Venture(US:VEMLY) Sou Hu Cai Jing·2025-08-04 06:15Core Insights - The pharmaceutical and biotechnology industry is accelerating its innovation transformation under national policy support, focusing on areas such as anesthesia, metabolism, and oncology through a combination of generic and innovative strategies [1] - Companies are developing first-generic drugs and improved new drugs, with some products already submitted for registration in the United States [1] - The industry is experiencing marginal improvements in prosperity due to supply-side reforms and demand-side policies, alongside technological breakthroughs and international expansion [1] Industry Developments - The innovative drug R&D platforms are focusing on cutting-edge technologies like PROTAC and molecular glue, with clinical pipelines showing potential for best-in-class outcomes [1] - In the medical device sector, the progress of blood dialysis equipment replacement is exceeding expectations, with domestic market share continuously increasing under policy support [1] - Leading companies are enhancing competitiveness through synergy between equipment and consumables, while overseas business is performing well in high-growth markets [1] Market Performance - The ChiNext Pharmaceutical ETF (159377) tracks the Innovation Pharmaceutical Index (399275), which can experience daily fluctuations of up to 20% [1] - This index focuses on innovative biopharmaceuticals, chemical pharmaceuticals, and medical services, selecting listed companies with high R&D investment and innovation capabilities to reflect the overall performance of China's pharmaceutical innovation sector [1]