On November 12, innovative drugs staged a strong rebound. As of press time, the Hang Seng Shanghai-Hong Kong-Shenzhen Innovative Drug Select 50 Index rose by 2.34%. Among popular ETFs, the Innovative Drug ETF Tianhong (517380) increased by 2.16%.

In terms of fund flows, the Innovative Drug ETF Tianhong (517380) saw net inflows for 7 out of the past 10 trading days (October 29 - November 11), accumulating over 83 million yuan in "capital attraction."

The Innovative Drug ETF Tianhong (517380) tracks the Hang Seng Shanghai-Hong Kong-Shenzhen Innovative Drug Select 50 Index, aggregating China's core innovative drug strength and representing new quality productive forces. It comprehensively covers the entire industry chain from preclinical research to commercialization, enabling one-click allocation to A-share and Hong Kong stock innovative drug and CXO leading enterprises.

On the news front, BeiGene previously announced that its total operating revenue for the first three quarters of 2025 was 275.95 billion yuan, a year-on-year increase of 44.2%; net profit attributable to owners of the parent company was 11.39 billion yuan. In the third quarter of 2025, the company's total operating revenue was 100.77 billion yuan, up 41.1% year-on-year; net profit attributable to owners of the parent company was 6.89 billion yuan. This was mainly due to sales growth of its self-developed product BRUKINSA® (Zanubrutinib Capsules), authorized products from Amgen, and tislelizumab injection. Furthermore, the company expects to submit a marketing application in Japan for marginal zone lymphoma in the first half of 2026 and is expected to obtain orphan drug designation.

Additionally, according to Chongqing Morning Post, on November 10, the Chongqing Municipal Commission of Economy and Information Technology released news that the Municipal Government Office officially issued the "Several Measures for Whole-Chain Support of High-Quality Development of Innovative Drugs in Chongqing." This document proposes 25 policy measures aimed at breaking bottlenecks in the innovative drug industry development, accelerating the process of innovative drug development and application, speeding up the cultivation of new development engines, and helping to build a nationally influential biomedical industry hub.

CICC stated that the trend of innovative drugs going global is clear, and the dividends of drug review reforms continue to be released. Supported by domestic engineer dividends, abundant clinical resources, and supportive policies, China's innovative drug industry has entered the 2.0 era, shifting from "introduction and imitation" to "innovation output." Forms like License-out and New-Co demonstrate the ongoing internationalization of China's innovative drugs. Against the backdrop of improved development and investment/financing data for innovative drugs, CXO and upstream sectors are entering the next cycle.

Industrial Securities stated that with BD deals continuously materializing, the current prosperity of the innovative drug sector is sustainable. The industry trend of "innovation + internationalization" for innovative drugs remains unchanged, and the sector's elasticity further improves after short-term adjustments.