医疗ETF（159828）涨超5%，创新药与器械出海成行业焦点

Core Viewpoint - The core investment theme for the pharmaceutical and biotechnology industry in 2025 is the internationalization of innovative drugs, with significant transactions boosting market confidence and new drug licensing revenues becoming a crucial funding source for sustainable corporate development [1] Group 1: Pharmaceutical and Biotechnology Industry - The internationalization of innovative drugs is expected to enhance corporate valuations, with China making continuous advancements in dual antibodies and ADCs, while also achieving breakthroughs in emerging technologies like small nucleic acids and inhalation formulations [1] - The proportion of overseas revenue in corporate value is anticipated to increase, as companies leverage their strengths in these areas [1] - The medical device sector is transitioning from low-value consumables to high-value consumables, overcoming certification and sales barriers, with high-value exports growing rapidly and the European and American markets becoming significant sources of incremental growth [1] Group 2: Market Dynamics - The impact of domestic centralized procurement is gradually being digested, leading to increased replacement opportunities, and the overall performance of the industry is expected to recover [1] - Domestic demand-driven segments, such as chain pharmacies and CROs, are undergoing a cleansing cycle, with leading companies gradually resuming growth [1] - The push for innovation and internationalization is driving the industry from low-level competition to source innovation, although structural opportunities should be monitored, as only truly innovative companies can share in the global market dividends [1] Group 3: Investment Instruments - The medical ETF (159828) tracks the CSI Medical Index (399989), which selects listed companies in the medical device, medical services, and medical information sectors from the Shanghai and Shenzhen markets to reflect the overall performance of related securities in China's medical industry [1]