CXO boosts performance, Huabao Fund's Hong Kong Stock Connect Medical ETF and Medical ETF jointly rise by 2%! Zhaoyan New Drug and Kelun Pharma surge over 10% after earnings release

CXO leader companies have released another earnings report that beat expectations. On the morning of March 31, the AH medical sector moved higher. The Medical ETF (512170) and Huabao’s HK Stock Connect Medical ETF (159137) briefly rose by more than 2% together, and is now up over 1%! The two ETFs share constituent companies such as Zhaoyuan New Drug and Cellular Biomedicine, running at the front together—on the A-share market, they both at one point hit the daily limit, and on the Hong Kong market they surged by more than 12%!

Late yesterday evening, the two CXO companies released their annual reports. Zhaoyuan New Drug achieved nearly RMB 300 million in attributable net profit in 2025, a threefold year-over-year surge! Cellenion, meanwhile, saw growth in both revenue and net profit, with attributable net profit reaching RMB 1.13B, up 19.35% year over year.

According to statistics, the CXO allocation in the Medical ETF (512170) and Huabao’s HK Stock Connect Medical ETF (159137) is 25% and 42%, respectively.

The team from Founder Securities’ medical and pharmaceutical group noted that as the CXO industry continues to clear out, and with share prices at relatively low levels, we are optimistic about bottom-fishing opportunities for domestic leading CDMO companies and CRO companies that benefit from the domestic demand recovery. Based on an analysis of financials, demand, and supply data, we believe a turning point in CXO fundamentals has already appeared, and that a continued recovery is possible.

Source: Shanghai and Shenzhen Stock Exchanges, the CSI Index Company, etc. The CXO weight ratio data mentioned in the article is as of 2026.3.16.

Note: The ETF funds mentioned in the article do not charge sales service fees. For fund fee rates, please refer to the legal documents of each fund. Risk warning: The index constituent stocks mentioned in the article are for demonstration purposes only. The descriptions of individual stocks do not constitute any form of investment advice, and do not represent the holdings information and trading activity of any fund under the management company. The composition of the underlying index constituents is adjusted from time to time according to the index compilation rules. The risk level assessed by the fund manager for the medical ETF index fund(s) and Huabao’s HK Stock Connect Medical ETF is R4—medium-to-high risk, suitable for aggressive investors (C4) and above; the Medical ETF’s risk level is R3—medium risk, suitable for balanced investors (C3) and above. Any information appearing in this article (including but not limited to individual stocks, comments, forecasts, charts, indicators, theories, and any form of statements) is for reference only. Investors are responsible for any investment actions they decide to take independently. In addition, any views, analyses, and forecasts in this article do not constitute investment advice of any kind to readers, nor do they assume any responsibility for direct or indirect losses arising from the use of the content of this article. Investing in funds involves risk. ** Past performance of the 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 performance of the fund **, so investors should exercise caution.

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责任编辑：杨赐