创新药板块表现亮眼。科创创新药ETF（589720）大涨4.06%，创新药ETF国泰（517110）涨2.80%。 创新药板块经历回调后性价比显现，伴随着海外龙头已上市小核酸药物展现出较大商业化潜力，海内外 小核酸在研管线数据的密集发布，小核酸技术路径逐渐走向成熟。本周瑞博生物即将登陆港股市场，有 望进一步催化市场情绪。 展望后市，预计GLP-1更多适应症突破、小核酸药物、ADC多点突破值得期待；短期可关注与脑机接 口、小核酸等主题共振机会；产业层面：1月中旬JPM会议、5月ASCO年会等关键会议或密集披露临床 数据，业绩期商业化公司表现值得期待。若持续有高质量数据读出催化，可能驱动资金回流。可以关注 聚焦科创板创新药企业，覆盖生物制药、化学制药等领域，代表创新药产业基本面景气度的科创创新药 ETF（589720）和聚焦于沪港深三地市场中从事化学、生物创新药研发及相关产业链服务的创新药ETF 国泰（517110）。 风险提示： 来源：WIND 消息面上，Arrowhead Pharmaceuticals于2026年1月6日公布了其两款基于RNAi技术的减重药物（ARO- INHBE和ARO-ALK7）的1/2 ...

创新药板块表现亮眼。科创创新药ETF（589720） 大涨4.06%，创新药ETF国泰（517110） 涨2.80%。 创新药板块经历回调后性价比显现，伴随着海外龙头已上市小核酸药物展现出较大商业化潜力，海内外 小核酸在研管线数据的密集发布，小核酸技术路径逐渐走向成熟。本周瑞博生物即将登陆港股市场，有 望进一步催化市场情绪。 （风险提示：提及个股仅供参考，不作为股票推荐，不构成投资建议和承诺。指数/个股短期涨跌仅供 参考，不代表未来表现。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。如涉及基金收益分配原则详见基金法律文件） 每日经济新闻 今日A股全日震荡。上证综指上涨0.05%，报4085.77点，沪指14连阳；深证成指上涨0.06%，创业板指 上涨0.31%，科创综指上涨1.53%，中证A500持平。今日沪深两市成交额2.85万亿，较上一个交易日放 量476亿。板块层面热点相对杂乱，半导体设备领涨，煤炭、创新药及科创相关板块表现较好；软件、 证券以及港股板块跌幅居前。风险偏好来看，今日风险偏好比较中性。个股近3200股下跌。风格层面， 小盘强于 ...

| 17:18 ◀ | | | ::::: < | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 半导体设备ETF(159516.SZ) | | | | | | | | 闭市 01-07 15:00:00 | | 1.820 | | 昨收 | 流通盘 | 61.88亿 | 1.693 | | | +0.127 +7.50% | | 开盘 | 流通值 | 113亿 | 1.742 | | | 最高 | 1.828 | 成交量 | 换手率 | 21.54% | 1332.5万 | | | 净值走势 国泰中证半导体材料设备主题ETF(159516.OF) 1.6903 +3.94 | | | | | | | | 叠加:IOPV | | | 盘口 | 成交 | 均价:1.785 | | | | | | 華5 | 1.824 1419 | | | | | | | 卖2 | | | | | | | | 卖1 | 1.8201.60万 | | | | 1.558 | | | | | | -7.97% | | 9:30 | | | 15:00 ...

创新药ETF国泰（517110）跟踪的是SHS创新药指数（931409），该指数从沪深港三地市场中选取具备 创新能力的医药企业作为指数样本，覆盖生物医药、化学制药等细分领域。指数侧重筛选研发实力突 出、成长性良好的上市公司证券，旨在反映中国创新药产业的整体表现，投资风格偏向成长型。 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，医药生物行业中化学制药板块本周表现一般，但创新药领域迎来多项进展：恒瑞医药 cMET ADC新药SHE-1826拟纳入突破治疗药物；信达生物CTLA-4生物类似药达伯欣定价13100元/支； 泽璟制药DLL3/DLL3/CD3三抗以12.35亿美元授权艾伯维，首付款1亿美元并含最高10.75亿美元里程碑 款。技术层面，ADC、IO双抗、GLP-1减重及小核酸药物多点突破，中 ...

百济神州自研管线药物BGB-B2033获FDA快速通道认定，小核酸药物领域频频出现新进展，消息面催化，创新药板块利好不断，单日涨跌幅20%的科创创新 药 ETF（589720）涨超2%。 基本面看，今年即是创新药资产估值修复的一年，近年来国产原研药获批数量持续攀升，从肿瘤治疗到自身免疫疾病领域，创新药凭借确切的临床价值迅速 占领市场。与此同时，越来越多国产创新药通过"出海"实现价值升级，海外授权交易金额屡创新高，为板块增长注入新动力。长期向好趋势已从业绩兑现延 伸至BD出海，创新药行业未来发展前景可期。 此外，近期全球范围内的小核酸药物领域频频出现新进展，引发产业界和投资界的高度关注。小核酸药物已从概念验证进入产业崛起前夜。2025年以来，随 着递送技术突破推动适应症从肝脏向心血管、CNS等领域拓展，叠加重磅产品商业化放量及跨国制药巨头大额并购验证，行业迎来"技术突破+商业兑现"双 主线驱动的黄金发展期。 图 小核酸作用原理 关注20cm标的科创创新药 ETF（589720），跟踪指数"924行情"以来跑赢港股创新药 技术突破+BD助力，创新药板块发展加速 消息面，百济神州自研管线药物BGB-B2033获FD ...

信达证券指出，12月7日国家医保局发布首版"医保+商保双目录"，短期或有助于提振创新药的投资 热情，同时创新药板块股价近期有所回调，叠加中国创新药崛起的中长期逻辑没变，建议近期可重视创 新药、CXO及生命科学上游产业链的投资机会。此外，高端医疗器械或有拐点机会，制药装备受益于 海外制药进入投资景气上行周期，院内招采恢复驱动业务增长，内需驱动的消费医疗器械需求逐步修 复，高端器械耗材市场渗透率持续提升。 创新药ETF国泰（517110）跟踪的是SHS创新药指数（931409），该指数从中国A股市场中选取涉 及创新药研发、生物制药等领域的上市公司证券作为指数样本，集中反映创新型医药企业的整体表现。 指数成分股聚焦研发驱动型公司，具有高成长性和行业代表性。 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。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】 ...

Market Overview - The A-share market showed weakness today, influenced by a drop of over 2% in the Nasdaq, with the Shanghai Composite Index closing at 3990.49 points, down 0.97% [1] - The Shenzhen Component fell by 1.93%, and the ChiNext Index dropped by 2.82%, with more than 3300 stocks declining [1] - Trading volume in both markets was below 2 trillion yuan, indicating a lack of activity [1] Sector Performance - Only sectors such as oil and petrochemicals, real estate, banking, and pharmaceuticals showed resilience, while other sectors, particularly AI, communications, and chips, experienced significant declines [1] - The recent fluctuations in the global market have led to a cautious sentiment among domestic investors, raising concerns about whether A-shares will follow the downward trend of overseas markets [1][2] Economic Indicators - Key credit indicators like social financing have shown mediocre performance, indicating a lag in the recovery of confidence in the real economy [5] - In October, new RMB loans amounted to 220 billion yuan, a decrease of 280 billion yuan year-on-year, while social financing increased by 815 billion yuan, down 597 billion yuan year-on-year [5] Investment Sentiment - The current market sentiment is influenced by short-term risk preferences and trading emotions, with a belief that domestic market logic will eventually prevail [2][4] - The ongoing economic stabilization and supportive policies are expected to provide a foundation for valuation levels, suggesting that recent pullbacks could present buying opportunities [4] AI and Innovation Sector - The AI sector faces uncertainties regarding revenue contributions and high capital expenditures, with many companies still in the investment phase and struggling to achieve stable profitability [6] - The introduction of AI in drug discovery and development is seen as a significant opportunity, with potential for increased efficiency and reduced costs in the pharmaceutical industry [12][13] Gold Market - The gold market has shown strong performance compared to equity markets, with recent geopolitical tensions and economic uncertainties driving demand for gold as a safe-haven asset [15][16] - The long-term outlook for gold remains positive due to systemic risks, including inflation and geopolitical tensions, which are expected to support gold prices [16]

Market Performance - The three major A-share indices collectively strengthened, with the Shanghai Composite Index reaching a ten-year high, closing up 0.73% at 4029.50 points [1] - The Shenzhen Component Index rose 1.78% to 13476.52 points, while the ChiNext Index increased by 2.55% to 3201.75 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2042 billion, an increase of 96.9 billion compared to the previous day [1] Sector Performance - Almost all industry sectors saw gains, with notable increases in energy metals, batteries, fertilizers, precious metals, power equipment, non-metallic materials, and chemical products [1] - The lithium battery industry chain experienced a surge, driving the collective rise of the new energy sector, with the New Energy Vehicle ETF (159806) up 6.20% and the ChiNext New Energy ETF (159387) up 4.78% [1][3] Lithium Battery and Energy Storage - The demand for lithium batteries is being driven by energy storage, with lithium carbonate futures prices rising by 20% from October 14 to November 10 [3] - Major lithium iron phosphate manufacturers are operating at full or even over capacity, indicating strong production activity [3] - The energy storage sector is expected to enter a new cycle driven by global energy transition, with a projected 50% growth in energy storage demand by 2026 [2] Innovation in Pharmaceuticals - The innovative drug sector in China is experiencing growth, with revenue reaching 48.56 billion yuan in the first three quarters of 2025, a year-on-year increase of 21.41% [5] - The number of approved innovative drugs has been increasing, with 210 innovative drugs and 269 innovative medical devices approved during the 14th Five-Year Plan period [4] - The global market is increasingly recognizing Chinese innovative drugs, with total licensing amounts nearing 66 billion USD in the first half of 2025 [4]

Market Overview - A-shares opened slightly lower and fluctuated before stabilizing, with the Shanghai Composite Index closing at 3997.56 points, down 0.25% [1] - The Shenzhen Component Index fell by 0.36%, and the ChiNext Index decreased by 0.51%, with over 3100 stocks declining [1] - The trading volume in both markets was approximately 2 trillion, slightly lower than the previous day [1] Sector Performance - Software and innovative drug sectors showed weaker performance, while chemical and photovoltaic sectors gained due to rising raw material prices and anti-involution policies [1] - The innovative drug ETF from Guotai (589720) has seen continuous inflows, totaling over 200 million in the last five trading days [7] Investment Sentiment - Concerns about the "AI bubble" and its potential impact on A-shares have emerged, with investors questioning whether market corrections present opportunities or traps [1] - Despite fluctuations in the external market, the domestic market's valuation logic remains strong, with a clear investment outlook emerging [2] Future Outlook - The bull market is expected to continue, with new leading sectors likely to emerge during the rotation process [5] - The innovative drug sector is anticipated to see both profit and valuation increases, driven by positive industry news and AI's role in drug development [9][11] - The coal sector is experiencing a rebound, with recent price increases and inventory reductions providing support for near-term performance [15][17] Policy and Economic Factors - Ongoing policy developments are expected to improve macroeconomic expectations, supporting coal prices from both supply and demand sides [17] - The introduction of AI in drug development is likely to enhance efficiency and reduce costs, further boosting the innovative drug sector [12][13]

Core Insights - The 2025 ESMO conference highlighted the strong performance of Chinese innovative drugs, with 448 research abstracts representing 15.3% of the total, including 35 oral presentations and 23 latest breakthrough abstracts (LBA), showcasing China's leadership in global pharmaceutical R&D [1] Industry Summary - Chinese pharmaceutical companies demonstrated international competitiveness in key areas such as ADC, bispecific/multispecific antibodies, and immunotherapy combination treatments, establishing China as the largest source of innovative drug patents outside the United States [1] Company Summary - The Guotai Innovation Drug ETF (517110) tracks the SHS Innovation Drug Index (931409), which selects innovative drug companies from the Shanghai, Shenzhen, and Hong Kong markets, focusing on R&D-driven firms. This index reflects the overall performance of China's innovative drug industry, emphasizing high growth potential and industry concentration [1]