关注生物医药ETF（512290）投资机会，政策利好或促行业估值修复

Group 1 - Core viewpoint: On July 28, 2025, Heng Rui Medicine reached a cooperation agreement with GlaxoSmithKline (GSK), where GSK will pay a $500 million upfront payment and potential milestone payments of up to $12 billion to jointly advance 12 projects in respiratory diseases, oncology, and autoimmune diseases, while Heng Rui retains rights in China [1] - The National Medical Insurance Administration's series of symposiums clarified principles supporting "anti-involution," overseas expansion, and differentiated innovation, which is favorable for the high-quality development of the pharmaceutical and biotechnology industry [1] - The collection prices are expected to further moderate, promoting corporate profitability stabilization and enhancement; policies will stimulate innovation and R&D enthusiasm, with new product launches opening growth space and accelerating domestic substitution [1] Group 2 - As China's innovative drugs enter the results realization stage, the progress in R&D is catalyzing, which is expected to continue as the main investment theme [1] - The Biopharmaceutical ETF (512290) tracks the CS Biomedicine Index (930726), which selects listed company securities involved in biotechnology, pharmaceuticals, and related medical services from the Shanghai and Shenzhen markets to reflect the overall performance of the biopharmaceutical industry [1] - The CS Biomedicine Index has a high industry concentration and growth characteristics, effectively reflecting market development trends in the biopharmaceutical field [1]