--- title: "A-share innovative drug companies have entered the profit realization period, with a series of global academic conferences held from April to June. The Hong Kong innovative drug ETFs GF (513120) and GF (515120) rose over 1% during intraday trading" type: "News" locale: "en" url: "https://longbridge.com/en/news/280962196.md" description: "A-share innovative drug companies are gradually entering a profit realization period, with policy support and market expectations returning to rationality. In the first quarter of 2023, the transaction value of China's innovative drug licensing exceeded USD 60 billion, and 10 new drugs have been approved for market launch. It is expected that multiple global academic conferences will be held from April to June 2026, promoting industry development. Guojin Securities pointed out that the current innovative drug sector is in a \"performance realization, valuation repair, and conference catalyst\" golden window period" datetime: "2026-03-30T05:49:10.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/280962196.md) - [en](https://longbridge.com/en/news/280962196.md) - [zh-HK](https://longbridge.com/zh-HK/news/280962196.md) --- # A-share innovative drug companies have entered the profit realization period, with a series of global academic conferences held from April to June. The Hong Kong innovative drug ETFs GF (513120) and GF (515120) rose over 1% during intraday trading Recently, the innovative drug sector has welcomed a dual recovery opportunity in both fundamentals and sentiment. On the policy front, the "Two Sessions" have explicitly listed pharmaceuticals and biotechnology as emerging pillar industries, alongside integrated circuits and aerospace, strengthening the strategic positioning of the industry. After six months of adjustment, market expectations for innovative drugs have returned to rationality, focusing more on the quality of clinical data and long-term commercialization potential. In terms of industry data, in the first quarter of this year, the transaction value of China's innovative drug licensing exceeded USD 60 billion. Information released by the National Medical Products Administration on March 28 shows that in the first quarter of this year, the transaction value of China's innovative drug licensing exceeded USD 60 billion, approaching half of the total for the entire year of 2025. As of March 27, ten innovative drugs have been approved for market launch in China this year, including two imported and eight domestically produced, marking a historic breakthrough for innovative drugs. Benefiting from the improvement in industry prosperity, continuous expansion into overseas markets, and the gradual implementation of favorable pharmaceutical policies, by 2025, A-share biopharmaceutical companies are gradually transitioning from the long-term "cash-burning R&D" phase to a new phase of "profit realization." As of March 29, more than 70 biopharmaceutical companies have released their performance forecasts for 2025. Among them, 61 companies achieved profitability, accounting for nearly 90%; 29 companies reported positive year-on-year growth in net profit attributable to shareholders (excluding those that turned profitable), with seven companies achieving a doubling of performance. It is worth mentioning that from April to June 2026, there will be a concentrated catalytic period for global academic conferences on innovative drugs: the American Association for Cancer Research Annual Meeting (AACR) will be held from April 17 to 22, with 126 Chinese pharmaceutical companies showcasing nearly 300 studies, covering over 80 ADCs, nearly 40 bispecific antibodies and peptide-conjugated drugs, molecular glue, tri-antibodies, and other cutting-edge technologies; subsequently, the ASCO conference in June will disclose more Late-Breaking Abstracts (LBA), with 11 Chinese studies selected for LBA in 2025. Guojin Securities points out that the current innovative drug sector is in a golden window period of overlapping "performance realization, valuation repair, and conference catalysis," and the previous six-month adjustment has fully released valuation risks. Bank of China Securities emphasizes that the innovative drug sector currently has dual support from both macro liquidity and industry fundamentals: U.S. Treasury yields show a significant negative correlation with the A-share innovative drug market. If geopolitical conflicts ease and lead to a return to a rate-cutting cycle overseas, it is expected to attract global allocation funds back; at the same time, the deep adjustment since September 2025 has brought the sector's valuation back to a historically low median level. Against the backdrop of differentiated expectations for technology and cyclical markets, innovative drugs with strong performance certainty and sufficient adjustments are becoming a key allocation direction for capital rebalancing. In terms of on-market ETFs, on March 30, 2026, during trading, the Hong Kong innovative drug ETF GF (513120) rose over 1%, with constituent stocks such as Rongchang Biologics rising nearly 6%, Innovent Biologics rising nearly 4%, and Xiansheng Pharmaceutical rising nearly 3%. The top ten weighted stocks accounted for 71.52% in total, with the weighted stock Kangfang Biologics rising over 5%, and Sangfor Biopharmaceuticals, Innovent Biologics, and others following suit In terms of scale, as of March 27, 2026, the latest scale of the Hong Kong Innovative Drug ETF GF reached 24.829 billion yuan. In terms of capital inflow, looking at a longer time frame, the Hong Kong Innovative Drug ETF GF has seen net capital inflow on 11 out of the last 20 trading days, totaling 455 million yuan. The Innovative Drug ETF GF (515120) rose over 1% during the session, with constituent stocks such as 3SBio rising nearly 13%, Tonghua Dongbao rising nearly 7%, Rongchang Bio rising nearly 6%, and Zhaoyan New Drug rising nearly 5%. The top ten weighted stocks accounted for 46.43% in total, with weighted stock BeiGene rising over 1%, and companies like Kanglong Chemical and Fosun Pharma also rising. In terms of scale, as of March 27, 2026, the Innovative Drug ETF GF has seen a growth of 459 million yuan in scale over the past week, achieving significant growth. In terms of shares, the Innovative Drug ETF GF has seen an increase of 64 million shares since the beginning of this month. In terms of capital inflow, looking at a longer time frame, the Innovative Drug ETF GF has seen net capital inflow on 11 out of the last 20 trading days, totaling 39.6153 million yuan. Related ETFs: 1. Hong Kong Innovative Drug ETF GF (513120), (Link A: 019670, Link C: 019671): closely tracks the CSI Hong Kong Innovative Drug Index and invests in the Hong Kong innovative drug industry. It is worth noting that the Hong Kong Innovative Drug ETF (513120) supports T+0 trading, which means investors can buy and sell multiple times within the trading day, greatly improving the efficiency and liquidity of capital. 2. Innovative Drug ETF GF (515120), (Link A: 012737, Link C: 012738): closely tracks the CSI Innovative Drug Industry Index and invests in the A-share innovative drug industry, covering enterprises involved in the research and development, production, and sales of innovative drugs ### Related Stocks - [01776.HK](https://longbridge.com/en/quote/01776.HK.md) - [515120.CN](https://longbridge.com/en/quote/515120.CN.md) - [513120.CN](https://longbridge.com/en/quote/513120.CN.md) ## Related News & Research - [Kelun-Biotech's Sac-TMT + Pembrolizumab Improves Survival In Late-Stage China Trial](https://longbridge.com/en/news/287276752.md) - [20:03 ETHarbour BioMed Announces Promising Preclinical Data for LET003, Its First AI-Enabled Drug Candidate](https://longbridge.com/en/news/286688082.md) - [Mabwell Wins Wider China Indications for Denosumab Biosimilar as Global Push Accelerates](https://longbridge.com/en/news/287103520.md) - [Trump signs order aimed at preventing illicit financial activity, White House says](https://longbridge.com/en/news/286970478.md) - [15:55 ETInception Fertility Launches MySpermBank, Expanding Access to Donor Sperm Services Nationwide](https://longbridge.com/en/news/287265370.md)