创新药ETF国泰（517110）涨超1%，年内涨幅超53%，创新药板块呈现修复

Core Insights - In the first half of 2025, China is expected to see 72 License-out transactions, surpassing half of the total for 2024, with a total transaction value that is 16% higher year-on-year, including 16 transactions exceeding $1 billion [1] - Despite fewer significant business development (BD) deals in Q3 and unmet expectations for NewCo format BD, the trend of global innovation and research shifting to China is irreversible, indicating a growing demand for low-cost new drugs from China due to U.S. government negotiations with multinational corporations on drug pricing [1] - The continuous introduction of industrial policies is likely to lead to a dual increase in profitability and valuation within the sector, while the empowerment of artificial intelligence may further enhance market sentiment and valuation [1] - The innovative drug ETF (517110), which covers high-quality listed innovative pharmaceutical companies across three regions, may have medium to long-term investment value for interested investors [1]