Venture(US:VEMLY) Sou Hu Cai Jing·2026-01-08 06:48Core Viewpoint - The article highlights that the recovery of the pharmaceutical industry in China is driven by innovation and policy optimization, with expectations for continued growth in 2026 due to advancements in AI and innovative drugs [1] Group 1: Industry Trends - The pharmaceutical and biotechnology market is expected to be propelled by AI and innovative drugs by 2025, indicating a significant leap in China's innovation capabilities and the potential for international expansion [1] - Despite a temporary pullback in Q4, the industry is gradually recovering after undergoing policy reforms and governance challenges, with a positive outlook for 2026 [1] - The medical device sector is anticipated to experience a fundamental turning point in 2025, with opportunities for recovery in certain sub-sectors, and this trend is expected to continue into 2026 [1] Group 2: Market Dynamics - The CRO/CDMO industry is seeing a resonance of both domestic and international demand, with improvements in demand as global investment and financing recover, while supply is gradually being cleared, leading to a potential rapid recovery in industry profitability [1] - Continuous policy support for innovation is evident, as the National Medical Products Administration has released the "Priority Approval List for High-end Medical Devices (2025 Edition)," which aims to further optimize the review and approval mechanisms to promote innovation in high-end medical devices [1] Group 3: ETF Performance - The Guotai ChiNext Pharmaceutical ETF (159377) has seen an intraday increase of over 1.7%, reflecting the performance of the innovative pharmaceutical sector [1] - This ETF tracks the Innovation Pharmaceutical Index (399275), which focuses on companies with high R&D investment and innovation capabilities across various segments, including biopharmaceuticals, chemical pharmaceuticals, traditional Chinese medicine, and medical services [1]