华福证券指出，结构上创新主线表现突出，CXO和创新药涨幅靠前，而血制品、医药零售、疫苗和IVD 指数跌幅居前。中长期看好三大方向：1）创新药领域，重点关注有商业化能力且管线丰富的BioPharma 和Pharma，以及前沿技术如基因治疗、小核酸等；2）医疗器械方面，医疗设备经过2025年清库存后叠 加新品上市，看好内镜、机器人等板块性机会，同时神经介入、外周介入等创新耗材也是国家重点支持 方向；3）内需消费相关医药公司，受益于中央经济工作会议提出的内需主导政策。此外，随着美联储 降息落地及新版《生物安全法案》通过众议院投票，政策不确定性消除，外需型CXO的海外订单需求 有望持续回暖，板块估值压制或将解除。 疫苗ETF（159643）跟踪的是疫苗生科指数（980015），该指数从市场中选取涉及疫苗研发、生产及销 售等业务的上市公司证券作为指数样本，以反映生物科学特别是疫苗领域相关上市公司证券的整体表 现。该指数聚焦于生物制品、医疗研发等相关领域，具有较高的成长性和创新性特征，适合关注生物医 药行业的投资者配置。 （文章来源：每日经济新闻） ...

每日经济新闻 疫苗ETF（159643）跟踪的是疫苗生科指数（980015），该指数从市场中选取涉及生物制品、医疗 研发等业务的上市公司证券作为指数样本，重点关注疫苗及相关生物科技领域。该指数旨在反映生物制 药行业特别是疫苗研发生产相关上市公司证券的整体表现，具有显著的行业集中度和成长性特征。 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。 疫苗ETF（159643）近五日资金净流入超5000万元，呼吸疾病与核酸药物领域现技术突破。 华鑫证券指出，在呼吸疾病领域，吸入制剂与新靶点组合正取得积极治疗效果，如Insmed公布的 PAH新药TPIP临床数据显示显著疗效，且冻干粉制剂设计提升用药便利性。国内吸入制剂以改良型新药 或仿制药为主，技术迭代下中国企业逐步掌握粉雾剂和药械结合产品，并具备出海潜力。小核酸领域， Arrowhead的TRiM平台在肝外 ...

Group 1 - The small nucleic acid industry is expected to enter its first explosive growth cycle in 2025, with commercialization progress and new platform validations exceeding market expectations [1] - Alnylam's drug AMVUTTRA for treating ATTR is projected to become the first small nucleic acid drug with sales exceeding $2 billion this year [1] - Ionis's drug for treating sHTG saw a 35% stock price increase after positive data was released in September, with key phase 3 data and commercialization progress in 2026 being noteworthy [1] Group 2 - Arrowhead is focusing on weight loss and CNS projects leveraging its leading liver-external Trim platform, with the first commercial product for treating FCS, Plozasiran, expected in November [1] - The acceleration of small nucleic acid drug commercialization is driving continuous growth in demand for related raw materials and outsourced R&D [1] - The sentiment in the pharmaceutical sector is currently low, but upcoming data releases from the ASH conference, new medical insurance catalogs, and the first version of the commercial health insurance innovative drug catalog are expected to improve the outlook for innovative drugs, CXO, and the medical device industry [1] Group 3 - The vaccine ETF (159643) tracks the vaccine biotech index (980015), which selects listed companies involved in vaccine development, production, and sales, reflecting the overall performance of the vaccine sector within the biopharmaceutical industry [1] - This index exhibits high growth potential and strong specialization characteristics [1]

华福证券指出，医药生物行业近期呈现结构性机会。内镜板块迎来新品集中上市，2025年奥林巴斯X1 国产镜体、开立医疗HD-650及澳华内镜AQ-400等高端产品获批，有望驱动新一轮设备更新需求，国产 厂商招投标金额同比高增且市占率加速提升。医疗设备板块维持高景气，24M12-25M9超声、CT等子类 招投标平均增速超30%，预计2026年行业库存回归常规水平后将迎来业绩拐点。创新药领域，2025年国 家医保谈判新增127个目录外药品，叠加商保创新药目录扩容，支付端持续改善；全球减肥药市场动态 活跃，辉瑞收购Metsera，诺和诺德与礼来宣布2026年起降价以提升可及性。当前医药板块调整超2个 月，估值溢价率处于历史低位，创新药、CXO及医疗设备等主线产业趋势明确，性价比凸显。 疫苗ETF（159643）跟踪的是疫苗生科指数（980015），该指数从市场中选取涉及生物制品、生命科学 工具和服务等领域的上市公司证券作为指数样本，重点关注疫苗研发、生产及相关服务的企业。成分股 具有显著的创新性和成长性特征，能够综合反映疫苗与生物科技行业的整体表现及技术发展动态。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期 ...

Core Insights - The pharmaceutical and biotechnology industry is experiencing a peak in license-out transactions, with 103 deals totaling $92.03 billion in the first three quarters of 2025, representing a 77% increase compared to the total for 2024 [1] - Despite an 8.17% decline in the innovative drug index, external licensing remains a significant catalyst for industry growth, particularly in the dual antibody and ADC sectors, which have established a first-mover advantage [1] - Novo Nordisk and Eli Lilly announced plans to reduce the prices of GLP-1 products starting in 2026 to enhance accessibility and solidify their leading positions in the market [1] Industry Overview - The Vaccine ETF (159643) tracks the Vaccine Biotechnology Index (980015), which selects listed companies involved in bioproducts, life science tools, and services, focusing on vaccine research, production, and related services [1] - The constituent stocks of the index exhibit significant innovation and growth characteristics, reflecting the overall performance and technological development trends in the vaccine and biotechnology sectors [1]

Group 1 - The 2025 World Lung Cancer Conference (WCLC) will showcase a series of research results from domestic innovative drugs, including AK112 from Kangfang Biotech and SHR-4849 from Hengrui Medicine, indicating an enhancement in the competitiveness of clinical data for domestic innovative drugs and a strengthening trend of these drugs going global [1] - The Vaccine ETF (159643) tracks the Vaccine Biotechnology Index (980015), which selects listed companies involved in bioproducts and medical research, primarily covering vaccine and related biotech enterprises, reflecting the overall performance of companies focused on vaccine research and production with high growth and innovation characteristics [1] - Investors without stock accounts can consider the Guotai Guozheng Vaccine and Biotechnology ETF Initiation Link A (017185) and Link C (017186) [1]

Group 1 - The optimization of the 11th batch of national drug procurement rules aims to prevent excessive low-price competition among companies, ensuring product quality and reasonable profit margins, which benefits generic drug companies with cost advantages and promotes the industry's transition towards innovation [1] - Innovative drug companies are achieving significant research and development results, with Dongyang Sunshine Pharmaceutical successfully listing to support its innovative R&D and international expansion, while companies like Heng Rui Medicine and Di Zhe Medicine have received FDA recognition, accelerating their overseas registration and commercialization processes [1] - Overall, the industry is shifting towards innovation-driven and internationalization strategies, with increased policy support for innovative drugs, enhanced R&D capabilities of domestic pharmaceutical companies, and improved competitiveness of innovative drugs in both domestic and international markets [1] Group 2 - The Vaccine ETF (159643) tracks the Vaccine Biotechnology Index (980015), which selects listed companies involved in bioproducts, vaccine research and development, and related industry chains to reflect the overall performance of the vaccine sector [1] - Investors without stock accounts can consider the Guotai Guozheng Vaccine and Biotechnology ETF Initiated Link A (017185) and Link C (017186) [1]

Group 1 - The core viewpoint of the articles highlights the positive impact of the National Medical Insurance Administration's discussions on supporting enterprises in "anti-involution," overseas expansion, and differentiated innovation, which benefits the high-quality development of the medical device industry [1] - The collection prices are expected to remain moderate, promoting stabilization and improvement in corporate profitability [1] - Policies are stimulating innovation and research enthusiasm, leading to the launch of new products that will open growth space in the industry and accelerate replacements [1] Group 2 - With enhanced research and development capabilities, policies are aiding the globalization of Chinese innovative drugs and medical devices, allowing companies to explore global markets [1] - The innovative drug sector is entering a stage of realizing results, with significant research progress catalyzing development potential for companies expanding into emerging markets [1] - Segments affected by collection impacts, such as insulin and orthopedics, are expected to see new growth, while increased industry concentration will accelerate mergers and acquisitions [1] Group 3 - The Vaccine ETF (159643) tracks the Vaccine Biotechnology Index (980015), which selects listed companies involved in bioproducts, vaccine research, and related industry chains to reflect the overall performance of the biopharmaceutical industry's innovation sector [1] - The index focuses on companies with high growth potential and technological leadership, showcasing the development potential in the vaccine and biotechnology fields [1] - Investors without stock accounts can consider the Guotai Guozheng Vaccine and Biotechnology ETF Initiated Link A (017185) and Link C (017186) [1]

Group 1 - The core viewpoint of the article highlights the growth potential of the autoimmune disease (AID) drug market, which is expected to reach $107.9 billion by 2024 and grow to $137.59 billion by 2033, driven by high clinical demand for conditions like atopic dermatitis and asthma [1] - The article notes that the global autoimmune sector is experiencing active large-scale business development (BD) transactions, with companies acquiring assets related to TL1A monoclonal antibodies and S1PR modulators [1] - In China, the overseas licensing of autoimmune drugs is significantly increasing, with transaction amounts projected to reach $3.108 billion in 2024, accounting for nearly one-third of recent total amounts [1] Group 2 - The vaccine ETF (159643) has risen over 2.3%, tracking the vaccine biotechnology index (980015), which focuses on companies involved in vaccine research, production, and sales [1] - The index comprises stocks from biotechnology firms with high market influence and technical strength, reflecting the overall performance and innovation dynamics in the vaccine and related biotechnology sectors [1]

Group 1 - The core viewpoint is that the healthcare device industry is expected to benefit from policies supporting companies in areas such as "anti-involution," overseas expansion, and differentiated innovation, leading to high-quality development [1] - The collection prices are anticipated to remain moderate, which will stabilize and enhance the profitability of companies in the medical device sector [1] - Policies are expected to stimulate innovation and research and development (R&D) activities, opening up growth opportunities for new products and accelerating domestic substitution [1] Group 2 - With the enhancement of R&D capabilities, policies will assist Chinese innovative drugs and medical devices in globalizing, allowing companies to explore international markets [1] - The innovative drug sector is entering a stage of realizing results, with significant R&D progress and potential in emerging markets for companies expanding overseas [1] - The acceleration of centralized procurement in various fields is expected to clear the impact on certain niche markets, leading to new growth opportunities in the future [1] Group 3 - The vaccine ETF (159643) tracks the vaccine biotechnology index (980015), which selects listed companies involved in vaccine R&D, production, and sales, reflecting the overall performance of the vaccine-related securities [1] - The index components cover the innovation and manufacturing supply chain of both human and animal vaccines, effectively representing the development dynamics and market trends of the vaccine industry [1] - Investors without stock accounts can consider the Guotai Guozheng Vaccine and Biotechnology ETF Initiation Link A (017185) and Link C (017186) [1]