On July 29th, the A-share and Hong Kong-listed healthcare sectors were active. The largest healthcare ETF in the market, Hwabao (512170), bucked the trend to rise nearly 1%, while the Hong Kong Stock Connect Healthcare ETF Hwabao (159137), which supports T+0 trading, touched a high of 2.84% in early trading.
In terms of individual stocks, Hong Kong-listed AI healthcare concepts led the gains. JD Health surged over 5% to lead the pack, Alibaba Health rose over 3%, and Ping An Good Doctor gained over 2%.
On the news front, overseas, Microsoft and OpenAI jointly released the AI multi-agent diagnostic system MAI‑DxO, which showed impressive performance in diagnosing complex cases. The FDA continues to relax approval conditions, and the overseas regulatory framework is becoming increasingly mature. Domestically, the 2026 WAIC exhibition showcased application results such as AI imaging and virtual doctors, with several major hospitals launching their own self-developed medical large models.
Key Perspectives from Brokerages
Northeast Securities pointed out that AI healthcare is shifting from concept to reality, and the wellness and embodied AI space is opening up long-term potential. Through research at this year's WAIC, we believe that AI healthcare will completely move away from concept speculation and enter a new phase of implementation, revenue growth, and efficiency improvement. The commercialization pathways for different verticals are clearly defined, and an industry inflection point is approaching.
Tianfeng Securities also suggested that during the current high-level adjustment of the AI hardware sector and the market's rotation from high to low, AI healthcare and brain-computer interfaces may offer allocation value.
Investment Tools for the Healthcare Rally
To follow the healthcare rebound, consider these two investment tools:
Medical ETF (512170): The largest healthcare/pharmaceutical ETF in the market, focusing on medical devices (including brain-computer interfaces) and medical services (CXO content is nearly 30%), while also covering AI healthcare concepts. Over-the-counter feeder fund: 012323.
Hong Kong Stock Connect Healthcare ETF Hwabao (159137): Heavily weighted in the innovative drug chain, with 48% CXO and 20% innovative drugs, while also covering AI healthcare and rare leaders in the medical device (including brain-computer interfaces) sector. The underlying assets are Hong Kong stocks, offering high elasticity and T+0 trading. Over-the-counter feeder fund: 026922.
Data sourced from the Shanghai and Shenzhen Stock Exchanges, CSI Index Company, etc.
Institutional Views
Northeast Securities, in its report on July 27, 2026, "Northeast Medical Health Weekly: Continue to View Innovative Drugs and Devices as the Medium-to-Long-Term Main Line, AI Healthcare Has Entered the Value Realization Window."
Tianfeng Securities' Yang Song team, in its report on July 28, 2026, "At the Current Position, We Recommend Focusing on Four Directions: Brain-Computer Interface, AI Healthcare, Medical Technology, Innovation and Overseas Expansion, and Industry Recovery."
Note: The ETFs mentioned in this article do not charge sales service fees. Fund fee rates are subject to the legal documents of each fund.
Risk Warning
The index constituent stocks shown in this article are for display purposes only. Descriptions of individual stocks do not constitute any form of investment advice, nor do they represent the holdings or trading intentions of any fund managed by the manager. The composition of the constituent stocks of the underlying index is adjusted according to the index's compilation rules. The risk rating of the Hong Kong Stock Connect Healthcare ETF Hwabao and the Medical ETF Hwabao Feeder Fund, as evaluated by the fund manager, is R4-Medium to High Risk, suitable for aggressive (C4) and above investors. The risk rating of the Medical ETF Hwabao is R3-Medium Risk, suitable for balanced (C3) and above investors. Any information appearing in this article (including but not limited to individual stocks, comments, predictions, charts, indicators, theories, and any form of expression) is for reference only. Investors must be responsible for their own investment decisions. Furthermore, any views, analyses, or predictions in this article do not constitute investment advice to readers in any form. The author is not responsible for any direct or indirect losses arising from the use of this article. Fund investment carries risks. Past performance of a fund is not indicative of its future performance. The performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance. Fund investment should be approached with caution. The MACD golden cross signal has formed, and these stocks are showing strong momentum!
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