volume approaching 2 billion yuan, indicating strong investor interest and liquidity in the innovative drug sector [1][3]. Group 1: Market Performance - The Hong Kong Stock Connect Innovative Drug ETF (159570) has a current scale exceeding 21 billion yuan, leading its peers in both scale and liquidity [1]. - As of October 20, the ETF has seen a net inflow of over 1.7 billion yuan in the past 20 days [1]. - Major stocks within the ETF, such as Innovent Biologics, CanSino Biologics, and 3SBio, have shown positive performance, with increases exceeding 2% [3]. Group 2: Business Development (BD) Trends - The innovative drug sector continues to thrive, with five business development (BD) deals totaling $4.266 billion reported over two days [3]. - Notable transactions include Hansoh Pharmaceutical with a total deal amount of $1.53 billion and Prigen with $1.64 billion [3]. - The total number of license-out transactions in China from January 1 to October 17, 2025, reached 135, with upfront payments totaling $4.976 billion and total deal amounts reaching $102.996 billion, reflecting strong international interest in Chinese innovative drug assets [5]. Group 3: Upcoming Catalysts - The fourth quarter is expected to see an acceleration in BD activities, with a focus on data from the ESMO conference [5]. - Chinese scholars are leading 23 LBA studies at the 2025 ESMO, showcasing various innovative drugs and highlighting China's growing influence in the global pharmaceutical landscape [7]. - The anticipated release of clinical data from the ESMO conference may lead to a revaluation of Chinese innovative drug pipelines and their corresponding stocks [7]. Group 4: Global Pricing Dynamics - Recent agreements between Pfizer and AstraZeneca with the U.S. government on Most Favored Nation (MFN) pricing have exceeded expectations, potentially impacting global sales forecasts for innovative drugs [8][9]. - Pfizer's agreements cover aspects such as pricing for existing and new drugs, direct sales, and tariff exemptions, which could enhance the market potential for innovative drugs [9][10]. - If MFN pricing trends continue, the peak global sales forecast for innovative drugs, including those licensed out from China, may significantly increase [10].