单日净申购2.43亿份，中药ETF(159647)连续20日获净流入

Core Insights - The National Health Commission has indicated that the revised "National Essential Drug List Management Measures" is in the process of gathering opinions, laying the groundwork for scientific adjustments to the list [1] - The 2025 National Drug Administration Work Conference has prioritized the consolidation and improvement of the national essential drug system as a key annual focus [1] - There is a recommendation to pay attention to the overall allocation opportunities in the traditional Chinese medicine (TCM) sector, as the holding ratio has decreased significantly to approximately 0.37%, the lowest in history [1] Valuation and Demand - The historical valuation is around the 14th percentile [2] - Inventory levels for conventional TCM products have returned to normal, with no significant pressure expected in Q3-Q4 [2] - Demand for TCM OTC products remains positive, with many essential varieties showing double-digit growth [2] Policy Impact - The expected implementation of the essential drug list in Q4 this year or next year could lead to a 20%-30% growth for the varieties included, similar to the previous version from 2018 [2] - The adjustment of the national essential drug list, after several years of pause, is now back on the agenda, representing a critical opportunity for the TCM industry [2] Market Performance - As of October 16, 2025, the CSI Traditional Chinese Medicine Index (930641) rose by 0.72%, with notable increases in stocks such as Yunnan Baiyao (5.20%) and Kangyuan Pharmaceutical (4.38%) [2] - The TCM ETF (159647) also saw a rise of 0.79%, with a recent price of 1.02 yuan and a net inflow of 243 million units over the past 20 days [2] Major Holdings - As of September 30, 2025, the top ten weighted stocks in the CSI Traditional Chinese Medicine Index accounted for 55.08% of the index, including Yunnan Baiyao, Pian Zai Huang, and Tong Ren Tang [3]