A+H healthcare assets have continued their upward trajectory since the start of the year! On January 7th, the A-share pharmaceutical sector significantly outperformed the broader market, with leading innovative drug company KINTOR PHARMA-B soaring over 11%. The sole ETF tracking the pharmaceutical sector, Pharma ETF (562050), recorded its third consecutive daily gain. The medical sector showed some divergence, with the brain-computer interface concept maintaining localized热度. Meihao Medical hit a 20% limit-up for the third straight session, while the largest medical ETF by scale (512170) surged towards its half-year moving average during the session, with its price reaching a new 20-day high.
The Hong Kong market experienced a general pullback, with the Hang Seng Index and Hang Seng Tech Index both falling around 1%. However, the healthcare sector defied the trend and stood out prominently! After just a one-day pause, the innovative drug segment saw a major resurgence. The highly volatile Hong Kong Stock Connect Innovative Drug ETF (520880) surged over 3.6% intraday, closing up 3.42% on heavy volume, with a daily turnover of 691 million yuan marking a near two-month high! Among the 37 innovative drug R&D listed companies it covers, 33 closed higher. KINTOR PHARMA-B's H-shares skyrocketed nearly 13%, while Ascentage Pharma Group-B and Tongyuan Kang Medicine-B both rose over 8%. Heavyweight leaders康方生物 and三生制药 advanced more than 7%.
The Hong Kong Stock Connect healthcare sector also advanced in tandem. CXO concept stocks凯莱英 and泰格医药 both led gains, rising nearly 9%. The Hong Kong Stock Connect Healthcare Theme Index jumped 3.14%, marking its fourth consecutive positive day. Notably, next Monday (January 12th), the T+0 trading tool tracking this index – Huabao Hong Kong Stock Connect Healthcare ETF (159137) – is set to commence trading. Catalysts for the move include frequent positive developments in the healthcare sector since the year began. In innovative drug R&D,信达生物's self-developed CTLA-4 monoclonal antibody "达伯欣" received domestic approval for launch, filling a gap in the domestic dual-immunotherapy neoadjuvant therapy field. On the BD front,加科思 entered into a collaboration with AstraZeneca valued at over $2 billion, setting a record for domestic clinical-stage small molecule anticancer drug partnerships. In the medical device space, Elon Musk announced plans for "mass production" of brain-computer interface devices. Furthermore,密集看多 from brokerages may further fuel bullish sentiment towards healthcare. Recent research reports from Pacific Securities, Guotai Haitong, and Industrial Securities all indicated a continued strong recommendation for the innovative drug and medical device supply chain.* Regarding strategy for the healthcare sector, Industrial Securities believes that "innovation + internationalization" will remain the core theme for the sector in 2026. They recommend focusing on innovative drugs with持续向好的 industry trends,以及 those demonstrating strengthening global competitiveness, successful overseas expansion, and commercialization profit realization. The firm highlights the innovative drug supply chain, where景气度 is expected to remain elevated. Simultaneously, factors affecting the medical device industry are持续缓和, with innovation and internationalization accelerating, potentially leading to improvement in 2026. Additionally, should consumer sentiment improve, consumer healthcare (medical services, OTC traditional Chinese medicine, chain pharmacies, etc.) could enter a recovery phase.*
Data sourced from the Shanghai, Shenzhen, and Hong Kong Stock Exchanges. *Brokerage views sourced from: Guotai Haitong 20260105 "Healthcare January 2026 Monthly Report:景气延续,持续重点推荐创新药械产业链"; Pacific Securities 20251229 "Healthcare Industry 2026 Strategy Report: Innovative Drug Supply Chain景气度持续提升"; Industrial Securities 20260105 "Healthcare January 2026 Investment Monthly: Domestic Demand CRO景气度拐点明确, JPM Catalysis Imminent, Remain Bullish on Innovative Drugs + Innovative Drug Supply Chain". Risk提示: Medical ETF and its feeder fund passively track the CSI Medical Index, base date 2004.12.31, published 2014.10.31; Pharma ETF and its feeder fund passively track the CSI Pharmaceutical Index, base date 2011.12.30, published 2013.7.15; Hong Kong Stock Connect Innovative Drug ETF and its feeder fund passively track the Hang Seng Hong Kong Stock Connect Innovative Drug Selection Index, base date 2020.12.31, published 2023.7.17. The CSI Hong Kong Stock Connect Healthcare Theme Index base date is 2018.12.31, published 2022.7.21. Index constituents mentioned are for illustrative purposes only; descriptions of individual stocks do not constitute investment advice in any form nor represent the holdings or trading动向 of the fund manager. The fund manager assesses the risk等级 of the Hong Kong Stock Connect Innovative Drug ETF, Huabao Hong Kong Stock Connect Healthcare ETF, and Medical ETF feeder fund as R4-Medium High Risk, suitable for Aggressive (C4) and above investors. The risk等级 for Medical ETF and Pharma ETF is R3-Medium Risk, suitable for Balanced (C3) and above investors. Any information appearing herein is for reference only, and investors are responsible for any independent investment decisions. Furthermore, any views, analysis, or forecasts herein do not constitute investment advice of any kind to readers, and no liability is accepted for any direct or indirect losses arising from the use of this content. The performance of other funds managed by the fund manager does not guarantee the performance of these funds. Past performance of a fund is not indicative of its future performance. Fund investment carries risks; invest carefully.
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