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1. Review of the Securities Market

According to data from Tonghuashun, on July 17 (hereinafter referred to as yesterday), the Shanghai Composite Index fell 0.45% on the day, closing at 2962.85 points, with a high of 2972.79 points; the Shenzhen Component Index fell 0.47% on the day, closing at 8835.14 points, with a high of 8884.79 points; the ChiNext Index rose 0.01% on the day, closing at 1696.45 points, with a high of 1707.61 points.

II. ETF Market Performance 1. Overall Market Performance of Stock ETFs

The median return rate of stock ETFs yesterday was -0.26%. According to different classifications, among the scale index, Harvest FTSE China A50 ETF had the highest return rate of 0.53%; among the industry index, China Merchants CSI SH-HK-Shenzhen 500 Medical and Health ETF had the highest return rate of 2.4%; among the strategy index, the quality ETF had the highest return rate of 1.3%; among the style index, Harvest Medical and Health 100 ETF had the highest return rate of 1.19%; and among the theme index, the wine ETF had the highest return rate of 2.4%.

2. Stock ETF price increase and decrease ranking

The top three stock ETFs with the highest gains yesterday and their yields were:CMB CSI SH-HK-SZ 500 Healthcare ETF (2.4%), Wine ETF (2.4%), Cathay CSI Healthcare ETF (2.38%)The top 10 stocks with the highest growth rates are listed in the table below:

The three ETFs with the largest declines yesterday and their yields were:Wan CSI Industrial Nonferrous Metals Theme ETF (-3.43%), Hua Xia CSI 5G Communication Theme ETF (-3.11%), 5G ETF (-3.06%)The top 10 stocks with the largest declines are listed in the table below:

3. ETF fund flows

The three ETFs with the largest inflows of equity ETFs yesterday and their inflow amounts were:Huatai-PineBridge CSI 300 ETF (inflow of 5.907 billion yuan), E Fund CSI 300 ETF (inflow of 5.479 billion yuan), Huaxia CSI 300 ETF (inflow of 4.731 billion yuan)The top 10 funds inflow details are shown in the table below:

The three ETFs with the largest outflows of equity ETFs yesterday and their inflows were:Hua Xia SSE STAR Market 50 Component ETF (outflow of 827 million yuan), Guolian An CSI All-Share Semiconductor ETF (outflow of 378 million yuan), Hua Xia Guozheng Semiconductor Chip ETF (outflow of 377 million yuan)The top 10 funds outflow details are shown in the table below:

III. Institutional Views ① The current valuation of the pharmaceutical sector is at the bottom. It is recommended to pay moderate attention to core pharmaceutical and medical assets

Cinda Securities believes that the panic sentiment in the medical sector has been alleviated in recent days, and the current valuation of the pharmaceutical sector is at the bottom. In addition, due to the low base of medical anti-corruption in Q3 2023, the industry growth in 2024 is expected to be low at the beginning and high at the end. It is recommended to pay moderate attention to core assets of pharmaceuticals and medical care, especially those with outstanding mid- and long-term competitiveness and whose performance is expected to reverse in the second half of this year.

② The fundamentals of the pharmaceutical and medical industry are expected to improve from the third quarter

China Securities believes that the fundamentals of the pharmaceutical and medical industry are expected to improve from the third quarter, and the performance growth rate is expected to pick up quarter by quarter based on a low base. At the policy level, innovative drug support policies and medical anti-corruption are expected to improve marginally. We can start paying attention to assets with bottom elasticity now.