1月8日，医疗ETF（159828）涨超1%，行业进入创新兑现与全球布局的关键阶段。 医疗ETF（159828）跟踪的是中证医疗指数（399989），该指数从沪深市场中选取涉及医疗器械、医疗 服务、医疗信息化等领域的上市公司证券作为指数样本，以反映医疗主题上市公司的整体表现。该指数 聚焦医药卫生行业，指数具有较高的成长属性和行业集中度，受到老龄化趋势、消费升级及政策导向的 影响。 （文章来源：每日经济新闻） 太平洋证券指出，医药生物行业已进入创新兑现与全球布局的关键阶段，产业周期、政策周期与资本周 期在2026年有望形成共振，中国创新药发展正从"创新叙事"进入"价值兑现"阶段，有望迎来业绩拐点与 估值重塑。重点关注以ADC、双/多特异性抗体、细胞与基因治疗、小核酸等为代表的下一代创新疗 法。医疗器械方面，集采影响日渐减弱，政策覆盖范围过半，其中高值耗材、低值耗材、体外诊断、医 疗设备的覆盖率分别为58%、35%、23%、3%。国产械企在部分超高端领域实现突破，如光子计数 CT、主动脉反流瓣等，叠加出海保持快速增长（2025年1-11月医疗器械出口额同比增长7.3%），相关 企业有望陆续迎来业绩修复。建议关注集 ...

（文章来源：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7日，创业板医药ETF国泰（159377）小幅回调，创新药与器械板块或迎多重周期共振。 太平洋证券指出，医药生物行业在2026年将迎来产业周期、政策周期与资本周期的共振，中国创新药有 望实现业绩拐点与估值重塑，重点关注以ADC、双/多特异性抗体、细胞与基因治疗、小核酸等为代表 的下一代创新疗法。医疗器械行业方面，集采政策影响日渐减弱，海外市场保持快速增长，相关企业业 绩有望修复，建议关注集采落地后快速放量的流水型产品及设备更新带动的医疗设备公司。血制品市场 需求和采浆量持续增长，浆站资源向头部集中。科研上游领域，药企研发支出边际改善，国产替代迎来 机遇，中高端产品持续突破。整体来看，医药行业已进入创新兑现与全球布局的关键阶段，投资机会将 集中于具备全球竞争力的创新型企业。 ...

Core Viewpoint - The company, Shanghai Yinos Biotechnology Co., Ltd., reported strong financial performance in its third-quarter results, highlighting significant growth in revenue and new orders, indicating a robust market position and operational efficiency [1][2]. Financial Performance - For the first three quarters, the company achieved a revenue of 571 million yuan, with third-quarter revenue reaching 195 million yuan, reflecting a quarter-on-quarter growth of 17.71% [1]. - The new order amount increased by 29.37% year-on-year, with the number of new drug clinical trial applications (IND) and new drug marketing applications (NDA) rising by 30.71% [1]. Order and Contract Growth - The contract amount for new drug applications grew by 23.06% year-on-year, and the total order amount on hand increased by nearly 20% compared to the end of 2024 [1]. Industry Position and Strategy - As a leading player in the CRO industry, the company leverages its technological advantages and comprehensive service offerings to meet high-end market demands, capitalizing on the current high-growth cycle in the global CRO sector [2]. - The company has established a dual-driven model of "market demand + forward-looking research," creating a solid technological barrier in the non-clinical evaluation field, reinforcing its leading position in domestic non-clinical safety evaluations [2]. International Market Expansion - The company is actively expanding into international markets through diverse marketing channels, including partnerships with industry capital and collaboration with upstream and downstream players in the industry, resulting in a significant increase in new orders from overseas markets [2]. Focus on Innovative Drug Development - The company continues to focus on high-potential areas in innovative drug development, particularly in emerging categories such as in vivo CAR-T, small nucleic acids, bispecific/multispecific antibodies, and radioactive drugs, with significant year-on-year growth in contract amounts for these innovative categories [2].

Core Insights - The company reported a revenue of 571 million yuan for the first three quarters of 2025, with a third-quarter revenue of 195 million yuan, reflecting a quarter-on-quarter growth of 17.71% [1] - New signed orders increased by 29.37% year-on-year, showcasing the strength of the core business, particularly in new drug clinical trial applications (IND) and new drug marketing applications (NDA), which saw a combined increase of 30.71% in order numbers and a 23.06% rise in contract value [1] - The company is positioned in a high-growth cycle within the global CRO industry, leveraging its technological advantages and comprehensive service capabilities to meet high-end demands [1] Business Performance - The company has shown signs of recovery in its operations, with a nearly 20% increase in the amount of orders on hand compared to the end of 2024, laying a solid foundation for future operations [2] - The company has expanded its overseas market presence through diverse marketing channels, resulting in a significant year-on-year increase in new signed orders from international markets, enhancing its brand recognition and influence [2] Innovation and R&D Focus - The company continues to focus on high-potential areas in innovative drug development, particularly in emerging categories such as in vivo CAR-T, small nucleic acids, bispecific/multispecific antibodies, and radioactive drugs, with significant year-on-year growth in contract values for these innovative products [2]

Core Insights - WuXi Biologics reported a 16.1% year-on-year revenue growth to 9.95 billion yuan for the first half of 2025, driven by the successful execution of its "Follow and Win Molecule" strategy and expansion of service offerings in the biopharmaceutical industry [1] - The company's IFRS net profit increased by 54.8% to 2.76 billion yuan, with profit attributable to shareholders rising by 56.0% to 2.34 billion yuan, primarily due to gross profit growth and returns from investments and asset optimization [1] - WuXi Biologics added 86 comprehensive development projects in the first half of 2025, with over 70% of new projects involving bispecific/multispecific antibodies and ADCs [1] Financial Performance - The company supported 67 clinical phase III projects and 24 commercial production projects as of June 30, 2025, with a 24.9% year-on-year increase in revenue from clinical phase III and commercial production, indicating a maturation of early projects and ongoing growth of existing commercial projects [2] - WuXi Biologics has a total unfulfilled order backlog of 20.34 billion USD, with unfulfilled service orders and potential milestone payment orders amounting to 11.35 billion USD and 9 billion USD, respectively [2] - The unfulfilled orders over the next three years increased from 3.65 billion USD in December 2024 to 4.21 billion USD, reinforcing expectations for near-term revenue growth [2] Future Outlook - Based on current performance, WuXi Biologics has raised its full-year revenue guidance for 2025 [3]