Morning Trend | UNITED LAB continues to decline with increasing volume, is pharmaceutical capital becoming more cautious?

United Lab (3933.HK) showed weakness on the 16th, with a significant increase in trading volume throughout the day but no signs of capital support, leading to a breach of the low-level consolidation. Overall confidence in the pharmaceutical sector is insufficient, with policy pressures and unlocks occurring simultaneously, resulting in extremely cautious market sentiment. At the opening, funds quickly fled, and buying pressure shifted, increasing the defensive nature of the sector. On the news front, the "pressure from volume-based procurement price reductions" continues to ferment, with profits at the distribution end being continuously compressed, leading industry leaders to adopt a contraction strategy. The feedback from medical insurance policies has been poor, raising market concerns about short-term profit declines, and the company currently lacks new positive stimuli, prompting funds to choose defensive strategies. Technically, multiple moving averages are pressing down, with the stock price repeatedly testing the recent low of HKD 4.92. There is significant divergence between bulls and bears during the session, with the MACD green bar area expanding, exacerbating weak negative feedback. If trading volume continues to increase without halting the decline, the main force has not completed the chip turnover, and the defense line is loosening. Attention should be paid to medical insurance policies and intraday capital fluctuations, and a wait-and-see strategy is advisable during this phase. Continuous volume increases should be monitored, as breaching the low point poses risks for short-term declines