As of 10:09 on March 25, 2025, the performance of the CSI Hong Kong Stock Connect Innovative Drug Index is worth noting. The constituent stocks rose and fell, with Conoya-B (02162) leading the rise of 6.45%, Rongchang Bio (09995) rising 5.40%, and Immune Onco-B (01541) rising 5.37%. The latest quotation of the Hong Kong Stock Innovative Drug ETF (159567) is 1.15 yuan, with an intraday transaction volume of nearly 100 million yuan and a turnover rate of over 17%. Minsheng Securities said that it actively pays attention to the subdivision direction of AI medical care + early tumor screening, which has a large market space and high barriers. The continuous upgrading of AI technology is expected to optimize detection performance and achieve application breakthroughs. The commercialization of early cancer screening products overseas has achieved initial results. Domestic attention is paid to the upstream domestic substitution and mid- and downstream application leaders of the gene sequencing industry chain. Domestic demand for the CXO sector has bottomed out, while overseas demand is stable. The orders and report fulfillment of leading companies will drive valuation repair. In the traditional Chinese medicine sector, Chinese medicine OTC is expected to stabilize with downstream pharmacies. The downstream demand of the blood products industry is booming, and the IVIG industry has great development potential in the next 3-5 years. Pay attention to the industry's upward cycle brought about by the increase in the number of plasma stations and ton plasma profits. The performance of some key companies in the vaccine direction has improved, and attention is paid to the improvement of the 24-year inventory cycle and the expansion of the mcv4 vaccine market. The upstream supply chain of the pharmaceutical industry pays attention to the turning point of the operation of growth-type enterprises and the wave of mergers and acquisitions in the life science industry chain in 2025, the landing of large orders for the fourth-generation sequencing business and the pharmaceutical industry, and the rhythm of going overseas.

Dongguan Securities said that the National Medical Security Administration has promoted the collection of national medical insurance drug and consumables traceability information, and 32 provincial platforms have fully carried out related work, covering more than 60% of medical institutions and nearly all pharmacies, improving industry transparency and regulatory efficiency. The third quarter results showed that in vitro diagnostic companies performed well, while vaccine companies were relatively weak. In 2024, the national medical insurance negotiations ended, the expert review pass rate declined, and the market entered a performance vacuum period. It is recommended to pay attention to structural investment opportunities in the sector, especially the sub-sectors that benefit from policy promotion and market demand growth, which are expected to bring long-term investment value.

In the long run, as of March 24, 2025, the Hong Kong stock innovative drug ETF has accumulated a 0.43% increase in the past week, ranking 1/2 of comparable funds. In terms of capital inflow, the latest net inflow of funds of the Hong Kong stock innovative drug ETF is 1.1596 million yuan. In the long run, in the past 10 trading days, a total of 11.9592 million yuan has been "attracted". In terms of absolute returns, as of March 24, 2025, the Hong Kong stock innovative drug ETF has achieved the highest monthly return of 22.42% since its establishment, the longest consecutive increase in months is 3 months, the longest consecutive increase is 33.82%, the ratio of the number of rising and falling months is 7/6, the average return rate of the rising month is 8.89%, and the historical probability of profit for holding for 1 year is 78.43%. In terms of excess returns, as of March 24, 2025, the Hong Kong Stock Innovative Drug ETF has exceeded the benchmark by an annualized return of 0.90% since its establishment.

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