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技术、制 药、医疗设备等业务的上市公司证券作为指数样本，以反映生物科技与医药健康相关上市公司证券的整 体表现。该指数成分股具有较高的成长性和创新性，侧重于展示生物医药行业的综合发展水平。 （文章来源：每日经济新闻） 中信建投指出，医药生物行业呈现三大趋势：国际化2.0纵深发展，2025年license-out交易数达103个、 首付款84.5亿美元创历史新高，自主出海企业享受估值溢价；政策支持力度空前，医保谈判效率提升并 首次设立商保创新药目录；技术驱动持续突破，ADC、IO双抗、GLP-1减重、小核酸药物多点开花。 CXO行业调整基本完成，海外需求稳定，国内投融资触底回升，重点关注出海能力强的CDMO企业及 临床CRO龙头。上游产业链复苏显著，国产化率提升空间广阔，智能化、数字化生产与国际化拓展双 轮驱动。 ...

中信建投表示，转型变革稳步推进，关注多元催化。1）目前行业边际改善趋势明显：资金面有望 环比向好；四类药品需求持续释放，同店增长有望环比向好；医保政策导向聚焦行业集中度提升；头部 药店门店结构优化到位，转型提升估值及业绩。2）板块估值处于历史低位，机构持仓较低，Q4及未来 关注呼吸系统疾病发病带来需求回暖，行业出清带动集中度提升，门诊统筹政策带来额外增量。3）行 业长期转型：头部药店25年已积极开展转型试点，期待26年逐步探索可行路径并陆续贡献增量，带动估 值修复。 每日经济新闻 （责任编辑：刘畅 ） 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、制药、医疗设备与服务等业务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。 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） 中信建投表示，中国医药产业迈入"创新兑现+全球布局"的关键阶段，人口与内需基数、全产业链制造 能力构成核心支撑，企业积极探索多元化的出海路径。面对全球竞争与政策深化，行业需"立足于内、 创新引领、开拓于外"，对内强化供应链安全与合规能力，对外深化多元化出海布局。展望2026年，重 点把握创新商业化、全球化突破、政策优化带来的新增量及行业并购整合的机遇。 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、制 药、医疗设备与服务等业务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。 ...

Core Viewpoint - The leading innovative pharmaceutical companies are achieving profitability ahead of schedule, driven by multiple favorable factors that support value recovery [1] Industry Summary - Several innovative pharmaceutical companies are experiencing significant commercialization growth in their core products, with sales of key drugs like Zebutinib and Furmetinib exceeding expectations [1] - The performance improvement of these companies is accompanied by marginal profit enhancement [1] - Long-term support policies for the innovative pharmaceutical industry are being further refined, with ongoing optimization in payment and hospital admission processes, which may resolve existing development bottlenecks [1] - A global trend of interest rate cuts by major central banks is expected to benefit the long-term valuation of innovative pharmaceutical companies [1] Company Summary - The Biopharmaceutical ETF (512290) tracks the CS Biomedicine Index (930726), which selects listed companies involved in biotechnology, pharmaceuticals, medical devices, and services from the Shanghai and Shenzhen markets to reflect the overall performance of related securities [1]

Group 1 - The core viewpoint of the article highlights the establishment of a commercial insurance innovative drug directory in medical insurance negotiations, aimed at addressing the accessibility and affordability of high-priced innovative drugs, particularly for rare disease treatments and high-value innovative medications [1] - The introduction of a "dual directory" negotiation method allows pharmaceutical companies to adopt more flexible application strategies [1] - Domestic innovative drugs are becoming significant competitors to imported drugs in areas such as bispecific antibodies and antibody-drug conjugates (ADC) [1] Group 2 - The biopharmaceutical ETF (512290) tracks the CS Biomedicine Index (930726), which selects listed companies involved in biotechnology, pharmaceuticals, medical devices, and services from the Shanghai and Shenzhen markets to reflect the overall performance of biopharmaceutical-related listed companies [1]

Core Insights - The biopharmaceutical industry is characterized by a coexistence of competition and cooperation between China and the United States [1] - China's research and development capabilities in biotechnology are continuously improving, with the National Medical Products Administration approving 87 drugs in 2023, including 5 domestic innovative drugs [1] - The number of licensing transactions has increased from 15 in 2019 to 33 in 2023, and the share of clinical trials has risen from 3% in 2013 to 28% in 2023 [1] - The U.S. maintains an advantage in genetic engineering and vaccine development, but there is a dependency on Chinese raw materials for the supply chain, making it difficult to eliminate reliance on Chinese supplies in the short term [1] - Long-term technological breakthroughs are expected to reshape the global pharmaceutical industry chain [1] Industry Overview - The Biopharmaceutical ETF (512290) tracks the CS Biomedicine Index (930726), which selects listed companies involved in biotechnology, pharmaceuticals, medical devices, and services from the Shanghai and Shenzhen markets [1] - The CS Biomedicine Index focuses on high-growth and innovative biopharmaceutical companies, aiming to reflect the overall development trend of China's biopharmaceutical industry [1]

Core Insights - The pharmaceutical and biotechnology industry is showing signs of marginal improvement, with 33% of disclosed companies achieving both revenue and net profit growth in Q3 2025, while 46% experienced revenue decline [1] - 67 companies reported a quarter-on-quarter revenue increase in Q3 compared to Q2, indicating a potential market shift towards high-growth sectors supported by performance [1] Industry Summary - The CXO and upstream life sciences sectors, as well as the recovery in medical device demand and innovative drugs, are recommended areas for investment focus [1] - The overall upstream research and development chain is experiencing high growth, while the medical device sector has stabilized or reversed in Q3 [1] - Some traditional Chinese medicine companies are beginning to stabilize, and the active pharmaceutical ingredient (API) sector is showing signs of bottoming out, coupled with accelerated growth in Contract Development and Manufacturing Organization (CDMO) services [1] - The pharmaceutical equipment upstream is also starting to stabilize [1] ETF Overview - The Biopharmaceutical ETF (512290) tracks the CS Biopharmaceutical Index (930726), which selects listed companies from the Shanghai and Shenzhen markets involved in biopharmaceuticals, medical devices, and medical services [1] - This index aims to reflect the overall performance of listed companies in the Chinese biopharmaceutical industry, emphasizing growth and innovation characteristics [1]

Core Insights - The Nobel Prize in Physiology or Medicine in 2025 is expected to recognize groundbreaking discoveries in "peripheral immune tolerance," highlighting the development potential of Treg in autoimmune diseases, cancer, and immune rejection [1] - The main challenge in Treg-targeted therapies is selectivity, requiring drugs to accurately differentiate between harmful Tregs in tumors and beneficial Tregs in peripheral tissues [1] Group 1: Treg Therapy Development - Development strategies include enhancing tumor tissue permeability, strengthening ADCC effects, or targeting higher expression markers in tumor-infiltrating Tregs [1] - Several global biotechnology companies are engaged in developing related therapies, with Chinese companies like Cellin Biotech and Binosi Biotech focusing on Treg treatments for diseases such as ALS and rheumatoid arthritis [1] Group 2: Cancer and Autoimmune Disease Treatment - New cancer therapies aim to inhibit Treg activity in tumor regions, allowing the immune system to effectively attack tumors [1] - Autoimmune diseases may be treated by enhancing Treg functionality, while organ transplants could benefit from increased Treg levels to reduce rejection responses [1] Group 3: Biopharmaceutical ETF - The biopharmaceutical ETF (512290) tracks the CS Biomedicine Index (930726), which selects listed companies in biotechnology, pharmaceuticals, and medical devices from the Shanghai and Shenzhen markets [1] - The CS Biomedicine Index reflects the overall performance of listed companies in the biopharmaceutical sector, focusing on companies with strong competitiveness in relevant fields, showcasing industry growth and innovation capabilities [1]

Core Insights - The release of the 11th batch of national drug procurement documents includes 55 major products, optimizing requirements for participating companies, volume reporting, and rules, moving away from solely selecting based on low prices, which may mark an important turning point [1] - The highest effective bid price calculation excludes abnormally low prices from provincial-level procurement to avoid extreme pricing affecting overall pricing benchmarks, and companies are required to commit to pricing not lower than their costs [1] - Higher quality standards for drugs are mandated, including a requirement for bidding companies to have at least two years of production experience for similar dosage forms and no GMP violations in the past two years [1] - The Shanghai municipal government has issued an action plan to promote the full-chain development of high-end medical device industries, with 20 key tasks aimed at innovation, clinical empowerment, and regulatory approval, planning to add over 500 domestic Class III medical device registration certificates by 2027 and cultivate leading enterprises with an annual output value exceeding 10 billion [1] - Industry policies are gradually being implemented this year, promoting stabilization and recovery in the sector, benefiting the long-term healthy development of pharmaceuticals and medical devices [1] - The Biopharmaceutical ETF (512290) tracks the CS Biomedicine Index (930726), which selects listed companies in biotechnology, healthcare equipment, and services to reflect the overall performance of biopharmaceutical-related securities [1] - The CS Biomedicine Index constituents exhibit high growth and innovation, serving as an important indicator of the development trend in China's biopharmaceutical industry [1]

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]