没有股票账户的投资者可关注国泰中证生物医药ETF联接C（006757），国泰中证生物医药ETF联 接A（006756）。 东海证券指出，第十一批国家集采正式文件发布，55个大品种被纳入，此次国采在申报企业要求、 报量、规则方面都做出了优化，不再唯低价中选，有望成为重要转折点。在最高有效申报价测算上，剔 除省级集采中"独家中选"产生的异常低价，避免极端价格拉低整体定价基准，同时要求企业做出不低于 成本报价的承诺。药品质量要求更高，包括投标企业需具备2年以上同类剂型生产经验，生产线2年内无 违反GMP记录。此外，上海市政府印发《上海市促进高端医疗器械产业全链条发展行动方案》，围绕 创新策源、临床赋能、审评审批等七方面部署20项重点任务，计划到2027年新增超500件境内第三类医 疗器械注册证，培育年产值超100亿元的龙头企业。今年以来，行业政策逐步落实，促进行业企稳回 暖，利好药品器械等板块的长期健康发展。 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生物科 技、医疗保健设备与服务等领域的上市公司证券作为指数样本，以反映生物医药相关上市公司证券的整 体表现。CS生 ...

Group 1 - The pharmaceutical and biotechnology industry has shown strong performance recently, with the CITIC Pharmaceutical Index rising by 3.0%, outperforming the CSI 300 Index by 0.7 percentage points, and a year-to-date cumulative increase of 25.5%, demonstrating the sector's resilience [1] - The National Healthcare Security Administration released the "Interim Measures for the Management of Disease-Specific Payment," clarifying the DRG/DIP payment framework and emphasizing transparency in total budget, optimization of technical standards, and reasonable calculation of payment standards, signaling support for medical institutions to use new drugs and technologies [1] - Key mid-term focuses in the industry include innovative drugs (especially those with strong commercialization capabilities like BioPharma and cutting-edge technologies such as gene therapy), medical devices that are experiencing policy turning points, and companies with better-than-expected interim performance [1] Group 2 - The innovative + recovery + policy framework constitutes the three main lines for the medium to long-term outlook, with the sector's valuation still at historically low levels, highlighting its investment value [1] - The Biopharmaceutical ETF (512290) tracks the CS Biopharmaceutical Index (930726), which selects listed companies involved in biotechnology and healthcare from the Shanghai and Shenzhen markets, covering various sub-sectors such as innovative drug development, medical devices, and healthcare services [1] - Investors without stock accounts can consider the Guotai CSI Biopharmaceutical ETF Connect A (006756) and Guotai CSI Biopharmaceutical ETF Connect C (006757) [1]

Core Viewpoint - The pharmaceutical and biotechnology sectors have seen significant gains recently, driven by supportive policies and strong performance from leading CXO companies, indicating a potential turning point for the sector's earnings [1] Group 1: ETF Performance - The Innovation Drug ETF (517110) rose over 3.2%, the Biopharmaceutical ETF (512290) increased by more than 2.2%, the Medical ETF (159828) gained over 1.3%, and the Vaccine ETF (159643) saw an increase of over 1.0% [1] - The Innovation Drug ETF tracks the SHS Innovation Drug Index (931409), which selects listed companies involved in the research and production of innovative drugs, reflecting the overall performance of companies with research capabilities and growth potential [1] Group 2: Policy and Market Trends - Recent policies, including measures to support the high-quality development of innovative drugs and the 11th batch of centralized procurement notifications, are significant for the pharmaceutical and medical device sectors [1] - The performance of leading CXO companies that have disclosed their earnings has shown a recovery trend, suggesting that the earnings turning point for the sector may be approaching [1] Group 3: Index Descriptions - The Biopharmaceutical ETF (512290) tracks the CS Biomedicine Index (930726), which includes companies in biotechnology, pharmaceuticals, and medical devices, focusing on high-growth and strong R&D capabilities [2] - The Medical ETF (159828) follows the CSI Medical Index (399989), which represents companies in medical devices, services, and biopharmaceuticals, serving as an important benchmark for investment value in the domestic medical industry [2] - The Vaccine ETF (159643) tracks the Vaccine Biotechnology Index (980015), focusing on companies involved in vaccine research, production, and related industries, highlighting significant growth and specialization [2]

Group 1 - Core viewpoint: On July 28, 2025, Heng Rui Medicine reached a cooperation agreement with GlaxoSmithKline (GSK), where GSK will pay a $500 million upfront payment and potential milestone payments of up to $12 billion to jointly advance 12 projects in respiratory diseases, oncology, and autoimmune diseases, while Heng Rui retains rights in China [1] - The National Medical Insurance Administration's series of symposiums clarified principles supporting "anti-involution," overseas expansion, and differentiated innovation, which is favorable for the high-quality development of the pharmaceutical and biotechnology industry [1] - The collection prices are expected to further moderate, promoting corporate profitability stabilization and enhancement; policies will stimulate innovation and R&D enthusiasm, with new product launches opening growth space and accelerating domestic substitution [1] Group 2 - As China's innovative drugs enter the results realization stage, the progress in R&D is catalyzing, which is expected to continue as the main investment theme [1] - The Biopharmaceutical ETF (512290) tracks the CS Biomedicine Index (930726), which selects listed company securities involved in biotechnology, pharmaceuticals, and related medical services from the Shanghai and Shenzhen markets to reflect the overall performance of the biopharmaceutical industry [1] - The CS Biomedicine Index has a high industry concentration and growth characteristics, effectively reflecting market development trends in the biopharmaceutical field [1]

每日经济新闻 没有股票账户的投资者可关注国泰中证生物医药ETF联接C（006757），国泰中证生物医药ETF联接A （006756）。 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。 国元证券指出，医保局系列座谈会明确了政策支持企业"反内卷"、开放出海、差异化创新等原则，利好 医药生物行业高质量发展。集采价格有望进一步温和，促进企业盈利企稳提升；政策激发创新研发积极 性，新产品推动国产替代和成长空间打开；随着研发能力增强，政策助力中国创新药械全球化发展，为 企业开拓全球市场。创新药进入成果兑现阶段，研发催化较多，成为2025年投资主线；出海领域在新兴 市场布局的企业潜力大。集采影响出清的细分赛道如胰岛素、骨科等有望迎来新成长，行业集中度提升 加速，并购重组值得关注。政策持续优化，创新与出海企业有望受益。 生物医药ETF（512290）跟踪的是CS生 ...

Group 1 - The pharmaceutical sector is experiencing a positive trend, with the innovative drug ETF (517110) rising by 4.26% and the biopharmaceutical ETF (512290) increasing by 2.72% [1] - Heng Rui Medicine has reached a license-out cooperation with GSK worth over $10 billion, with an initial payment of $500 million and potential milestone payments totaling approximately $12 billion [1] - The strong performance of CXO leader WuXi AppTec, which revised its 2025 half-year performance guidance upwards, reflects the resilience of the innovative drug industry and boosts market confidence in the sector [1] Group 2 - The government has introduced multiple policies to optimize drug procurement and support innovative drugs, indicating a favorable policy environment for the pharmaceutical industry [2] - The newly issued Sci-Tech Innovation Drug ETF (589723) aims to track the Shanghai Stock Exchange Sci-Tech Innovation Board Innovative Drug Index, which has shown stronger rebound potential compared to the broader market [2]

Group 1 - The pharmaceutical and biotechnology industry is experiencing high growth in innovative drugs, with recent government support aimed at reducing internal competition and promoting innovation [1] - The National Medical Insurance Administration has indicated that the 11th batch of centralized procurement will optimize specific rules, moving away from solely considering the lowest bid [1] - The SW pharmaceutical index rose by 1.9% in the fourth week of July 2025, with notable performances in the medical services sector (+6.7%) and medical devices (+4.4%) [1] Group 2 - The CXO and upstream pharmaceutical sectors are seeing a recovery in their business environment, while the medical device sector is expected to benefit further from policy optimizations [1] - The current premium rate of the pharmaceutical sector relative to the entire A-share market stands at 88.0%, indicating a normal level [1] - The CS Bio-Medical Index, which the Biopharmaceutical ETF (512290) tracks, includes listed companies involved in biotechnology, pharmaceuticals, and medical devices, reflecting the overall performance of the biopharmaceutical sector [1]

Core Viewpoint - The biopharmaceutical sector is showing strong performance, with significant gains in innovative drug ETFs, driven by AI applications and substantial licensing agreements [1][3]. Group 1: Market Performance - The innovative drug ETF (517110) opened high and closed up by 3.2%, while the biopharmaceutical ETF (512290) also saw a closing increase of over 2% [1]. - Year-to-date, the innovative drug ETF has outperformed the CITIC Pharmaceutical Industry Index by 30 percentage points [1]. Group 2: Licensing Agreements - Leading innovative pharmaceutical companies have secured licensing agreements exceeding $10 billion, boosting industry optimism [3]. - Heng Rui Medicine announced a deal with GSK, involving a $500 million upfront payment and potential future milestone payments totaling approximately $12 billion [3]. Group 3: AI Applications in Drug Development - High task tolerance rates in AI applications are positively impacting innovative drug development [4]. - AI can generate new drug or protein structures based on disease target understanding and drug chemistry principles, enhancing early-stage drug development efficiency [4]. - AI technologies are expected to reduce costs and improve efficiency in drug activity prediction, target discovery, and pharmacokinetic analysis [5]. Group 4: Future Outlook - Continuous policy support is anticipated to lead to both profit and valuation increases in the sector [6]. - The innovative drug ETF (517110), covering high-quality listed innovative pharmaceutical companies, may have medium to long-term investment value [6].

Market Overview - A-shares experienced a slight increase today, with the Shanghai Composite Index closing at 3597.94 points, up 0.12%, and the Shenzhen Component Index closing at 11217.58 points, up 0.44% [1] - The Shenzhen Component Index reached a new high for the year, while sectors such as defense and pharmaceuticals saw gains, contrasting with declines in coal and steel sectors [1] - The bond market showed signs of recovery, with the 10-year bond yield at 1.7150%, down 1.75 basis points, and the 30-year bond yield at 1.9225%, down 2.50 basis points [1] Monetary Policy and Debt Market - The People's Bank of China emphasized the need for coordination between monetary and fiscal policies to enhance cash management and bond issuance [2] - The central bank's stance on maintaining a loose monetary policy is expected to continue, positioning the bond market favorably [2] - Investors are advised to seize short-term opportunities in long-duration assets like the 10-year Treasury ETF [2] Gold Market Insights - Gold prices fluctuated around $3330, facing temporary pressure from recent trade agreements between the US, Japan, and the EU, but the long-term outlook remains positive [3] - Global gold ETF holdings increased by 407 tons this year, a rise of approximately 12.6%, indicating a growing demand for gold as a hedge against macroeconomic uncertainties [5] - The appeal of gold as a traditional safe-haven asset has been reaffirmed amid rising macroeconomic uncertainties [5] Biopharmaceutical Sector Performance - The biopharmaceutical sector showed strong performance, with the Innovation Drug ETF rising by 3.2% and the Biopharmaceutical ETF increasing by over 2% [5] - The sector is buoyed by significant licensing agreements, such as the one between Hengrui Medicine and GSK, which could accelerate the commercialization of innovative drug projects [8] - AI applications in drug development are expected to enhance valuation and growth potential within the sector, with a focus on the positive impact of AI on research and development efficiency [6][9][10]

Group 1 - The pharmaceutical and biotechnology sector has recently seen a continuous rise, driven by positive sentiment towards innovative drugs and improved financing data, with the medical research outsourcing segment leading the gains [1] - The SW pharmaceutical and biotechnology industry index increased by 7.84%, outperforming the CSI 300 index by 4.13 percentage points, with medical research outsourcing and raw materials rising by 14.23% and 9.30% respectively [1] - The industry valuation has increased, with a TTM PE ratio of approximately 52.93 times, still at a relatively low level compared to recent years, indicating potential investment opportunities in the innovative drug supply chain [1] Group 2 - The Biopharmaceutical ETF (512290) tracks the CS Biomedicine Index (930726), which selects listed companies involved in biotechnology, pharmaceuticals, and medical devices from the Shanghai and Shenzhen markets to reflect the overall performance of the biopharmaceutical sector [1] - The CS Biomedicine Index primarily includes representative enterprises in the biotechnology and pharmaceutical industries, effectively showcasing the growth and innovation characteristics of China's biopharmaceutical sector [1] - Investors without stock accounts can consider the Guotai Zhongzheng Biopharmaceutical ETF Connect C (006757) and Guotai Zhongzheng Biopharmaceutical ETF Connect A (006756) for exposure to this sector [1]