华创医药周观点：医药行业ETF研究系列二之医药ETF2026年场景化配置框架 2026/01/25

Core Viewpoint - The article discusses the investment framework for the pharmaceutical industry ETF in 2026, emphasizing a dual-driven approach of demand and innovation to navigate the market recovery and differentiation after a prolonged bear market since 2021 [29]. Market Review - The CITIC Pharmaceutical Index decreased by 0.38%, outperforming the CSI 300 Index by 0.24 percentage points, ranking 25th among 30 primary industries [9]. - The top ten stocks by increase this week included ST Changyao, Hualan Biological Engineering, and Kangzhong Medical, with gains ranging from 6% to 70.38% [9]. - The bottom ten stocks by decrease included Kain Technology and Aidi Pharmaceutical, with declines of up to 45% [9]. Industry and Stock Events - The article highlights a shift in funding from active to passive management in the pharmaceutical sector, with passive funds becoming a significant part of the long-term funding structure [18]. - The article notes that the innovation drug sector is expected to see a transition from quantity to quality, focusing on differentiated products and internationalization by 2025 [12]. - The medical device sector is experiencing a recovery in bidding volumes, particularly in imaging equipment, and is benefiting from policies promoting home medical devices and accelerated overseas expansion [12]. - The article discusses the favorable conditions for the blood products industry, with relaxed approval for plasma stations and a clear growth path for the industry during the 14th Five-Year Plan period [13]. Investment Strategy - The article proposes a dynamic ETF configuration framework for the pharmaceutical sector, categorized into three layers: a core base of broad-based ETFs, a dual-driven layer focusing on innovative drugs and medical devices, and a defensive layer using traditional Chinese medicine and overseas biotech [22]. - The article emphasizes the importance of a systematic approach to ETF selection, considering liquidity, tracking quality, and cost [24]. - It suggests that the pharmaceutical sector is entering a new growth cycle driven by rigid demand and continuous innovation, necessitating a more structured and rhythmic ETF combination strategy [22].