20cm速递｜科创创新药ETF国泰（589720）收盘微跌，政策与出海或驱动估值修复

Group 1 - The pharmaceutical and biotechnology sector achieved a revenue of 1,825.74 billion yuan in the first three quarters of 2025, a year-on-year decrease of 1.97%, with a net profit attributable to the parent company of 139.66 billion yuan, down 1.59% year-on-year [1] - In Q3 2025, the sector's revenue was 598.54 billion yuan, showing a year-on-year increase of 0.78%, while net profit reached 40.51 billion yuan, up 7.67% year-on-year, with an overall gross margin of 31.4%, down 1.4 percentage points year-on-year [1] - The performance within sub-sectors varied, with the medical device and medical services sectors showing strong revenue growth; the medical device sub-sector saw a Q3 revenue increase of 10.65% year-on-year, driven by a recovery in domestic bidding [1] Group 2 - The CXO sub-sector in medical services reported a Q3 revenue increase of 10.93% year-on-year and a net profit increase of 47.90%, supported by growth in external demand and signs of a turning point in domestic demand [1] - The chemical preparation sub-sector experienced a Q3 net profit increase of 5.05%, primarily benefiting from the commercialization of innovative drugs and upfront payments from BD transactions [1] - Investment focus in the pharmaceutical sector should shift towards clinical value, with optimism surrounding the innovative drug industry chain and high-end product upgrades in innovative medical devices, as the sector's valuation is in a recovery phase [1] Group 3 - The Guotai Innovation Drug ETF (589720) tracks the Innovation Drug Index (950161), which has a daily fluctuation limit of 20%, selecting stocks from the biopharmaceutical and chemical pharmaceutical sectors that exhibit innovation capabilities and high growth potential [2] - The index reflects the overall performance of listed companies related to new drug development driven by technological innovation [2]