（文章来源：每日经济新闻） 兴业证券指出，受益于内需端CRO需求持续复苏，以及短期情绪压制因素释放，近期CXO市场关注度 开始回升。2025年以来，内需型CRO订单呈现量价齐升趋势。受益于创新药BD出海和融资企稳回升， 多家CRO新签订单逐季度加速，项目量实现双位数增长。Q4以来从实验用猴、安评报价到临床项目价 格均有提升趋势，客户需求保持旺盛，展望2026年CRO业绩有望进入改善周期。海外需求方面，全球 型CDMO订单强劲，业绩高增长的确定性较强。小分子CDMO行业订单稳健增长，ADC、多肽、双抗 多抗等新分子领域订单快速提升，更多后期临床和商业化项目将逐渐放量，随着项目陆续交付预计2026 年CDMO业绩端有望继续保持快速增长。投融资方面，国内外生物医药一级市场投融资均已呈现出复苏 趋势，美联储降息有望进一步驱动全球生物医药投融资复苏。 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科技、制 药、医疗设备等业务的上市公司证券作为指数样本，以反映生物医药相关上市公司证券的整体表现。 CS生医指数聚焦于生物医药行业的创新与发展，成分股多为在研发、生产及销售等 ...

长江证券指出，2025年以来，伴随着二级市场创新药估值重塑，医药企业A/H上市通道变宽，一级生物 医药投融资退出通道打通，一二级联动或带来中国生物医药投融资生态逐渐走向正循环。2025Q3中国 生物医药投融资金额17.6亿美元，为2022Q4以来新高，2025年11月中国生物医药投融资金额为4.2亿美 元，继续维持在不错水位。中国生物医药投融资或正处于触底回升。 （文章来源：每日经济新闻） 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科技、制 药、医疗设备等业务的上市公司证券作为指数样本，以反映生物医药相关上市公司证券的整体表现。 CS生医指数聚焦于生物医药行业的创新与发展，成分股多为在研发、生产及销售等方面具有较强竞争 力的企业，全面展现了中国生物医药行业的市场动态和发展趋势。 ...

Core Insights - The pharmaceutical and biotechnology industry is experiencing three major trends: deepening internationalization 2.0, unprecedented policy support, and continuous technological breakthroughs [1] Group 1: Internationalization - By 2025, the number of license-out transactions is expected to reach 103, with upfront payments hitting a record high of $8.45 billion, benefiting companies that expand internationally [1] - Companies that successfully venture abroad are enjoying valuation premiums [1] Group 2: Policy Support - There is significant policy support, with improved efficiency in medical insurance negotiations and the establishment of a directory for innovative drugs under commercial insurance for the first time [1] Group 3: Technological Advancements - Continuous breakthroughs in technology are evident, with advancements in ADC, IO dual antibodies, GLP-1 weight loss drugs, and small nucleic acid drugs [1] Group 4: Market Dynamics - The CXO industry adjustment is largely complete, with stable overseas demand and a rebound in domestic investment and financing [1] - Focus is on CDMO companies with strong international capabilities and leading clinical CROs [1] Group 5: Industry Recovery - The upstream supply chain is showing significant recovery, with ample room for increasing domestic production rates [1] - The dual drivers of intelligent, digital production and international expansion are emphasized [1] Group 6: Investment Index - The biopharmaceutical ETF (512290) tracks the CS Biomedicine Index (930726), which selects listed companies involved in biotechnology, pharmaceuticals, and medical devices to reflect the overall performance of the biopharmaceutical sector [1] - The index constituents exhibit high growth potential and innovation, focusing on showcasing the comprehensive development level of the biopharmaceutical industry [1]

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]