国泰海通指出，医药生物行业创新药高景气，持续推荐价值有望迎来重估的Pharma和创新管线逐步兑 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。医疗器 械行业有望受益于政策优化，相关部门近期多次表态反内卷、支持创新，如国家医保局明确表示第十一 批集采将优化规则，不再简单以最低报价为参考，并召开系列座谈会支持创新药械发展。2025年7月第 四周A股医药板块表现领先，医疗器械细分板块上涨4.4%，显示行业景气度持续。政策支持叠加行业需 求增长，创新药械及产业链有望持续受益。 7月29日，医疗ETF（159828）涨超2.1%。 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业务涉及医疗器械、 医疗服务及医药商业等领域的上市公司证券作为指数样本，以反映医疗健康行业相关上市公司证券的整 体表现。成分股覆盖了医疗行业的多个细分领域，体现了行业内的多元化特征。风格上偏向于成长型配 置，反映了医疗健康行业的发展潜力与创新活力。 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。 ...

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】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 东海证券指出，近期医药生物板块表现良好，医疗服务、医疗器械子板块涨幅居前。国家医保局连 续召开两场医保支持创新药械座谈会，明确通过统一新设医疗服务价格项目、研究新上市药品首发价格 机制等举措，推动高水平科技创新成果进入临床，支持中国药械全球化发展。自2025年6月药监局通过 《关于优化全生命周期监管支持高端医疗器械创新发展的举措》以来，顶层设计对创新医疗器械的支持 态度日渐明确，旨在以"真支持创新、支持真创新、支 ...

Group 1 - The core viewpoint is that the procurement scale of medical equipment in China is expected to see significant growth in the first half of 2025 due to the implementation of national and local government policies for equipment updates [1] - In June 2025, the domestic medical equipment procurement scale is projected to increase by 25% year-on-year, with a cumulative growth of 41% in the first half of the year [1] - High-end equipment categories such as CT, MR, and DR are experiencing particularly notable procurement growth, with June figures showing CT up by 20%, MR by 32%, and DR by 47% year-on-year [1] Group 2 - The implementation of equipment update policies is expected to be a long-term driving force for medical equipment procurement [1] - A target has been set for medical and health equipment investment to grow by over 25% by 2027 compared to 2023, as outlined in a notice from four ministries [1] - Although large-scale procurement plans have been announced for 2024, the actual tendering rate remains low, with many projects expected to be realized in 2025, contributing to significant market growth [1]

Group 1 - The National Healthcare Security Administration has clarified the principle of "new drugs not included in centralized procurement, centralized procurement for non-new drugs," alleviating market concerns regarding the inclusion of innovative drugs in centralized procurement, thus injecting stable policy expectations into the innovative drug industry [1] - The clarity of the policy is expected to enhance the willingness of innovative drug companies to invest in research and development, transitioning the industry from a "policy disturbance period" to a "clear rules period" [1] - The dynamic adjustment mechanism of the medical insurance catalog and the centralized procurement policy will work in tandem to shorten the commercialization cycle of innovative drugs and accelerate market penetration [1] Group 2 - The medical device industry is entering a dual-driven period of policy and technology, with replacement and technology going global becoming core trends [1] - There is an upgrade in the regulation of high-end medical devices, with policies driving innovation transformation and industry breakthroughs [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 A-share market to reflect the overall performance of related listed companies in China's medical industry [1]

Group 1 - The core viewpoint of the article highlights that the clarification of national medical insurance policies is expected to boost the innovative drug industry, marking the beginning of a policy dividend period for innovative drugs [1] - The National Medical Insurance Administration has established the principle of "new drugs not subject to centralized procurement, and centralized procurement applies to non-new drugs," which alleviates market concerns regarding the inclusion of innovative drugs in centralized procurement [1] - This policy clarity allows companies to more accurately formulate research and development plans and increase investment in core therapeutic areas, enhancing the predictability of returns on innovative drug R&D [1] Group 2 - The medical device industry is entering a dual-driven period of policy and technology, with domestic substitution and technology going abroad becoming core trends [1] - The dynamic adjustment mechanism of the medical insurance catalog and centralized procurement policies work in synergy, making the commercialization path for innovative drugs smoother and shortening the cycle from R&D to commercialization [1] - The favorable policies are expected to accelerate the R&D projects of domestic innovative drug companies in areas such as oncology and autoimmune diseases, thereby enhancing the global competitiveness of China's pharmaceutical industry [1] Group 3 - The medical ETF (159828) has risen over 2.0%, reflecting the positive impact of these policy changes on the market [1] - The medical ETF tracks the CSI Medical Index (399989), which selects listed companies involved in medical devices, medical services, and medical information technology from the Shanghai and Shenzhen A-share markets [1] - Investors without stock accounts can consider the GTJA CSI Medical ETF Connect A (012634) and GTJA CSI Medical ETF Connect C (012635) [1]

Group 1 - The core viewpoint of the article highlights the increasing role of commercial insurance in supporting high-priced innovative drugs and medical devices, as indicated by the measures proposed in "Several Measures to Support the High-Quality Development of Innovative Drugs" [1] - The innovative drug industry is expected to continue its rapid development, leading to a recovery in the upstream supply chain, including research reagents and the CXO industry, with performance expected to improve starting from the 2025 mid-year report [1] - The policy-driven phase of innovative drug results is anticipated, with significant research and development progress acting as a catalyst, making it a key investment theme in the pharmaceutical sector [1] Group 2 - The article expresses optimism about the overseas market and the clearing of centralized procurement sectors, particularly in niche areas such as insulin and orthopedics [1] - The concentration of the pharmaceutical market is accelerating, and an increase in mergers and acquisitions is expected [1] - In the medical device sector, measures to support the innovation and development of high-end medical devices are likely to be introduced, benefiting from policy support and enhanced payment capabilities [1] Group 3 - The medical ETF tracks the CSI Medical Index, which is compiled by the China Securities Index Co., selecting representative listed companies in the pharmaceutical manufacturing, medical services, and medical device sectors from the A-share market [1] - The index constituents exhibit significant industry concentration and market representation, serving as a barometer for observing the development trends in the medical industry and often used as a benchmark for developing medical-themed investment products [1]

Group 1 - The global exoskeleton robot market is entering a rapid growth phase, with a projected market size of $1.8 billion in 2024 and expected to exceed $12 billion by 2030, reflecting a compound annual growth rate (CAGR) of 28% [1] - China's 14th Five-Year Plan includes exoskeletons as a key development area for high-end medical equipment, with several regions incorporating rehabilitation exoskeletons into insurance reimbursement, which is expected to accelerate commercialization [1] - The medical rehabilitation sector is seeing mature commercialization scenarios supported by policies, with a focus on three main directions: hospital policy support (innovative drugs and devices), expanding public demand (blood products, home medical devices, weight loss drug supply chain), and an upward trend in overseas market cycles (heparin, respiratory joint inspection) [1] Group 2 - The Medical ETF (159828) tracks the CSI Medical Index (code: 399989), which is compiled by the China Securities Index Co., selecting listed companies in the medical device, medical services, and pharmaceutical commercial sectors to reflect the overall performance of related securities [1] - The CSI Medical Index has strong industry representation, with the latest trading day showing an increase of 0.95%, serving as an important reference for investors looking to allocate in the healthcare industry [1] - Investors without stock accounts can consider the Guotai CSI Medical ETF Connect A (012634) and Guotai CSI Medical ETF Connect C (012635) [1]