20cm速递｜科创创新药ETF国泰（589720）涨超5.5%，创新与出海主线获市场关注

Group 1 - The core viewpoint is that the pharmaceutical and biotechnology industry is entering a critical phase of innovation realization and global expansion, with a potential performance inflection point and valuation reshaping expected by 2026 [1] - The industry is focusing on next-generation innovative therapies represented by ADCs, bispecific/multispecific antibodies, cell and gene therapies, and small nucleic acids [1] - The impact of centralized procurement in the medical device sector is diminishing, and domestic high-end technology breakthroughs, along with rapid growth in international markets, are expected to lead to performance recovery for companies [1] Group 2 - In the chemical pharmaceutical sector, China's innovative drugs account for 30% of the global R&D pipeline, particularly leading in ADCs, bispecific antibodies, and cell therapies, with license-out transaction amounts exceeding $100 billion, indicating enhanced international competitiveness [1] - The overall valuation of the industry remains at historical lows, with innovation-driven and international expansion themes expected to dominate structural opportunities [1] - The ETF tracking the innovative pharmaceutical index focuses on innovative companies in biopharmaceuticals, chemical pharmaceuticals, and traditional Chinese medicine, aiming to reflect the overall performance of China's pharmaceutical industry's innovation development [1]