“技术突破+商业兑现”双主线驱动，20cm标的科创创新药ETF（589720）涨超3%

Group 1 - The innovative drug sector is showing a positive trend of "high growth and reduced losses," with significant developments in the small nucleic acid drug field, leading to a daily fluctuation of 20% in the innovative drug ETF (589720), which has risen over 3% [1][3] - By the third quarter of 2025, the innovative drug sector achieved a revenue of 48.56 billion yuan, representing a year-on-year growth of 21.41%, while the net profit loss has significantly narrowed [3] - The establishment of a commercial insurance directory for innovative drugs is expected to create a potential funding pool of approximately 20 billion yuan annually, enhancing the payment channels for high-value innovative drugs [3] Group 2 - The innovative drug ETF (589720) has outperformed Hong Kong's innovative drug sector by nearly 10 percentage points since the "924 market" in 2024, indicating a higher performance recovery elasticity [5] - The innovative drug industry is experiencing broad development opportunities driven by continuous breakthroughs in overseas markets, policy benefits, and the steady improvement of Chinese innovative drug companies' R&D capabilities [4][5] - The small nucleic acid drug field is entering a golden development period characterized by "technological breakthroughs and commercial realization," with advancements in delivery technology expanding indications beyond the liver to cardiovascular and CNS areas [3]