海外大额BD合作+ASCO会议数据超预期催化，创新药持续活跃，生物医药ETF（512290）涨超1%

Group 1 - The core viewpoint of the article highlights the strong performance of innovative drugs in the biopharmaceutical sector, driven by significant overseas business development collaborations and positive data from the ASCO conference, leading to a notable increase in market trading volume [1] - The biopharmaceutical sector accounts for over 9% of the market, with multinational pharmaceutical companies facing a patent cliff that releases over $240 billion in market space [1] - China is positioned as a key player in global innovative drug supply, leveraging its technological platforms and research efficiency, with the largest number of clinical pipelines in cell therapy, ADC, and bispecific antibodies [1] Group 2 - By 2037, 27 blockbuster drugs with projected sales exceeding $4 billion in 2024 will face patent expirations, creating opportunities for Chinese companies [1] - The value of outbound licensing transactions from China is expected to reach $57.1 billion in 2024, accounting for 30% of the global total, with the total amount surpassing $50 billion in early 2025, increasing to 44% [1] - The long-term outlook is positive for the industry, focusing on three main themes: innovation, recovery, and policy, with innovative drugs and devices being the clearest direction for the industry cycle, leading to gradual revenue and profit realization [1]