20cm速递｜科创创新药ETF国泰（589720）涨超1.7%，政策红利与估值修复引关注

Group 1 - The pharmaceutical and biotechnology sector has increased by 25.02% year-to-date, ranking 4th among 31 industries in the Shenwan index, outperforming the CSI 300 index by 18.22 percentage points [1] - The chemical pharmaceutical sub-sector has shown a remarkable increase of 43.81% [1] - The current PE valuation of the pharmaceutical and biotechnology sector stands at 31.31 times, which is at the historical median level, with a valuation premium of 145% compared to the CSI 300 [1] Group 2 - The National Healthcare Security Administration has recently published the preliminary list of drugs for the 2025 National Medical Insurance Drug Directory and the commercial insurance innovative drug directory, with several dual antibodies, CAR-T therapies, and ADCs passing the review [1] - The continuous release of policy dividends supporting innovative drugs is expected to lead to rapid growth for those officially included in both directories [1] - The National Healthcare Security Administration has issued the "Interim Measures for Disease-based Payment Management," promoting payment method reforms and standardizing total budget management and disease payment standard calculations, providing policy support for the industry [1] Group 3 - The Guotai Innovation Drug ETF (589720) tracks the Innovation Drug Index (950161), with a daily fluctuation limit of 20% [1] - This index focuses on new drug research and development driven by technological innovation, selecting listed companies with high R&D investment, strong innovation capabilities, and growth potential from sub-sectors like biopharmaceuticals and chemical pharmaceuticals [1] - The aim of the index is to reflect the overall performance and development trends of China's new drug research and development industry [1]