创新药有望成为投资主线，创新药板块午后拉升，创新药ETF国泰（517110）涨超1.1%

Group 1 - The National Healthcare Security Administration has announced a plan for the adjustment of the 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalogs, establishing a dual-track system of "Basic Medical Insurance + Commercial Health Insurance for Innovative Drugs" to alleviate pressure on basic medical insurance funds and meet multi-level needs [1] - The plan introduces a new price negotiation mechanism and a team of commercial insurance experts, reflecting policy collaboration to support the development of innovative drugs, although it increases process complexity and emphasizes execution transparency [1] - The overall strategy marks a transition from "basic protection" to "multi-level + innovation support" in medical insurance, balancing accessibility and sustainability [1] Group 2 - Two leading CDMO companies, WuXi AppTec and Boteng Co., have released mid-year performance forecasts, with WuXi AppTec expecting a revenue growth of 20.64% and a net profit growth of 26.47% for the first half of 2025, while Boteng Co. anticipates a revenue growth of 15%-20% and a turnaround in net profit [1] - The domestic biopharmaceutical investment and financing environment has shown continuous improvement in Q2, with innovative drugs performing well in both A-share and Hong Kong markets, boosting investor confidence in innovative drug companies [1] - The positive cycle from financing to investment to exit is quietly beginning to drive sustained improvement in domestic investment and financing [1] Group 3 - China's innovative drugs are entering a stage of realization of results, with significant R&D progress and resilience against trade frictions, expected to remain a key investment theme in the pharmaceutical sector for 2025 [2] - The acceleration of centralized procurement in various pharmaceutical fields is ongoing, with some segments seeing the impact of procurement clear out, potentially leading to new growth opportunities [2] - The Guotai Innovative Drug ETF (517110) tracks the CSI Hong Kong-Shenzhen-Hong Kong Innovative Drug Industry Index, covering high-quality innovative drug companies across A-shares and Hong Kong stocks, mitigating risks associated with single technology failures [2]