The BD+ performance catalyst for innovative drugs continues, with the target index of Tianhong Innovative Drug ETF (517380), a unique product in the entire market, rising by over 3%.

Gelonghui, March 6th | Today, the Hong Kong-listed pharmaceutical stocks rebounded comprehensively. 3SBio Inc. surged over 9%, while Sunshine Guojian Pharmaceutical increased by over 5%, driving the underlying index of Tianhong Innovative Pharmaceutical ETF (517380) up by more than 3%. The Tianhong Innovative Pharmaceutical ETF (517380) represents China’s core innovative pharmaceutical capabilities and serves as a representative of new productive forces, covering the entire industrial chain from pre-clinical research to commercialization. It allows investors to gain exposure to leading A-share and Hong Kong-listed innovative pharmaceutical companies as well as CXO enterprises with a single investment. Leveraging policy support, accelerated R&D, and optimized medical insurance payments, it effectively reduces investment uncertainties associated with individual companies and captures golden opportunities in the industry through an integrated industrial chain layout. Off-exchange fund links include Class A (014564) and Class C (014565). News highlights: ① Continuous catalysts from business development (BD) activities and performance growth in the innovative pharmaceutical sector, with multiple companies such as Frontier Biotech and Harbour BioMed announcing collaboration and licensing deals. In the first two months, China’s innovative pharmaceutical sector witnessed 44 BD transactions totaling $53.276 billion, surpassing one-third of the total amount for 2025. BeiGene is expected to achieve full profitability by 2025, while Sunshine Guojian anticipates a 311% year-over-year net profit increase in 2025. ② The Two Sessions reiterated the continuation of the 15th Five-Year Plan, proposing the cultivation and expansion of emerging and future industries. The report emphasizes implementing industrial innovation projects and explicitly encourages state-owned enterprises (SOEs) to lead in opening application scenarios to build emerging pillar industries such as integrated circuits, aerospace, biomedicine, and low-altitude economy. ③ The National Medical Products Administration (NMPA) has outlined strong support during the 15th Five-Year Plan period for innovation in the biomanufacturing industry, promoting the transformation of the pharmaceutical industry toward 'systematic innovation.' A CITIC Securities research report notes that whether due to Chinese pharmaceutical companies realizing concentrated innovation milestones or supportive policies from authorities aimed at fostering innovative medical devices, optimizing centralized procurement, and promoting commercial insurance, both internal and external catalytic factors in the healthcare industry are expected to continue. The pharmaceuticals sector is anticipated to remain a preferred industry for continued overweight allocation.