Morning Trend | ZAI LAB fluctuates during the session, is an opportunity for the pharmaceutical sector to warm up coming?

On January 27th, ZAI LAB (9688.HK) opened lower and traded sideways throughout the day, showing a weak overall trend. There is a strong risk-averse sentiment among investors, with recent medical-themed funds continuously reducing their holdings, leading to ongoing pressure in the pharmaceutical sector. The price of 32.88 yuan became the dividing line between bulls and bears for the entire day, with attempts to rally accompanied by unusual capital movements, but none were able to stabilize effectively. In terms of the industry, last week the National Medical Products Administration introduced new review policies for innovative drugs, which the market interpreted as a long-term positive, but the short-term response has been relatively muted. The sector lacks new positive developments in the short term, and the rotation of funds in the innovative drug theme has slowed down, with large transactions and changes in holdings failing to stir market sentiment. Mainstream institutions are mostly in a wait-and-see mode, and after capital withdrawal, the right-side signals are still insufficient. From a technical perspective, the MACD has been continuously diverging downward, and the KDJ is compressing simultaneously, indicating sufficient bearish momentum. There are occasional large orders that reverse the trend, but without volume support, it is difficult to change the weak structure. If industry policies are expected to materialize or if leading pharmaceutical stocks on the ChiNext stabilize, it may lead to a differentiated rebound. Otherwise, the sector may need to wait for a turning point in capital structure for sentiment recovery. It is recommended to pay attention to the oversold rebound window in the industry, the progress of positive developments in innovative drugs, and internal capital movements within the sector. In the short term, a conservative defensive approach is advised, with dynamic control of positions, patiently waiting for right-side signals to increase volume and for sector enthusiasm to rebound before actively participating