Venture(US:VEMLY) Mei Ri Jing Ji Xin Wen·2026-01-07 07:11Core Viewpoint - The pharmaceutical and medical device sectors in China are expected to experience a convergence of industrial, policy, and capital cycles by 2026, presenting significant investment opportunities in innovative therapies and medical devices [1] Pharmaceutical Industry - The Chinese innovative drug sector is anticipated to reach a performance inflection point and valuation restructuring, with a focus on next-generation therapies such as ADCs, bispecific/multispecific antibodies, cell and gene therapies, and small nucleic acids [1] - Research and development spending by pharmaceutical companies is showing marginal improvement, with opportunities for domestic substitution and breakthroughs in mid-to-high-end products [1] Medical Device Industry - The impact of centralized procurement policies is gradually diminishing, while overseas markets continue to grow rapidly, suggesting a recovery in the performance of related companies [1] - Investment focus should be on rapidly scaling products post-procurement implementation and medical device companies driven by equipment upgrades [1] Blood Products Market - The demand for blood products and the volume of plasma collection are consistently increasing, with resources concentrating among leading companies in the sector [1] Investment Opportunities - The overall pharmaceutical industry is entering a critical phase of innovation realization and global expansion, with investment opportunities concentrated in innovative companies that possess global competitiveness [1] ETF Overview - The Guotai Innovation Pharmaceutical ETF (159377) tracks the Innovation Pharmaceutical Index (399275), which has a daily price fluctuation limit of 20%, focusing on companies with high R&D investment and innovation capabilities in the pharmaceutical sector [1]