Group 1 - The core viewpoint is that innovative drugs are expected to show significant excess returns in 2025, driven by continuous BD overseas expansion, excellent clinical data, and policy support [1] - The CXO sector is anticipated to experience substantial growth due to the recovery in demand and improved investment environment in the global pharmaceutical industry [1] - The report emphasizes the importance of focusing on new technologies, particularly bispecific antibodies, small nucleic acid drugs, AI healthcare, and brain-computer interface innovations [3] Group 2 - Domestic supply and demand are relatively stable, with national health expenditure showing a year-on-year growth of 4.7% from January to November 2025, marking a positive turnaround after two years of decline [2] - The medical insurance fund's income and expenditure growth rates continue to decline, with total income of 2.63 trillion yuan (+2.9%) and expenditure of 2.11 trillion yuan (+0.5%) from January to November [2] - The report suggests that the commercialization of new drug forms is entering a critical phase, with significant clinical data supporting the application of B-cell depletion therapies in autoimmune diseases [3] Group 3 - Investment recommendations include focusing on innovative overseas expansion and new technology directions, with suggested stocks such as Mindray Medical, WuXi AppTec, and others [4] - The report highlights the potential for explosive growth in the global market for brain-computer interfaces, supported by policy incentives and technological breakthroughs [3]

Core Viewpoint - The domestic surgical robot market is expected to experience a significant growth inflection point by 2026, driven by the implementation of the fee schedule and accelerated overseas expansion, favoring platform companies with commercialization capabilities and upstream manufacturers [1] Industry Overview - The market size of China's surgical robot industry is projected to exceed 70 billion RMB, with a CAGR of approximately 34% from 2024 to 2032. The market is expected to grow from 7.2 billion RMB in 2024 to 76.7 billion RMB by 2032 [2] - The laparoscopic surgical robot market is anticipated to grow at a CAGR of about 29% during the same period, while the orthopedic surgical robot market is expected to see a CAGR of around 41% due to increased penetration rates and the implementation of the fee schedule [2] Catalysts for Growth - The implementation of the fee schedule is identified as a core catalyst for the admission of domestic products. The development cycle of domestic surgical robots can be divided into three phases: early development, rapid development, and mature development [3] - The rapid development phase is characterized by improved product capabilities and accelerated hospital admissions, driven by a clear fee schedule and reimbursement policies [3] Overseas Expansion - The overseas market presents a significant growth opportunity for surgical robot manufacturers, with China's market currently accounting for only about 5% of the global market. Several domestic companies, such as MicroPort and Precision Medical, are beginning to penetrate international markets [4] - By the end of 2025, MicroPort's laparoscopic surgical robot is expected to have over 160 global commercial orders, while Precision Medical has signed 72 overseas orders for its products [4] Comparison with Global Leaders - The business model of Intuitive Surgical, a leading company in the laparoscopic surgical robot sector, shows a clear logic of revenue generation through system sales, consumables, and services. This model is expected to be mirrored by domestic companies, enhancing profitability as installation volumes increase [5] - In the orthopedic sector, domestic companies may benefit from the synergy between implantable devices and surgical robots, similar to the strategies employed by global leaders like Stryker [6] Recommended Companies - The focus is on platform companies with commercialization capabilities and upstream manufacturers. Recommended companies include MicroPort, Meihua Medical, and Aikang Medical, with attention to Tianzhihang and Precision Medical [7]

Investment Rating - The industry investment rating is "Increase Holding" [2][5] Core Insights - The recent release of the "Guidelines for the Pricing of Surgical and Treatment Auxiliary Medical Services" by the National Medical Insurance Administration aims to standardize pricing for innovative medical technologies, including surgical robots, which is expected to accelerate clinical application [4] - The guidelines introduce a tiered pricing model based on the level of participation and clinical value of surgical robots, allowing for higher fees for more advanced functionalities [4] - The establishment of a new pricing project for "Remote Surgical Assistance" facilitates the practical application of remote surgery, enhancing access to quality medical resources across regions [4] - The guidelines clarify the boundaries between consumable costs and technical service fees, promoting transparency and reducing unreasonable price increases in the industry [4] - The inclusion of medical data storage and device operation records in the pricing structure is expected to support future technological iterations and application expansions [4] Summary by Sections Industry Overview - The industry comprises 133 listed companies with a total market value of 14,628.56 billion and a circulating market value of 13,032.75 billion [2] Policy Impact - The new pricing guidelines are anticipated to break the commercialization bottleneck of surgical robots, emphasizing the need for continuous innovation among companies [4] - Companies with technological accumulation and high product maturity, such as Tianzhihang-U, Jingfeng Medical-B, and others, are expected to benefit from the inclusion of robotic-assisted surgery projects in local medical insurance directories [4]

| 家庭部 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | | --- | --- | --- | --- | --- | --- | | | 股份數目 | | | 福本 标上 配給 | 有投票權股 (日 / 月 / 年) 分自分市 | | CS20260121E00046 | The Goldman Sachs Group, 1001(L) | 298,000(L) | HKD 5.9301 | 56.205.486(L | 5.00(L)19/01/2026 | | | Inc. | | | 32.234.313(S) | 2.87(S) | 格隆汇1月22日丨根据联交所最新权益披露资料显示，2026年1月19日，爱康医疗(01789.HK)获The Goldman Sachs Group, Inc.在场内以每股均价5.9301港元增 持好仓29.8万股，涉资约176.72万港元。 增持后，The Goldman Sachs Group, Inc.最新持好仓数目为5620.55万股，持好仓比例由4.97 ...

高效把握医疗产业创新升级机遇，认准高弹性T+0"利器"——港股通医疗ETF华宝（159137），标的指 数（港股通医疗主题指数）锚定医疗创新，汇聚港股"医疗器械 + AI医疗 + CXO + 创新药"等医药各领 域核心龙头。 A股医疗投资工具关注——全市场规模最大医疗ETF（512170）及其场外联接基金（012323），聚焦医 疗器械和医疗服务两大领域，标的指数中证医疗覆盖12只AI医疗/脑机接口概念股，合计权重超36%。 数据来源于iFinD、沪深港交易所。截至2026.1.20，医疗ETF基金规模260亿元，在全市场医药医疗类 ETF中规模最大（1/73）。 1月21日，国家医保局新政发布，AH医疗器械股应声上涨！A股最大医疗ETF（512170）盘中上探 1.36%，全天频现溢价，显示买盘较强势，昨日超2.7亿元资金提前进场。 港股医疗弹性更高，汇聚医疗龙头的港股通医疗ETF华宝（159137）盘中摸高1.78%，收涨1.06%终结四 连跌。成份股方面，国产手术机器人龙头微创机器人-B暴涨17.3%，微创医疗、先健科技跟涨逾5%，权 重股阿里健康涨3%。 | | | 分时 3-E 1分 5分 15分 ...

香港联交所最新资料显示，1月19日，高盛增持爱康医疗(01789)29.8万股，每股作价5.9301港元，总金 额约为176.72万港元。增持后最新持股数目约为5620.55万股，最新持股比例为5.00%。 ...

智通财经APP获悉，香港联交所最新资料显示，1月19日，高盛增持爱康医疗(01789)29.8万股，每股作 价5.9301港元，总金额约为176.72万港元。增持后最新持股数目约为5620.55万股，最新持股比例为 5.00%。 ...

Summary of Conference Call on Northeast Medical Health Industry Industry Overview - The conference call discusses the Northeast Medical Health industry, specifically focusing on the recent developments in surgical robotics and innovative medical technologies. Key Points and Arguments 1. **National Pricing Guidelines**: On January 20, the National Healthcare Security Administration (NHSA) released the "Guidelines for the Establishment of Pricing Projects for Surgical and Treatment Auxiliary Medical Services (Trial)" which establishes a unified pricing framework for surgical robots, energy equipment consumables, and remote surgery technologies across the country [1][3]. 2. **Provincial Implementation Timeline**: Historical data suggests that it typically takes between six months to a year for provinces to implement specific projects and pricing after the NHSA's announcement [2]. 3. **Benefits of Pricing Directory**: The establishment of a clear pricing directory is expected to facilitate the entry of innovative devices into hospitals and increase the sales volume of consumables [4]. 4. **Impact on Clinical Promotion**: Previously, the need for medical institutions to apply for self-pricing or provincial pricing led to reduced enthusiasm for clinical promotion. The new pricing directory aims to streamline the final pricing model across provinces, enhancing the accessibility of advanced medical technologies and promoting a shift from traditional to precision medicine [5]. 5. **Tiered Pricing System for Surgical Robots**: A tiered pricing system based on the clinical value and participation level of surgical robots has been introduced. Prices will be set in three tiers: navigation, participation in execution, and precise execution. The guidelines also include specific consumables in the pricing structure [5]. 6. **Independent Pricing for Remote Surgery**: Remote surgery has been given independent pricing status, which is expected to benefit leading hospitals and increase surgical volumes [6]. 7. **Clarification on Consumable Charges**: The guidelines clarify the charging logic for disposable and reusable consumables, stating that disposable consumables will be sold at zero markup, while reusable consumables will incur an auxiliary operation fee [7]. Key Beneficiaries 1. **MicroPort Robotics**: A leading domestic surgical robot company with over 160 cumulative orders for laparoscopic robots expected by December 2025. The company is positioned to capitalize on the commercialization of surgical robots and expand market share through innovative procedures [8]. 2. **JinFeng Medical**: Among the top two domestic surgical robot manufacturers, it is rapidly increasing the volume of multi-port and single-port laparoscopic robots, leading in domestic procurement bids [8]. 3. **Tianzhihang**: A leader in orthopedic surgical robots, the company has developed a comprehensive business model that includes equipment, consumables, and technical services [8]. 4. **Sanyou Medical**: Focused on developing three-arm spinal surgical robots and ultrasonic bone knives, benefiting from the new pricing regulations for energy equipment consumables [8]. 5. **Aikang Medical**: Set to launch a second-generation knee joint surgical robot in collaboration with Peking University Third Hospital, aiming to provide a complete digital orthopedic solution [8]. 6. **Chunli Medical**: Innovating with handheld robotic technology, the company plans to establish multiple surgical training centers overseas to accelerate international expansion [9].

FF301 致：香港交易及結算所有限公司 公司名稱: 愛康醫療控股有限公司 (於開曼群島註冊成立的有限責任公司) 呈交日期: 2026年1月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01789 | 說明 | 愛康醫療 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | 本月底法定/註冊股本總額： HKD 20,000,000 第 1 頁 共 10 頁 v 1 ...

Core Viewpoint - Malaysia's palm oil exports increased by 3% in the period from December 1 to December 25, reaching 1,017,897 tons compared to 987,978 tons in the same period last month [1] Group 1 - The export volume of palm oil from Malaysia for the specified period was 1,017,897 tons [1] - The increase in export volume reflects a positive trend in the palm oil industry [1]