1. Report's Industry Investment Rating - No information provided regarding the report's industry investment rating 2. Core Viewpoints of the Report - Last week, 21 new ETF products were issued in the US, with multiple managers launching series of products, including Trump Media & Technology Group issuing 5 Truth Social ETFs and planning to issue digital - currency related products in the future [4][5] - In the past week, the inflow of US ETFs was relatively stable, with domestic stock products' inflow exceeding that of international stocks again, and gold ETFs experiencing outflows [7][9] - In 2025, the US pharmaceutical sector, especially the biotech field, performed well, with many products rising over 25% and State Street's products performing best, rising over 35% [12] - In November 2025, the total non - money public funds in the US increased by $0.03 trillion compared to October. The scale of domestic stock products decreased by 0.15%, and the redemption pressure eased. From December 17th to 23rd, the outflow of domestic stock funds narrowed to around $20 billion, while mixed - allocation products continued to see outflows and bond products continued to see inflows [14] 3. Summary by Relevant Catalogs 3.1 US ETF Innovation Products: Trump Media & Technology Group Issues ETF - 21 new US ETF products were issued last week. Tuttle Capital issued an option - strategy product based on Magnificent 7. Trump Media & Technology Group issued 5 Truth Social ETFs tracking indexes related to national interests and political party stances, and plans to issue digital - currency related products in the future [4][5] - Opal Capital issued a high - concentration ETF investing in 15 - 30 high - quality companies with long - term growth potential, and a disciplined US stock ETF selecting 60 - 170 stocks through a disciplined approach [5] - Founder ETF issued another ETF investing in founder - led companies, tracking the Founder - Led Index [5] - Innovator issued 4 two - way Buffer products, which provide positive returns in both rising and falling markets with certain return caps [6] - Gabelli issued an ETF investing in the sports and live - performance industries, whose companies have stable revenue and strong pricing power [6] 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Gold ETFs Experience Outflows - In the past week, US ETF inflows were relatively stable, with domestic stock products' inflow exceeding that of international stocks. Vanguard S&P 500 ETF and State Street S&P 500 had certain inflows, and broad - based stock and bond products were among the top in inflows, while gold and silver ETFs had outflows [7][9] 3.2.2 US ETF Performance: Biomedical Products Perform Excellent - In 2025, the US pharmaceutical sector, especially the biotech field, performed well. Many products in this field rose over 25%, and State Street's products performed best, rising over 35% [12] 3.3 Recent US Ordinary Public Fund Fund Flows - In November 2025, the total non - money public funds in the US were $23.72 trillion, an increase of $0.03 trillion compared to October. The S&P 500 rose 0.13% in November, and the scale of US domestic stock products decreased by 0.15%, with redemption pressure easing [14] - From December 17th to 23rd, the outflow of US domestic stock funds narrowed to around $20 billion, mixed - allocation products continued to see outflows, and bond products continued to see inflows [14]

（文章来源：每日经济新闻） 生物医药ETF（512290）跟踪的是CS生医指数（930726），该指数从沪深市场中选取涉及创新药物、医 疗器械及医疗服务等细分行业的上市公司证券作为指数样本，以反映生物科技与医疗健康相关上市公司 证券的整体表现。该指数侧重筛选具有高成长性和研发实力的企业，能够较好体现中国生物医药产业的 综合发展水平。 信达证券指出，2026年开年新兴产业方向如脑机接口、机器人及AI应用值得重点关注，同时"十五五规 划"对应的国企改革主题也值得重视。长期来看，创新和出海仍是医疗投资主线，建议关注高端医械及 创新药产业链。高端医疗器械领域，机器人应用逐步普及，制药装备受益于海外制药景气上行，院内招 采恢复驱动业务增长，消费医疗器械需求逐步修复，出海订单增长驱动企业成长。AI+医疗方向涵盖医 疗大模型、影像、医检、医药电商、基因测序及制药等多个细分领域。CXO及生命科学上游产业链 中，具备全球影响力的龙头企业、国内临床CRO龙头及资源型CXO企业值得关注。 ...

每经编辑：叶峰 A股今日早盘高开高走，创新药、脑机接口等概念股盘中爆发，昭衍新药、百济神州-U涨超10%，益方 生物-U、美迪西涨约8%。 受盘面影响，创新药ETF天弘（517380）跟踪的恒生沪深港创新药精选50指数盘中大涨超4.8%，涨幅超 过港股通创新药指数。此外，生物医药ETF（159859）跟踪的国证生物医药指数涨超3%，该产品规模 超33亿元，自去年9月以来累计净流入资金超6亿元。 消息面上，国家药监局日前组织制订《优先审批高端医疗器械目录（2025版）》，将医用电子加速器、 植入式脑机接口医疗器械、内窥镜手术控制系统等纳入其中。另外，马斯克近日在社交媒体上表示，其 脑机接口公司"神经连接"将于2026年开始对脑机接口设备进行"大规模生产"，并转向"更加精简和几乎 完全自动化的外科手术流程"。 有券商表示，将植入式脑机接口医疗器械等8类高端产品纳入优先审批范围，进一步凸显政策对相关技 术发展的支持力度。脑机接口赛道具备多元化的应用场景与丰富的研发路径，未来潜在市场空间广阔， 叠加产品注册与医保立项等政策支持，商业化进程有望加速。 从市场前景看，麦肯锡也给出了一份测算，认为全球脑机接口医疗应用的潜在 ...

Core Insights - The biopharmaceutical ETF (512290) experienced a net financing purchase of 2.329 million yuan on November 11, 2025, with a financing balance of 133 million yuan, indicating a positive investor sentiment towards the sector [1][3]. Financing Activity Summary - On November 11, 2025, the financing buy amounted to 9.6829 million yuan, while financing repayment was 7.3539 million yuan, resulting in a net financing purchase of 2.329 million yuan [1]. - The financing balance increased to 133 million yuan, marking a 1.78% rise compared to the previous day [3][4]. - Over the past three trading days, the cumulative net financing purchase reached 5.673 million yuan, with 13 out of the last 20 trading days showing net financing purchases [1][2]. Financing Balance Trends - The financing balance on November 10, 2025, was 130 million yuan, reflecting a net increase of 3.3329 million yuan, or 2.62% [4]. - The financing balance on November 7, 2025, was 127 million yuan, with a minimal change of 0.0112 million yuan [4]. - The financing balance on November 6, 2025, was also 127 million yuan, showing a decrease of 0.4898 million yuan, or -0.38% [4].

Group 1 - The A-share market saw a collective low opening on October 31, with the innovative drug concept experiencing a volatile rebound [1] - The Tianhong Innovative Drug ETF (517380) rose by 2.15%, with a trading volume exceeding 10 million yuan, and recorded a net inflow of over 12 million yuan on October 30 [1] - The Biopharmaceutical ETF (159859) increased by 0.72%, with a trading volume exceeding 42 million yuan, and saw a net subscription of over 50 million units during the session [1] Group 2 - The Biopharmaceutical ETF closely tracks the Biopharmaceutical Index, which includes the top 30 stocks in the biopharmaceutical industry based on market capitalization and liquidity [2] - A notification from seven departments, including the National Health Commission, announced that the HPV vaccine will be included in the national immunization program starting November 10, 2025, for girls born after November 10, 2011 [2] - The 2025 National Medical Insurance negotiations began on October 30, introducing a "commercial insurance innovative drug directory" mechanism for the first time [2] Group 3 - Huafu Securities expressed optimism about the innovative drug sector, predicting a significant transformation over the next 5-10 years driven by international expansion, continuous data catalysts, and new product sales [2] - Industrial trends in the innovative drug sector remain positive, with a focus on "innovation + internationalization" [3] - The innovative drug sector's resilience is expected to improve further after short-term adjustments, with a focus on the improving fundamentals of the innovative drug industry chain [3]

Market Overview - The Shanghai Composite Index rose by 0.06% while the ChiNext Index fell by 0.23% [1] - The lithium battery industry chain led the market, with sectors such as cybersecurity, quantum technology, energy storage, and AI applications showing strength [1] - Conversely, computing hardware concepts experienced a pullback, with the CPO sector leading the decline [1] ETF Performance - Lithium battery sector ETFs saw significant gains, with ICBC Credit Suisse Lithium Battery ETF, Invesco Battery ETF, and CCB Fund Battery ETF rising by 2.71%, 2.52%, and 2.49% respectively [1] - The rare metals sector also performed well, with ICBC Credit Suisse Rare Metals ETF increasing by 2.36% [1] - International oil prices rose, leading to a 2.25% increase in the Huatai-PB Oil and Gas Resources ETF [1] Sector Performance - The gaming sector continued to decline, with both the Gaming ETF and Huatai-PB Gaming ETF dropping over 2% [1] - The innovative drug sector also saw a downturn, with the Innovative Drug ETF for Shanghai-Hong Kong-Shenzhen and the Biomedicine ETF falling by 2.3% and 2.24% respectively [1] - The CPO sector weakened, with the Communication Equipment ETF and 5G ETF declining by 2.04% and 1.92% respectively [1]

Group 1 - The recent recovery of the innovative drug concept has been observed, with related ETFs showing positive performance, particularly the Tianhong Innovative Drug ETF (517380) which saw a peak increase of nearly 2% and is currently up 1.14% [1] - The Biopharmaceutical ETF (159859) has also shown a rise of 1.19%, with a trading volume close to 70 million yuan, leading among similar products [2] - Heng Rui Medicine has received approval for multiple injectable drug clinical trials, indicating a positive development in the biopharmaceutical sector [2] Group 2 - Investment firms like CMB International and Founder Securities express optimism about the innovative drug sector, suggesting that recent market corrections may present buying opportunities [2][3] - The Tianhong Innovative Drug ETF (517380) is noted as the largest in the market, covering a wide range of innovative drugs across the Hong Kong and mainland markets [3] - The Biopharmaceutical ETF (159859) closely tracks the Biopharmaceutical Index, which includes the top 30 stocks in the sector based on market capitalization and liquidity [3]

Core Insights - The innovation drug sector presents significant opportunities but is fraught with substantial risks, often described as "dancing with golden handcuffs" [2] - The A-share and Hong Kong innovation drug sectors have shown volatility, initially rising against a backdrop of market downturns but later lagging behind technology sectors [2] Group 1: Risks in Innovation Drug Development - The development of innovative drugs is characterized by high investment, typically requiring "ten years and ten billion dollars," with a high likelihood of failure at various stages [4] - R&D risks are paramount, as drugs must navigate multiple phases from target discovery to clinical trials, with potential failures at any stage leading to significant financial losses [6] - Financial and time risks are critical, as the lengthy development cycle necessitates continuous funding, which can be particularly challenging for small to mid-sized companies in a tightening financing environment [8] - Commercialization risks arise even after successful drug development, as market access and pricing negotiations with healthcare systems can significantly impact profitability [10] Group 2: Strategies for Risk Mitigation - Companies are diversifying their pipelines across various therapeutic areas and molecular targets to mitigate risks associated with individual drug failures [10] - Chinese pharmaceutical companies are increasingly engaging in overseas collaborations and licensing agreements to secure upfront payments and share development costs, creating a sustainable cycle of funding and innovation [12] Group 3: Investment Strategies for Ordinary Investors - Ordinary investors are advised to consider ETFs over individual stocks due to the high volatility associated with single drug candidates, which can lead to significant losses [14] - Two types of ETFs are recommended: broad-based medical ETFs that include various healthcare sectors and innovation drug-themed ETFs focusing on high-growth companies in niche markets [16][17] Group 4: Market Outlook - The recent short-term pullback in the innovation drug sector is viewed as a normal valuation adjustment, with long-term growth prospects remaining strong as long as R&D quality and commercialization pathways are maintained [19] - Investors are encouraged to adopt a long-term perspective, utilizing market corrections to gradually build positions in innovation drug ETFs to benefit from the industry's growth potential [21]

Core Viewpoint - The disparity in performance between Hong Kong and A-share pharmaceutical stocks is attributed to the perceived growth potential in overseas markets, while the domestic market faces challenges due to past centralized procurement practices [1][2]. Group 1: Centralized Procurement Impact - Centralized procurement is viewed as a significant challenge for A-share pharmaceutical companies, with the recent announcement of the 11th batch of drug procurement emphasizing a "reverse inward competition" approach [2][5]. - The new procurement rules aim to prevent companies from quoting abnormally low prices, ensuring that selected companies can maintain profitability [5][12]. - The focus of this procurement round is to improve the pricing mechanism, benefiting large leading companies with better cost control [5][6]. Group 2: Beneficiaries of Procurement Changes - The companies likely to benefit from the new procurement rules include domestic pharmaceutical leaders, companies previously affected by procurement issues in medical devices and vaccines, and innovative drug companies [5][6]. - The market sentiment is expected to improve for innovative drug ETFs, with a potential for valuation recovery driven by enhanced profitability in the pharmaceutical sector [6][8]. Group 3: ETF Performance and Market Trends - The performance of various pharmaceutical ETFs is analyzed, with innovative drug ETFs showing a strong recovery potential due to market sentiment [6][8]. - The biopharmaceutical ETF category is broad, encompassing various sectors, and is expected to benefit from the new procurement policies [8][10]. - Medical device ETFs are highlighted for their growth potential, although they carry higher risks due to their sensitivity to procurement changes [10][11]. Group 4: Traditional Chinese Medicine (TCM) Insights - The impact of centralized procurement on TCM is limited, with more significant opportunities arising from fluctuations in raw material prices rather than procurement policies [14][17]. - The valuation of the TCM sector is currently low, presenting a potential opportunity for stable investors [14][17].

Core Insights - The innovative drug ETF Tianhong (517380) has reached a new high in scale, totaling 1.283 billion yuan and 1.474 billion shares as of September 16, 2025 [3][4] - The biopharmaceutical ETF (159859) has shown significant growth, with a recent net inflow of 1.72 billion yuan over the past five trading days, ranking first among comparable funds [4][5] - Recent regulatory changes by the National Medical Products Administration aim to enhance the efficiency of clinical trial approvals for innovative drugs, potentially boosting the sector's growth [7][8] Fund Performance - The innovative drug ETF Tianhong (517380) has recorded a trading volume of 37.49 million yuan on September 17, 2025, with significant gains in constituent stocks such as Huyou Pharmaceutical (688553) and WuXi AppTec (02359) [2] - The biopharmaceutical ETF (159859) has seen a trading volume of 115 million yuan, with notable increases in stocks like Baillie Tianheng (688506) and WuXi AppTec (603259) [3] - The innovative drug ETF Tianhong (517380) has a weekly volatility of 9.74%, indicating a more stable performance compared to other indices in the sector [5] Market Trends - The innovative drug sector has shown resilience, with an average revenue growth of 35% among 393 pharmaceutical companies listed in A-shares and Hong Kong in the first half of 2025, driven by favorable medical insurance policies [7] - The recent fluctuations in the stock price of the Hong Kong-listed innovative drug company, Jiajie Ankang, have sparked discussions due to its inclusion in multiple indices, although it is not part of the indices tracked by Tianhong's ETFs [4][5] Regulatory Environment - The National Medical Products Administration's recent announcement aims to streamline the approval process for innovative drug clinical trials, potentially leading to a more efficient development cycle for new drugs [8] - The regulatory changes are expected to instill confidence in innovative drug companies, supporting a comprehensive development framework that includes research, market entry, and clinical application [8]