风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 每日经济新闻 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涉及医疗器械、医疗 服务及医疗信息化等业务的上市公司证券作为指数样本，以反映医疗主题相关上市公司证券的整体表 现。中证医疗指数覆盖医药卫生行业多个细分领域，具有显著的行业集中度和成长特征，为投资者提供 了布局医疗健康产业的投资工具。 银河证券指出，医药生物行业集采提质扩面进入后半程，价格机制与质量监管并重。国家集采累计覆盖 435个品种，第十一批聚焦55种临床成熟药物，通过制度创新实现稳临床、保质量、防围标、反内卷， 保证中选产品的临床可及性和标准一致性。随着集采规则持续优化、价格机制更趋合理，国产龙头企业 依靠合规和创新能力，有望实现份额提升及结构性增长。医保基金收 ...

Group 1 - The core viewpoint is that AI in healthcare is reshaping the industry ecosystem through applications like "Ant AiFu," which transforms top expert resources into 24/7 online services, achieving a digital closed loop of "medicine + drugs + insurance" and significantly reducing transaction costs across different segments [1] - Future investments in the pharmaceutical sector should focus on clinical value, with particular attention to innovative drugs and medical devices, as the valuation of the pharmaceutical sector is expected to recover under the resonance of policies and industry [1] - The domestic and international macro environment is improving, with healthcare insurance policies supporting the development of innovative drugs, enhancing the international competitiveness of the pharmaceutical industry, and likely increasing industry prosperity [1] Group 2 - The Medical ETF (159828) tracks the CSI Medical Index (399989), which selects listed companies in the fields of medical devices, medical services, and medical information technology from the Shanghai and Shenzhen markets to reflect the overall performance of securities related to the medical theme [1] - The CSI Medical Index focuses on the healthcare industry, exhibiting high growth potential and concentration, with a style leaning towards large-cap growth [1]

信达证券指出，医药生物行业近期表现低迷，创新药板块因上半年BD预期大幅上涨后处于回调盘整阶 段。创新器械设备受益于国债支持医疗设备更新政策的持续推进、高端国产医疗设备加速进口替代及海 外市场拓展，有望走出2023年下半年以来的低谷，预计2025Q3开始企稳增长，2026年业绩渐入较好增 长态势。医疗器械领域，院内招采恢复驱动业务增长，消费医疗器械需求逐步修复，进口替代加速；骨 科关节耗材集采降价已触底，骨科机器人市场份额提升，出海带来新增量。CXO及生命科学上游产业 链中，具备全球影响力的龙头企业及以国内业务为主的临床CRO龙头表现突出。制药装备行业随着创 新药投融资回暖及BD交易频发驱动CMO复苏，逐步传导至制药装备领域，有望实现周期反转，海外固 定资产开支加速上行将打开成长新空间。 医疗ETF（159828）跟踪的是中证医疗指数（399989），该指数从中国A股市场中选取涉及医疗器械、 医疗服务、医疗信息化等细分领域的上市公司证券作为指数样本，以反映医疗行业相关上市公司证券的 整体表现。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构 ...

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） 国金证券表示，REDEMPLO获批，CNS领域突破，Arrowhead如箭在弦。小核酸领域领军公司 Arrowhead制药上周市值上涨16.6亿美元。2025年11月18日，公司的第一款小核酸产品Plozasiran获FDA 批准上市，这标志着公司步入商业化兑现的历史新阶段。同时，公司在研产品正在向更大患者市场的慢 病与中枢神经系统领域推进。 医疗ETF（159828）连续5日迎净流入，小核酸进军慢病，如箭在弦。 ...

中信建投表示，近期北京和上海发布《北京市促进医疗器械产业高质量发展若干措施》《上海市全面深 化药品医疗器械监管改革促进医药产业高质量发展的若干措施》，预计国家及各地政府对创新器械的支 持政策将持续加强、创新有望加速。短期来看，建议把握26年业绩改善个股的业绩和估值修复机会，多 家医疗器械行业细分赛道龙头公司将于26年迎来加速增长。 每日经济新闻 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。 ...

Group 1 - The core viewpoint is that China's biopharmaceutical investment and financing may be in a stage of bottoming out and recovery, with significant inflows into medical ETFs [1][2] - Medical ETF (159865) saw a net inflow of 25 million units, indicating strong capital interest in medical assets [2] - The State Council's approval of the "Full Chain Support for Innovative Drug Development Implementation Plan" in July 2024 is expected to enhance the investment environment for the biopharmaceutical industry [2] Group 2 - The biopharmaceutical investment amount in China reached $1.76 billion in Q3 2025, marking a new high since Q4 2022, with $590 million in October 2025, indicating a positive trend [2] - The medical ETF (159828) tracks the CSI Medical Index (399989), which includes listed companies in the medical and pharmaceutical retail sectors, reflecting the overall performance of related securities [2] - The index components are skewed towards small and mid-cap stocks, which exhibit higher growth potential and volatility characteristics [2]

Core Insights - The medical ETF (159865) saw an inflow of 61 million shares, with a net inflow of 56 million shares, indicating strong capital interest in medical assets [1] - AI healthcare is characterized by advanced technologies such as machine learning, natural language processing, and computer vision, aimed at deep analysis of complex medical data to assist clinical decision-making and optimize treatment processes [1] - The AI healthcare industry in China was valued at 97.3 billion yuan in 2023, with projections to reach 159.8 billion yuan by 2028, reflecting a compound annual growth rate (CAGR) of 10.5% from 2022 to 2028 [1] - Sub-segments like AI medical imaging and AI pharmaceuticals are experiencing rapid growth, supported by favorable policies that accelerate the implementation of AI healthcare technologies [1] - The medical ETF (159828) tracks the CSI Medical Index (399989), which selects listed companies in the pharmaceutical and healthcare sectors, primarily covering medical devices, medical services, and medical R&D outsourcing [1] - The index components are skewed towards small and mid-cap stocks, exhibiting high growth potential and volatility characteristics [1]

Core Insights - The medical ETF (159828) has seen an inflow of 10 million shares today, with a net inflow of 2 million shares, indicating strong demand for medical assets [1] - AI healthcare is characterized by advanced technologies such as machine learning, natural language processing, and computer vision, which analyze complex medical data to assist clinical decision-making and optimize treatment processes [1] - The AI healthcare industry in China was valued at 97.3 billion yuan in 2023 and is projected to reach 159.8 billion yuan by 2028, with a compound annual growth rate (CAGR) of 10.5% from 2022 to 2028 [1] - The AI medical imaging and AI pharmaceuticals segments are experiencing rapid growth, supported by favorable policies that accelerate the implementation of AI healthcare technologies [1] - The medical ETF (159828) tracks the CSI Medical Index (399989), which selects listed companies in the pharmaceutical and healthcare sectors, primarily covering medical devices, medical services, and medical research outsourcing [1] - The index components are skewed towards small and mid-cap stocks, which exhibit higher growth potential and volatility [1]

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].