Core Viewpoint - The pharmaceutical sector demonstrates defensive strength amid market volatility, with the drug ETF (562050) showing resilience and outperforming the broader market [1][3]. Group 1: Market Performance - On November 14, the Shanghai Composite Index fell by 0.97% to close at 3990.39 points, while the ChiNext Index dropped by 2.82%, erasing previous gains [1]. - The drug ETF (562050) recorded a weekly increase of 3.33%, significantly outperforming the market, where the Shanghai Composite Index declined by 0.18% and the ChiNext Index fell by 3.01% [3]. Group 2: Sector Analysis - Since September, the pharmaceutical sector has experienced over a 10% decline from its peak, but recent trends indicate a recovery, with nearly 2.5 billion yuan (approximately 25 million) invested in pharmaceutical ETFs this week [3]. - The pharmaceutical industry is characterized as a necessity sector with substantial future market potential, driven by an aging population and increasing demand for chronic disease treatments [6]. Group 3: Investment Insights - The fund manager of the drug ETF highlighted that the end of the year is typically a peak season for mergers and acquisitions in the U.S. biopharmaceutical sector, with favorable conditions for innovative drugs expected to continue [5]. - The third-quarter reports indicate a recovery in the innovative drug sector, with several companies returning to profitability, suggesting a shift from research investment to commercialization [6]. - The drug ETF (562050) tracks 50 leading pharmaceutical companies, with a focus on innovative drugs and a 25% allocation to traditional Chinese medicine, which offers a relatively high dividend yield and stable performance [6].

11月14日，大市深度调整，沪指跌0.97%报收3990.39点，创指跌2.82%尽吐上日涨幅。震荡之际，制药 板块彰显防御力！全市场唯一跟踪制药指数的药ETF（562050）盘中逆市飘红，一度冲高1%，场内最 终微跌0.18%，显著跑赢市场。 药ETF（562050）覆盖50大龙头药企，重仓创新药，兼顾中药。今日中药龙头以岭药业领涨3.14%，同 仁堂亦收红；创新药局部活跃，甘李药业、康弘药业涨约2%。恒瑞医药、百济神州-U、片仔癀等龙头 股下跌为主要拖累。 每年年底是美国生物医药收并购最活跃的季节，且明年年初还有JPM大会催化。今年医保谈判，继续对 创新药"暖风劲吹"，在美联储降息的宏观背景下，当下创新药向上机会或已大于向下风险。 基本面亦频传利好。从已公布的三季报数据来看，创新药板块整体实现业绩回暖，多家公司实现扭亏， 创新药龙头百济神州业绩亮眼，反映出行业正从研发投入期加速迈入商业化收获期。 回归根本逻辑，制药是刚需赛道，未来市场空间巨大。我国作为人口大国，随着老年人口比例的不断上 升，对药品的需求也在持续增长，尤其是慢性疾病治疗药物等领域。此外，随着人们生活水平的提高， 对医疗保健的重视程度也日益增 ...