Group 1 - The Shanghai Stock Exchange Science and Technology Innovation Board Biopharmaceutical Index increased by 1.36% as of the report time, with the corresponding ETF (588700) rising by 1.58% and a trading volume exceeding 9.56 million yuan [1] - The ETF closely tracks the Biopharmaceutical Index, which includes 50 large-cap companies in biopharmaceuticals, biomedical engineering, biomedicine, and other related sectors, reflecting the overall performance of representative companies in the sector [1] - Guoyuan Securities indicates that starting from May, the market focus will shift from earnings to changes in industry and company fundamentals, maintaining a positive outlook on innovative drugs, overseas expansion, and the clearing of centralized procurement sectors [1] Group 2 - Zhongan International believes that the pharmaceutical industry is expected to continue its valuation recovery in 2025, driven by factors such as innovative drug overseas transactions, optimization of domestic procurement policies, and the implementation of Class B medical insurance directory for innovative drugs [2] - The recovery of medical equipment bidding and domestic demand revival are also seen as positive factors for the pharmaceutical sector [2]