
Group 1 - The core viewpoint of the article highlights the recent performance of the innovative drug ETF Guotai (517110), which has seen a net inflow for four consecutive days and a year-to-date increase of over 50% [1] - Leading pharmaceutical companies in China, such as Three-Sixty Pharmaceutical and China National Pharmaceutical Group, have secured significant overseas contracts, indicating a growing trend in the international market for Chinese innovative drugs [1] - On July 28, 2025, Heng Rui Pharmaceutical announced an agreement with GSK to grant global exclusive rights for the HRS-9821 project and up to 11 additional projects, with an initial payment of $500 million from GSK, and potential milestone payments totaling approximately $12 billion [1] Group 2 - The collaboration model between Heng Rui and GSK, which involves shared risks and benefits, sets a new paradigm for the international expansion of Chinese innovative drugs [1] - Continuous policy support in the industry is expected to lead to an increase in both profitability and valuation for the sector [1] - The integration of artificial intelligence is anticipated to further enhance market sentiment and valuation within the innovative drug sector, making the innovative drug ETF (517110) a potential long-term investment opportunity [1]