风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 每日经济新闻 创业板医药ETF国泰（159377）跟踪的是创医药指数（399275），单日涨跌幅限制达20%，该指数从创 业板市场中选取涉及生物制药、医疗器械、医疗服务等医药健康领域的上市公司证券作为指数样本，以 反映创业板医药行业相关上市公司证券的整体表现。 东海证券指出，商务部等九部门联合印发《关于促进药品零售行业高质量发展的意见》，从转型、支 付、供应、整合四大维度构建行业发展框架，推动行业从"单一卖药"向"健康服务"转型。政策明确鼓励 兼并重组与横向并购，叠加医保定点待遇与基层医疗机构平权、医保个人账户家庭共济等举措，将加速 单体药店出清，行业集中度有望加速提升；优化外配处方审核，打通线下药店处方堵点，允许企业自建 药学服务平台，加速处方外流和市场扩容；鼓励 ...

1月29日，创业板医药ETF国泰（159377）盘中涨超0.5%，行业政策与创新主线受关注。 国泰海通指出，近期支持政策不断，持续推荐创新药械及产业链。创新药高景气，持续推荐价值有望迎 来重估的Pharma以及创新管线逐步兑现、业绩进入放量期的Biopharma/Biotech。同时，推荐受益创新、 景气度修复的CXO及制药上游。在医疗器械领域，推荐工程师红利突出、出海顺利的医疗器械企业。 此外，报告提及医疗器械2026年来催化频出，关注器械出海、脑机接口、AI医疗的投资机遇。 创业板医药ETF国泰（159377）跟踪的是创医药指数（399275），单日涨跌幅限制达20%，该指数从沪 深市场中选取涉及创新药物研发、生产及相关服务等业务的上市公司证券作为指数样本，以反映创新生 物医药领域相关上市公司证券的整体表现。 （文章来源：每日经济新闻） ...

（文章来源：每日经济新闻） 国泰海通持续推荐创新药械及产业链。创新药高景气，持续推荐价值有望迎来重估的Pharma，以及创 新管线逐步兑现、业绩进入放量期的Biopharma/Biotech；推荐受益创新、景气度修复的CXO及制药上 游；推荐工程师红利突出、出海顺利的医疗器械；推荐逐步复苏的消费医疗。近期支持政策不断，国家 医保局发布《手术和治疗辅助操作类医疗服务价格项目立项指南（试行）》，相关创新手术项目有望受 益。同时，医疗器械领域催化频出，关注器械出海、脑机接口、AI医疗的投资机遇。 创业板医药ETF国泰（159377）跟踪的是创医药指数（399275），单日涨跌幅限制达20%，该指数聚焦 于创新生物医药领域，成分股涵盖从事生物技术、基因工程、新药研发等业务的上市公司证券，以反映 创新生物医药相关上市公司证券的整体表现。该指数侧重于高成长性与创新能力，旨在体现相关行业的 发展趋势。 ...

创业板医药ETF国泰（159377）跟踪的是创医药指数（399275），单日涨跌幅限制达20%，该指数从创 业板市场中选取涉及制药、医疗器械与服务等医药卫生行业的上市公司证券作为指数样本，以反映创新 型医药企业证券的整体表现。该指数强调创新能力和成长潜力，聚焦于医药生物技术相关细分领域，适 合关注医药行业发展的投资者。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 每日经济新闻 1月23日，创业板医药ETF国泰（159377）涨超1.8%，产业政策与前沿进展受关注。 中泰证券指出，国家医保局发布《手术和治疗辅助操作类医疗服务价格项目立项指南（试行）》，聚焦 医疗技术前沿成果，规范形成多项价格项目。政策对机械臂辅助操作设立导航、参与执行、精准执行3 个价格项目，实行与主手术挂钩的系数化收费模式，参与度更高、功能更 ...

Group 1 - The core viewpoint emphasizes that future investments in the pharmaceutical sector should focus on the intrinsic logic of clinical value [1] - The pharmaceutical and biotechnology sectors are driven by innovation (overseas expansion, AI, new technologies), performance validation, policy dividends, and the spring market effect, with a short-term focus on innovative drugs and CXO [1] - High elasticity sub-themes include AI healthcare/AI pharmaceuticals, brain-computer interfaces, and small nucleic acid drugs, while the innovative drug industry chain and innovative medical devices are viewed positively [1] Group 2 - In the innovative medical device sector, there is optimism regarding the upgrade of high-end medical devices and high-value consumables [1] - With the global return to a rate-cutting cycle and structural policy shifts domestically, medical insurance negotiations support innovative drugs, and centralized procurement stabilizes industry profitability [1] - The valuation of the pharmaceutical sector is expected to steadily recover from the first quarter of 2025, with a clear trend of industrial quality improvement and enhanced international competitiveness [1] Group 3 - The Guotai ETF (159377) tracks the innovative pharmaceutical index (399275), which has a daily price fluctuation limit of 20% [1] - This index focuses on the innovative biopharmaceutical field, selecting listed companies involved in biotechnology, pharmaceuticals, and related medical services to reflect the overall performance of innovative biopharmaceutical securities [1]

Group 1 - The core viewpoint of the article highlights the rapid development of brain-computer interfaces (BCIs) driven by both policy and technology in China and abroad [1] - Invasive BCIs are beginning clinical trials in China, with a focus on leading companies and advancements in flexible electrodes, implantation technology, and specific scenario algorithms [1] - Semi-invasive and invasive pathways emphasize "data readout" and "enrollment scale," which can significantly enhance commercialization certainty and industry attention [1] - Non-invasive BCIs are noted for their unique combination of "medical + consumer" driving forces, with faster commercialization of overall technology pathways [1] - The acceleration of AI applications in healthcare is evident, with OpenAI's launch of ChatGPT Health marking a significant penetration of general models into medical health scenarios [1] - The integration of internet healthcare and AI in China is gradually becoming a crucial direction in the AI era [1] Group 2 - The Guotai ETF (159377) tracks the Innovation Medicine Index (399275), which selects listed companies involved in biotechnology, genetic engineering, and new vaccine and drug development from the ChiNext market [1] - This index aims to reflect the overall performance of listed companies in the innovative biopharmaceutical sector [1]

（文章来源：每日经济新闻） 中邮证券指出，手术机器人行业或进入商业化和政策加速期。商业化方面，2025年1-11月手术机器人销 量同比微增，其中骨科手术机器人销量与销售额齐增，且销售额增速更高。政策方面，国家医疗保障局 首次从国家层面构建机器人手术价格管理框架，旨在破解收费无据、标准不一的行业痛点，依据手术中 的实际参与深度定价，使收费更透明、更具可比性，有望推动行业从量变到质变发展，加速技术渗透。 医疗器械板块利润有望逐步恢复增长。随集采反内卷逐步落实，器械集采有望纠偏，带来预期差与估值 修复；同时医疗设备以旧换新、大型设备配置证稳步推进，脑机接口、AI医疗、手术机器人等相关板 块有望得到催化。 创业板医药ETF国泰（159377）跟踪的是创医药指数（399275），单日涨跌幅限制达20%，该指数聚焦 于创新医药领域，从生物制药、化学制药、中药及医疗服务等细分行业中筛选研发投入较高、创新能力 突出的上市公司证券作为指数样本，旨在反映兼具成长性与科技属性的医药行业领先企业的整体表现。 ...

1月13日，创业板医药ETF国泰（159377）涨超1.2%，市场关注脑机接口与创新器械前景。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 中信建投指出，医疗器械板块的长期投资机会来自创新、出海和并购整合，板块的创新性和国际化能力 得到认可，估值正在被重估。创新药板块大涨之后，医疗器械板块具有全球竞争力的改进式创新、突破 式创新的产品正在被逐步认可，也有一批公司积极战略拓展第二增长曲线、实现海外业务高增长，估值 迎来上涨。2026年医疗器械板块拐点来临，业绩改善个股存在业绩估值修复机会，重点关注业绩修复和 出海相关的投资机会。脑机接口和AI医疗方向相关催化较多，脑机接口板块的科技属性正在被认可， AI医疗在toC端健康管理和AI医生等方面的落地加速趋势值得关注。政策影响终将出清，企业战略调整 后逐步复苏，器械 ...

Group 1 - The core viewpoint of the article highlights a strong rebound in the pharmaceutical sector in 2025 after four consecutive years of decline, driven by AI and innovative drugs, reflecting a qualitative change in China's innovation capabilities and the realization of overseas expansion logic [1] - The medical device industry experienced a 3.78% decline in December, but is showing signs of recovery due to policy reforms and the resolution of industry governance challenges, with some sub-sectors reaching a fundamental turning point [1] - The CRO/CDMO sector is witnessing a resonance of domestic and international demand, with a recovery in global investment and financing leading to increased orders, alongside a gradual clearing of supply-side issues, which is expected to restore industry profitability [1] Group 2 - The National Medical Products Administration has released the "Priority Approval List for High-end Medical Devices (2025 Edition)," supporting the innovative development of high-end medical devices, indicating potential opportunities for reversing industry challenges [1] - The investment logic for the pharmaceutical sector in 2026 will continue to focus on innovation growth and the reversal of difficulties, with sub-sectors like medical devices expected to maintain a warming trend [1] - The ChiNext Pharmaceutical ETF (159377) tracks the Innovation Pharmaceutical Index (399275), which has a daily price fluctuation limit of 20%, focusing on innovative pharmaceutical fields and selecting listed companies with high R&D investment and strong innovation capabilities [1]

Core Viewpoint - The article highlights that the recovery of the pharmaceutical industry in China is driven by innovation and policy optimization, with expectations for continued growth in 2026 due to advancements in AI and innovative drugs [1] Group 1: Industry Trends - The pharmaceutical and biotechnology market is expected to be propelled by AI and innovative drugs by 2025, indicating a significant leap in China's innovation capabilities and the potential for international expansion [1] - Despite a temporary pullback in Q4, the industry is gradually recovering after undergoing policy reforms and governance challenges, with a positive outlook for 2026 [1] - The medical device sector is anticipated to experience a fundamental turning point in 2025, with opportunities for recovery in certain sub-sectors, and this trend is expected to continue into 2026 [1] Group 2: Market Dynamics - The CRO/CDMO industry is seeing a resonance of both domestic and international demand, with improvements in demand as global investment and financing recover, while supply is gradually being cleared, leading to a potential rapid recovery in industry profitability [1] - Continuous policy support for innovation is evident, as the National Medical Products Administration has released the "Priority Approval List for High-end Medical Devices (2025 Edition)," which aims to further optimize the review and approval mechanisms to promote innovation in high-end medical devices [1] Group 3: ETF Performance - The Guotai ChiNext Pharmaceutical ETF (159377) has seen an intraday increase of over 1.7%, reflecting the performance of the innovative pharmaceutical sector [1] - This ETF tracks the Innovation Pharmaceutical Index (399275), which focuses on companies with high R&D investment and innovation capabilities across various segments, including biopharmaceuticals, chemical pharmaceuticals, traditional Chinese medicine, and medical services [1]