Venture(US:VEMLY) Sou Hu Cai Jing·2025-06-19 05:29Group 1 - The core viewpoint of the article highlights the potential for valuation recovery in the pharmaceutical and biotechnology industry, supported by innovative transformations and overseas expansion logic, despite the recent decline of over 3% in the ChiNext Pharmaceutical ETF (159377) [1] - The performance of the pharmaceutical and biotechnology industry in Q1 showed a divergence, with only segments like medical research outsourcing, other biological products, and medical services experiencing year-on-year revenue growth, while profit growth was seen in medical research outsourcing and hospitals [1] - The industry is expected to undergo further standardization and development as regulatory measures deepen, with the 11th batch of drug procurement anticipated to commence in June, focusing on systemic anti-infection drugs, although market expectations have already been largely priced in after multiple rounds of procurement [1] Group 2 - The medical device sector is benefiting from new medical infrastructure and domestic substitution trends, maintaining stable growth, driven by accelerated population aging, medical equipment renewal policies, and the downscaling of quality resources, leading to an expansion in demand [1] - The global medical device market is projected to grow at a compound annual growth rate (CAGR) of 6.99%, with domestic companies accelerating digital transformation through technological innovation [1] - The ChiNext Pharmaceutical ETF (159377) tracks the ChiNext Medical Index (399275), which is compiled by China Securities Index Co., Ltd., selecting listed companies in the fields of biomedicine and medical devices from the ChiNext market to reflect the overall performance of innovative enterprises in the healthcare sector [1]