VCANBIO(SH:600645) Xin Lang Ji Jin·2025-11-10 02:56Core Viewpoint - The A-share medical sector is showing resilience with medical device stocks leading the gains, while the CXO concept is lagging behind, indicating a potential shift in market dynamics [1][3]. Group 1: Market Performance - On November 10, A-share medical stocks rose against the market trend, with Zhongyuan Xiehe hitting the daily limit and several other stocks like Jiuan Medical and Yingke Medical rising over 4% [1]. - The largest medical ETF in A-shares (512170) experienced fluctuations but was up nearly 1% at one point, attracting significant capital with a weekly inflow of 480 million yuan [1][5]. Group 2: Industry Outlook - CITIC Securities suggests that the medical device sector may be at a turning point, with opportunities for valuation recovery in individual stocks expected in the short term (2025 Q4 and 2026) [3]. - Long-term investment opportunities are anticipated from innovation, international expansion, and mergers and acquisitions, with a focus on innovative devices in areas with low domestic production rates [3]. - The medical industry is characterized as a "new quality productive force," poised for high-quality development, with expectations for improved profitability and valuation recovery [4]. Group 3: Financial Performance - In the first three quarters of this year, 45 out of 50 constituent stocks of the medical ETF (512170) reported profits, with 17 companies showing double-digit net profit growth [3]. - Notable performers include Zhaoyan New Drug and Meian Health, with net profit growth rates of 214.79% and 110.53%, respectively [4]. Group 4: Valuation Metrics - The current PE valuation of the medical ETF (512170) stands at 33.12 times, which is still below 68% of the time over the past decade, indicating potential for valuation recovery [5]. - The medical ETF has a total scale of 25.6 billion yuan, making it the largest medical ETF in the market [5].