20cm速递｜科创创新药ETF国泰（589720）涨超2.1%，行业回暖信号受关注

Group 1 - The core viewpoint of the news highlights a positive outlook for the pharmaceutical and biotechnology industry in China, with multiple favorable trends expected by 2025 [1] - The medical device procurement market is recovering, with a year-on-year growth of 29.8% in Q3 2025, indicating a turning point in revenue for medical device companies [1] - The domestic centralized procurement and normalization of anti-corruption in healthcare are driving companies to seek high-margin markets abroad [1] Group 2 - The innovative drug sector is entering a period of significant pipeline development, with the market size expected to exceed 400 billion yuan in 2024 and 113 domestic innovative drugs approved during the "14th Five-Year Plan" period [1] - Record amounts of license-out agreements for Chinese innovative drugs have been achieved, with 68% of preclinical projects focusing on emerging therapies such as ADCs and bispecific antibodies [1] - The government is actively supporting brain-computer interface policies, with technological advancements from companies like Neuralink accelerating industrialization [1] Group 3 - The industry valuation is approaching the 10-year average level, with public fund holdings gradually increasing [1] - The commercial health insurance payment system is improving, which is expected to facilitate the transition of innovative drug payments from a single medical insurance model to a multi-payment model [1] - The chemical pharmaceutical sector is leading the market, driven by innovative drugs and AI healthcare, with noticeable differentiation in sub-sectors [1]