20cm速递|创业板医药ETF国泰（159377）涨超1.4%，政策与估值双驱动

Core Viewpoint - The Federal Reserve has initiated a rate-cutting cycle, which is favorable for the pharmaceutical and biotechnology sectors, particularly for innovative drugs and devices [1] Group 1: Macroeconomic Environment - The macroeconomic environment is expected to return to a loose state with the Fed's anticipated rate cut in September 2025, leading to an increase in valuation premiums for innovative assets [1] Group 2: Investment Focus - Current investments in the pharmaceutical industry should focus on the intrinsic logic of clinical value, which addresses the needs of patients and healthcare providers, as both domestic and international policies are assigning higher premiums to clinical value [1] Group 3: Market Performance - The Guotai Innovation Pharmaceutical ETF (159377) tracks the Innovation Pharmaceutical Index (399275), which saw a daily fluctuation of 20%. This index includes listed companies in the biopharmaceutical, medical device, and related services sectors, reflecting the overall performance of these companies in the ChiNext market [1]