随着人们对健康问题的关注度日益提高，健康管理行业的需求将持续增长，尤其是老龄化趋势的加剧，老年人口健康问题成为社会关注的焦 点，这将为健康管理行业提供巨大的市场空间。同时，中青年人群也面临着生活压力增大、饮食不规律等问题，亚健康状态普遍存在，这也将 进一步推动健康管理行业的发展。2023年，中国健康管理市场规模已增至18107亿元。 目前，国内健康管理参与主体与服务模式具有多样化特征，大体分为院内与院外两种形式，具有医院、互联网医疗、体检、保险等多种服务模 式。细分而言，健康保险占据了我国健康管理市场主流地位，市场占比为57%；其次为互联网医疗，市场份额为19%。 本文节选自华经产业研究院发布的《2023年中国健康管理行业现状及展望，标准化将成为行业发展的关键趋势「图」》，如需获取全文内容， 可进入华经情报网搜索查看。 美年大健康产业控股股份有限公司始创于2004年，是中国规模和影响力显著的健康体检与医疗集团。美年健康以健康体检为核心，集健康咨 询、健康评估、健康干预于一体，并以健康体检大数据为依据，围绕专业预防、健康保障、医疗管家式服务等领域，为企业和个人客户提供更 高品质的健康管理服务。截至2022年底， ...

最新一期业绩显示，2024年三季报，公司实现营业收入71.41亿元，同比-1.96%；净利润2463.25万元， 同比-88.96%，销售毛利率39.67%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)34美年健康67.6741.112.72207.85亿行业平均 46.6242.163.39143.31亿行业中值44.8336.172.4845.23亿1普瑞眼科-197.9724.752.9966.30亿2何氏眼 科-148.4345.501.4928.92亿3迪安诊断-94.6028.481.2487.56亿4光正眼科-87.47207.837.0519.24亿5创新医 疗-80.49-112.482.0938.57亿6南华生物-75.94-99.9211.3228.15亿7国际医学-33.01-32.093.24118.22亿8嘉和 美康-27.21-27.212.2840.81亿9皓宸医疗-21.78-22.434.7321.17亿10美迪西-12.31-12.311.6538.89亿11和元生 物-10.62-10.621.8534.53亿 4月10日，美年健康今日收盘5.31元，上涨2 ...

证券代码：002044 证券简称：美年健康 公告编号：2025-005 公司股东世纪长河科技集团有限公司（以下简称"世纪长河"）本次解除 质押后，美年大健康产业控股股份有限公司（以下简称"公司"、"本公司"）实 际控制人及其一致行动人累计质押股份数量占其所持公司股份数量比例由 86.84%下降为 75.52%。 公司于今日收到世纪长河的通知，获悉其所持有本公司的部分股份办理了 解除质押手续，具体事项如下： 1 公司实际控制人俞熔先生的一致行动人包括：上海天亿资产管理有限公司、上海天亿实业控股集团有限 公司、上海美馨投资管理有限公司、上海维途企业发展中心（有限合伙）、世纪长河和上海通怡投资管理 有限公司－通怡海川 6 号私募证券投资基金、上海通怡投资管理有限公司－通怡桃李 3 号私募证券投资基 金、上海通怡投资管理有限公司－通怡桃李 12 号私募证券投资基金。 股东名称 是否为实际 控制人及其 一致行动人1 本次解除质 押股数（股） 占其所 持股份 比例 占公司 总股本 比例 起始日 解除日期 质权人 世纪长河 是 77,184,000 73.89% 1.97% 2016-02-24 2025-04-07 深圳 ...

Core Points - The Shanghai Composite Index opened lower and fluctuated, while the CSI All Index for Healthcare Equipment and Services decreased by 0.16%, closing at 14,029.54 points with a trading volume of 15.519 billion yuan [1] - Over the past month, the CSI All Index for Healthcare Equipment and Services has increased by 0.23%, and over the past three months, it has risen by 2.65%, with a year-to-date increase of 2.65% [1] - The index reflects the overall performance of listed companies in the healthcare sector, selected from the CSI All Index, with a base date of December 31, 2004, set at 1,000.0 points [1] Index Composition - The top ten weighted companies in the CSI All Index for Healthcare Equipment and Services are: Mindray Medical (9.28%), Aier Eye Hospital (8.07%), United Imaging (6.7%), Aimeike (3.56%), Huatai Medical (3.16%), New Industry (3.09%), Yuyue Medical (2.83%), Meinian Onehealth (2.33%), Jiuan Medical (2.16%), and Shandong Pharmaceutical Glass (2.05%) [1] - The market share of the index's holdings is 61.07% from the Shenzhen Stock Exchange and 38.93% from the Shanghai Stock Exchange [1] - The index's holdings are entirely composed of the pharmaceutical and healthcare sector, with a 100.00% allocation [1] Index Adjustment and Fund Tracking - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are adjusted in accordance with the sample changes, typically remaining fixed until the next scheduled adjustment, with provisions for temporary adjustments in special circumstances [2] - Public funds tracking the healthcare index include various funds from Southern Fund, Tianhong Fund, and others, specifically designed to follow the CSI All Index for Healthcare Equipment and Services [2]

Core Viewpoint - The China Securities Index for the medical industry has shown a slight decline over the past month, quarter, and year-to-date, indicating a stable but slightly negative trend in the sector [2]. Group 1: Index Performance - The China Securities Index for the medical industry is currently at 566.67 points [1]. - Over the past month, the index has decreased by 0.49%, while it has seen a minimal decline of 0.02% over the past three months and year-to-date [2]. Group 2: Index Composition - The top ten weighted companies in the index include: - Mindray Medical (14.12%) - Aier Eye Hospital (8.91%) - United Imaging Healthcare (7.39%) - Aimeike (3.93%) - Huatai Medical (3.48%) - New Industries (3.41%) - Yuyue Medical (3.12%) - Shanghai Pharmaceuticals (3.04%) - Meinian Onehealth (2.57%) - Jiuan Medical (2.39%) [2]. - The index's holdings are primarily listed on the Shenzhen Stock Exchange (57.38%) and the Shanghai Stock Exchange (42.62%) [2]. Group 3: Sector Allocation - The sector allocation within the index is as follows: - Medical Devices: 34.29% - Medical Consumables: 23.16% - Pharmaceutical Commerce: 15.33% - Medical Services: 14.26% - In Vitro Diagnostics: 12.95% [2]. Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to significant events affecting sample companies [3].

证券代码：002044 证券简称：美年健康 公告编号：2025-004 美年大健康产业控股股份有限公司 关于变更持续督导机构和保荐代表人的公告 因原保荐代表人工作变动，不再担任公司持续督导的保荐代表人，为保证持 续督导工作的有序进行，经协商一致，公司与粤开证券股份有限公司（以下简称 "粤开证券"）签订了持续督导协议，由粤开证券担任持续督导机构，继续完成公 司 2019 年非公开发行股票剩余募集资金使用情况的持续督导工作。粤开证券已 指派申佩宜先生、丁天一先生（简历见附件）担任公司 2019 年非公开发行股票 剩余募集资金使用情况的持续督导工作的保荐代表人。 公司对东方证券及其项目团队在持续督导期间对公司所做出的贡献表示衷 心的感谢！ 特此公告。 美年大健康产业控股股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 2019 年 9 月 11 日，美年大健康产业控股股份有限公司（以下简称"公司"） 收到中国证监会出具的《关于核准美年大健康产业控股股份有限公司非公开发行 股票的批复》（证监许可[2019]1556 号），核准公司非公开发行不超过 748, ...

从中证500医药卫生指数持仓的市场板块来看，上海证券交易所占比52.02%、深圳证券交易所占比 47.98%。 据了解，为反映中证500指数样本中不同行业公司证券的整体表现，为投资者提供分析工具，将中证500 指数样本按中证行业分类分为11个一级行业、35个二级行业及90余个三级行业，再以进入各一、二、三 级行业的全部证券作为样本编制指数，形成中证500行业指数。该指数以2004年12月31日为基日，以 1000.0点为基点。 从指数持仓来看，中证500医药卫生指数十大权重分别为：东阿阿胶（3.75%）、人福医药（3.24%）、 惠泰医疗（3.12%）、鱼跃医疗（2.89%）、艾力斯（2.64%）、凯莱英（2.58%）、信立泰（2.52%）、 沃森生物（2.46%）、美年健康（2.43%）、九安医疗（2.27%）。 金融界3月31日消息，上证指数下跌0.46%，中证500医药卫生指数 (500医药，H30255)下跌1.36%，报 9833.39点，成交额139.01亿元。 数据统计显示，中证500医药卫生指数近一个月上涨3.06%，近三个月上涨0.37%，年至今上涨2.63%。 从中证500医药卫生指数持仓 ...

Group 1: REITs and Data Centers - The first data center REIT, Southern Runze Technology Data Center REIT, has been accepted for review on the Shenzhen Stock Exchange, attracting significant investor attention due to its business model and asset characteristics [4]. Group 2: Defense and AI - Kosi Technology (688788.SH) is positioned as a leader in AI and unmanned equipment for military applications, with a strong focus on AI command and control systems, having accumulated over 20 years of core data and experience [5][6]. - The company has invested over 1 billion yuan in R&D, with a team of over 400 people dedicated to AI and military applications, indicating significant growth potential in both military and civilian sectors [6]. Group 3: Healthcare - Meinian Health (002044.SZ) is leveraging AI to enhance efficiency and reduce costs in the health checkup industry, with over 600 branches and a leading position in the number of annual health checkups [7][8]. - The company is expected to achieve revenues of 10.826 billion yuan, 12.099 billion yuan, and 13.098 billion yuan from 2024 to 2026, with corresponding net profits of 326 million yuan, 617 million yuan, and 813 million yuan [8]. Group 4: Banking - Chongqing Rural Commercial Bank (601077.SH) is expected to benefit from the Chengdu-Chongqing economic circle, with projected net profit growth rates of 5.72%, 5.99%, and 6.53% from 2025 to 2027 [9]. - China Merchants Bank (600036.SH) has shown resilience with a return to profit growth in 2024, maintaining a leading position in the industry [10]. Group 5: Carbon Market and Construction - The national carbon market is expanding, with significant implications for the steel, cement, and aluminum industries, as companies adapt to new carbon pricing mechanisms [11]. - Key players in these sectors, such as Baosteel and China Aluminum, are expected to benefit from the transition to greener production methods [11]. Group 6: Coal Industry - China Shenhua Energy (H) has seen an increase in long-term investment interest, with a recent stake acquisition by Swiss Life Insurance, reflecting a reevaluation of the coal sector's value [14][15]. - The company has a low debt ratio of 23.4% and plans to distribute 44.9 billion yuan in cash dividends in 2024, indicating strong cash flow and dividend capacity [15][16]. Group 7: Chemicals and Materials - Sanwei Chemical (002469.SZ) reported a significant acceleration in Q4 performance, with a high dividend payout ratio of 99%, making it an attractive investment [21]. - China Jushi (600176.SH) achieved a revenue of 15.856 billion yuan in 2024, with a strong performance in Q4, indicating resilience in the fiberglass market [22][23]. Group 8: Consumer Goods - Nongfu Spring (09633.HK) reported stable growth with a revenue of 42.896 billion yuan in 2024, driven by strong brand value and product innovation [30]. - The company is expected to see net profits grow by 15.6%, 15.0%, and 16.0% from 2025 to 2027, maintaining its market leadership [30]. Group 9: Textile and Apparel - Shenzhou International (02313.HK) reported a revenue of 28.66 billion yuan in 2024, with a net profit increase of 37%, indicating strong demand and operational efficiency [31].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6][7]. Core Viewpoints - The company is a leading player in the health examination industry, focusing on high-quality development and leveraging AI technology to enhance its services and operational efficiency [6][16]. - The health examination market in China is expected to grow significantly, driven by increasing health awareness and supportive government policies, with the market size projected to exceed 390 billion yuan by 2025 [6][31][44]. - The company has implemented a comprehensive digital transformation strategy, emphasizing AI integration to improve service quality and operational management [6][70][79]. Summary by Sections 1. Deepening the Health Examination Industry - The company has established itself as a major player in the health examination sector since its inception in 2004, with four major brands working in synergy [16][18]. - The management team is experienced and has implemented a stock option incentive plan to ensure stable growth and confidence in the company's future [26][27]. - Revenue has shown a recovery trend, with total revenue increasing from 3.08 billion yuan in 2016 to 10.89 billion yuan in 2023, reflecting a compound annual growth rate of 19.77% [28]. 2. Demand-Driven Growth in the Health Examination Industry - The aging population and rising health consciousness are expected to drive continuous growth in the health examination sector [31][36]. - Government policies have been increasingly supportive of the health industry, promoting the development of health examination services [41][42]. - The market for health examinations is expanding, with private health examination institutions gradually increasing their market share [44][46]. 3. Quality Improvement and AI Empowerment - The company has a significant advantage in the number of health examination centers, with 608 centers operating across more than 30 provinces as of June 2024 [52]. - The average customer spending per examination has increased from 501.4 yuan in 2019 to 620.8 yuan in 2023, indicating a growing demand for quality services [66]. - The company has adopted a digital transformation strategy, utilizing AI to enhance the entire health examination process, from pre-examination to post-examination [70][73]. 4. Profit Forecast and Valuation - Revenue forecasts for 2024-2026 are projected at 105.99 billion yuan, 116.14 billion yuan, and 127.31 billion yuan, respectively, with expected growth rates of -2.71%, 9.58%, and 9.62% [7][8]. - The net profit attributable to shareholders is expected to reach 3.49 billion yuan, 5.62 billion yuan, and 7.98 billion yuan for the same period, with growth rates of -31.0%, 61.2%, and 42% [7][8]. - The target market capitalization for the company is estimated at 28.5 billion yuan, indicating a potential upside of 27.5% from the latest market value [7].