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].

Investment Rating - The report assigns an investment rating of "Recommended" for the pharmaceutical and biotechnology industry [3][33]. Core Insights - The "AI + Healthcare/Pharmaceutical" theme continues to gain traction, with short-term momentum expected to persist. The report highlights significant stock performance in the sector, with the pharmaceutical and biotechnology sector (SW) rising by 2.71%, outperforming the CSI 300 index, and all sub-sectors showing positive growth, particularly in medical services [3][4]. - In the U.S., Tempus AI, a representative company in medical AI, saw a weekly increase of approximately 30% and over 160% year-to-date, driving the momentum of the medical AI concept. In China, companies like KingMed Diagnostics and Dian Diagnostics announced collaborations with DeepSeek, indicating a shift towards the commercialization of AI applications in healthcare [4][3]. - The report emphasizes investment opportunities in sub-sectors such as "AI + Medical Imaging," "AI + Diagnostic Services," and "AI + Drug Development," recommending key companies including United Imaging, Mindray, BGI Genomics, and WuXi AppTec [3][4]. Industry Performance Tracking - The pharmaceutical and biotechnology sector (SW) rose by 2.71% in the week of February 10-14, ranking 5th among 31 Shenwan primary industries. The CSI 300 index increased by 1.19% during the same period [5][6]. - All sub-sectors experienced growth, with medical services leading at +6.51%, followed by medical devices at +4.81%, and pharmaceutical commerce at +4.18% [5][6]. - Notable individual stock performances included Dian Diagnostics (+46.29%), Mian Health (+31.58%), and United Imaging (+27.33%) [6]. Industry Dynamics and Key Company Tracking - The National Healthcare Security Administration released a list of key tasks for 2025, focusing on efficient medical insurance processes and direct settlements for collected drugs and consumables [7]. - The retail terminal drug sales scale in China is projected to reach 574 billion yuan in 2024, with a growth rate of 3.7%, indicating a slowdown in growth due to demographic and economic factors [8]. - The report also notes significant collaborations, such as Baiyang Pharmaceutical's agreement with Roche for the exclusive marketing rights of a targeted cancer drug in mainland China [9][11]. Industry Data Tracking - The report tracks various industry metrics, including the basic medical insurance fund income, which reached 28,507.29 billion yuan in 2024, showing a year-on-year growth of 5% [15][16]. - The domestic pharmaceutical manufacturing industry achieved a total revenue of 25,298.50 billion yuan in 2024, with profit totals declining by 1.1% year-on-year [17].

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology industry [5] Core Viewpoints - The AI concept has experienced a pullback, but the upward momentum for innovative drugs is expected to continue [1][2] - The pharmaceutical index fell by 2.15% last week, outperforming the CSI 300 index by 0.07 percentage points, ranking 25th in industry performance [10] - The healthcare services sub-sector has shown the highest growth since the beginning of 2025, with a rise of 12.31% [16] - The report highlights the strong performance of innovative drugs and companies with positive earnings forecasts, such as Nocera Health and Newnovel [19][31] Market Performance Summary - The pharmaceutical index has increased by 4.17% year-to-date, outperforming the CSI 300 index by 5.31 percentage points, ranking 12th in industry performance [10] - The best-performing stocks in the A-share market last week included Nocera Health (+20.98%), Changyao Holdings (+20.96%), and Shanghai Yizhong (+18.78%) [19] - In the Hong Kong stock market, 30 out of 106 pharmaceutical stocks rose, accounting for 28.3% [23] Sub-industry Performance - The sub-industry with the smallest decline last week was Traditional Chinese Medicine, down 0.35%, while the largest decline was in pharmaceutical commerce, down 3.44% [14] - Year-to-date, the Traditional Chinese Medicine sub-sector has decreased by 5.29%, while healthcare services have increased by 12.31% [16] Industry News and Policies - Starting March 1, Guangxi will implement centralized procurement for large medical equipment, aiming to reduce costs through bulk purchasing [27][28] - Huadong Medicine's ADC innovative drug has received orphan drug designation from the FDA, which provides various incentives for the company [29] Company Announcements - Notable company announcements include Nocera Health's significant R&D progress and Newnovel's exclusive cooperation agreement with RadianceBiopharma, potentially worth $1.23 billion [19][31]