生物医药ETF（512290）涨超1.1%，政策预期改善与创新出海驱动行业估值修复

Group 1 - The core viewpoint is that the innovation-driven overseas expansion is a significant factor in the revaluation of innovative drug value, with a total transaction amount of $60.8 billion in the first half of 2025, representing a 129% year-on-year increase, and the number of transactions reaching 144, up 67% year-on-year [1] - There is a rapid increase in the value recognition and transaction amounts for PD-1 bispecific antibodies by overseas multinational corporations (MNCs), with Chinese companies maintaining a leading edge in bispecific antibodies and antibody-drug conjugates (ADCs) [1] - The focus on tri-antibody combinations has significantly increased, with CD3/CD38/BCMA tri-antibodies showing positive clinical data in hematological malignancies and solid tumors, presenting a strong challenge to PD-1 in first-line treatment for non-small cell lung cancer [1] Group 2 - GLP-1 class drugs are reshaping the market with over $50 billion in global sales revenue, and the transaction volume in the weight loss sector in the first half of 2025 has reached 1.5 times that of the entire year of 2024, with differentiated competitive strategies focusing on oral administration, muscle gain, and lower side effects [1] - Breakthroughs in the autoimmune field have been achieved, such as the international market development of TaiTasiP, leveraging clinical data advantages, while small molecule targets like TYK2 and IL-23 are becoming differentiated competitive directions [1] - The treatment of gout has entered the era of biological therapy, with the launch of Vusincumab significantly delaying recurrence time, indicating the gradual emergence of domestic new drugs in overseas markets [1]