资金坚定“高切低”！中药ETF(560080)收跌0.63%，全天溢价坚挺，近9日连续“吸金”超1.2亿！哪些因素正利好中药板块？

Core Viewpoint - The Chinese medicine sector is experiencing a phase of recovery, with stable performance and attractive valuations drawing investor attention, particularly in the context of market fluctuations [1][13]. Market Performance - The Shanghai Composite Index reached a new high before a slight pullback, indicating a volatile market environment where resilient earnings and high valuation attractiveness are likely to attract funds [1]. - The Chinese Medicine ETF (560080) saw a trading volume of nearly 100 million yuan, with a 32% increase compared to the previous day, and has experienced a net inflow of over 120 million yuan over the past nine days [1]. Valuation Metrics - As of September 11, 2025, the TTM price-to-earnings ratio of the CSI Traditional Chinese Medicine Index stands at 25.97x, which is at a low level since 2021 [3]. Stock Performance - Most major components of the Chinese Medicine ETF (560080) experienced declines, with notable stocks like Baiyun Mountain and Yunnan Baiyao dropping over 1%, while a few stocks like Zhongsheng Pharmaceutical and Darentang saw slight increases [5][6]. Industry Trends - Recent data indicates that flu cases have stabilized, alleviating revenue growth pressures for the industry. The second quarter of 2025 showed improved revenue and net profit growth compared to the first quarter, suggesting a potential recovery in the second half of 2025 [7][13]. - The price index for Chinese medicinal materials has been declining since mid-July 2024, which is expected to ease gross margin pressures for companies in the sector [9]. Future Outlook - Analysts from Zheshang Securities predict an inflection point for the Chinese medicine industry, with expectations of improved performance in the second half of 2025 due to reduced cost pressures from declining medicinal material prices [13]. - Wanlian Securities notes that the first half of 2025 was challenging for the sector due to weak sales channels, but emphasizes the importance of strong brand power and diversified channels for long-term growth [13][14].