20cm速递丨创业板医药ETF国泰（159377）涨超0.8%，创新与政策驱动板块回暖

Group 1 - The core viewpoint of the article highlights a strong rebound in the pharmaceutical sector in 2025 after four consecutive years of decline, driven by AI and innovative drugs, reflecting a qualitative change in China's innovation capabilities and the realization of overseas expansion logic [1] - The medical device industry experienced a 3.78% decline in December, but is showing signs of recovery due to policy reforms and the resolution of industry governance challenges, with some sub-sectors reaching a fundamental turning point [1] - The CRO/CDMO sector is witnessing a resonance of domestic and international demand, with a recovery in global investment and financing leading to increased orders, alongside a gradual clearing of supply-side issues, which is expected to restore industry profitability [1] Group 2 - The National Medical Products Administration has released the "Priority Approval List for High-end Medical Devices (2025 Edition)," supporting the innovative development of high-end medical devices, indicating potential opportunities for reversing industry challenges [1] - The investment logic for the pharmaceutical sector in 2026 will continue to focus on innovation growth and the reversal of difficulties, with sub-sectors like medical devices expected to maintain a warming trend [1] - The ChiNext Pharmaceutical ETF (159377) tracks the Innovation Pharmaceutical Index (399275), which has a daily price fluctuation limit of 20%, focusing on innovative pharmaceutical fields and selecting listed companies with high R&D investment and strong innovation capabilities [1]