中药ETF(159647)冲击3连涨，中药饮片集采各省陆续落地

Core Viewpoint - The Chinese traditional medicine industry is entering a new phase characterized by a significant transformation due to the implementation of centralized procurement, which is expected to impact the entire industry chain from cultivation to distribution and production [1][2]. Group 1: Market Performance - As of June 3, 2025, the Zhongzheng Traditional Chinese Medicine Index (930641) increased by 0.84%, with notable gains from companies such as Huawen Pharmaceutical (002907) up 8.87% and Zuo Li Pharmaceutical (300181) up 8.67% [1]. - The Traditional Chinese Medicine ETF (159647) rose by 0.61%, marking its third consecutive increase, with a latest price of 1 yuan [1]. - Over the week leading up to May 30, 2025, the Traditional Chinese Medicine ETF saw a cumulative increase of 2.17%, ranking first among comparable funds [1]. Group 2: Industry Developments - In May, the implementation of centralized procurement for traditional Chinese medicine pieces accelerated, with approximately 10 provinces beginning to implement the results of the first national centralized procurement [1]. - Some winning companies reported overwhelming orders and have raised their operational targets for the year, reflecting a generally optimistic outlook for their performance [1]. - Industry insiders noted that the changes brought by centralized procurement are causing significant disruptions across the entire traditional Chinese medicine supply chain, akin to a "butterfly effect" [1]. Group 3: Investment Insights - Guosen Securities suggests that the traditional Chinese medicine industry is entering a favorable investment phase due to supply-side structural reforms and demand policy stimulation, emphasizing the importance of matching valuation with sustainable performance [2]. - The Zhongzheng Traditional Chinese Medicine Index includes companies involved in the production and sales of traditional Chinese medicine, reflecting the overall performance of the sector [2]. - As of May 30, 2025, the top ten weighted stocks in the Zhongzheng Traditional Chinese Medicine Index accounted for 54.6% of the index, including major players like Yunnan Baiyao (000538) and Pianzaihuang (600436) [2].