周五（10月10日），A股、港股市场同频震荡，沪指失守3900点，创指大跌4.55%，恒生指数收出5连 阴。大盘承压，AH医药板块全线走低。 A股医疗板块低开低走，CXO跌幅靠前，巨头药明康德领跌7.2%，规模最大医疗ETF（512170）场内跌 2.03%止步三连阳，盘中下穿3根均线，交投仍在高位，全天成交6.4亿元。拉长时间看，近期医疗板块 走势整体震荡上行，短线回调或无碍趋势走向，作为低位板块，补涨机遇仍值得关注。 A股制药板块相对抗跌，主要系中药股逆市飘红，华润三九、吉林敖东涨逾2.5%，创新药则跌多涨少， 百济神州-U领跌6.2%。全市场唯一药ETF（562050）重仓创新药，兼顾中药，场内收跌1.07%，水下区 间溢价走高，反映低吸资金涌动，上日已有223万元资金逢跌加码。 | 分时 6日 1分 5分 15分 30分 · | | | | | | F9 盘前盘后 露加 九排 面线 工具 @ 1 > | | | | | | METF (D) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | - ...

周四（9月25日），AH市场主要股指分化，医药板块共振回暖。 A股方面，恒瑞医药、百利天恒等创新药龙头领涨制药板块，全市场唯一药ETF（562050）成功续涨； 两大医疗龙头迈瑞医疗、药明康德发力助攻，规模最大医疗ETF（512170）场内逆市涨0.78%两连阳。 | (435 | 名称 | 涨跌幅 | | 两日图 | | --- | --- | --- | --- | --- | | 562050 | GETF | 0.35% | 5 | Product | | 512170 | 医疗ETF | 0.78% | STATE AND THE FORM OF THE FORM OF THE FORM OF THE FOR | 10 | 港股通创新药板块全天红盘震荡，高人气港股通创新药ETF（520880）盘初一度冲高1.6%，场内最终收 涨0.48%终结两连跌，放量成交3.05亿元。场内延续溢价交易状态，显示买盘资金依然强势。 37只成份股涨跌参半，云顶新耀、君实生物领涨超4%，MIRXES-B、博安生物调整居前。多只权重股 收红，百济神州、康方生物涨逾1%。BD大单加持，恒瑞医药港股涨2.57%。 二级市场方 ...

Group 1 - The medical sector in A-shares remains active, with the largest medical ETF (512170) rising over 1% and recovering its 5-day moving average, with a trading volume exceeding 480 million yuan [1] - Major stocks in the medical device and CXO sectors saw significant gains, with Mindray Medical rising over 4% and Jiuzhou Pharmaceutical hitting a daily limit before closing nearly 6% higher [1] - Conversely, companies like Meihua Medical and Yingke Medical experienced notable declines [1] Group 2 - The release of the industry standard for medical devices using brain-computer interface technology on September 18 is expected to promote the standardized application of this technology in the medical field [1][3] - Global brain initiatives are driving the development of brain-computer interface technology, with China's first industry standard establishing a unified technical language for the sector [3] - The Shanghai government has announced an action plan to promote the development of high-end medical devices, aiming to add over 500 Class III medical device registration certificates by 2027 and cultivate two hundred billion-level leading enterprises [3] Group 3 - The medical ETF (512170) passively tracks the CSI Medical Index, with its top ten weighted stocks including WuXi AppTec, Mindray Medical, and others [3] - The medical device sector is anticipated to reach a turning point in the second half of the year due to improvements in anti-corruption measures, centralized procurement, and equipment purchasing [3]

Group 1 - A-shares in the innovative drug sector experienced a strong rebound, with the only drug ETF (562050) rising by 2.18%, ending a three-day decline [1][5] - Key stocks such as Ganli Pharmaceutical and Xinlitai reached their daily limit up, with Ganli Pharmaceutical's stock price hitting a historical high [1][5] - The medical device sector also showed recovery, with the largest medical ETF (512170) increasing by 1.58%, ending a four-day decline [1][5] Group 2 - The Hong Kong innovative drug sector continued to show weakness, with major stocks like Kangfang Biotech and Sanofi falling over 2%, and the Hong Kong innovative drug ETF (520880) declining by 0.64% [3][5] - Despite the mixed performance, the overall sentiment remains positive, driven by multiple favorable factors including significant agreements and policy support [5][6] - Ganli Pharmaceutical signed a 3 billion yuan supply framework agreement for insulin in Brazil, and Xinlitai made substantial progress with its innovative drug pipeline [5][6] Group 3 - The upcoming peak period for innovative drug business development transactions is expected to bring significant deals in October and November [6] - Fund managers maintain a positive outlook on the pharmaceutical sector, suggesting a balanced investment strategy across various segments including medical devices and services [6][7] - The medical ETF market remains robust, with the largest medical ETF (512170) having a scale of 26.5 billion yuan, indicating strong investor interest [8]

Group 1 - The A-share pharmaceutical sector showed recovery with significant gains in innovative drugs and traditional Chinese medicine, highlighted by Ganli Pharmaceutical's strong performance and a supply agreement worth no less than 3 billion yuan with a Brazilian company [1] - The largest medical ETF in A-shares saw a rebound, with notable increases in CXO concept stocks and medical consumables, indicating a recovery in the medical sector [3] - The Hong Kong stock market displayed mixed performance in innovative drugs, with some leading stocks rising while others fell, reflecting a volatile market environment [5] Group 2 - The fund manager of the Hong Kong Innovation Drug ETF expressed optimism about the CXO sector and the potential for a mid-term rotation towards large-cap blue-chip companies, while cautioning about the performance of small-cap companies [6] - The medical ETF market is dominated by the medical ETF (512170) with a scale of 26.5 billion yuan, making it the largest in the sector, while the drug ETF is the only one tracking the CSI Pharmaceutical Index [8] - The Hong Kong Innovation Drug ETF is designed to passively track the Hang Seng Hong Kong Innovation Drug Select Index, which has shown negative annual returns since its inception, indicating potential challenges ahead [9]

Core Viewpoint - The pharmaceutical sector in both A-shares and Hong Kong stocks experienced significant declines, particularly in innovative drugs and CXO concepts, despite a slight recovery towards the end of the trading session [1][3]. A-Share Market Summary - The largest medical ETF in A-shares (512170) fell by 1.81%, marking its fourth consecutive decline, with a trading volume increase of over 50% to 846 million yuan [1]. - The pharmaceutical sector remained sluggish, with both innovative drugs and traditional Chinese medicine concepts declining, as evidenced by the only drug ETF (562050) dropping 1.61% for three consecutive days [1]. Hong Kong Market Summary - In the Hong Kong market, the innovative drug ETF (520880) saw a decline of 1.42% after a brief rebound, with a trading volume of 327 million yuan [3]. - Among the 37 constituent stocks of the Hong Kong innovative drug ETF, 31 stocks fell, with the largest drop being 5.12% for Yimeng Biotechnology [3]. Market Dynamics - Despite the downturn, both the A-share medical ETF and the Hong Kong innovative drug ETF are trading at a premium, indicating an influx of capital seeking to buy at lower prices [6]. - The Hong Kong innovative drug ETF has attracted nearly 680 million yuan over 14 consecutive trading days from September 2 to 19 [6]. Policy and Industry Outlook - The National Healthcare Security Administration recently released the 11th batch of centralized drug procurement documents, emphasizing quality assurance and reasonable profit margins for pharmaceutical companies [6]. - The fund manager of the Hong Kong innovative drug ETF believes that the new procurement policies will support innovation in the pharmaceutical sector and enhance the industry's profitability [6]. Investment Strategy - The fund manager suggests a potential rotation towards large-cap blue-chip companies in the mid-term, while small-cap companies may lose investor interest if they fail to deliver performance [7]. - A balanced investment approach is recommended, combining innovative drugs with sectors like medical devices and healthcare services [7]. ETF Characteristics - The Hong Kong innovative drug ETF (520880) focuses exclusively on innovative drug research and development, while the medical ETF (512170) includes a broader range of healthcare sectors [8]. - The medical ETF is the largest in the market, with a scale of 26.5 billion yuan, while the drug ETF is the only one tracking the China Pharmaceutical Index [9].

Core Viewpoint - The medical sector is experiencing significant growth, with the largest medical ETF in A-shares (512170) showing a notable increase and attracting substantial investment recently [1][3]. Group 1: ETF Performance - The medical ETF (512170) rose over 1% on September 15, with a trading volume exceeding 460 million yuan [1]. - The ETF has attracted a total of 380 million yuan over four consecutive days leading up to September 12, bringing its total size to 27.584 billion yuan, ranking first among similar ETFs [1]. Group 2: Stock Performance - CXO stocks performed well, with notable gains from companies such as Zhaoyan New Drug, which hit the daily limit, and Kanglong Chemical and Jiuzhou Pharmaceutical, with increases of 6.37% and 3.95% respectively [3]. - Conversely, companies like BGI Genomics, Weining Health, and BGI Intelligent Manufacturing saw declines of 2.91%, 2.38%, and 1.93% respectively [3]. Group 3: Industry Outlook - According to Wanlian Securities, the overall revenue of the medical R&D outsourcing CXO sector is expected to grow by 13.77% year-on-year in the first half of 2025, with net profit attributable to shareholders increasing by 63.82% [3]. - The period from September 1 to 15, 2025, saw over 400 new Class I drugs in clinical trials and more than 1,800 Class II and III medical devices approved for market [3]. - Xinda Securities highlighted that the recovery of in-hospital procurement in the high-end medical device sector is driving growth, alongside a gradual recovery in consumer medical demand and increased penetration of high-end consumables [3]. Group 4: ETF Composition - The ETF (512170) and its off-market linked fund (012323) passively track the CSI Medical Index, with the top ten weighted stocks including WuXi AppTec, Mindray Medical, and United Imaging Healthcare [4][5].

Group 1 - The medical sector in A-shares is experiencing a strong rise, with the largest medical ETF (512170) opening high and reaching a new high since December 12, 2023, with a peak price of 0.403 yuan, up 4% [1] - The trading volume was particularly active, exceeding 670 million yuan within the first 30 minutes of trading [1] - The medical ETF's constituent stocks saw significant gains, with leading companies like United Imaging Healthcare rising nearly 15% and Akeso Medical increasing by 12% [1][2] Group 2 - According to a report from Zhongtai Securities, the domestic medical device industry is in a rapid development phase, with a potential turning point expected in Q3 2025 [3] - The medical ETF (512170) has seen a year-to-date increase of over 20%, but still has a significant gap of nearly 60% compared to its historical peak in 2021, indicating substantial room for recovery [3] - The latest PE valuation for the medical ETF's index is approximately 36 times, which is lower than 60% of the time over the past decade, suggesting a favorable cost-performance ratio for investment [3] Group 3 - The bullish trend in A-shares suggests that the medical sector, viewed as a reasonably valued low-position track, is likely to see a rebound opportunity [5] - The focus should be on the largest medical ETF (512170) and its linked fund (012323), which emphasizes medical devices (52%) and medical services (40%), with a strong correlation to AI healthcare [6] - For pharmaceutical investments, the recommendation is to consider the only pharmaceutical ETF (562050) and its linked fund (024986), which focuses on the top 50 pharmaceutical companies in A-shares, heavily weighted towards innovative drugs [7]

Group 1 - The pharmaceutical sector has regained momentum, with A-shares in innovative drugs showing strong recovery, particularly the drug ETF (562050) which surged by 3.36%, reaching a record closing high [1] - The Hong Kong stock market saw even greater gains in innovative drugs, with the Hong Kong Stock Connect innovative drug ETF (520880) rising by 4.52%, also hitting a new closing high [1][3] - The innovative drug ETF (520880) currently covers 29 innovative drug concept stocks, all of which have shown positive performance, with notable increases in stocks like Sanofi and Kintor Pharmaceutical [3] Group 2 - The innovative drug ETF (520880) has achieved an impressive year-to-date increase of 118.95%, leading among similar indices [3] - A significant index revision will take effect on September 8, 2023, which will exclude CXO companies, focusing solely on innovative drug R&D firms, enhancing the ETF's purity [3] - The Hang Seng Innovative Drug Select Index has shown varying annual performance since its inception, with a notable decline in previous years, but the current market sentiment suggests a potential upward trend [5] Group 3 - Upcoming major conferences, including the World Lung Cancer Conference and the European Oncology Congress, are expected to catalyze further developments in the innovative drug sector [5] - The medical ETF has a total scale of 263.25 billion yuan, making it the largest medical ETF in the market [5]

Group 1 - The pharmaceutical sector has regained momentum, with A-shares in innovative drugs showing strong recovery, particularly the drug ETF (562050) which surged by 3.36%, reaching a record closing high [1] - The Hong Kong stock market saw even greater gains in innovative drugs, with the Hong Kong Stock Connect innovative drug ETF (520880) rising by 4.52%, also hitting a new closing high [1][3] - The innovative drug ETF (520880) currently covers 29 innovative drug concept stocks, all of which have shown positive performance, with notable increases in stocks like Sanofi and Kintor Pharmaceuticals [3] Group 2 - The innovative drug ETF (520880) will undergo a "purification" revision on September 8, 2023, removing CXO companies and focusing solely on innovative drug R&D firms, thus becoming a 100% pure innovative drug index [3] - As of September 3, 2023, the cumulative year-to-date increase for the index tracked by the innovative drug ETF (520880) reached 118.95%, leading among similar indices [3][4] - The Hang Seng Innovative Drug Select Index has shown significant fluctuations in past years, with a notable increase in 2023, indicating a potential upward trend in the innovative drug sector [5] Group 3 - Upcoming key academic conferences, including the World Lung Cancer Conference and the European Oncology Congress, are expected to catalyze further developments in the innovative drug sector [5] - The medical ETF has a total scale of 26.325 billion yuan, making it the largest medical ETF in the market [5]