Group 1 - The pharmaceutical and biotechnology industry has recently shown weak performance, with the innovative drug sector undergoing a correction phase after a significant rise in expectations during the first half of the year [1] - The innovative medical devices sector is expected to recover from the low point since the second half of 2023, driven by government support for medical equipment updates, accelerated domestic replacement of high-end medical devices, and expansion into overseas markets, with anticipated stabilization in Q3 2025 and improved growth in 2026 [1] - In the medical device field, the recovery of hospital procurement is driving business growth, consumer demand for medical devices is gradually recovering, and the acceleration of import substitution is evident; the price drop in orthopedic joint consumables has reached a bottom, and the market share of orthopedic robots is increasing, with overseas expansion bringing new growth [1] Group 2 - In the CXO and upstream life sciences sector, leading companies with global influence and domestic-focused clinical CRO leaders are performing exceptionally well [1] - The pharmaceutical equipment industry is expected to experience a cyclical reversal driven by the recovery of innovative drug financing and frequent BD transactions, with accelerated overseas capital expenditure opening new growth opportunities [1] - The medical ETF (159828) tracks the CSI Medical Index (399989), which selects listed companies in the medical device, medical services, and medical information sectors from the Chinese A-share market to reflect the overall performance of related listed companies [1]