After three consecutive days of declines, the A-share medical sector rebounded on July 27. The largest medical ETF in the market, Huabao Medical ETF (512170), closed up 2.54% with a turnover of 595 million yuan, after seeing over 100 million yuan in net subscriptions the previous day. The Hong Kong Stock Connect Medical ETF Huabao (159137), which supports T+0 trading, also rose 1.06%.

In terms of individual stocks, brain-computer interface and CXO concepts led the gains. Sanbo Hospital Management Group Limited (301293) surged 12.71%, Zhaoyan New Drug and Meihao Medical rose over 9%, and Taige Pharmaceutical gained 4.35%. In Hong Kong, MicroPort Scientific-B (00853) briefly hit 9% intraday before closing up 6.23%, while MicroPort NeuroTech (02172) rose 4.24%.

On the news front, a major breakthrough in brain-computer interfaces occurred: U.S. startup Science Corp. has received approval to sell a retinal chip in the European Union that can help restore partial vision in patients with geographic atrophy. This marks the first time a U.S. brain-computer interface company has mass-marketed such a device to patients. Domestically, a Chinese research team recently achieved the world's first cross-regional synchronized collection of brainwave signals from over a thousand people, a key step forward for neural model training and general brain-computer interface technology development. On the policy side, the "14th Five-Year Plan for National Health" explicitly calls for strengthening technological breakthroughs in areas like brain-computer interfaces.

Guangda Securities noted that with intensive policy releases, smooth clinical trial progress, and accelerated technology iteration, this year could be a pivotal year for brain-computer interfaces to enter the commercialization phase. Looking ahead, Guangda Securities stated that future investment in the pharmaceutical sector should increasingly focus on the clinical value logic of medicine—solving medical needs. Both domestic medical insurance policies and global expansion are placing a higher premium on clinical value. Based on the "three-stage clinical value" theory, the firm is bullish on the innovative drug chain (CXO) and innovative medical devices.

To capitalize on the medical sector rebound, two key investment tools are highlighted: Medical ETF (512170), the largest medical ETF in the market, focusing on medical devices (including brain-computer interfaces) and medical services (CXO content near 30%), also covering AI medical concepts. Its over-the-counter feeder fund is 012323. Hong Kong Stock Connect Medical ETF Huabao (159137) heavily weights the innovative drug chain, with 48% CXO and 20% innovative drugs, also covering scarce leaders in AI medical and medical devices (including brain-computer interfaces). The underlying assets are Hong Kong stocks, offering high elasticity and T+0 trading. Its over-the-counter feeder fund is 026922. Data sourced from the Shanghai and Shenzhen stock exchanges and the CSI Index Company.

Institutional perspective: Guangda Securities, July 20, 2026, "Cross-Market Weekly Report on the Pharmaceutical and Biological Industry: Policy, Clinical, and Technical Drivers Intensify, Commercialization Inflection Point for Brain-Computer Interfaces Nears."

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