Currently, China's economic fundamentals remain stable, with policies entering a critical window period. Meanwhile, the external environment is complex, as the trajectory of U.S.-China trade relations has become a key market focus, leading to increased short-term volatility.

Against this backdrop, what trends will the A-share market follow? Which investment opportunities in the healthcare sector deserve close attention? Here are the latest insights from Great Wall Fund's healthcare investment team.

**Tan Xiaobing: Watching for a Potential Second Wave in Pharma** On the macro front, U.S.-China trade negotiations are expected to conclude this year. Attention should be paid to the Fed's Q4 interest rate decision and China's Politburo meeting, as these will determine the market's upside potential. Both China and the U.S. are driven by economic growth trends, and shifts in their trajectories will influence capital flows. Looking ahead, we will monitor a possible second wave in the pharma sector, progress in robotics, and whether consumer sentiment rebounds.

**Long Yufei: Continuing to Explore AI Healthcare Stocks** We remain optimistic about investment opportunities at the intersection of technological innovation and healthcare. Globally and domestically, policies favor tech innovation, while the healthcare sector stands to benefit long-term from demographic shifts. After significant corrections, pharma stocks have room for a rebound.

Although healthcare tech themes (such as AI healthcare) underperformed in Q3 compared to AI hardware, the acceleration of AI infrastructure development continues to drive medical applications. AI's role in diagnostics, drug R&D, and brain-computer interfaces may soon materialize, prompting us to seek stock-specific opportunities in this space.

**Liang Furui: Tracking Overseas Licensing Progress for Innovative Drugs** Heading into Q4, market risk appetite is unlikely to decline sharply amid developments in the "TACO" (Trump Always Changes Opinion) event and economic outlook. Sector rotation is expected to persist, with earnings momentum and industry catalysts likely gaining an edge. We will focus on innovative drugmakers with favorable risk-reward profiles, prioritizing overseas licensing deals, clinical data readouts, and financial improvements.

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