20cm速递|科创创新药ETF国泰（589720）盘中涨超2%，机构：全球新药研发向中国转移的趋势不可逆转

Group 1 - The core viewpoint indicates that in the first half of 2025, China’s innovative drug License-out transactions reached 72, with a total amount exceeding 16% of the entire year of 2024, and 16 transactions exceeding $1 billion each, driving the pharmaceutical and biotechnology industry PE (TTM) to 39.77 times, higher than the 5-year historical average of 31.50 times [1] - Despite the continued trend of overseas expansion in Q3, the market is under short-term pressure due to U.S. policy proposals; however, the long-term trend of global new drug research and development shifting to China is irreversible [1] - Currently, China's innovative drugs are entering a stage of realization of results, with many catalysts in R&D progress that are not affected by trade frictions, expected to continue as the main investment line for the pharmaceutical sector in 2025 [1] Group 2 - The Guotai innovative drug ETF (589720) focuses on innovative drug companies on the Sci-Tech Innovation Board, tracking a representative index of 30 high-quality companies, primarily in high-growth biotech, with a 20% limit on price fluctuations to better align with sector volatility [1] - From a performance perspective, since the "924 market," the Sci-Tech innovative drug index has outperformed major Hong Kong innovative drug indices; during the market rebound from September 24, 2024, to September 16, 2025, the respective increases for the Sci-Tech innovative drug index, Hong Kong innovative drug index, and Hang Seng Hong Kong Stock Connect innovative drug index were 126.7%, 123.8%, and 112.7% [1] - The Sci-Tech innovative drug index may help better share the elasticity of the Sci-Tech Innovation Board when market risk appetite rebounds [1]