Group 1 - The A-share medical sector continues to adjust, with leading stocks like WuXi AppTec, United Imaging Healthcare, and Aimeike all dropping over 1%, while Tigermed and Furuide fell more than 4% [1] - The largest medical ETF in A-shares (512170) dropped nearly 2%, reaching a three-month low and breaching the six-month moving average, indicating potential large capital inflows during the dip [1] - The medical sector's performance is currently diverging from its valuation, with the medical ETF (512170) trading at a PE ratio of 33.5 times, which is still below 65% of its historical range over the past decade [3][4] Group 2 - The medical device sector showed significant revenue growth of 10.65% year-on-year in Q3 2025, with expectations for continued positive trends into Q4 2025 [3] - The CXO (Contract Research Organization) segment performed strongly, with Q3 2025 revenue up 10.93% and net profit attributable to shareholders up 47.90%, indicating a favorable outlook for the industry [3] - The medical ETF (512170) has a current scale of over 25.8 billion yuan, making it the largest medical ETF in the market, focusing on "medical devices + medical services" [6][7]

Core Viewpoint - The medical sector in A-shares is experiencing a period of adjustment, with mixed performance among individual stocks, but there are signs of potential recovery and growth in earnings and profits in the future [1][3]. Group 1: Market Performance - On November 7, A-shares opened lower, with the Shanghai Composite Index falling below 4000 points, while the medical sector continued its consolidation trend [1]. - The largest medical ETF (512170) showed narrow fluctuations in the morning session, testing support at the six-month line, indicating renewed interest from investors [1]. - After a significant inflow of over 320 million yuan on Tuesday, the ETF attracted an additional 100 million yuan yesterday, suggesting ongoing accumulation by investors [1]. Group 2: Earnings Growth - Analysts predict that the pharmaceutical industry is entering a new cycle of "sustained and high-quality" revenue and profit growth, supported by the ongoing performance recovery in the medical sector [3]. - Among the 50 constituent stocks of the medical ETF (512170), 45 reported profits, with 17 achieving double-digit year-on-year net profit growth. Notably, Zhaoyan New Drug and Meien Health saw net profit growth rates of 214.79% and 110.53%, respectively [3][4]. Group 3: Valuation Insights - The current PE valuation of the medical ETF (512170) stands at 33.29 times, which is still below over 66% of the time in the past decade, indicating potential for valuation recovery [5]. - The medical sector is characterized as a "new quality productive force," poised for high-quality development, with expectations for higher, more certain, and sustained profit quality in the future [4]. Group 4: ETF Overview - As of October 31, 2025, the medical ETF has a scale of 25.6 billion yuan, making it the largest in the market among medical ETFs [6].

医药医疗加快上行脚步！A股最大医疗ETF（512170）今日（2025年7月29日）刷新多项纪录：收涨2.45%报0.377元，收盘价创去年"924"以来次高！日线豪 取10连阳，刷新历史最长连阳纪录！全天成交11.52亿元，为近3个月次高。 制药板块同步活跃，国内首只药ETF（562050）盘中摸高2%，场内收涨1.68%，收盘价续创上市以来新高。百亿美元出海大单加持，核心权重股恒瑞医药继 昨日涨停后续涨2.84%，成交107.31亿元，跻身A股前三。 图片来源： 企业供图 药明康德交出"史上最强"半年报，CXO板块沸腾！医疗ETF（512170）覆盖的6只CXO龙头股集体上攻，药明康德涨7.72%，股价逼近100元，创3年新高！成 交90.14亿元，位列A股第7。此外，九洲药业涨停，昭衍新药午后触板。 中金公司指出，如今创新药板块估值中枢上修，预期BD资金和二级热度上涨将反哺国内新药研发需求起量以及一级创新药项目融资活跃度提升，内需CRO 有望受益。另一方面，中国企业成本与效率优势对海外客户具较强吸引力，外需CDMO订单趋势同样向好。 中泰证券提示，随着财报陆续披露，CXO、GLP-1等景气赛道表现亮眼。 ...