创新药ETF国泰（517110）午后涨超3%，年内涨幅超54%，创新药板块呈现修复，景气持续！

Group 1 - The core viewpoint of the article highlights the positive performance of the innovative drug ETF Guotai (517110), which has risen over 3% and has a year-to-date increase of over 54% [1] - According to the analysis from Xingye Securities, the impact of centralized procurement in high-cost areas is gradually diminishing, with some products benefiting from renewal bids. Many sub-sectors are entering the second and third years of procurement execution, where the pain from price reductions is easing and the effects of volume-based procurement are becoming evident [1] - Certain products have seen an increase in bid prices during renewal compared to the initial procurement, suggesting potential for both volume and price improvements in the first and second years of renewal execution. The industry is expected to return to stable growth in the second half of 2025 as the one-time performance impacts in high-cost and IVD sectors dissipate [1] Group 2 - The continuous introduction of industrial policies is expected to lead to a dual increase in profitability and valuation for the sector. Additionally, the empowerment of artificial intelligence may further enhance market sentiment and valuation uplift potential [1] - The innovative drug ETF (517110), which covers high-quality listed innovative pharmaceutical companies across three regions, is suggested to have medium to long-term investment value [1]