变盘在即？A股最大医疗ETF（512170）低位连收十字星！港股通创新药再陷调整，四季度还有机会吗？

Core Viewpoint - The A-share and Hong Kong stock markets experienced a pullback, with the pharmaceutical sector showing mixed performance, particularly in innovative drugs and traditional Chinese medicine [1][3][4]. Group 1: A-share Market Performance - The A-share pharmaceutical sector showed resilience, with medical device and traditional Chinese medicine stocks performing well against the market downturn [1]. - Notable individual stock movements included Furuide shares rising by 4.41% and Sanbo Brain Science falling by 5.29%, while major stock WuXi AppTec declined by 0.89% [1]. - The largest medical ETF in A-shares (512170) saw a slight decline of 0.28% with a trading volume of 389 million yuan, indicating a potential key reversal point in the technical analysis [1]. Group 2: Hong Kong Stock Market Performance - The Hong Kong innovative drug ETF (520880) experienced significant volatility, closing down 2.15% and falling below the 10-day moving average [4]. - Among the 37 companies covered by the Hong Kong innovative drug ETF, only 8 stocks rose, with notable declines from companies like Zai Lab, which dropped by 11.44% [6]. - Recent quarterly reports showed mixed results, with Zai Lab reporting a net loss of 36 million USD for Q3 2025, while BeiGene achieved a record revenue exceeding 10 billion yuan, with a 489% year-on-year increase in adjusted net profit [6]. Group 3: Investment Strategies and Recommendations - Analysts suggest that the pharmaceutical sector is poised for a valuation recovery in Q4, driven by improved earnings and supportive policies, recommending investors to seize opportunities in innovative drugs post-correction [6]. - The Hong Kong innovative drug ETF (520880) is viewed as a high-probability area for medium to long-term investment in the biopharmaceutical sector, with suggestions for balanced allocation within the sector [6][7]. - The medical ETF (512170) is the largest in the market, with a scale of 25.6 billion yuan, while the drug ETF (562050) is the only one tracking the pharmaceutical index, highlighting their unique positions in the market [8].