创新药ETF国泰（517110）盘中上涨1.3%，行业出海逻辑持续强化

Group 1 - The core viewpoint is that China's innovative pharmaceuticals are strengthening their global competitiveness, with the past two years marking a significant period for international expansion and record-high licensing transactions in terms of quantity and value [1] - After the successful completion of business development (BD) transactions, the initiation of Phase III clinical trials overseas is expected to enhance the certainty of product listings, leading to an increase in valuations based on potential peak sales and improved success rates [1] - The domestic CRO (Contract Research Organization) orders are experiencing a trend of simultaneous growth in both volume and price, benefiting from the international expansion of innovative drugs and a stabilization in financing, with project volumes expected to achieve double-digit growth, indicating an improvement cycle in 2026 [1] Group 2 - In terms of overseas demand, China's CDMO (Contract Development and Manufacturing Organization) remains irreplaceable in the global supply chain, with steady growth in small molecule CDMO orders and rapid increases in orders for new molecular fields such as ADC (Antibody-Drug Conjugates) and peptides, with clinical and commercialization projects expected to gradually ramp up [1] - The medical device industry is accelerating innovation and internationalization, with an anticipated improvement in 2026, and a moderate trend in the collection policies for consumables and IVD (In Vitro Diagnostics), providing domestic manufacturers with opportunities for volume growth through price adjustments [1] - The Guotai Innovative Drug ETF (517110) tracks the SHS Innovative Drug Index (931409), which selects companies involved in the research and production of innovative drugs from both mainland and Hong Kong markets, covering 50 representative securities and focusing on the innovative drug industry chain [1]