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。 ...

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]

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]

Core Insights - The series of discussions by the Medical Insurance Bureau has clarified policy support for companies to "reduce internal competition," expand overseas, and pursue differentiated innovation, which is beneficial for the high-quality development of the pharmaceutical and biotechnology industry [1] - Price collection is expected to remain moderate, promoting stabilization and improvement in corporate profitability; policies are stimulating innovation and R&D enthusiasm, with new products driving domestic substitution and growth opportunities [1] - As R&D capabilities strengthen, policies are aiding the global development of Chinese innovative drugs and medical devices, allowing companies to explore global markets [1] Industry Summary - The innovative drug sector is entering a stage of realizing results, with significant R&D catalysts expected to be a key investment theme by 2025 [1] - Companies focusing on emerging markets for overseas expansion show considerable potential [1] - Segments affected by price collection, such as insulin and orthopedics, are anticipated to experience new growth, accelerating industry concentration and making mergers and acquisitions noteworthy [1] - Continuous policy optimization is expected to benefit innovative and overseas-focused companies [1] Investment Products - The Biopharmaceutical ETF (512290) tracks the CS Biopharmaceutical Index (930726), which selects listed companies involved in biotechnology, pharmaceutical R&D, and medical devices to reflect the overall performance of the biopharmaceutical sector [1] - Investors without stock accounts may consider the Guotai Zhongzheng Biopharmaceutical ETF Connect C (006757) and Guotai Zhongzheng Biopharmaceutical ETF Connect A (006756) [1]

Group 1 - The pharmaceutical and biotechnology sector has recently seen a continuous rise, driven by positive sentiment towards innovative drugs and improved financing data, with the medical research outsourcing segment leading the gains [1] - The SW pharmaceutical and biotechnology industry index increased by 7.84%, outperforming the CSI 300 index by 4.13 percentage points, with medical research outsourcing and raw materials rising by 14.23% and 9.30% respectively [1] - The industry valuation has increased, with a TTM PE ratio of approximately 52.93 times, still at a relatively low level compared to recent years, indicating potential investment opportunities in the innovative drug supply chain [1] Group 2 - The Biopharmaceutical ETF (512290) tracks the CS Biomedicine Index (930726), which selects listed companies involved in biotechnology, pharmaceuticals, and medical devices from the Shanghai and Shenzhen markets to reflect the overall performance of the biopharmaceutical sector [1] - The CS Biomedicine Index primarily includes representative enterprises in the biotechnology and pharmaceutical industries, effectively showcasing the growth and innovation characteristics of China's biopharmaceutical sector [1] - Investors without stock accounts can consider the Guotai Zhongzheng Biopharmaceutical ETF Connect C (006757) and Guotai Zhongzheng Biopharmaceutical ETF Connect A (006756) for exposure to this sector [1]

Group 1 - The medical device sector is expected to benefit significantly from optimized procurement rules in the high-value consumables segment, leading to a slowdown in price competition. The fundamentals of domestically produced orthopedic and coronary stent categories are likely to see a turning point [1] - In the low-value consumables segment, domestic hospital admissions are recovering, and overseas orders are experiencing stable growth. The IVD sector is seeing an expansion in procurement scope, but the price drop is expected to narrow, prompting companies to accelerate breakthroughs in overseas markets [1] - The equipment sector's procurement bidding is no longer solely focused on low prices, and the implementation of trade-in policies is expected to lead to a turning point in company performance [1] Group 2 - The Biopharmaceutical ETF (512290) tracks the CS Biomedicine Index (930726), which selects listed companies involved in biotechnology, pharmaceuticals, and related medical services from the Shanghai and Shenzhen markets to reflect the overall performance of the biopharmaceutical industry [1] - The CS Biomedicine Index primarily includes listed companies in the biopharmaceutical field, focusing on reflecting the overall performance of the Chinese biopharmaceutical industry, characterized by high growth and innovation [1] - Investors without stock accounts can consider the Guotai CSI Biopharmaceutical ETF Connect A (006756) and Guotai CSI Biopharmaceutical ETF Connect C (006757) [1]

Group 1 - The core viewpoint of the article highlights the strong performance of innovative drugs in the biopharmaceutical sector, driven by significant overseas business development collaborations and positive data from the ASCO conference, leading to a notable increase in market trading volume [1] - The biopharmaceutical sector accounts for over 9% of the market, with multinational pharmaceutical companies facing a patent cliff that releases over $240 billion in market space [1] - China is positioned as a key player in global innovative drug supply, leveraging its technological platforms and research efficiency, with the largest number of clinical pipelines in cell therapy, ADC, and bispecific antibodies [1] Group 2 - By 2037, 27 blockbuster drugs with projected sales exceeding $4 billion in 2024 will face patent expirations, creating opportunities for Chinese companies [1] - The value of outbound licensing transactions from China is expected to reach $57.1 billion in 2024, accounting for 30% of the global total, with the total amount surpassing $50 billion in early 2025, increasing to 44% [1] - The long-term outlook is positive for the industry, focusing on three main themes: innovation, recovery, and policy, with innovative drugs and devices being the clearest direction for the industry cycle, leading to gradual revenue and profit realization [1]

Group 1 - The core viewpoint emphasizes the resonance between innovation and domestic demand in the pharmaceutical and biotechnology industry, with a focus on innovative drugs as the main direction [1] - The industry is expected to benefit from policy support, enhanced global competitiveness, and the realization of commercial profitability, particularly in innovative drugs [1] - The internationalization of innovative drugs is accelerating, and companies with differentiated innovation capabilities and global BIC potential products are viewed as long-term investment opportunities [1] Group 2 - The medical device sector shows stable demand, with a potential recovery in procurement expected by 2025, reinforcing the replacement logic [1] - Consumer healthcare is benefiting from the recovery of domestic demand, with positive outlooks for medical services and chain pharmacies [1] - AI in healthcare is bringing new changes to the industry, with digital transformation enhancing efficiency and new business models being anticipated [1] Group 3 - Continuous policy support for innovation is noted, with reforms in medical insurance payments and the development of commercial health insurance creating a diversified payment system that provides incremental funding for innovative drugs and devices [1] - The Biopharmaceutical ETF (512290) tracks the CS Biomedicine Index (code: 930726), which reflects the overall performance of listed companies in the biotechnology, medical devices, and services sectors [1] - The CS Biomedicine Index is characterized by significant innovation attributes and growth features, effectively capturing market trends in the biopharmaceutical industry [1]