Everbright Securities pointed out that the Federal Reserve has started an interest rate cut cycle, which benefits innovative assets in the pharmaceutical and biological industry, such as innovative drugs and medical devices. With the Fed's expected rate cut in September 2025, the macro environment is anticipated to return to accommodative conditions, further enhancing the valuation premium of innovative assets. Current investment in the pharmaceutical sector should focus on the core logic of clinical value—addressing the needs of patients and healthcare providers. Both domestic and international policies are placing a higher premium on clinical value. Specifically, interest rate cuts will improve the financing environment for pharmaceutical companies. Increased R&D investment by Biotech companies, in particular, will directly boost demand for CXO, positively contributing to new orders and performance growth for CXO companies. In the medical device sector, innovative and upgraded high-end devices and high-value consumables are favored, such as breakthroughs in the localization of cutting-edge technologies like brain-computer interfaces.

The GEM Pharmaceutical ETF GT (159377) tracks the Chuang Medicine Index (399275), which has a daily price fluctuation limit of 20%. This index selects securities of listed companies involved in biopharmaceuticals, medical devices, and related services from the GEM market as index components. It covers areas such as innovative drug R&D, biotechnology, and high-end medical equipment manufacturing, reflecting the overall performance of pharmaceutical-related listed company securities on the GEM.

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