机构：创新药板块景气度可持续

Group 1 - The National Medical Products Administration of China approved 210 innovative drugs during the "14th Five-Year Plan" period, indicating a sustained growth trend in the sector [1] - In the first seven months of this year, 50 innovative drugs were approved, surpassing the total of 48 approved in the entire previous year [1] - The current landscape of China's innovative drugs has transitioned from quantitative to qualitative changes, with leading trends in new targets, technologies, and diseases [1] Group 2 - Chinese innovative drug assets are experiencing a wave of international expansion, with significant recognition of their value globally [2] - The upfront payments and total transaction values for Chinese innovative drug assets have rapidly increased from $8.7 billion and $99.4 billion in 2020 to $49.4 billion and $561.2 billion in 2024 [2] - In the first half of 2025, the total transaction value reached $635.5 billion, exceeding the total for 2024 and accounting for approximately 40% of the global license-out transaction total [2]