20cm速递|中国创新药资产加速走向国际，科创创新药ETF国泰（589720）跌超3%，回调或可布局

Group 1 - The core point of the news is the record-breaking global strategic collaboration between Innovent Biologics and Takeda, valued at $11.4 billion, indicating a significant trend of Chinese innovative drug assets moving towards international markets [1] - From January to October 17, 2025, there were 135 domestic license-out transactions in China, surpassing a total amount of $102.9 billion, with a focus on targets such as HER2 and CDH17, as well as fields like oncology and autoimmune diseases [1] - The 2025 ESMO conference will showcase 23 LBA studies led by Chinese scholars, covering various cancer types, which highlights the global competitiveness of China's innovative drug pipeline [1] Group 2 - The Chinese pharmaceutical industry has completed a transformation from old to new driving forces, with innovative drugs becoming the core growth driver, supported by both traditional pharmaceutical companies and emerging biotech firms [1] - The acceleration of aging populations is increasing the demand for chronic disease treatments, while the optimization of the medical insurance payment system and the application of AI technology are injecting new vitality into the industry [1] - The innovative drug sector is expected to undergo a valuation reassessment in the fourth quarter, driven by ongoing business development and data catalysts from the ESMO conference [1]