生物医药ETF（512290）涨超1%，机构看好行业景气延续

Group 1 - The core viewpoint of the article highlights the positive outlook for the Chinese CXO industry, emphasizing a historical opportunity for transformation from "cost advantage" to a dual-driven model of "technology + scale" [1] - The JPM conference showcased the capabilities of Chinese CXO companies in areas such as ADC, dual antibodies, and GLP-1, marking their evolution from "intermediate suppliers" to "global innovation enablers" [1] - By 2026, both domestic and international innovations are expected to enter a catalyst-intensive period, with a continuous increase in orders for Chinese CXO companies and the release of overseas production capacity [1] Group 2 - The domestic pharmaceutical industry is accelerating its globalization, with key trends including the iteration of technology platforms such as ADC, multi-antibodies, and small nucleic acids, leading to the emergence of several BIC/FIC potential assets [1] - The internationalization process is speeding up, with transactions exceeding 10 billion USD with multinational corporations (MNCs) and a continuous rise in revenue from innovative drug licensing [1] - The year 2026 is identified as a critical node for verifying the effectiveness of the transformation, with many companies initiating global registration studies, key data readouts, and new product submissions, reflecting both individual breakthroughs and overall acceleration in the sector [1]