（责任编辑：董萍萍 ） 9月以来，创新药持续调整，估值回落到较为合理区间。进入四季度，BD交易落地重回密集发布周 期，且当前位于ESMO后（欧洲肿瘤内科学会年会）数据披露与MNC谈判接洽节点，创新药行情有望 重新迎来修复。 【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 风险提示：不构成个股投资建议，指数涨跌不代表未来。观点随市场环境变化，不构成投资建议。 提及基金风险收益水平各不相同，请选择与自身风险偏好匹配的产品，谨慎投资。基金收益分配原则详 见基金法律文件。 今日，创新药震荡回调，科创创新药ETF（589720）跌超2.5%。盘中溢价交易，或有资金逢低布 局。 每日经济新闻 东吴证券表示，展望2026年，创新药仍将是投资主线。主要原因是创新药国际地位有赶超之势、 BD出海井喷式增长、市值空间大及业绩进入扭亏盈利阶段等，新一代ADC+2.0 IO及小核酸等将是创新 药重点方向。 科创创新药ETF国泰（ ...

Core Viewpoint - The innovative drug industry trend remains unchanged, with sufficient adjustments made currently, and it is expected that innovative drugs will rise again after the third quarter reports [1] Group 1: Industry Trends - The CXO sector is performing well, benefiting from potential performance catalysts and high prosperity, with the overseas CXO industry entering a phase of accelerated recovery [1] - There is a clear recovery trend in macro-level BD transactions and mergers and acquisitions, while micro-level new molecular businesses maintain high prosperity [1] - The medical device sector is experiencing a policy turning point, with stock prices, valuations, and allocations at the bottom, and the fundamentals are expected to improve [1] Group 2: Investment Recommendations - It is recommended to focus on innovative drugs, the innovative drug industry chain (export-oriented CXO), and medical devices as the main lines for medium to long-term investment [1] Group 3: ETF Performance - The Guotai Innovation Drug ETF (589720) focuses on innovative drug companies on the Sci-Tech Innovation Board, tracking 30 representative quality companies in the Shanghai Stock Exchange Sci-Tech Innovation Drug Index, primarily featuring high-growth biotech [1] - Since the "924 market" last year, the Sci-Tech Innovation Drug Index has outperformed the Hang Seng Hong Kong Stock Connect Innovative Drug Index, with respective gains of 117.04% and 109.62% during the market rebound period from September 24, 2024, to September 30, 2025 [1] - The Sci-Tech Innovation Drug Index may help better share the elasticity of the Sci-Tech Innovation Board when market risk appetite rebounds [1]

Core Insights - The trend of Chinese innovative drugs going global is a long-term development, with limited impact from external environmental changes [1] - In the first half of 2025, there were 72 License-out transactions from China, exceeding half of the total transactions in 2024, with a total transaction value 16% higher than that of 2024 [1] - The number of significant business development (BD) deals from listed companies has decreased, and NewCo format BDs have not met market expectations [1] Industry Performance - The China Science and Technology Innovation Drug ETF (GTJA, 589720) focuses on innovative drug companies on the Sci-Tech Innovation Board, tracking an index of 30 representative high-quality companies [1] - Since the "924 market" rally last year, the Sci-Tech Innovation Drug Index has outperformed the Hang Seng Hong Kong Stock Connect Innovation Drug Index [1] - During the market rebound from September 24, 2024, to October 10, 2025, the Sci-Tech Innovation Drug Index and the Hang Seng Hong Kong Stock Connect Innovation Drug Index increased by 103.5% and 100.5% respectively [1]

Group 1 - The pharmaceutical sector is experiencing positive developments, with a joint initiative from the National Health Commission and other departments aiming to enhance ear and hearing health services by 2030, targeting a coverage of over 90% in prefecture-level cities [1] - The medical device industry is expected to benefit from policy support, particularly in AI and imaging/surgical applications, with significant potential for domestic equipment replacement [1] - The impact of centralized procurement on the medical consumables sector is gradually diminishing, leading to a potential recovery in high-value consumables [1] Group 2 - The innovative drug sector is showing positive performance driven by policy and funding, with expectations for overseas business development and clinical data to catalyze industry upgrades [1] - The Chinese herbal medicine sector is nearing the end of inventory clearance, with attention on beneficiaries of innovation-driven and centralized procurement policies [1] - The CXO sector is seeing improvements in fundamentals, with orders increasing quarterly as the industry enters an upward cycle [1] Group 3 - China's innovative drugs are entering a phase of realization of results, with numerous research and development advancements that are not affected by trade frictions, expected to remain a key investment theme in the pharmaceutical sector through 2025 [1] - The Guotai Innovation Drug ETF (589720) focuses on innovative drug companies in the Sci-Tech Innovation Board, tracking an index of 30 representative high-quality companies, primarily in high-growth biotech, with a 20% limit on daily price fluctuations to better align with sector volatility [1][2] Group 4 - Since the "924 market" rally last year, the Sci-Tech Innovation Drug Index has outperformed major Hong Kong innovation drug indices, with respective gains of 75%, 70%, and 70% during the market rebound from September 24, 2024, to June 30, 2025 [2] - The Sci-Tech Innovation Drug Index may help capture better returns when market risk appetite increases [2]

从业绩表现来看，"924行情"以来，科创新药指数跑赢主要港股创新药指数！2024年9月24日至2025 年6月30日市场反弹期间，科创新药/港股创新药/恒生港股通创新药指数涨幅分别为75%/70%/70%，科 创新药指数或有助于在市场风险偏好回升时更好地分享科创板的弹性。 注：数据来源：Wind，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预测和保证。如需购买相关基金产 品，请选择与风险等级相匹配的产品。基金有风险，投资需谨慎。 科创创新药ETF国泰（589720）聚焦科创板创新药企业，跟踪汇聚30家代表性优质公司的上证科创 板创新药指数，以高成长biotech为主，产品20%涨跌幅限制使其更贴合板块波动。 每日经济新闻 （责任编辑：张晓波 ） 【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 ...