疫苗ETF（159643）跟踪的是疫苗生科指数（980015），该指数从市场中选取涉及疫苗研发、生产、销 售以及生物科技相关业务的上市公司证券作为指数样本，以反映疫苗及生物科技行业上市公司证券的整 体表现。该指数聚焦生物科学领域前沿，重点覆盖具有创新技术能力和产业化优势的疫苗企业，能够有 效体现行业技术发展趋势和市场动态。 1月5日，疫苗ETF（159643）涨超1.7%，创新兑现与全球布局成行业焦点 东海证券指出，医药生物行业正经历结构性变革。医疗器械行业在经历反腐、集采等压力后，随着院内 招投标活跃和政策优化，2026年有望进入新增长周期，海外市场成为重要增量。创新药领域已进入"大 时代"，2026年将主导行业，医保商保结合打开支付空间，CXO及上游产业链保持良好增长。医疗服务 消费受益于政策优化和需求升级，专科医院及连锁药店优势显现。医疗器械板块呈现"政策出清—创新 突围—出海扩张"趋势，AI、脑机接口等技术推动高端设备出口增长。药店行业结束高速扩张，转向质 量优化，龙头通过多元化经营巩固地位。整体来看，行业在政策出清和技术创新驱动下步入新阶段，但 需关注集采、研发失败等风险。 风险提示：提及个股仅用于 ...

Core Insights - The Chinese pharmaceutical industry is entering a critical phase characterized by "innovation realization and global expansion," supported by population and domestic demand, as well as comprehensive manufacturing capabilities [1] - Companies are actively exploring diversified overseas pathways, with a focus on innovation commercialization, global breakthroughs, policy optimization, and opportunities for industry mergers and acquisitions by 2026 [1] Index Performance - The Hang Seng Hong Kong Stock Connect Innovative Drug Index rose by 0.9% [1] - The China Securities Hong Kong Stock Connect Medical and Health Comprehensive Index increased by 1.0% [1] - The China Securities Innovative Drug Industry Index decreased by 0.2% [2] - The China Securities Biotechnology Theme Index fell by 0.6% [1] - The CSI 300 Medical and Health Index declined by 0.7% [1] ETF Details - The Hang Seng Innovative Drug ETF tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Index, which focuses on innovative drug companies in Hong Kong [2] - The index consists of no more than 40 stocks involved in innovative drug research, development, and production, with a rolling P/E ratio of 58.2 times [2] - The China Securities Hong Kong Stock Connect Medical and Health Comprehensive Index includes 50 stocks from the medical device, biopharmaceutical, and chemical drug sectors, with a rolling P/E ratio of 28.3 times [2] - The China Securities Innovative Drug Industry Index focuses on A-share innovative drug leaders, comprising no more than 50 stocks, with a rolling P/E ratio of 49.9 times [2] - The China Securities Biotechnology Theme Index includes up to 50 stocks in gene diagnostics, biopharmaceuticals, and blood products, with a rolling P/E ratio of 54.8 times [3] - The CSI 300 Medical and Health Index covers companies in the medical and health sector, with a rolling P/E ratio of 30.7 times [3]

Core Viewpoint - The Chinese pharmaceutical industry is entering a critical phase characterized by "innovation realization and global layout," supported by population and domestic demand, as well as comprehensive manufacturing capabilities [1] Group 1: Industry Strategy - The industry needs to focus on internal strengths, lead with innovation, and expand externally to navigate global competition and policy deepening [1] - There is an emphasis on strengthening supply chain security and compliance capabilities domestically while diversifying overseas expansion strategies [1] Group 2: Future Outlook - For 2026, the industry should seize opportunities arising from innovation commercialization, global breakthroughs, policy optimization, and industry mergers and acquisitions [1]