风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产 品要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 每日经济新闻 （责任编辑：董萍萍 ） 1月14日，创新药ETF国泰（517110）涨超1.4%，化学CDMO优势与生物领域竞争格局引关注。 国信证券指出，医药生物行业在化学制药领域，中国CXO企业在人才红利、化学能力、合规产 能、知识产权保护方面具有综合优势，欧洲地区生物制药产能建设周期较长，印度企业在知识产权保护 力度、高标准合规产能供给稳定性等方面仍存在明显短板，中国企业在化学CDMO领域的核心行业地位 5年内具备较强的不可替代性；生物领域，行业β明显，韩国、日本等国的生物药CDMO企业呈现出相 较于国内生物药CDMO企业更高的收入增速，中欧美日韩同台竞技，但在XDC的CRDMO领域，国内龙 头药明合联的全球市占率持续提升。长期维度需观察两大因素影响：一是"生物 ...

Group 1 - The pharmaceutical and biotechnology sector has shown strong performance recently, particularly in the medical services and medical devices sub-sectors [1] - The National Healthcare Security Administration (NHSA) has held two meetings to support innovative drugs and medical devices, introducing new policies to empower innovation, such as standardizing new medical service pricing and researching a pricing mechanism for newly launched drugs [1] - Since June 2025, the regulatory attitude towards supporting innovative medical devices has become clearer, with expectations for more supportive policies in the future [1] Group 2 - The NHSA has clarified that "the selection in centralized procurement will no longer simply refer to the lowest price," indicating a shift towards orderly and healthy competition in the medical device sector, which is expected to enhance profitability and valuation levels [1] - The Guotai Innovation Drug ETF (517110) tracks the SHS Innovation Drug Index (931409), which selects listed companies involved in the research, production, and sales of innovative drugs from the Shanghai, Hong Kong, and Shenzhen markets [1] - The index reflects the overall performance of listed companies in the innovative drug industry chain, focusing on growth and specialization, with a concentration in the pharmaceutical and biotechnology sectors [1]

Group 1 - The core viewpoint is that the value reassessment of innovative drugs is driven by overseas expansion and clinical breakthroughs, with significant growth in transaction volume and quantity in the first half of 2025 [1] - The total transaction amount related to innovative drugs in China reached $60.8 billion in the first half of 2025, a year-on-year increase of 129%, with 144 transactions, up 67% year-on-year [1] - The recognition of the value of innovative drugs by overseas multinational corporations (MNCs) is rapidly increasing, particularly in areas such as PD-1 bispecific antibodies, where Chinese companies have gained a leading edge [1] Group 2 - The focus is on the three-antibody combination, such as CD3/CD38/BCMA, which shows positive efficacy in hematological and solid tumors, with domestic three-antibody SIM0500 already authorized [1] - GLP-1 class drugs are reshaping the market with global sales revenue exceeding $50 billion, and the transaction volume in the weight loss sector in the first half of 2025 is 1.5 times that of the entire year of 2024 [1] - Breakthroughs in the autoimmune field, such as the international market development of Tai Tasi Pi through MG clinical data advantages, are highlighted [1]

Group 1 - The 2025 American Society of Clinical Oncology (ASCO) annual meeting will take place in Chicago from May 30 to June 3, with a record number of presentations from Chinese experts, further fueling investment enthusiasm in innovative drugs [1] - In the medium to long term, innovative drugs will remain the main focus of pharmaceutical investments in China, transitioning from quantity and speed to quality and innovation, supported by increasing policy backing [1] - Recent significant transactions in the innovative drug sector include a deal exceeding $6 billion by 3SBio and a forecasted $5 billion deal by CSPC Pharmaceutical Group, alongside a $9 billion collaboration between BMS and BioNTech [1] Group 2 - The domestic innovative payment system has enabled some innovative products to achieve a positive cycle of R&D investment returns, with sales reaching new highs and an increase in overseas clinical data and licensing agreements [2] - The Guotai Innovative Drug ETF (517110) tracks the SHS Innovative Drug Index (931409), which reflects the overall performance of listed companies involved in innovative drug R&D, production, and sales in the A-share market [2] - The index consists of stocks with significant R&D investment characteristics and growth potential, representing the performance of the innovative drug industry chain [2]