Venture(US:VEMLY) Sou Hu Cai Jing·2025-12-23 03:00Core Insights - The innovative pharmaceutical sector is transitioning from narrative to realization, with the total amount of License out expected to exceed $120 billion by 2025 [1] - Policy support for innovative drugs is comprehensive, introducing a dual payment system with commercial insurance and medical insurance [1] - The medical device sector is stabilizing, with high-value consumables and medical equipment showing signs of recovery, and domestic production rates surpassing 87% [1] Group 1: Pharmaceutical Industry - The innovative drug sector is entering a phase where the narrative is being realized, with projections indicating that License out amounts will exceed $120 billion by 2025 [1] - The introduction of a dual payment system for innovative drugs, combining commercial insurance with medical insurance, marks a significant policy shift [1] - The raw material drug sector is at a cyclical low, with most prices stabilizing, and the arrival of the "patent cliff" is expected to create growth opportunities for generic drugs and associated APIs [1] Group 2: Medical Devices and Diagnostics - The medical device sector is experiencing a gradual clearing of policy disruptions, with high-value consumables and medical equipment leading the recovery [1] - The domestic production rate for medical devices has exceeded 87%, indicating a strong trend towards localization [1] - Improvements in the in-vitro diagnostics and low-value consumables sectors are anticipated by 2026 [1] Group 3: Consumer Healthcare - The consumer healthcare sector, including traditional Chinese medicine and biological products, is expected to gradually recover from its low point [1] Group 4: AI and Healthcare - The AI in healthcare sector is seeing a surge in policy announcements, with brain-computer interfaces being highlighted as a key industry in the 14th Five-Year Plan, accelerating the commercialization of non-invasive products [1] Group 5: Investment Products - The Guotai Innovation Pharmaceutical ETF (159377) tracks the Innovation Pharmaceutical Index (399275), which has a daily fluctuation of 20%, focusing on companies with high R&D investment and innovation capabilities [1]