今年以来持续领涨的港股创新药近期迎来调整，资金借道ETF逆势加仓，港股创新药精选ETF(520690)在上周五资金净流入1689万元。 港股创新药精选ETF(520690)紧密跟踪恒生港股通创新药精选指数，聚焦创新药龙头、精选高流动重研发标的，权重股包括百济神州、信达生物、药明生物、康方生物、石药集团、中国生物制药、三生制药、翰森制药、再鼎医药、药明康德等龙头公司。 恒生港股通创新药精选指数年内涨超94%，最新市盈率32倍，估值处于上市以来36.78%分位；最新市销率3.54倍。 交银国际认为，本轮港股创新药行情核心驱动力是价值重估，当前估值仍具吸引力，原因在于： 1.头部创新药企的前瞻12个月市销率与熊市以来的历史均值基本持平，虽略高于美股可比公司、但营收增长预期亦远高于后者；收入达峰时的市销率对于创新药企长期潜力更有指导意义，目前港股龙头在3倍左右，低于美股平均的4倍，个别公司仅有2倍左右； 2.今年上半年内资持续通过港股通加仓，但外资在创新药中的仓位处于底部，后者可能偏好基本面扎实、性价比显著的标的。 综上，看好创新药板块整体继续修复的机会。
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