As of March 27, at 14:32, the Hong Kong Stock Connect Innovative Drug Index rose by 5.07%. In terms of individual stocks, CSPC Pharma rose over 12%, 3SBIO rose over 9%, INNOVENT BIO rose over 7%, BeiGene, Hansoh Pharmaceutical, and others rose over 5%, Crystal International Holdings, WuXi Biologics, WuXi AppTec, and others rose over 2%, and Kangfang Biotech rose over 1%.
In terms of popular ETFs, the Hong Kong Stock Connect Innovative Drug ETF Harvest (520970) currently has a transaction volume of 126 million yuan, with a turnover rate of 12.26%.
On the news front, several Hong Kong Stock Connect innovative drug targets recently disclosed their 2025 financial reports: Hengrui Pharma's innovative drug revenue grew by 26% year-on-year, accounting for nearly 60% of drug revenue, and it clearly provided guidance for over 30% growth in innovative drug revenue in 2026; Innovent Biologics, Genscript Biotech, Crystal International Holdings, and INNOVENT BIO all achieved a year-on-year turnaround to profitability in 2025, validating that the industry has entered a new phase of profit realization. The American Association for Cancer Research annual meeting will be held in April, where 104 Chinese pharmaceutical companies will showcase over 250 innovative drugs, expected to announce significant clinical data.
China Post Securities stated that domestic innovative drugs are gradually catching up with or even surpassing Europe and the United States in early research, and a harvest period is expected in the medium term, maintaining a positive outlook on investment opportunities in the sector. Morgan Stanley believes that the internationalization of Chinese innovative drugs is accelerating, with multinational pharmaceutical companies rapidly laying out local innovative assets, and the cash flow and valuation system of the sector will continue to be reshaped, with the current sector being in a left-side allocation window.
The Hong Kong Stock Connect Innovative Drug ETF Harvest (520970) closely tracks the Hong Kong Stock Connect Innovative Drug (931250.CSI). The CSI Hong Kong Stock Connect Innovative Drug Index selects 50 listed company securities involved in innovative drug research and development and providing drug research, development, and production services within the Hong Kong Stock Connect scope as index samples to reflect the overall performance of innovative drug listed company securities within the Hong Kong Stock Connect scope.
The current management fee rate for the Hong Kong Stock Connect Innovative Drug ETF Harvest (520970) is 0.50% (annually), and the custody fee rate is 0.1% (annually), with off-exchange linked funds being (024700, 024701).
Risk Warning: Funds carry risks, and investment should be cautious

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On March 27th, the Hong Kong Stock Connect Innovative Drug Index rose by 5.07%. CSPC Pharma increased by over 12%, 3SBIO rose by over 9%, and INNOVENT BIO climbed by over 7%. The Hong Kong Stock Connect Innovative Drug ETF, Harvest (520970), had a trading volume of 126 million yuan and a turnover rate of 12.26%. Several Hong Kong Stock Connect innovative drug targets disclosed their 2025 financial reports, with Hengrui Pharma's innovative drug revenue growing by 26% year-on-year. Zhongyou Securities is optimistic about investment opportunities in the sector, while Morgan Stanley believes that the internationalization of China's innovative drugs is accelerating and is currently in a left-side allocation window

腾讯新闻 - 财经

Hwabao WP Hang Seng SCHK Innovative Drug Select ETF

GF CSI HK Innovative Drugs Industry ETF(QDII)

Guotai SSE STAR Brand Name Drug ETF

INNOVENT BIO

Bosera Hang Seng SCHK Innovative Drug Select ETF

China Universal CNI HK Connect Innovative Drugs Industry ETF

HENGRUI PHARMA

CSPC PHARMA

Harvest CSI Hong Kong Connect Innovative Drugs ETF

China Southern CNI HK Connect Innovative Drug ETF

E Fund Hang Seng SCHK Innovative Drug ETF

Fullgoal Hang Seng SCHK Innovative Drug & Healthcare ETF

Hengrui Pharma

Guotai CSI Hugangshen Innovative Drugs Industry ETF

3SBIO

Huatai-PB Hang Seng Innovative Drugs Industry ETF(QDII)

Wanjia CSI Hong Kong Connect Innovative Drugs ETF

The internationalization of Chinese innovative drugs is accelerating, and the sector is in a left-side allocation window. The Hong Kong Stock Connect Innovative Drug ETF Harvest (520970) is gaining popularity