1月8日，医疗ETF（159828）涨超1%，行业进入创新兑现与全球布局的关键阶段。 医疗ETF（159828）跟踪的是中证医疗指数（399989），该指数从沪深市场中选取涉及医疗器械、医疗 服务、医疗信息化等领域的上市公司证券作为指数样本，以反映医疗主题上市公司的整体表现。该指数 聚焦医药卫生行业，指数具有较高的成长属性和行业集中度，受到老龄化趋势、消费升级及政策导向的 影响。 （文章来源：每日经济新闻） 太平洋证券指出，医药生物行业已进入创新兑现与全球布局的关键阶段，产业周期、政策周期与资本周 期在2026年有望形成共振，中国创新药发展正从"创新叙事"进入"价值兑现"阶段，有望迎来业绩拐点与 估值重塑。重点关注以ADC、双/多特异性抗体、细胞与基因治疗、小核酸等为代表的下一代创新疗 法。医疗器械方面，集采影响日渐减弱，政策覆盖范围过半，其中高值耗材、低值耗材、体外诊断、医 疗设备的覆盖率分别为58%、35%、23%、3%。国产械企在部分超高端领域实现突破，如光子计数 CT、主动脉反流瓣等，叠加出海保持快速增长（2025年1-11月医疗器械出口额同比增长7.3%），相关 企业有望陆续迎来业绩修复。建议关注集 ...

（文章来源：每日经济新闻） 创业板医药ETF国泰（159377）跟踪的是创医药指数（399275），单日涨跌幅限制达20%，该指数聚焦 于创新医药领域，从生物制药、化学制药、中药及医疗服务等细分行业中筛选研发投入较高、创新能力 突出的上市公司证券作为指数样本，旨在反映兼具成长性与科技属性的医药行业领先企业的整体表现。 1月7日，创业板医药ETF国泰（159377）小幅回调，创新药与器械板块或迎多重周期共振。 太平洋证券指出，医药生物行业在2026年将迎来产业周期、政策周期与资本周期的共振，中国创新药有 望实现业绩拐点与估值重塑，重点关注以ADC、双/多特异性抗体、细胞与基因治疗、小核酸等为代表 的下一代创新疗法。医疗器械行业方面，集采政策影响日渐减弱，海外市场保持快速增长，相关企业业 绩有望修复，建议关注集采落地后快速放量的流水型产品及设备更新带动的医疗设备公司。血制品市场 需求和采浆量持续增长，浆站资源向头部集中。科研上游领域，药企研发支出边际改善，国产替代迎来 机遇，中高端产品持续突破。整体来看，医药行业已进入创新兑现与全球布局的关键阶段，投资机会将 集中于具备全球竞争力的创新型企业。 ...

Wind数据显示，今年以来，截至12月8日，医药生物（申万）板块表现稳健，流通市值加权平均涨幅达 30.64%，在申万（2021年）31个一级行业中排第14位，跑输沪深300指数3.82个百分点，展现出一定的 防御性与增长韧性。 ● 本报记者 谭丁豪 今年以来，医药生物板块整体保持稳健运行，防御性与增长韧性凸显，板块内部细分领域的分化特征愈 发明显。 日前，财信证券研究发展中心医药生物行业首席分析师吴号在接受中国证券报记者专访时表示，在政策 支持升级与行业转型深化的双重推动下，医药生物行业已全面迈入创新驱动的高质量发展阶段，"鼓励 创新+成本控制"的政策导向进一步塑造行业格局。随着行业基本面逐步修复，创新药、CXO、消费医 疗三大投资主线的性价比持续凸显，而AI等新技术与产业的深度融合，更开辟了全新增长空间，行业 长期发展逻辑清晰，投资价值逐步释放。 创新药产业链表现亮眼 绩下滑明显。 政策层面对医药生物产业的支持力度显著升级。吴号表示，"十五五"规划建议两次提及"生物制造"，明 确"支持创新药和医疗器械发展"，相较于"十四五"规划建议"完善快速审评审批机制"的表述，政策支持 从流程优化向全链条赋能延伸。"十 ...

Core Insights - The 25th China Private Equity Annual Conference will be held in Shenzhen from February 2-5, 2025, focusing on innovation in pharmaceuticals and life sciences [2] - The "Innovation Drugs and Life Science Summit" will discuss key advancements in biotechnology, including AI-driven drug development, cell and gene therapy, and medical device innovation [3] Group 1: Event Details - The conference is organized by Qingke Holdings, Investment界, and co-hosted by Huaitong Financial Holdings and Nanshan Zhanxin Investment [2] - A special summit on innovative drugs and life sciences will take place on December 4, featuring discussions on industry trends and investment opportunities [2][3] Group 2: Discussion Topics - Key topics include AI-driven models for next-generation drug development, the new era of innovative medical devices, and collaboration between CXOs and VCs to create a new ecosystem for innovative drugs [5] - Roundtable discussions will feature prominent figures from various sectors, including academia, industry, and investment, providing deep insights into the future of medical investments [7]

Core Viewpoint - The Shanghai Municipal Government has issued measures to deepen the reform of drug and medical device regulation, aiming to promote high-quality development in the pharmaceutical industry, focusing on key areas such as cell and gene therapy, rare diseases, and pediatric medications [1] Group 1: Key Areas of Focus - The measures emphasize the importance of specific fields and products, including cell and gene therapy, rare diseases, pediatric medications, high-quality first generic drugs, artificial intelligence medical devices, medical robots, brain-machine interfaces, particle therapy equipment, and innovative traditional Chinese medicine diagnostic and treatment devices [1] Group 2: Regulatory Support - A service list for key varieties under research will be established, providing proactive guidance in clinical trials, registration and listing, inspections, and production licensing [1]

Core Viewpoint - The Shanghai Municipal Government has issued measures to enhance the regulation of pharmaceuticals and medical devices, aiming to promote high-quality development in the pharmaceutical industry [1] Group 1: Regulatory Enhancements - Strengthening standard leadership by actively participating in the formulation and revision of national standards for pharmaceuticals and medical devices, as well as coordinating international standards [1] - Promoting the standardization research of cutting-edge technologies such as artificial intelligence medical devices, medical robots, brain-computer interfaces, particle therapy equipment, innovative traditional Chinese medicine diagnostic devices, and cell and gene therapy [1] Group 2: Traditional Chinese Medicine Standards - Continuing the research on standards for traditional Chinese medicine pieces, formula granules, and medical devices, relying on international standardization platforms like the International Organization for Standardization/Traditional Chinese Medicine Technical Committee (ISO/TC249) to establish international standards for traditional Chinese medicine [1] Group 3: Digitalization and Traceability - Supporting the formulation of group standards for the digital traceability of the production processes of pharmaceuticals and medical devices [1]

Core Insights - Shanghai has established a future industry fund with a total scale of approximately 150 billion yuan to accelerate the development of cutting-edge technologies such as quantum computing and other emerging industries [1][2] Group 1: Future Industry Development - The "future industry" refers to emerging industries that are in the early stages of development and have significant disruptive and forward-looking potential [1] - The goal is to cultivate around 20 leading enterprises in future industry ecosystems by 2027 and to establish Shanghai as a globally influential hub for future industries by 2030 [2] Group 2: Specific Measures - The measures focus on six key areas: future manufacturing, future information, future materials, future energy, future space, and future health, with a structured and phased approach to development [3] - Key support will be provided for high-risk, high-value scientific issues, with collaborative efforts to tackle core technologies and support the construction of innovation incubation platforms [3][4] Group 3: Innovation and Cluster Development - The initiative aims to stimulate corporate innovation throughout the entire lifecycle of enterprises, providing targeted support at different stages [4] - Several future industry clusters have been initiated in areas such as Pudong, Minhang, Yangpu, and Lingang, with plans for a national-level pilot zone for future industries [4] Group 4: Resource Optimization and Dynamic System - The focus is on optimizing core elements such as products, scenarios, finance, talent, and collaboration to provide comprehensive support for future industries [4] - A dynamic cultivation system will be established to adapt to the fast-changing nature of future industries, including mechanisms for ongoing assessment and strategic adjustments [4]

Core Viewpoint - The Shanghai municipal government has introduced measures to accelerate the innovation of cutting-edge technologies and the cultivation of future industries, aiming to establish a significant presence in strategic emerging industries by 2030 [1]. Group 1: Key Measures - The measures aim to achieve breakthroughs in disruptive technologies and establish future industry clusters by 2027, with a target of nurturing around 20 leading enterprises in future industry ecosystems [1]. - The Shanghai government has launched various future industry cultivation plans in fields such as brain-computer interfaces, quantum computing, and 6G, alongside the establishment of a future industry fund with a total scale of approximately 150 billion yuan [2][3]. Group 2: Specific Initiatives - The measures focus on six key development areas: future manufacturing, future information, future materials, future energy, future space, and future health, with an emphasis on supporting cost reduction and accessibility in sectors like cell and gene therapy and brain-computer interfaces [3]. - A three-pronged approach is proposed to support critical technological advancements, including addressing major scientific challenges, creating task lists for key areas, and facilitating the commercialization of research outcomes [3]. Group 3: Industry Cluster Development - The initiative emphasizes the creation of industry clusters in locations such as Pudong and Minhang, with plans for a national-level future industry pilot zone and specific policies to support this development [4]. - The measures include optimizing core elements such as products, scenarios, finance, talent, and collaboration to provide comprehensive support for innovation and application [4]. Group 4: Dynamic Support Mechanism - A "four-in-one" mechanism has been established to enhance project management, task prioritization, fund empowerment, and cluster support, fostering a collaborative innovation ecosystem [5]. - The future industry fund will utilize a dual investment model to create an incubation ecosystem for disruptive technology innovation, aligning with project management teams to optimize resource allocation [5][6]. Group 5: Future Development Goals - The Shanghai government aims to strengthen inter-departmental collaboration and ensure the effective implementation of these measures, with a focus on high-quality development and the cultivation of new productive forces [6].

Core Viewpoint - Shanghai aims to cultivate future industries through a systematic policy framework, targeting breakthroughs in disruptive technologies and the establishment of industry clusters by 2027, with the goal of becoming a globally influential hub for future industries by 2030 [3][12]. Focused Development Areas - The policy emphasizes six key areas: future manufacturing, future information, future materials, future energy, future space, and future health, with specific support for fields like cell and gene therapy, brain-machine interfaces, and biomanufacturing [5][12]. - The rationale for selecting these areas is based on global technology trends and Shanghai's existing technological strengths, aiming for a systematic approach to advance these sectors [6][12]. Investment Mechanism - A "four-in-one" cultivation mechanism is proposed, which includes project manager teams, a task list for breakthroughs, a future industry fund, and support from industry clusters [9][12]. - The future industry fund is designed as a city-level functional mother fund, focusing on disruptive innovation and interdisciplinary technologies, with a total scale of approximately 15 billion yuan and 18 sub-funds already established [9][10]. Key Support Initiatives - The measures include enhancing innovation input, supporting high-quality incubators, and establishing platforms for concept validation and common technology research [16][17]. - The city plans to create national-level future industry pilot zones, fostering a highly concentrated and interactive industrial ecosystem [20][12]. Dynamic Evaluation and Adjustment - A dynamic identification and evaluation mechanism will be established to continuously monitor and assess future industry trends, allowing for timely adjustments in strategic layouts [23][12]. - The policy aims to strengthen the overall coordination and cultivation of future industries and strategic emerging industries through expert consultations and global technology scanning [23][12].

Core Viewpoint - The Shanghai Municipal Government has issued measures to accelerate the innovation of cutting-edge technologies and the cultivation of future industries, focusing on key development areas such as future manufacturing, information, materials, energy, space, and health [1] Group 1: Key Development Areas - The measures emphasize the development of fields like cell and gene therapy, brain-machine interfaces, biological manufacturing, and embodied intelligence, with a focus on reducing costs, improving accessibility, and building industrial ecosystems [1] - There is a strong emphasis on accelerating the cultivation of fourth-generation semiconductors, silicon-based optoelectronics, sixth-generation mobile communications, and brain-like intelligence, supporting product design optimization, application scenario expansion, and market value verification [1] - The initiative also aims to advance quantum technology, controllable nuclear fusion, and regenerative medicine, focusing on tackling technical challenges, converging technical routes, and conducting product research or feasibility verification of technical solutions [1] Group 2: Coordination and Regulation - The measures propose enhanced coordination among various departments, including the Shanghai Science and Technology Commission, Development and Reform Commission, Economic and Information Commission, and others, to collectively promote the cultivation of future industries [1] - There is an exploration of establishing a sandbox regulatory system to accelerate the reform and innovation of a flexible and inclusive regulatory framework for future industries [1] - The initiative aims to establish a robust mechanism for the development of future industries and the relay cultivation of strategic emerging industries [1]