科创创新药ETF国泰（589720）聚焦科创板创新药企业，跟踪汇聚30家代表性优质公司的上证科创板创 新药指数，以高成长biotech为主，产品20%涨跌幅限制使其更贴合板块波动。 中邮证券表示，近期创新药板块持续调整，一方面消化前期涨幅，另一方面BD催化剂较少，博弈情绪 退坡。我们认为调整已基本到位，仍建议基于中长期产业发展逻辑维持或增加创新药资产的仓位。 （文章来源：每日经济新闻） 国庆假期后，创新药持续回调，科创创新药ETF国泰（589720）今日跌近3.5%，两日跌超5%。资金逢 低买入，昨日吸金超5000万元，今日盘中持续溢价交易。 ...

Group 1 - The core viewpoint is that China's innovative drugs are entering a stage of realization, with significant R&D progress and resilience against trade frictions, expected to remain a key investment theme in the pharmaceutical sector until 2025 [1] - The Guotai Innovation Drug ETF (589720) focuses on innovative drug companies listed on the Sci-Tech Innovation Board, tracking a representative index of 30 high-quality companies, primarily in high-growth biotech, with a 20% limit on daily price fluctuations to better align with sector volatility [1] - Since the "924 market" period, the Sci-Tech Innovation Drug Index has outperformed major Hong Kong innovative drug indices, with returns from September 24, 2024, to August 29, 2025, showing increases of 122% for the Sci-Tech Innovation Drug Index, 116% for the Hong Kong innovative drug index, and 107% for the Hang Seng Hong Kong Connect innovative drug index [1] Group 2 - The Sci-Tech Innovation Drug Index is expected to provide better participation in the resilience of the Sci-Tech Innovation Board during periods of increased market risk appetite [1]

医药板块延续反弹，科创创新药ETF国泰（589720）涨近2%。 科创创新药ETF国泰（589720）聚焦科创板创新药企业，跟踪汇聚30家代表性优质公司的上证科创板创 新药指数，以高成长biotech为主，产品20%涨跌幅限制使其更贴合板块波动。 从业绩表现来看，去年"924行情"以来，科创新药指数跑赢主要港股创新药指数！2024年9月24日~2025 年8月31日市场反弹期间，科创新药/港股创新药/恒生港股通创新药指数涨幅分别为125.97%、 121.81%、116.32%，科创新药指数或有助于在市场风险偏好回升时更好地分享科创板的弹性。 注：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。文中提及个股仅供参考，不构成股 票推荐，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） ...

Core Insights - The A-share market has seen a surge in thematic and industry ETFs, with total domestic ETF scale surpassing 5 trillion yuan as of August 25, 2023, indicating a significant milestone [1] - Thematic and industry ETFs are favored by investors due to their ability to provide exposure to core stocks within specific sectors, offering greater elasticity during market rallies [1] Group 1: Financial Sector - The Securities ETF (512880) is recognized as the largest in its category, with a scale of 44.4 billion yuan as of August 28, 2023, and has seen over 10 billion yuan inflow in the past month, reflecting strong investor interest [2] - The brokerage sector is often referred to as the "bellwether of bull markets," and with increased market activity, various brokerage services are expected to experience explosive growth, driving up stock prices in this sector [1] Group 2: New Productive Forces - The Semiconductor Equipment ETF (159516) is benefiting from domestic substitution and AI computing power demands, with a scale of 3.373 billion yuan as of August 25, 2023, ranking first among its peers [2] - The Communications ETF (515880) is positioned to capitalize on the growth of AI and digital infrastructure, with over 8.5 billion yuan in scale as of August 28, 2023, and a significant focus on AI-related companies [4] Group 3: Innovation in Pharmaceuticals - The Innovation Drug ETF (589720) is focused on companies in the Sci-Tech Innovation Board, reflecting the industry's strong growth potential due to recent breakthroughs and supportive policies [4] - The ETF is designed to capture the core growth momentum in the biotech sector, with a 20% daily price fluctuation limit enhancing its investment flexibility [4] Group 4: Robotics and AI - The Robotics Industry ETF (159551) is positioned to benefit from the accelerated commercialization of humanoid robots, with a focus on both hardware and software applications [6] - The AI-focused ETF (159388) is aligned with government policies promoting AI integration across various sectors, indicating a robust growth trajectory for the AI industry [5] Group 5: Coal Sector - The Coal ETF (515220) is the only ETF focused on coal, benefiting from supply constraints and high dividend yields, with a current dividend yield exceeding 5% [8] - This ETF is seen as a defensive investment option, suitable for investors seeking stable returns amid market volatility [8] Group 6: Hong Kong Technology Sector - The Hong Kong Technology ETF (513020) has gained over 40% this year, driven by strong fundamentals and liquidity, focusing on sectors like internet, biomedicine, and new energy vehicles [7] - The ETF tracks the Hong Kong Stock Connect Technology Index, providing exposure to leading technology companies in Hong Kong [7] Group 7: Military Industry - The Military Industry ETF (512660) has a scale of 15.5 billion yuan as of August 28, 2023, and is expected to benefit from short-term events like military parades and long-term trends related to national defense goals [8]

Group 1 - The core viewpoint is that traditional Pharma is showing strong performance in the first half of 2025, driven by significant results from innovation transformation, with increasing innovative revenue and its proportion becoming a key engine for growth [1] - The domestic innovation industry has reached a scale, with several pharmaceutical companies reaping the benefits of their innovative layouts, and traditional pharma has completed its innovation transformation, leading to the rapid rise of innovative drug companies [1] - The aging population is accelerating the demand for chronic disease treatment, contributing to the growth of the silver economy [1] Group 2 - The medical insurance revenue and expenditure are steadily growing, and the development of commercial insurance is constructing a multi-layered payment system [1] - The AI wave is expected to release new growth logic in the pharmaceutical industry [1] - The Guotai Innovation Drug ETF (589720) focuses on innovative drug companies on the Sci-Tech Innovation Board, tracking 30 representative quality companies, primarily in high-growth biotech, with a 20% limit on price fluctuations to better align with sector volatility [1] Group 3 - Since the "924 market" period, the Sci-Tech Innovation Drug Index has outperformed major Hong Kong innovative drug indices, with the index rising 75% compared to 70% for both the Hong Kong innovative drug index and the Hang Seng Hong Kong Stock Connect innovative drug index during the market rebound from September 24, 2024, to June 30, 2025 [1] - The Sci-Tech Innovation Drug Index may help better share the elasticity of the Sci-Tech Innovation Board when market risk appetite rebounds [1]

从业绩表现来看，"924行情"以来，科创新药指数跑赢主要港股创新药指数！2024年9月24日至2025 年6月30日市场反弹期间，科创新药/港股创新药/恒生港股通创新药指数涨幅分别为75%/70%/70%，科 创新药指数或有助于在市场风险偏好回升时更好地分享科创板的弹性。 注：数据来源：Wind，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。 科创创新药ETF国泰（589720）聚焦科创板创新药企业，跟踪汇聚30家代表性优质公司的上证科创 板创新药指数，以高成长biotech为主，产品20%涨跌幅限制使其更贴合板块波动。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱 ...

Group 1 - The Shanghai Composite Index rose by 0.56% to 3686.34 points, marking the highest level since December 2021, with a significant increase of 2.81% in the index [1] - AI hardware continues to drive market momentum, with the CPO concept reaching multiple historical highs, and sectors such as industrial gases showing strong performance [1] - Conversely, sectors like chicken, coal, and Xinjiang experienced declines [1] Group 2 - In the ETF market, AI hardware remains a strong performer, with notable increases in various ETFs: Dachen's AI ETF up by 5.24%, Fortune's communication equipment ETF up by 4.96%, and Huabao's AI ETF up by 4.64% [5] - The innovative drug sector also saw a rebound, with Fortune's innovative drug ETF rising by 3.85% and Guotai's innovative drug ETF up by 3.59% [5] - Hong Kong stocks followed the upward trend, with Fortune's internet ETF increasing by 3.72% [5] Group 3 - The 800 cash flow ETF, which had shown unusual gains previously, fell by 2.53% [6] - The energy sector declined, with coal ETFs and energy ETFs from Guangfa dropping by 0.81% and 0.62% respectively [6]

Group 1 - The core viewpoint is that the innovative drug sector remains sustainable, driven by "innovation + internationalization," supported by policies, enhanced global competitiveness, and commercial profitability realization [1][2] - The innovative drug industry chain is showing signs of fundamental improvement, with overseas orders and performance beginning to recover, while domestic operations have a self-controllable logic [1] - By 2025, domestic demand is expected to rebound, particularly in the consumption medical field, including medical services, traditional Chinese medicine OTC, and chain pharmacies [1] Group 2 - The ETF Guotai (589720) focuses on innovative drug companies in the Sci-Tech Innovation Board, tracking 30 representative high-quality companies, primarily in high-growth biotech [1] - Since the "924 market," the Sci-Tech innovative drug index has outperformed major Hong Kong innovative drug indices, with returns of 75% compared to 70% for both Hong Kong innovative drug indices during the market rebound from September 24, 2024, to June 30, 2025 [1] - The innovative drug industry is experiencing broad development space and good investment opportunities due to continuous breakthroughs in international markets, policy benefits, and steady improvement in the R&D capabilities of Chinese innovative drug companies [2]

渤海证券指出，近期医药生物板块大幅上涨，创新药和CXO行情延续，催化不断。政策方面，本月出 台《支持创新药高质量发展的若干措施》及《关于开展第十一批国家组织药品集中采购相关药品信息填 报工作的通知》，从研发、准入、支付等全链条支持创新药发展，对制药及器械板块意义重大。业绩方 面，已披露业绩的CXO头部企业均有较好表现，呈现恢复态势，板块业绩拐点有望到来。展望后续， 建议把握创新药政策支持窗口，关注商保创新药目录推出进程；同时第十一批集采正在开展，规则进一 步优化，关注受益于集采规则优化的制药板块。 每日经济新闻 科创创新药ETF国泰（589720）跟踪的是科创新药指数（950161），单日涨跌幅可达20%。该指数从科 技创新领域筛选专注于新药研发的上市公司证券作为指数样本，涵盖生物医药、化学制药等细分领域。 指数重点选取研发投入强度大、创新能力突出的医药企业，旨在反映中国创新药物行业领军企业在资本 市场的整体表现。 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 ...

Market Overview - The three major A-share indices collectively rose, with the Shanghai Composite Index increasing by 0.51%, the Shenzhen Component Index by 0.34%, and the ChiNext Index by 0.91% [1] - The North Exchange 50 Index declined by 0.33% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 12,101 billion yuan, an increase of 605 billion yuan compared to the previous day [1] - Over 1,800 stocks in the market experienced gains [1] Sector Performance - The gas, port shipping, and brain-computer interface sectors saw significant gains [1] - The energy metals and military equipment sectors underwent adjustments [1] ETF Performance - The chip sector showed strong performance, with Cambrian rising by 9.95% [5] - Various chip ETFs, including the Huatai-PB Sci-Tech Chip 50 ETF, rose by 2.76%, while the Sci-Tech Chip ETF from Guotai and the Jiashi Fund's Sci-Tech Chip ETF increased by 2.71% and 2.7%, respectively [5] - AI hardware stocks reached new historical highs, with the ChiNext AI ETF from Guotai, Huabao, and Guotai rising by 2.35%, 2.39%, and 2.25% respectively [5] - The communication equipment sector also saw gains, with the Guotai Communication ETF and the Huaxia 5G Communication ETF increasing by 2.5% and 2.05% [5] - The innovative drug sector experienced a pullback, with the Guotai Innovative Drug ETF declining by 2.7% [5] - The rare metals sector also faced a downturn, with rare metal ETFs falling by 2.65% and 2.58% [5] - The aerospace and military sector saw declines across the board, with the Tianhong Aerospace ETF and the military leader ETF dropping by 2.1% and 1.93% respectively [5]