招商证券指出，2024年全国医保基金运行安全稳健，参保覆盖面稳定在95%以上，基金总收入和总支出 均保持同比增长，累计结余达5.31万亿元，"三医"协同发展成效显著。职工医保参保人数同比增长 2.3%，收入增长3.5%，支出增长7.6%，统筹基金收入增长4.6%，支出增长13.5%，当期结余412亿元。 居民医保收入增长5.78%，支出增长1.9%，当期结余519亿元。医保基金整体运行平稳，为生物医药行 业提供了稳定的支付环境。 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。 （文章来源：每日经济新闻） 疫苗ETF跟踪的是国证疫苗与生物科技指数，该指数由深圳证券信息有限公司编制，从A股市场中选取 涉及疫苗研发、生产及相关生物科技领域的上市公司证券作为指数样本，以反映疫苗与生物科技相关上 市公司证券的整体表现。该指数聚焦于生物制药行业，特别是疫苗细分 ...

Group 1 - The core viewpoint is that the systematic valuation increase in the innovative drug sector is the biggest catalyst for the return of investment in the pharmaceutical and biotechnology industry, primarily due to the recognition of the business models of Chinese innovative drug companies [1] - Leading companies have entered a profit stage, with their R&D pipelines being transformed into regular income through business development (BD), pushing the innovative pipeline into a systematic valuation phase [1] - The trend of going global is significant, with domestic upfront payments for foreign cooperation and licensing transactions exceeding 2.5 billion USD in 2025, totaling over 50 billion USD, reaching last year's total level [1] Group 2 - Among the global drugs with sales exceeding 5 billion USD, products with patents expiring or nearing expiration before 2030 have sales close to 200 billion USD, creating a substantial patent cliff gap that drives multinational corporations' BD enthusiasm [1] - The industry has reached a turning point, with leading biotech companies starting to profit and officially entering a new stage of business model validation [1] - Technological innovation is driving the industry upward and facilitating outbound BD, with China leading in innovative drug development in areas such as ADC, bispecific and multi-specific antibodies, second-generation IO, and GLP-1, as numerous innovative products begin to yield data [1] Group 3 - The vaccine ETF (code: 159643) tracks the vaccine biotechnology index (code: 980015), which is compiled by China Securities Index Co., Ltd., selecting listed companies involved in vaccine R&D, production, and related biotechnology businesses from the A-share market [1] - The index focuses on the vaccine and biotechnology sectors within the biopharmaceutical industry, reflecting the overall performance of listed companies related to the vaccine industry chain [1]