创新药ETF国泰（517110）收涨超1.3%，政策优化与研发突破共塑行业格局

Group 1 - The core viewpoint indicates that the global pharmaceutical transaction volume is expected to reach 456 deals in the first half of 2025, representing a 32% year-on-year increase, with a total transaction value of $130.4 billion, up 58% year-on-year [1] - Chinese companies contributed nearly 50% of the transaction value and over 30% of the transaction volume, highlighting the global recognition of Chinese innovative drugs [1] - The global GLP-1 market continues to expand, with combined sales of Novo Nordisk and Eli Lilly's related products exceeding $33.6 billion in the first half of the year, and expected to surpass $60 billion for the entire year [1] Group 2 - In the CAR-T field, Chinese companies have shown outstanding performance, with Legend Biotech and Johnson & Johnson's BCMA CAR-T sales reaching $808 million in the first half of the year, projected to exceed $2 billion for the full year [1] - The CXO industry is gradually recovering after supply-side adjustments, with 72 license-out transactions in the first half of 2025, and upfront payments exceeding the total financing amount in the primary market for the first time [1] - Domestic companies such as Heng Rui Medicine and Zhongsheng Pharmaceutical have made significant progress in GLP-1 and CAR-T research and development, with more clinical data and commercialization collaborations expected to materialize [1]