Biopharmaceuticals are listed as a new pillar industry, and the biotech ETF from E Fund increased by 1.09%.

(Source: Caixin News)

Biopharmaceuticals were listed for the first time as a national emerging pillar industry, and multiple regions have introduced supporting measures to promote the industry’s development. Institutions are optimistic about the global competitiveness of innovative drugs and a new paradigm for medical device exports.

As of 10:55 a.m. on March 25, the SSE Composite Index rose 1.01%, the Shenzhen Component Index rose 1.78%, and the ChiNext Index rose 1.77%. Sectors such as precious metals, the F5G concept, and electricity saw the leading gains.

In terms of ETFs, the E Fund Biotech ETF (159837) rose 1.09%. Among constituent stocks, Yifang Biotech-U (688382.SH) rose more than 5%. Fosun Pharmaceutical (600196.SH), Dian Diagnostics (300244.SZ), Tigermed Pharmaceuticals (300347.SZ), Mindways Biotech-U (688062.SH), Sansheng Guojian (688336.SH), Kanghua Biotech (rights issue) (300841.SZ), Zijing Pharmaceutical-U (688266.SH), BGI Genomics (300676.SZ), Zhuzhou Cell (688520.SH), and others also rose.

On the news front, biopharmaceuticals were listed for the first time together with integrated circuits, aerospace, and the low-altitude economy as a national “emerging pillar industry,” releasing a strong policy signal for faster industrial upgrading and high-quality development. Since this year began, Liaoning, Yunnan, Hunan, and other regions have repeatedly made major arrangements and introduced supporting measures for the development of the biopharmaceutical industry, focusing on seizing development opportunities, addressing shortfalls, and pushing China’s biopharmaceutical industry toward a higher-quality, more competitive direction.

Postal Securities said the sector as a whole shows an overall trend of volatile upside. On the one hand, capital-flow factors are gradually digesting and stabilizing. On the other hand, from the start of the year to now, whether it is BD or recently focused project data readouts, the logic of strengthening the competitiveness of domestically developed innovative drugs is being continuously reinforced. From a mid-term perspective, 2026–2027 will be a relatively quiet window period in which key projects have already gone overseas but commercialization has not yet started. The opportunity of a strong-logic β type is not yet clear. However, clinical data validation at the individual-stock level—such as CStone Pan-KRAS inhibitors, and the Sac-TMT from Kelun-Botai—continues to demonstrate the global competitiveness of domestically developed new drugs. We are very confident in the medium- to long-term large-β outlook for the future global commercialization of domestically developed new drugs, and recommend gradually increasing positions at the current stage.

Guotai Junan Securities pointed out that the AACR Annual Meeting will be held in San Diego, the United States, on April 17–22, 2026. 104 Chinese pharmaceutical companies will bring more than 250 innovative drug candidates to this conference. 92 ADC drugs cover popular targets such as CDH17, Claudin18.2, HER2, and Nectin-4. 66 small-molecule drugs cover targets including KRAS, PRMT5, WRN, and CDK. Cutting-edge technologies such as radiopharmaceuticals, DAC, cell therapy, and mRNA will also disclose preclinical data.

China Renaissance Securities believes that dual-use item management and export controls on certain key materials have caused a huge price gap between domestic and international markets. For example, the overseas price of yttrium oxide is 40 times the domestic quoted price. For zirconia powder bodies that use yttrium oxide as a stabilizer, and for zirconia ceramic blocks, as well as for cost differences in the lowermost denture prosthetics segment, the gap in China vs. abroad is expected to help drive price increases across China’s downstream industry chain. For China-characteristic resources such as rare earths, as control and enforcement improve in the future, related medical products downstream may also, by leveraging resource endowments from local manufacturing, enhance competitive advantage and expand market share. Currently, in the export of medical device products, aside from the 2020–2022 period when disruptions from the pandemic led to overseas supply shortages and price increases, competition within medical devices has mainly been characterized by involution, and prices are showing a downward trend. Using upstream resource controls to expand competitive advantages versus abroad, and raising the price positioning of domestically produced products, will be a new paradigm for overseas expansion in the future.

The E Fund Biotech ETF (159837) focuses on the leading biotech innovation companies

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