生物医药ETF（512290）盘中回调，行业边际有望改善，回调或为布局机会

Core Insights - The pharmaceutical and biotechnology industry is showing signs of marginal improvement, with 33% of disclosed companies achieving both revenue and net profit growth in Q3 2025, while 46% experienced revenue decline [1] - 67 companies reported a quarter-on-quarter revenue increase in Q3 compared to Q2, indicating a potential market shift towards high-growth sectors supported by performance [1] Industry Summary - The CXO and upstream life sciences sectors, as well as the recovery in medical device demand and innovative drugs, are recommended areas for investment focus [1] - The overall upstream research and development chain is experiencing high growth, while the medical device sector has stabilized or reversed in Q3 [1] - Some traditional Chinese medicine companies are beginning to stabilize, and the active pharmaceutical ingredient (API) sector is showing signs of bottoming out, coupled with accelerated growth in Contract Development and Manufacturing Organization (CDMO) services [1] - The pharmaceutical equipment upstream is also starting to stabilize [1] ETF Overview - The Biopharmaceutical ETF (512290) tracks the CS Biopharmaceutical Index (930726), which selects listed companies from the Shanghai and Shenzhen markets involved in biopharmaceuticals, medical devices, and medical services [1] - This index aims to reflect the overall performance of listed companies in the Chinese biopharmaceutical industry, emphasizing growth and innovation characteristics [1]