中邮证券指出，医药生物行业短暂回调后性价比凸显，随着集采、院内反腐等负面因素出清，2026 年有望表现突出。创新药方面，国内资产全球认可度快速提升，MNC专利悬崖迫近，新品迭代需求强 烈，美国药价政策频出，利好国产新药出海；医保商保协同发力，国产新药商业化前景优异。医疗器械 行业部分企业2025年三季度业绩迎来拐点，成长型企业整体增长稳定；设备板块招投标持续恢复，有望 兑现至2026年业绩；耗材集采逐渐进入尾声、IVD板块在集采冲击下行业整合提速，负面影响即将出 清，看好板块后续增长。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 创业板医药ETF国泰（159377）跟踪的是创医药指数（399275），单日涨跌幅达20%，该指数从创 业板市场中选取涉及生物医药、医疗器械及相关服务业务的上市公司证券作为指数样本，以反映创业板 医药健康产业相关上市公司证券的整体表现。创 ...

Core Viewpoint - The innovation drug sector in both A-shares and Hong Kong stocks experienced a significant drop on September 10, primarily due to external media reports regarding potential restrictions from the Trump administration on Chinese pharmaceuticals. However, the sector demonstrated resilience with many stocks recovering during the day, indicating long-term investment opportunities despite short-term volatility [1][2]. Group 1: Market Reaction and Resilience - On September 10, the innovation drug sector opened sharply lower but showed strong recovery, with ETFs rebounding significantly after initial declines. For instance, an innovation drug ETF initially dropped over 5.7% but closed down only 0.51% [2]. - The Hang Seng pharmaceutical sector exhibited notable gains, with many funds recovering from early losses of over 8% to close within 2% down [2]. Group 2: Interpretation of External News - Fund managers believe that the reported policy changes from the U.S. government regarding drug imports from China are not new and will not have substantial impacts on the sector. The trend of Business Development (BD) collaborations between multinational corporations (MNCs) and Chinese innovation drug companies is expected to continue [2][3]. - The collaboration between MNCs and Chinese innovation drug firms is seen as a norm, with Chinese assets remaining globally competitive despite political noise [3]. Group 3: Fundamental Validation of Innovation Drugs - The innovation drug market has shown signs of fundamental improvement, with several companies, including Hengrui Medicine and BeiGene, expected to achieve revenue and profit growth in the first half of 2025. A report indicated that 39 Hong Kong innovation drug companies had a total revenue of 152.06 billion yuan (approximately $22.4 billion) in the first half of 2025, marking a 7.66% year-on-year increase [4]. - The underlying reasons for the current market trend include the recognition of efficient R&D and clinical innovation capabilities, which are expected to drive further market growth [4][5]. Group 4: Investment Outlook and Strategies - The investment outlook for innovation drugs is positive, with three main areas of focus: the profitability of Chinese innovation drug companies, the potential of AI in healthcare, and the valuation of leading companies in non-innovation drug sectors [5]. - Fund managers suggest that despite the recent market fluctuations, the long-term trend for innovation drugs remains upward, with a shift towards larger, more established companies that have already launched products and demonstrated performance [6]. Group 5: Short-term Risks and Opportunities - While the innovation drug sector shows resilience, there are warnings about potential short-term volatility due to market sentiment and policy uncertainties. Fund managers advise caution and suggest that recent price corrections may present good buying opportunities [6]. - Historical trends indicate that market reactions to sudden policy changes often create favorable conditions for investment, suggesting that current fluctuations could be leveraged for strategic positioning [6].