经过历史性的10连阳后，A股最大医疗ETF（512170）迎来回调。7月最后一个交易日（2025年7月31日），大盘午后加速下探，三大指数齐跌逾1%。医疗板 块同步走低，医疗ETF（512170）场内收跌1.6%失守5日线。 512170日内波动加大，全天振幅2.67%，场内筹码交换充分，成交额达10.2亿元，仍处于近期高位。 图片来源：Wind 近期持续领涨的CXO成份股调整居前，巨头药明康德放量下跌2.61%，成交额达94.99亿元创近4个月天量，跻身A股第8；康龙化成跌3.36%。此外，医疗器 械巨头迈瑞医疗、眼科龙头爱尔眼科及医美龙头爱美客均跌逾2%。 | 图片来源：Wind | | --- | 【"七翻身"！医疗ETF累涨11.48%强势跑赢】 7月正式收官。这个7月，医疗板块上演了精彩的"七翻身"行情。23交易日里，医疗ETF（512170）仅有6日收跌，7月场内价格累计上涨11.48%，强势跑赢沪 指（+3.74%）及创业板指（+8.14%），且月线斩获三连阳。 图：医疗ETF（512170）上市以来月K走势 医疗行情持续修复，当前位置走还是留？拉长时间线来看，尽管医疗ETF（512170）目前 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5] Core Insights - The pharmaceutical sector is experiencing a shift from price competition to quality and value competition due to the new procurement policies aimed at alleviating the low-price competition dilemma [2][11] - There is increasing policy support for innovative drugs and medical devices, which is expected to accelerate the development of high-end domestic medical devices [18] Summary by Sections Market Performance - The overall A-share market rose by 1.70%, with the biotechnology sector outperforming at a 1.90% increase [23] - The medical services sector led the gains with a 6.73% increase, while chemical pharmaceuticals saw a decline of 1.23% [23] Procurement Policy Changes - The 11th batch of centralized procurement emphasizes "anti-involution," allowing medical institutions to choose based on brand and requiring the lowest bidders to justify their pricing [17][15] - This policy aims to shift focus from aggressive price competition to quality and value, benefiting leading companies in the industry [15][17] Support for Innovation - Recent announcements from the National Medical Products Administration and the National Healthcare Security Administration indicate a commitment to support the innovation of high-end medical devices and drugs [18] - The average annual growth rate of healthcare spending on innovative drugs is projected at 40% from 2020 to 2024 [18] Company Earnings Forecasts and Ratings - Major companies such as Mindray Medical, WuXi AppTec, and Aier Eye Hospital are rated as "Outperform" with projected earnings growth [4] - Mindray Medical is expected to see a rise in net profit from 116.7 billion in 2024 to 161.9 billion by 2027, with a PE ratio decreasing from 24.1 to 17.4 over the same period [4] Recommended Stocks - Mindray Medical is highlighted for its strong R&D and sales capabilities, benefiting from domestic healthcare infrastructure and product upgrades [33] - WuXi AppTec is noted for its comprehensive service capabilities in the new drug development sector, poised to benefit from the global outsourcing market [33] - Aier Eye Hospital is recognized for its rapid expansion in the eye care sector, supported by a strong brand and operational capabilities [33]