医药板块整体低估，恒生医疗指数ETF(159557)盘中涨近1%，最新规模创近1年新高！

Core Viewpoint - The Hang Seng Healthcare Index has shown positive performance, with significant increases in constituent stocks, indicating a potential recovery in the healthcare sector [1][3]. Group 1: Index Performance - As of May 9, 2025, the Hang Seng Healthcare Index rose by 0.33%, with notable increases in stocks such as Zai Lab (+7.38%) and WuXi AppTec (+3.23%) [1]. - The Hang Seng Healthcare Index ETF (159557) has increased by 16.06% over the past month, ranking first among comparable funds [1]. Group 2: Liquidity and Scale - The Hang Seng Healthcare Index ETF recorded a turnover rate of 4.41% with a transaction volume of 11.35 million yuan [3]. - The ETF's latest scale reached 260 million yuan, marking a one-year high, with shares totaling 215 million, also a one-month high [3]. Group 3: Valuation Insights - The latest price-to-earnings ratio (PE-TTM) for the Hang Seng Healthcare Index ETF is 23.83, which is in the 4.36% percentile over the past year, indicating a valuation lower than 95.64% of the time in the last year [3]. Group 4: Market Outlook - China Galaxy Securities notes that the pharmaceutical sector has undergone a prolonged adjustment, resulting in low overall valuations and underweight public holdings. The policy support for commercial insurance development in 2025 is expected to improve payment conditions marginally, benefiting innovative drugs and medical devices [3]. - The company anticipates a sustained recovery in the pharmaceutical market, with structural opportunities remaining, particularly in the innovative drug supply chain [3].