中国生物医药投融资或正处于触底回升阶段，医疗ETF（159828）盘中净流入2500万份。 医疗ETF（159828）跟踪的是中证医疗指数（399989），该指数从沪深市场中选取医药卫生和药品 零售行业的上市公司证券作为指数样本，主要覆盖医疗器械、医疗服务及医疗研发外包等领域，以反映 医疗主题相关上市公司证券的整体表现。该指数成分股偏向中小市值，具有较高的成长性与波动性特 征。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 根据Wind数据，医疗ETF（159865）盘中净流入25 ...

根据wind数据，医疗ETF（159865）盘中流入6100万份，净流入5600万份，资金抢筹医疗资产。 国元证券表示，AI医疗是通过机器学习、自然语言处理、计算机视觉等先进技术，对复杂的医疗数据 进行深度分析，辅助临床决策、优化诊疗流程、提升医疗效率的新型医疗体系，具备智能化、高效化、 便捷化的特征，应用前景广阔。根据甲子光年《2024年中国AI医疗产业研究报告》，2023年中国AI医 疗行业规模为973亿元，预计将在2028年达到1598亿元，2022-2028年间的年复合增长率为10.5%。细分 市场中，AI医学影像和AI制药增长较快。政策支持产业发展，加快AI医疗技术落地。 医疗ETF（159828）跟踪的是中证医疗指数（399989），该指数从沪深市场中选取医药卫生和药品零售 行业的上市公司证券作为指数样本，主要覆盖医疗器械、医疗服务及医疗研发外包等领域，以反映医疗 主题相关上市公司证券的整体表现。该指数成分股偏向中小市值，具有较高的成长性与波动性特征。 （文章来源：每日经济新闻） ...

Core Insights - The medical ETF (159865) has seen a net inflow of 9 million units, indicating strong capital interest in medical assets [1] - The "14th Five-Year Plan" emphasizes support for innovation in medical devices, aiming to make high-end medical equipment a growth driver for the economy [1] - The demand in niche areas such as emergency equipment and in-vitro diagnostics is expected to be released [1] - The innovative pharmaceuticals and medical devices sector is identified as the most promising growth area within the healthcare sector, with current adjustments primarily influenced by market sentiment [1] - As third-quarter reports are being disclosed, earnings certainty is becoming a key focus in the short term [1] - It is recommended to leverage policy benefits and industrial upgrade paths to seize opportunities in innovation-driven enterprises [1] - The medical ETF (159828) tracks the CSI Medical Index (399989), which selects listed companies in the medical and pharmaceutical retail sectors from the Shanghai and Shenzhen markets [1] - The index primarily covers areas such as medical devices, medical services, and medical R&D outsourcing, reflecting the overall performance of related listed companies [1] - The constituent stocks of the index tend to be small to mid-cap, characterized by high growth potential and volatility [1]

Core Viewpoint - The medical ETF (159865) has seen a net inflow of 9 million units, indicating strong demand for medical assets. The "14th Five-Year Plan" emphasizes support for innovation in medical devices, suggesting a potential release of demand in areas like emergency equipment and in vitro diagnostics. The current adjustment in the sector is primarily influenced by market sentiment, with a focus on performance certainty as third-quarter reports are released. Companies should leverage policy benefits and industry upgrades to identify opportunities in innovation-driven enterprises [1]. Group 1 - The medical ETF (159828) tracks the CSI Medical Index (399989), which selects listed companies in the medical and pharmaceutical retail sectors from the Shanghai and Shenzhen markets. This index primarily covers medical devices, medical services, and medical R&D outsourcing, reflecting the overall performance of related listed companies [1]. - The index components are skewed towards small and mid-cap stocks, which exhibit higher growth potential and volatility characteristics [1].

Group 1 - The medical device industry is experiencing a dual recovery in performance and valuation, driven by optimized procurement policies, corporate strategic transformations, and international business expansion [1] - Several companies are showing signs of performance inflection, with expectations of high growth in the second half of 2025 and 2026 [1] - There is an increasing focus on innovative medical devices, particularly in areas such as brain-computer interfaces, AI healthcare, and surgical robots, which have significant growth potential [1] Group 2 - Internationalization is becoming a key growth logic, with Chinese companies gaining global recognition in both incremental and breakthrough innovations, such as the FDA approval of a cerebral stent by SINO Medical [1] - Companies like United Imaging and Mindray are expected to benefit from improved bidding processes and inventory clearance, with Q3 performance anticipated to accelerate [1] - The optimization of procurement rules, such as price correction mechanisms, is alleviating price reduction pressures, indicating a clear trend of industry valuation recovery [1] Group 3 - The CSI Medical Index, which the medical ETF (159828) tracks, selects listed companies involved in medical devices, medical services, and medical information technology to reflect the overall performance of the medical theme [1] - The CSI Medical Index consists of 50 actively traded and high market capitalization securities from the pharmaceutical and biotechnology sectors, ensuring the representativeness of the index samples through periodic adjustments [1]

Group 1 - The pharmaceutical and biotechnology industry has shown strong performance, with a 25.02% increase since the beginning of 2025, outperforming the CSI 300 index by 18.22 percentage points, ranking 4th in industry performance [1] - The preliminary review of the dual catalog for innovative drugs under basic medical insurance and commercial insurance has been published, with 534 drugs passing the basic medical insurance catalog review and 121 drugs passing the commercial insurance innovative drug catalog review. Antitumor drugs account for 29.2%, anti-infection drugs for 10.5%, and neurological drugs for 10.3% [1] - The sentiment in the innovative drug sector is high, exemplified by the 206.5% increase in the stock price of Silver诺药业 on its first day of trading in Hong Kong, with its core product being the first domestically approved long-acting GLP-1 receptor agonist in China [1] Group 2 - The medical device sub-sector has shown the best performance, with medical research outsourcing increasing by 59.6% since the beginning of the year, while chemical preparations and raw materials have risen by 44% and 42.6% respectively [1] - The overall supply and demand situation in the industry is favorable, driven by policy support and technological innovation, promoting continuous development [1] - The medical ETF (159828) tracks the CSI Medical Index (399989), which selects listed companies involved in medical devices, medical services, and medical information technology to reflect the overall performance of medical-related listed companies [1]

Core Viewpoint - The launch of the Smart Medical Insurance Competition is expected to enhance the efficiency of innovative drug development in the pharmaceutical and biotechnology industry, with open medical insurance data aiding companies in accurately identifying clinical needs, thereby shortening development cycles and reducing costs [1]. Group 1: Industry Insights - The competition promotes cross-industry resource integration, potentially leading to new research and development models through collaboration between technology companies and pharmaceutical firms, accelerating the transition of innovative drugs from laboratory to clinical application [1]. - The innovative drug sector is projected to have high growth potential in the long term, with deeper applications of medical insurance data expected to improve both the quantity and quality of innovative drugs, which can achieve significant market share and pricing power post-approval due to clinical advantages [1]. - The reactivation of the dual financing channels of the Sci-Tech Innovation Board and Hong Kong's 18A is expected to invigorate the full-cycle financing of pharmaceutical companies, while new regulations on traditional Chinese medicine pieces are likely to accelerate industry consolidation, benefiting leading companies and distribution channels [1]. Group 2: ETF Information - The Medical ETF (159828) tracks the CSI Medical Index (399989), which selects listed companies in the medical device, medical services, and medical information sectors from the Chinese A-share market to reflect the overall performance of related securities [1]. - The CSI Medical Index focuses on high-growth medical sectors, selecting about 50 stocks with good liquidity and large market capitalization, and undergoes adjustments every six months, showing significant sensitivity to policy changes [1]. - Investors without stock accounts can consider the Guotai CSI Medical ETF Connect A (012634) and Guotai CSI Medical ETF Connect C (012635) [1].

Core Insights - The pharmaceutical and biotechnology sector has recently experienced significant growth, driven by ongoing trends in innovative drugs and CXO markets, with continuous catalysts emerging [1] - Recent policies, including the "Several Measures to Support the High-Quality Development of Innovative Drugs" and notifications regarding the 11th batch of centralized procurement, are crucial for the pharmaceutical and medical device sectors [1] - The innovative drug policy supports development across the entire chain from research and development to market access and payment, while the 11th batch of centralized procurement emphasizes principles such as "stabilizing clinical practices, ensuring quality, preventing collusion, and countering internal competition" [1] - The sector is showing signs of recovery, with a potential inflection point in performance on the horizon, and investment opportunities arising from the optimization of centralized procurement rules in the medical device sector [1] Industry Overview - The Medical ETF (159828) tracks the CSI Medical Index (399989), which selects listed companies involved in medical devices, medical services, and biopharmaceuticals from the Shanghai and Shenzhen markets to reflect the overall performance of the medical industry [1] - The CSI Medical Index focuses on the healthcare sector and covers representative enterprises within the industry, effectively reflecting market characteristics and development trends [1] - Investors without stock accounts can consider the Guotai CSI Medical ETF Link A (012634) and Guotai CSI Medical ETF Link C (012635) [1]

Group 1 - The pharmaceutical and biotechnology industry is experiencing high growth in innovative drugs, with recent government statements supporting innovation and addressing internal competition [1] - The National Healthcare Security Administration has indicated that the 11th batch of centralized procurement will optimize rules, moving away from solely considering the lowest bid [1] - The A-share pharmaceutical sector outperformed in the fourth week of July 2025, with the SW pharmaceutical and biotechnology index rising by 1.9%, and sub-sectors like medical services (+6.7%) and medical devices (+4.4%) showing strong performance [1] Group 2 - The medical device industry is expected to benefit from policy optimization, leading to sustained growth [1] - The overall premium rate of the pharmaceutical sector relative to all A-shares is at a normal level of 88.0%, with innovative drugs and their supply chain maintaining high growth [1] - The CSI Medical Index, which tracks companies in the medical device, medical service, and biopharmaceutical sectors, reflects the overall performance of representative enterprises in the healthcare industry [1] Group 3 - Investors without stock accounts can consider the Guotai CSI Medical ETF Link A (012634) and Guotai CSI Medical ETF Link C (012635) [1]

Group 1 - The medical ETF (159828) rose over 2.1% on July 29, indicating a positive trend in the healthcare sector [1] - The pharmaceutical and biopharma/biotech industries are expected to see a revaluation of value due to high demand for innovative drugs and the realization of innovation pipelines [1] - The medical device industry is likely to benefit from policy optimization, with recent statements from relevant authorities supporting innovation and indicating changes in procurement rules [1] Group 2 - The medical ETF (159828) tracks the CSI Medical Index (399989), which includes listed companies involved in medical devices, medical services, and pharmaceutical commerce [1] - The index reflects the overall performance of companies in the healthcare sector and covers multiple sub-sectors, showcasing the diversity within the industry [1] - The medical sector's performance is expected to continue benefiting from policy support and growing industry demand, particularly in innovative drugs and medical devices [1]