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。 ...

资讯数据显示，在A股CXO板块29家上市公司中，有20家公司实现前三季度营收同比增长。 国际化驱动创新药企业业绩增长，位于创新药产业链上游，被称为行业"卖铲人"的CXO板块，也迎来了 需求增长，从而推动业绩整体增长。 从整体来看，当前创新药产业正迎来政策推动、需求爆发的双重利好，二者正共同激活新药研发需求， 并进一步传导至产业链上游的CXO板块。 创新药领域呈现三大趋势：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。 招银国际认为，资本市场融资活动恢复，创新药出海交易规模扩张，国内创新药研发需求回暖，加上美 国进入降息周期，CXO企业下半年业绩表现有望复苏，招银国际预期已授权的创新药管线在海外的临 床发展可成为创新药板块最重要催化剂。 中信建投（601066）证券发布研究报告称，创新药领域呈现三大趋势：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 ...

从整体来看，当前创新药产业正迎来政策推动、需求爆发的双重利好，二者正共同激活新药研发需求， 并进一步传导至产业链上游的CXO板块。 智通财经APP获悉，创新药领域呈现三大趋势：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。 招银国际认为，资本市场融资活动恢复，创新药出海交易规模扩张，国内创新药研发需求回暖，加上美 国进入降息周期，CXO企业下半年业绩表现有望复苏，招银国际预期已授权的创新药管线在海外的临 床发展可成为创新药板块最重要催化剂。 Wind资讯数据显示，在A股CXO板块29家上市公司中，有20家公司实现前三季度营收同比增长。 中信建投证券发布研究报告称，创新药领域呈现三大趋势：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 ...

Core Viewpoint - The investment value of innovative drugs is not a short-term pulse but a long-term industrial dividend, with optimal solutions for sharing this dividend through index tools in golden tracks [1] Group 1: Performance of Innovative Drug Indices - Since July, the National Index for Hong Kong Stock Connect Innovative Drugs and the China Securities Innovative Drug Industry Index have reached new highs, with year-to-date increases of 106.7% and 32.3% respectively as of July 31 [2] - The impressive performance of these indices reflects a decade-long transformation of China's innovative drug industry from "follower" to "leader" [2] - Recent inflows into ETFs tracking innovative drug indices have been significant, with a net inflow of 4.26 billion yuan from August 4 to August 8 and over 16 billion yuan since June [2] Group 2: Index Adjustments and Sensitivity - The recent upgrade of the Hong Kong Stock Innovative Drug Index aims to enhance its focus by excluding CXO companies and increasing adjustment frequency from semi-annual to quarterly, effective August 12 [3][4] - This adjustment allows the index to better capture the core drivers of the innovative drug industry, focusing on pharmaceutical companies that lead drug development and hold key patents [3] - The increased adjustment frequency enhances the index's sensitivity, enabling it to quickly identify emerging growth companies in a rapidly evolving market [4] Group 3: Policy Support for Innovative Drugs - The innovative drug industry has received significant policy support this year, with the State Council's 2025 strategic goal to create a globally competitive innovation ecosystem [5] - Multiple regulatory bodies have introduced supportive measures, including optimizing review processes and reopening IPO channels for unprofitable companies [6] - The 2024 medical insurance fund expenditure on innovative drugs is projected to be 3.9 times that of 2020, with an annual growth rate of 40% [7] Group 4: Market Dynamics and Future Outlook - By the end of 2024, China is expected to have 3,575 original innovative drugs in clinical trials, surpassing the U.S. and becoming the global leader [7] - The proportion of first-in-class (FIC) drugs has increased from less than 10% in 2015 to 24% in 2024, indicating a significant enhancement in original innovation capabilities [7] - The innovative drug market in China currently accounts for less than 10% of the total pharmaceutical market, indicating substantial growth potential compared to over 20% in other G20 countries [9] Group 5: Investment Opportunities in Innovative Drugs - The China Securities Innovative Drug Industry Index has shown a year-to-date increase of 32.3%, with significant upside potential remaining [8] - The long-term growth of the innovative drug market is supported by an aging population and increasing demand for treatments for chronic diseases and rare diseases [8] - Investing in ETFs that track the innovative drug sector provides a way to mitigate risks associated with individual stock investments while capitalizing on overall industry growth [9]