【上涨驱动因素分析】 消息面上，9月国产创新药对外授权（License-out）如约而至。2025年9月5日，恒瑞医药宣布与美国Braveheart Bio公司就其自主研发的心肌肌球蛋白 （Myosin）小分子抑制剂HRS-1893项目达成独家许可协议，再次通过NewCo模式成功实现对外授权，显示出中国创新药出海模式的持续创新与国际市场认 可度的提升。9月3日，舶望制药宣布就心血管小核酸管线再次与诺华达成BD（1.6亿美金首付款、总包54亿美元），授予诺华两款早研分子中国以外权益选 择权（用于治疗sHTG和混合型血脂异常），以及BW-00112（ANGPTL3，中美均处于II期临床）的优先谈判权，此举也反映出国产小核酸药物正在持续获得 国际巨头认可。（风险提示：个股仅做行业基本面说明，不作为投资建议） 数据来源：Wind 9月5日，大盘全天单边回升，截至收盘，上证指数涨1.24%报3812.51点，周跌1.18%，深证成指涨3.89%，周跌0.83%，创业板指涨6.55%，周涨2.35%，沪深 300涨2.18%，周跌0.81%，北证50涨5.15%，周涨2.79%，科创50涨3.39%，周跌5.42%，中证 ...

来源：市场资讯 （来源：ETF和LOF圈） 9月1日，大盘全天强势震荡，创业板指较强，微盘股企稳。截至收盘，上证指数涨0.46%报3875.53点，深证成指涨1.05%，创业板指涨2.29%，沪深300涨 0.6%，北证50跌0.36%，科创50涨1.18%，万得全A涨0.81%，万得A500涨0.69%，中证A500涨0.85%。A股全天成交2.78万亿元，上日成交2.83万亿元。 创新药ETF（517110）单日涨幅达6.05%，科创创新药ETF（589720）单日涨幅达5.02% 数据来源：Wind 后市展望 展望后市，创新药中长期产业逻辑并没有变化且仍在继续，海外拓展、政策推进、基本面拐点三层主线仍有望持续构成创新药板块的支撑： 1.首先，BD出海、license-out等国际化进展增强板块成长逻辑； 2.其次，商保创新药目录和医保目录落地节奏，有望持续提供政策利好； 3.报和三季报创新药及其产业链公司的业绩得到验证，或带来更强估值支撑。 从产业基本面出发，建议投资者重点关注创新药及其产业链的以下方向： 上涨驱动因素分析 宏观流动性层面上，美联储官员密集释放"鸽派"信号，市场对于9月降息预期迅速升高。 ...

国家育儿补贴方案公布。《育儿补贴制度实施方案》发布，从2025年1月1日起，对符合法律法规规定生 育的3周岁以下婴幼儿发放补贴，育儿补贴按年发放，现阶段国家基础标准为每孩每年3600元，发放补 贴至婴幼儿年满3周岁。 今年以来政府多次提出优化药品集采、支持创新药等相关政策，同时商保创新药目录出台在即，医药政 策环境向好。创新药ETF（517110）一键布局沪深港三地创新药企，把握"AI+创新药"趋势性行情。此 外，也可以关注近期正在发行的科创创新药ETF（589723），发行时间是7月14日至7月25日，跟踪的是 上证科创板创新药指数，指数以biotech为主，呈现出比较鲜明的中小市值特性，创新纯度更高，研发费 用占比更高，从历史表现来看，2024年"9·24"到2025年6月科创板创新药指数的反弹力度比大盘更强， 也能够明显超过同类的医药指数，体现出了更强的上涨弹性。 每经编辑｜彭水萍 7月29日，医药板块行情持续演绎，创新药ETF（517110）大涨4.26%，生物医药ETF（512290）上涨 2.72%。 恒瑞医药与GSK达成超百亿美金的License-out合作。继三生制药、中国生物制药斩获海外大单 ...

Market Overview - The market experienced a strong upward trend throughout the day, with the ChiNext Index leading the gains. The total trading volume in the Shanghai and Shenzhen markets reached 1.54 trillion yuan, an increase of 97.3 billion yuan compared to the previous trading day. By the end of the trading session, the Shanghai Composite Index rose by 0.37%, the Shenzhen Component Index increased by 1.43%, and the ChiNext Index gained 1.76% [1] Innovation Drug Sector - The innovative drug sector led the market gains today, with the Innovative Drug ETF (517110) opening strong and ultimately closing up by 4.40% [2] - Recent positive news for the innovative drug sector includes the inclusion of the domestically developed antiviral drug Qiruisuo Wei in the World Health Organization's priority list for children's medicines, which could provide accessible and affordable treatment for children globally [4] - The National Healthcare Security Administration and the National Health Commission have issued measures to support the high-quality development of innovative drugs, including 16 specific initiatives aimed at enhancing research support, integrating innovative drugs into insurance directories, and improving clinical application [5] Performance Reports - The CXO sector has shown a positive performance trend, with companies like WuXi AppTec and Boteng Co. forecasting significant revenue growth. WuXi AppTec expects to achieve revenue of 20.799 billion yuan in the first half of 2025, a year-on-year increase of 20.64%, with adjusted net profit projected to rise by 44.43% [6] - The trend of innovation in the drug sector is expected to continue, with a focus on "innovation + internationalization" as a core direction for the pharmaceutical industry. The recovery of overseas business orders and performance in the CXO sector is also noted [6] Internationalization of Innovative Drugs - China's share of global innovative drug business development (BD) transactions has increased significantly, from 3% in 2019 to 13% in 2024, with the monetary share rising from 1% to 28%. The total amount for license-out transactions in the first half of 2025 is approaching 66 billion USD [6][7] - 2025 is anticipated to be a breakout year for Chinese innovative drugs in overseas markets, with numerous products expected to exceed transaction values of 3-5 billion USD [7] Investment Opportunities - The ongoing issuance of the Sci-Tech Innovation Drug ETF (subscription code: 589723) is gaining traction, tracking the Shanghai Stock Exchange Sci-Tech Innovation Drug Index, which focuses on leading companies in the innovative drug sector [7] - The communication ETF and ChiNext AI ETF also showed positive performance, closing up by 3.89% and 3.04% respectively [7]