彭思宇 国信证券医药分析师: 各位投资人下午好，非常感谢大家在大年初七的这样一个下午，来指导我们国信证券新春 系列的这样一些电话会。那本场是医药专场，我是国信医药分析师彭思宇。那我们的主题 是看好底部反转的医疗服务和药店板块。其实不仅仅是服务和药店板块，在医药行业里面 偏消费的板块，我们目前都是非常看好的，医疗服务和消费相关的这样一些板块，如果看 估值的话，经过了非常漫长的这样一个调整的时期，此时此刻估值可以说是处于一个历史 的低分位数。 同时我们从 1 月份上市公司给到的一些数据来看的话，1 月份的这个收入的增长态势也是 比较不错的。即使我们剔除掉去年有过年一个因素的影响，也是有不错的增长。比如说固 生堂，在交流中，他也透露了相关的一些情况。这是基本面的一个修复情况。另外我们也 可以看到，AI 这一块也会给医疗服务相关的一些企业带来赋能。那在 AI 赋能方面的话， AI 相关的业务的落地和和赋能，为领先的医疗服务企业带来全新的一个增长动力。我们看 到蚂蚁集团旗下的这个 AI 健康应用，于去年的 6 月份，2025 年 6 月份首次以 A Q 之名 亮相市场，同时在去年的 12 月 15 号正式升级更名为这个 ...

海南省药品监督管理局关于2025年医疗器械质量抽查检验情况的通告 为加强医疗器械质量监管，保障公众用械安全，根据《医疗器械监督管理条例》等法规文件，海南省药品监督管理局按照《海南省2025年医疗器械抽检工作 实施方案》有关要求，组织对全省医疗器械生产、经营、使用环节进行医疗器械质量抽查检验，共抽检110批次，检验结果均符合规定。现将医疗器械抽查 检验情况予以通告（见附件）。 海南省药品监督管理局 2026年2月14日 海南省2025年医疗器械质量监督抽检情况统计表（共110批次） | 序 | 检验报告编号 医疗器械产品名称 | 规格/型号 | 批号/遍号 | 生产企业名称 | 抽样单位 | 检验 | | --- | --- | --- | --- | --- | --- | --- | | 号 | | | | | | 结果 | | 1 | HL2025QH0498 医用电子体温计 | DT007 | 221200608 | 广州市倍尔康医疗器械 | 海口市市场监督管 | 合格 | | | | | | 有限公司 | 理局 | | | 2 | HL2025QH0368 医用退热贴 | 120mm×50mm/普通型 ...

Core Viewpoint - The report from Guosen Securities indicates that the medical services and consumer-related sectors have experienced long-term adjustments, resulting in valuations at historical lows. By 2026, improvements in supply structure, increased treatment volumes, and store optimization are expected to lead to a dual recovery in fundamentals and valuations, with AI empowerment providing new momentum for leading companies [1][2]. Group 1: Medical Services and Consumer Sectors - The medical services and consumer-related sectors are currently undervalued and poised for performance recovery, with a focus on specific sub-sectors [2]. - In medical services, improvements in supply structure and consumer environment are anticipated to gradually revive business, with stable customer spending and increased treatment volumes. Leading companies are expected to provide positive earnings guidance for 2026, indicating a potential dual recovery in fundamentals and valuations. AI-related business developments are also expected to drive new growth for leading medical service firms. Key companies to watch include Aier Eye Hospital (300015), Gushengtang, Tongce Medical (600763), and Haijia Medical [2]. - The pharmacy sector has shown significant marginal improvement in performance since Q3 2025, with leading companies improving same-store performance quarterly. Regulatory support from nine ministries emphasizes the long-term development direction of industry concentration and chain rate enhancement, with non-pharmaceutical adjustments and store structure optimization driving short-term performance improvements. Key companies include Yifeng Pharmacy (603939) and Dazhenglin (603233) [2]. Group 2: Home Medical Devices - The growth of home medical device companies is driven by increased product penetration and domestic production rates. Rapid growth is observed in products like Continuous Glucose Monitors (CGM) and sleep apnea machines, with leading domestic brands expanding internationally. Traditional categories like blood pressure monitors are increasingly focusing on the high-end market, with domestic brands steadily increasing market share. The combination of high domestic growth and new overseas markets is expected to contribute to sustained performance growth for home medical device companies. Key companies include Yuyue Medical (002223), Kefu Medical (301087), Sanofi Biological (300298), and Ruimaite (301367) [3]. Group 3: Innovative Drug Development - The collaboration for the international expansion of innovative drugs continues to deepen, with recent significant agreements between Shiyao Group and AstraZeneca, as well as Innovent Biologics and Eli Lilly. These collaborations highlight the growing recognition of China's innovative drug development capabilities by multinational pharmaceutical companies, showcasing the efficiency and cost advantages of Chinese innovative drugs [4]. Group 4: Investment Portfolio for 2026 - The investment portfolio for 2026 includes A-shares such as Mindray Medical (300760), United Imaging Healthcare, WuXi AppTec (603259), New Industry (300832), Meihua Medical (301363), Adebiotech (300685), Zhend Medical (603301), Yaokang Biological, Kingmed Diagnostics (603882), Aier Eye Hospital, Yuyue Medical, Yifeng Pharmacy, and Dazhenglin; H-shares include Kangfang Biologics, Kelun-Botai Biologics-B, Hutchison China MediTech, Kangnuo-B, Sanofi Biopharma, Gushengtang, and Aikang Medical [5].

Group 1: Pharmaceutical Industry - The pharmaceutical index increased by 0.14%, outperforming the CSI 300 index by 1.47% during the week [2][6] - The report highlights the potential of molecular glue technology to target "undruggable" proteins, expanding the scope for innovative drug development [8][9] - Recommended stocks in the innovative drug sector include Heng Rui Medicine, China Biologic Products, and Yuan Dong Biology, among others [11][9] Group 2: Construction and Building Materials - Major engineering projects are identified as a key focus for the "14th Five-Year Plan," with significant investments planned across various provinces [13][14] - The report notes that infrastructure projects will dominate investment, with substantial funding allocated to transportation, municipal, and energy sectors [14] - The issuance of special bonds has increased significantly, with a total of 5,164.55 billion yuan issued as of February 8, 2026, marking a year-on-year increase of 125.35% [15] Group 3: Real Estate - The Shanghai government has initiated the acquisition of second-hand homes for rental housing projects, indicating a strategic move to stabilize the real estate market [19][21] - New home sales in 42 key cities totaled 1.48 million square meters, a slight decrease of 0.1% week-on-week, while second-hand home sales fell by 3.0% [20][19] - The report suggests that the real estate market is entering a phase of structural differentiation, with high-quality housing expected to see increased demand [23] Group 4: Overseas and Education Research - The first round of negotiations between the US and Iran concluded, with market sentiment shifting towards risk assets, particularly in AI and commercial aerospace sectors [26][30] - Bloom Energy reported better-than-expected earnings, with Q4 2025 revenue reaching $777.8 million, a year-on-year increase of 35.9% [26] - The quantum computing sector is gaining attention, with NERSC announcing a call for proposals utilizing neutral atom quantum processors [28]

Industry Overview - The ear thermometer is a non-contact temperature measurement tool that offers advantages such as accuracy, speed, convenience, safety, and resistance to external environmental interference, making it suitable for various applications in healthcare, industry, schools, homes, and public places [1][12] - The market demand for ear thermometers has been steadily increasing, particularly influenced by heightened public health awareness and advancements in medical detection technology [1][12] - In 2020, the domestic ear thermometer market size exceeded 600 million yuan, with a year-on-year growth of 17.31%, highlighting its critical role in public health emergency systems [1][12] - The market size for the ear thermometer industry in China is projected to reach 830 million yuan in 2024, with a year-on-year growth of 6.41%, and approximately 900 million yuan in 2025 [1][12] Industry Development History - The ear thermometer industry traces back to the 1980s, gaining momentum in the 1990s due to rising household demand for medical devices [7] - The 21st century has seen unprecedented growth in the ear thermometer industry, driven by continuous innovation in medical technology and increased public health awareness [7] Industry Chain - The ear thermometer industry chain consists of upstream raw materials and components, including metals, plastics, infrared sensors, chips, displays, batteries, and microcontrollers [8] - The midstream involves the production and manufacturing of ear thermometers, while the downstream encompasses sales channels such as medical device specialty stores, large chain pharmacies, e-commerce platforms, and supermarkets [8] Market Competition - The competition in the ear thermometer industry features both domestic and international brands, with foreign companies holding significant market positions due to their established technology and brand advantages [13] - Notable domestic companies include Yuyue Medical, Jiuan Medical, and Kefu Medical, which are rapidly developing through product innovation and channel expansion [13] Key Companies - Yuyue Medical Equipment Co., Ltd. focuses on providing home medical devices and clinical products, with a significant portion of its revenue coming from home health monitoring solutions [13] - Kefu Medical Technology Co., Ltd. specializes in medical device research, production, and sales, with a diverse product line covering health monitoring and rehabilitation [14] Future Trends - The ear thermometer is expected to evolve into a personal health management terminal that integrates health data monitoring and intelligent analysis, enhancing its role in chronic disease management and early epidemic screening [15] - Continuous improvements in measurement accuracy will focus on overcoming complexities in deep ear canal measurements through multi-sensor fusion technology and adaptive calibration algorithms [16] - The industry is anticipated to shift towards data and service-oriented ecological integration, establishing new standards for measurement accuracy and data privacy, which will enhance the reliability of temperature data for remote healthcare and public health monitoring [18]

Core Viewpoint - Yuyue Medical (002223) is actively involved in providing high-altitude oxygen supply equipment for the construction of the Yarlung Zangbo River downstream hydropower station project, indicating a focus on expanding its service offerings in the high-altitude medical supply sector [1] Group 1 - The company and its wholly-owned subsidiary, Tibet Yuyue Medical Investment Co., Ltd., have supplied high-altitude oxygen products including central oxygen supply systems, desktop oxygen generators, portable oxygen generators, and portable oxygen inhalers for the hydropower project [1] - The company aims to continue seeking further cooperation opportunities related to the project, providing ongoing high-altitude oxygen services and health support for the Yarlung Zangbo River hydropower station [1] - Currently, the orders obtained by the company are not expected to have a significant impact on overall performance, and there remains a degree of uncertainty regarding future order acquisition [1]

Core Viewpoint - Yuyue Medical (002223) has integrated several health devices, such as blood glucose meters, blood pressure monitors, and ventilators, with Ant Group's health management system, allowing users to track and manage their health data conveniently [1] Group 1 - The company offers multiple health devices that can connect to Ant Group's health management system upon user authorization [1] - The monitoring data from these devices can be automatically synchronized to users' personal health records, facilitating long-term health management [1] - Investors are advised to refer to the company's periodic reports for specific performance details [1]

Group 1 - The core point of the article is that Yuyue Medical (002223) has over 50,000 shareholders as of January 30, 2026 [1]

Core Insights - The article highlights the remarkable industrial development of Zhenjiang, a small city in Jiangsu Province, which has achieved significant technological and manufacturing milestones despite its limited size and population [2][5][12]. Group 1: Economic Performance - Zhenjiang has a GDP of 554 billion yuan in 2024, ranking 57th nationally, surpassing larger cities like Taiyuan and Urumqi [7]. - The city ranks 22nd among Chinese cities in the Global Innovation Index, indicating a high level of technological innovation relative to its economic size [8][11]. Group 2: Manufacturing Strength - Zhenjiang's manufacturing sector is robust, with a reported sales revenue of over 368.4 billion yuan in 2024, growing at a rate of 13.2%, which is above the provincial average [14][21]. - The city is home to significant manufacturing clusters, including high-end equipment and new materials, with several companies recognized as "hidden champions" in their respective fields [19][21]. Group 3: Innovation and Technology - Zhenjiang has been recognized for its innovation capabilities, ranking 41st in the National Innovation City Capability Evaluation Report, which assesses cities based on various innovation metrics [9][11]. - The city has a high number of patents, with 29.71 high-value invention patents per ten thousand people, ranking 4th in Jiangsu Province [21]. Group 4: Strategic Development Approach - Zhenjiang has adopted a focused approach to industrial development, concentrating on emerging sectors such as artificial intelligence, low-altitude economy, and new energy storage [24][29]. - The city leverages its geographical position within the Yangtze River Delta to enhance resource sharing and collaboration with larger cities like Shanghai and Nanjing [28][30].

Core Insights - The article highlights the rapid advancement of Chinese medical device companies, particularly Yuyue Medical, in overcoming technological barriers and moving towards the mid-to-high end of the global industrial chain [2] - Yuyue Medical's continuous glucose monitoring system (CGM) has received CE certification under the EU Medical Devices Regulation (MDR), marking a significant milestone for the company and the Chinese medical device industry [2][3] Group 1: Product Development and Market Position - Yuyue Medical has focused on respiratory therapy, blood glucose management, POCT, and home health testing, supported by strong R&D capabilities [3] - The blood glucose management and POCT segment has experienced double-digit growth since 2022, showcasing the successful transformation of Yuyue Medical's innovative achievements [3] - The "Anytime" series of CGM products, particularly Anytime 4 and Anytime 5, have been launched, expanding the applicability of blood glucose monitoring in various settings and achieving significant advancements in performance [3][4] Group 2: Market Expansion and International Strategy - Yuyue Medical aims to accelerate its overseas expansion, focusing on building international teams and enhancing market access for its blood glucose management business [6] - The company has established R&D centers in strategic locations such as Italy, the Netherlands, and Germany, and has subsidiaries in the U.S., Brazil, Thailand, and Indonesia, creating a comprehensive network across over 130 countries [6] - The global CGM market is expected to grow significantly, with projections indicating a market size of $35.44 billion by 2032, positioning China as a key growth driver due to favorable policies and demand [7]