Group 1 - The medical sector continues to decline, with the largest medical ETF (512170) dropping by 2.44%, losing multiple moving averages [1] - Major constituents such as Wanfu Biology fell over 8%, while Zhaoyan New Drug and Yingke Medical dropped more than 6% [1] - Despite the decline, there is active capital inflow into the medical ETF, with a net subscription of 1.07 billion yuan over six consecutive trading days [1] Group 2 - As of now, 10 constituent stocks of the medical ETF (512170) have disclosed their 2025 earnings forecasts, with 8 expected to be profitable [3] - Among these, 7 stocks are projected to achieve double-digit growth, with Zhaoyan New Drug expected to increase profits by 214% to 371% [3][4] - The CXO industry is showing positive trends due to global investment recovery and domestic support for innovative drug sectors [4] Group 3 - The latest report from CITIC Securities highlights the rapid development of ADC and peptide drugs, leading to increased demand in the CXO sector [5] - The medical ETF (512170) is the largest in the market, with a scale of 26.8 billion yuan, covering over 50% in medical devices and nearly 25% in CXO [5] - The report suggests that the Chinese pharmaceutical industry is moving towards high-quality development, supported by structural reforms and improved policy environments [4][5]

Group 1 - The medical sector continues to decline, with the largest medical ETF (512170) dropping by 2.44%, losing multiple moving averages [1] - Despite the decline, there is active low-buying interest, as evidenced by a net subscription of 1.07 billion yuan over six consecutive trading days [1] - Eight out of ten component stocks of the medical ETF have reported positive earnings forecasts for 2025, with seven stocks expected to achieve double-digit growth [2][3] Group 2 - Notable earnings growth includes a projected increase of 214% to 371% for Zhaoyan New Drug, and both Boteng Co. and WuXi AppTec are expected to double their profits [2][3] - The CXO industry is expected to benefit from a recovering global investment environment and continued domestic support for innovative drug development, indicating a positive trend for the sector [2] - The medical ETF (512170) has a total fund size of 26.8 billion yuan, making it the largest in the market for medical ETFs [6]

数据显示，截至2025年12月31日，中证医药及医疗器械创新指数(931484)前十大权重股分别为药明康 德、恒瑞医药、迈瑞医疗、爱尔眼科、片仔癀、新和成、华东医药、康龙化成、艾力斯、甘李药业，前 十大权重股合计占比63.75%。 风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金的过 往业绩及其净值高低并不预示其未来业绩表现，基金管理人管理的其他基金的业绩不构成对本基金业绩 表现的保证。投资人购买基金，既可能按其持有份额分享基金投资所产生的收益，也可能承担基金投资 所带来的损失。投资人应当认真阅读《基金合同》《招募说明书》等基金法律文件，全面认识本基金的 风险收益特征和产品特性，并根据自身的投资目的、投资期限、投资经验、资产状况等判断基金是否和 投资人的风险承受能力相适应，理性判断市场，谨慎做出投资决策。本材料中相关信息来源于基金管理 人认为可靠的公开资料，相关观点、评估和预测仅反映当前的判 ...