国元证券指出，医保局座谈会明确了支持医疗器械行业"反内卷"、开放出海、差异化创新等原则，利好 行业高质量发展。集采价格有望进一步温和，促进企业盈利企稳提升；政策将激发医疗器械企业创新研 发积极性，新产品推出有望打开成长空间并加速国产替代；随着研发能力增强，政策助力中国创新药械 全球化发展，为企业开拓全球市场。医药生物行业方面，创新药进入成果兑现阶段，研发进展催化较 多，且不受贸易战影响，将持续作为投资主线；出海领域在新兴市场布局的企业发展潜力大。不同医药 领域的集采持续推进，部分细分赛道影响已出清，未来有望迎来新成长。 创业板医药ETF国泰（159377）跟踪的是创医药指数（399275），单日涨跌幅可达20%。该指数从创业 板市场中选取涉及生物医药、医疗器械等业务的上市公司证券作为指数样本，成分股覆盖创新药研发、 生物技术及医疗服务等行业，以反映创业板医疗健康相关上市公司证券的整体表现。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的 ...

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]