医疗ETF（159828）涨超1%，行业进入创新兑现与全球布局的关键阶段

Core Insights - The medical ETF (159828) has risen over 1%, indicating that the pharmaceutical and biotechnology industry is entering a critical phase of innovation realization and global expansion [1] - The industry is expected to experience a convergence of industrial, policy, and capital cycles by 2026, transitioning from "innovation narrative" to "value realization," which may lead to performance inflection points and valuation restructuring [1] Industry Trends - The next generation of innovative therapies, including ADCs, bispecific/multispecific antibodies, cell and gene therapies, and small nucleic acids, are highlighted as key areas of focus [1] - The impact of centralized procurement on medical devices is diminishing, with over half of the policy coverage achieved; the coverage rates for high-value consumables, low-value consumables, in vitro diagnostics, and medical equipment are 58%, 35%, 23%, and 3% respectively [1] - Domestic medical device companies are making breakthroughs in high-end fields such as photon-counting CT and aortic regurgitation valves, with rapid growth in exports expected (medical device exports are projected to grow by 7.3% year-on-year from January to November 2025) [1] Investment Recommendations - Companies that can quickly achieve volume growth through price adjustments post-centralized procurement, as well as those benefiting from equipment upgrades driving procurement growth, are recommended for attention [1] - The medical ETF tracks the CSI Medical Index (399989), which selects listed companies in medical devices, medical services, and medical information technology, reflecting the overall performance of the medical theme [2] - The index is characterized by high growth attributes and industry concentration, influenced by aging trends, consumption upgrades, and policy guidance [2]