中药ETF、中药50ETF逆势上涨，2025Q3申万中药行业机构持仓比例已低至0.20%

Core Viewpoint - The Chinese medicine sector is experiencing a downturn, with institutional holdings at a record low, while certain ETFs are showing resilience amidst broader market declines [1][2]. Group 1: Market Performance - The A-share market indices collectively declined, with the Shanghai Composite Index down 0.97% to 3990 points, and a total market turnover of 1.98 trillion yuan, a decrease of 853 billion yuan from the previous trading day [1]. - Despite the overall market downturn, the Chinese medicine ETFs, including the Chinese Medicine ETF and the Chinese Medicine 50 ETF, saw an increase in value [1]. Group 2: Institutional Holdings and Financial Performance - As of Q3 2025, the proportion of Chinese medicine holdings in funds has dropped to 0.20%, the lowest since 2021, primarily due to performance pressures and capital being drawn to innovative drugs and "AI + healthcare" sectors [2]. - The overall revenue growth rate for the Chinese medicine sector in Q3 2025 was -1.57% year-on-year and -6.15% quarter-on-quarter, with net profit declining by 5.25% year-on-year and 29.32% quarter-on-quarter [2]. - The sales gross margin and net profit margin for the sector were reported at 40.40% and 9.21%, respectively, with the gross margin showing a year-on-year increase of 0.49 percentage points but a quarter-on-quarter decrease of 1.00 percentage points [2]. Group 3: Industry Outlook and Recommendations - The Chinese medicine sector is undergoing a transformation period, facing challenges from weak sales in both pharmacy and hospital channels, with OTC leading companies showing stronger performance resilience [3]. - The introduction of the fourth batch of centralized procurement for traditional Chinese medicine is expected to have a limited impact on listed companies, alleviating previous market concerns [3]. - There is potential for recovery in the OTC sector, particularly for companies with strong brand power and good inventory management, as flu incidence rates are rising [3]. - The industry is expected to see improved revenue growth following inventory clearance and a recovery in gross margins due to declining raw material prices [4].