To The Moon

In last night’s U.S. equity session, healthcare and pharmaceutical stocks posted broad-based strength, with related healthcare ETFs clearly outperforming the broader market. Against a backdrop of tech sector dispersion and more cautious market sentiment, healthcare has once again moved into focus for capital allocation. From both a fundamental and trading-logic perspective, the rebound in the healthcare sector is not accidental： The defensive profile is reasserting itself: Amid ongoing macro uncertainty, healthcare remains a classic non-cyclical, demand-inelastic sector. With stable cash flows and relatively low earnings volatility, healthcare assets tend to attract inflows when risk appetite moderates. Valuation repair has become a key driver: After the prior correction, overall valuation

Against a backdrop of heightened market volatility, the U.S. healthcare sector has maintained relatively resilient performance. Compared with the previous trading session, a pullback in overall risk appetite has led to a clearer internal differentiation among healthcare-related ETFs. Volatility remains more pronounced in biotechnology-focused products, while ETFs centered on large-cap pharmaceuticals and diversified healthcare have exhibited comparatively stable performance. Overall, the defensive characteristics of the healthcare sector continue to provide a degree of support under the current market environment. From an internal structural perspective, biotechnology-related ETFs have experienced relatively larger drawdowns, whereas products concentrated in large pharmaceutical companies