Core Viewpoint - The Chinese asset market is undergoing a significant adjustment, with major indices in A-shares and Hong Kong experiencing sharp declines, particularly in high-tech stocks, while the healthcare sector shows signs of strong buying interest despite the overall market downturn [1][3][7]. A-Shares Market - A-shares saw all three major indices decline, with the Shenzhen Component Index and the ChiNext Index both dropping over 3% [1]. - The largest medical ETF in A-shares (512170) focused on medical devices and CXO, closed down 2.39% but experienced a significant increase in trading volume, with a 30% rise to 687 million yuan, indicating strong buying pressure [1][5]. - The medical sector has been on a downward trend for several years, but this year has shown significant recovery, with current price and valuation levels still at historical lows, suggesting a high margin of safety [5]. Hong Kong Market - The Hong Kong innovative drug sector has experienced high volatility, with the Hong Kong Stock Connect Innovative Drug ETF (520880) dropping 2.53% and seeing a decrease in trading volume to 313 million yuan [3]. - Among the 37 companies covered by the ETF, 33 saw declines, with major stocks like China Biologic Products, CSPC Pharmaceutical Group, and CanSino Biologics all falling over 4% [3]. - The innovative drug sector in Hong Kong has faced a correction after a significant surge earlier in the year, with profit-taking observed since mid-September [7]. Investment Strategies - Analysts suggest that the innovative drug sector may be entering a configuration window, with multiple catalysts expected in the fourth quarter, including industry conferences and positive earnings forecasts [7]. - Investment strategies focus on identifying companies with strong third-quarter earnings and exploring opportunities in the innovative drug sector, while also considering underperforming segments like medical devices and services [7][8]. ETF Performance - The medical ETF (512170) and the Hong Kong Stock Connect Innovative Drug ETF (520880) have attracted significant capital inflows recently, indicating a shift in market sentiment towards these sectors [8]. - The medical ETF is the largest in the market, with a scale of 26.4 billion yuan, and is noted for its unique focus on the pharmaceutical sector [10].
高切低成胜负手?资金悄然加码医药!A股最大医疗ETF5日吸金近7亿,港股通创新药ETF(520880)溢价率飙逾1%
Xin Lang Ji Jin·2025-10-17 12:00