Core Viewpoint - The A-share market experienced a pullback after an initial rise, with the medical sector showing signs of steady consolidation. The medical device ETF rose by 0.88% and has seen net inflows for eight consecutive trading days, indicating strong investor interest in this sector [1]. Market Performance - As of 10:09 AM, the medical device ETF increased by 0.88%, reflecting a positive trend in the sector despite the overall market pullback [1]. - Notable stocks such as Caina Technology, Aohua Endoscopy, and Aomei Medical have shown resilience by rising against the market trend [1]. Industry Growth - According to data from Zhongcheng Shuke, the overall market size for medical device bidding in China is projected to grow by 29.8% year-on-year by the third quarter of 2025. Although the growth rate has slightly declined compared to the first and second quarters, the overall market is expected to maintain stable growth [1]. - Guojin Securities highlights that under the current domestic innovative payment system, some innovative products have achieved a positive cycle of R&D investment returns, with sales reaching new highs. This is further supported by the release of overseas clinical data and a peak in external licensing, accelerating the realization of innovative value [1]. Export and Collaboration - The report emphasizes the significance of international collaboration and global industrial chain division, noting that high-value consumable exports have seen a breakthrough. This aspect of the industry chain is deemed worthy of attention [1].

Core Viewpoint - The Hong Kong stock market experienced a collective decline in key indices, influenced by hawkish signals from the Federal Reserve, with the Hang Seng Biotechnology Index dropping over 2% at one point [1] Group 1: Market Performance - The largest ETF tracking the Hang Seng Biotechnology Index, the Hang Seng Medicine ETF (159892), saw active trading, with a transaction value exceeding 500 million as of 10:48 AM, ranking first among its peers [1] Group 2: Policy Developments - The 11th batch of centralized drug procurement is progressing steadily, with the National Medical Insurance Administration releasing procurement documents on September 20. The new procurement strategy will not simply use the lowest bid as a benchmark; instead, if the lowest price is below 50% of the average winning price, the latter will serve as the price control anchor [1] - This approach aims to prevent vicious low-price competition among companies, protect reasonable profits, and ensure better drug quality [1] Group 3: Industry Insights - According to Huaxin Securities, under the current domestic innovative payment system, some innovative products have achieved a positive cycle of R&D investment returns, with sales reaching new highs. Additionally, overseas clinical data is being released, and the peak of external licensing is approaching, accelerating the realization of innovative value [1]