Group 1 - The core viewpoint of the article highlights the positive performance of the healthcare sector, particularly in the fields of collagen and skincare products, with significant growth opportunities identified [1] - The Medical Industry ETF (159877.SZ) increased by 4.05%, and Lepu Medical surged by 19.99%, indicating strong market interest and investor confidence in the sector [1] - Jianghai Securities emphasizes the multi-dimensional investment logic in the healthcare industry, particularly in the collagen sector, where new entrants like Chuangjian Medical are gaining traction with their cross-linked collagen implants [1] Group 2 - The approval of cross-linked collagen products by Chuangjian Medical positions it as a strong competitor in the market, following the successes of Jinbo Biology and Juzhi Biology [1] - The "oil-based skincare" segment is projected to see sales exceeding 9.5 billion yuan from March 2024 to February 2025, reflecting a 36% growth, driven by advancements in domestic brands [1] - Continuous improvements in ingredients, technology, and formulations are enhancing industry standards, further propelling growth in the healthcare sector [1]

Core Viewpoint - The innovative drug sector in China is experiencing significant growth, with a record number of approved innovative drugs and substantial increases in licensing transactions, indicating a strong market potential and investment opportunities in the pharmaceutical industry [1] Industry Summary - As of 2025, China has approved 76 innovative drugs, surpassing the 48 approved in 2024, marking a historical high [1] - The total value of licensing transactions for innovative drugs in China is expected to exceed $130 billion, with over 150 transactions, also a historical high [1] - The pharmaceutical research outsourcing sector is benefiting from a recovery in industry demand, with companies like WuXi AppTec and Hao Yuan Medical showing excellent growth [1] Company Summary - Companies in the innovative drug sector, such as Lepu Medical, Frontier Biotechnologies, and BeiGene, have seen significant stock price increases, with Lepu Medical hitting a 20% limit up and others like Frontier Biotechnologies rising over 13% [1] - The innovative drug industry's core driving factor is the breakthrough in global competitiveness of Chinese pharmaceutical companies, which are gaining recognition for their research capabilities [1] - The demand for CXO and research services within the innovative drug supply chain is expected to continue benefiting from favorable market conditions, leading to sustained performance exceeding expectations [1]

政策端也持续加码支持。国家药监局近期在北京召开脑机接口医疗器械工作推进会，明确表示将加快相 关产品的审评审批流程，推动创新器械更快上市应用。 国金证券指出，在医疗器械创新政策密集落地 背景下，脑机接口作为前沿交叉领域，正迎来从科研验证向临床及消费场景拓展的关键窗口期。 （文章来源：每日经济新闻） 医疗器械ETF（562600）大涨4.36%。截止2025年12月30日，医疗器械ETF脑机接口含量达20.91%。 消息面上，行业迎来多重催化。特斯拉CEO埃隆·马斯克近日在社交媒体透露，其旗下脑机接口公司 Neuralink计划于2026年启动脑机接口设备的"大规模生产"。这一表态被市场视为该技术迈向商业化的重 要信号。 与此同时，由OpenAI首席执行官Sam Altman联合创立的脑机接口初创公司Merge Labs宣布将分拆为独 立实体，专注于开发基于超声波的非侵入式脑信号读取技术。该方案无需植入电极，即可实现对大脑活 动的大范围、高精度解读，有望大幅降低技术门槛与临床风险。 早盘脑机接口概念小幅高开，随后震荡上行，截止10点57分，乐普医疗、美好医疗、翔宇医疗、伟思医 疗、迈普医学封板涨停。 ...

医疗板块开门红！2026年1月5日早盘，医疗板块全线飘红，全市场规模最大医疗ETF（512170）高开高 走，盘中涨超4%，今日有望创下近3个月来最大单日涨幅！实时成交超6.5亿元。 医疗ETF50只成份股全部上涨，脑机接口概念股集体爆发，三博脑科、美好医疗、乐普医疗20CM涨 停！CXO亦强势，昭衍新药涨停，巨头药明康德涨近6%。 医疗板块开门红！2026年1月5日早盘，医疗板块全线飘红，全市场规模最大医疗ETF（512170）高开高 走，盘中涨超4%，今日有望创下近3个月来最大单日涨幅！实时成交超6.5亿元。 医疗ETF50只成份股全部上涨，脑机接口概念股集体爆发，三博脑科、美好医疗、乐普医疗20CM涨 停！CXO亦强势，昭衍新药涨停，巨头药明康德涨近6%。 消息面上，马斯克近日在社交媒体上表示，其脑机接口公司Neuralink将于2026年开始对脑机接口设备进 行"大规模生产"。 | 分时 多日 1分 5分 · | | | | | | | F9 盘前盘后 露加 九轮 面线 工具 @ 2 > | | | | | | | | | | 医疗ETF O | | | | --- | --- | --- | --- ...

Core Insights - The Chinese open stapler market is experiencing a decline, with the market size decreasing from 15.3 billion yuan in 2020 due to the pandemic, and projected to reach 14.1 billion yuan in 2024, a year-on-year decrease of 2.1% [2] - The decline is attributed to the shift towards minimally invasive surgical techniques, with laparoscopic staplers becoming the mainstream due to their advantages such as less trauma and faster recovery [2] - Despite the decline, open staplers still hold irreplaceable value in grassroots medical settings and complex surgeries, indicating a potential stabilization in market size, although their market share is expected to continue decreasing [2] Industry Overview - Open staplers are primarily used in traditional open surgeries, offering advantages such as quick suturing, ease of use, single-use to prevent cross-infection, and fewer complications [3][4] - The types of open staplers include linear staplers, tubular digestive tract staplers, linear cutting staplers, anal staplers, purse-string staplers, curved cutting staplers, and skin staplers, each with specific applications [4] - The industry chain consists of upstream material suppliers, midstream manufacturers, and downstream consumers such as hospitals and clinics [6] Market Dynamics - The number of medical institutions in China is on the rise, projected to reach 1,093,600 by 2024, which will increase the demand for open staplers [8] - The competition in the open stapler market is shifting towards product upgrades and cost control as the market space contracts [10]

Investment Rating - The report maintains an "Overweight" rating for the innovative pharmaceutical and medical device industry chain [4][8]. Core Viewpoints - The report continues to recommend the innovative pharmaceutical and medical device industry chain, highlighting a selection of A-share and H-share stocks with an "Overweight" rating [2][8][11]. - The performance of the pharmaceutical sector in December 2025 was weaker than the broader market, with the SW Pharmaceutical Biotechnology index declining by 4.1% compared to a 2.1% increase in the Shanghai Composite Index [18][30]. - The report notes that the premium level of the pharmaceutical sector relative to the entire A-share market is currently at a normal level, with a relative premium rate of 63.2% as of December 31, 2025 [29][32]. Summary by Sections A-Share Recommendations - The report lists the following A-share stocks with an "Overweight" rating: - 恒瑞医药 (Hengrui Medicine) - 科伦药业 (Kelun Pharmaceutical) - 华东医药 (East China Pharmaceutical) - 恩华药业 (Enhua Pharmaceutical) - 特宝生物 (Tebao Biological) - 京新药业 (Jingxin Pharmaceutical) - 益方生物 (Yifang Biological) - 药明康德 (WuXi AppTec) - 泰格医药 (Tigermed) - 乐普医疗 (Lepu Medical) - 联影医疗 (United Imaging) - 微电生理 (Microelectrophysiology) [8][9]. H-Share Recommendations - The report maintains an "Overweight" rating for the following H-share stocks: - 翰森制药 (Hansoh Pharmaceutical) - 三生制药 (3SBio) - 科伦博泰生物 (Kelun-Botai Biological) - 康方生物 (CanSino Biologics) - 映恩生物 (InnoCare Pharma) - 百济神州 (BeiGene) [11][12]. Performance Analysis - The report indicates that the 国泰海通医药 monthly portfolio outperformed the pharmaceutical index in December 2025, with an average decline of 1.8% compared to a 3.9% decline in the overall pharmaceutical index [14][15]. - The report highlights the best-performing stocks in December 2025, with 泰格医药 (Tigermed) increasing by 11.2%, 特宝生物 (Tebao Biological) by 7.5%, and 惠泰医疗 (Huitai Medical) by 3.9% [15][18].

Investment Rating - The report maintains a "Positive" investment rating for the beauty and personal care industry, specifically focusing on PDRN applications [6]. Core Insights - The report highlights that PDRN (Polydeoxyribonucleotide) is expected to unleash stronger commercial potential due to increasing registrations and search metrics. The extraction of PDRN is transitioning from animal sources to microbial fermentation and synthetic biology, laying a solid foundation for accelerated applications in the medical beauty and skincare sectors [3][4]. - The report emphasizes that domestic beauty companies are likely to redefine the value boundaries of PDRN, with leading firms accelerating their strategies in this competitive landscape [3][4]. Summary by Sections PDRN Overview - PDRN, derived from salmon and other sources, has a high similarity to human DNA (98%) and is known for its skin repair and cell regeneration properties. Its historical development spans from the 15th century to its current applications in medical aesthetics and cosmetics [8][13][19]. Market Growth Potential - The PDRN market is projected to grow significantly, with estimates indicating an increase from USD 0.72 billion in 2024 to USD 8.55 billion by 2031, reflecting a CAGR of 43%. The demand for anti-aging products is a core driver of this growth [8][30]. Competitive Landscape - Domestic companies are actively entering the PDRN medical and skincare sectors, with significant advancements in extraction technologies. Companies like Huaxi Biological and Lepu Medical are leading the charge in developing PDRN-based products [8][30][34]. Key Mechanisms and Benefits - PDRN operates through two main mechanisms: acting as an agonist for the adenosine A2A receptor to suppress inflammation and providing nucleotides for DNA synthesis, thus promoting cell regeneration and tissue repair [34][36]. - The primary benefits of PDRN include skin repair, anti-inflammatory effects, and anti-aging properties, making it suitable for various cosmetic and medical applications [34][39].

Summary of Key Points from the Conference Call Industry Overview - The Chinese medical aesthetics market has a significantly lower penetration rate compared to developed countries, with an expected penetration rate of approximately 3.2% by 2025, compared to South Korea's 16.1%, indicating substantial growth potential over the next decade, potentially reaching a market size of 700 to 800 billion or even over 1 trillion yuan [1][4] - The market is currently facing challenges due to consumer fatigue and accelerated regulatory approvals, leading to increased competition and price reductions for products like homologous injections [1][5] Core Insights and Arguments - Medical aesthetics institutions are struggling with high sales expense ratios, often between 30% and 40%, which erodes profits. New business models like the "Xiaoyang model" and "dual beauty integration model" are seen as effective ways to reduce sales costs and improve profitability [2][3] - PDIN (salmon needle) is gaining attention as a new medical aesthetic material due to its high similarity to human DNA, good biocompatibility, and regenerative properties, potentially becoming a new profit growth point for medical aesthetic institutions [1][10] - The leading brand in the Korean PDN market, Rejuran, is expected to generate approximately 870 million yuan in global revenue in 2024, with projections of reaching 1.5 billion yuan in 2025, supported by a planned 25% compound annual growth rate over the next five years [1][17] Investment Opportunities - Investment opportunities in the medical aesthetics industry can be categorized into upstream (new materials) and downstream (medical aesthetic institutions). Upstream new materials are currently a key investment direction, while downstream institutions that can effectively lower sales costs and improve profitability are also valuable [2][6] - Companies like Lepu Medical are actively developing PDI and ECM medical aesthetic products, with PDI products expected to be approved in the first half of 2026, potentially serving as new growth engines for the company [2][23] Competitive Landscape - The competitive landscape for medical aesthetic materials has changed significantly, with new products being approved at a rapid pace, increasing competition and driving down prices for traditional materials like collagen [7][9] - The overall growth rate of the Chinese medical aesthetics industry has slowed to about 10% in recent years, down from over 30% pre-pandemic, with a decline in average transaction prices impacting profit margins [8] Future Outlook - Long-term growth potential remains strong for the Chinese medical aesthetics industry, driven by low current penetration rates and the anticipated normalization of domestic consumption [6] - The demand for PDI materials is expected to increase, with several companies, including Lepu Medical, actively pursuing development in this area, indicating a shift towards new profit sources as traditional materials face declining margins [23] Company-Specific Insights - Lepu Medical's current valuation is considered undervalued at around 30 billion yuan, with a potential market value of at least 40 billion yuan based on its serious medical business, PDIN, and innovative drug potential [2][26] - Rejuran's market share in the Korean PDN market is estimated to be between 70% and 80%, with significant revenue contributions from both domestic and international markets [17][19] Additional Considerations - The approval status of Rejuran in various countries, including Singapore, Thailand, and Australia, is progressing, with pending applications in China and the U.S. that could significantly enhance its global market presence [21] - The ECM component market is also showing potential, with several companies in China working on related products, indicating a growing interest in this area [24][25]

Investment Rating - The report maintains an "Outperform" rating for the beauty and personal care industry, indicating a positive outlook for growth opportunities in the sector [3]. Core Insights - The report emphasizes that innovation in ingredients, particularly new materials like PDRN (Polydeoxyribonucleotide) and ECM (Extracellular Matrix), is a significant driver for growth in the beauty and medical aesthetics industry. Companies that successfully integrate these new components into their product lines are expected to enhance their growth potential and market competitiveness [5][14]. Summary by Sections 1. PDRN: A New Ingredient Driving Growth - PDRN has been validated in overseas markets for over a decade and is recognized for its effectiveness in promoting tissue regeneration and anti-inflammatory properties. The introduction of PDRN products in the medical aesthetics sector has shown a compound annual growth rate (CAGR) of 30% from 2014 to 2024 for companies like PharmaResearch, which has established a strong market presence with its Rejuran product line [5][18][32]. - The domestic market for PDRN is expected to grow significantly, with a projected revenue of approximately 330 million RMB from Q4 2024 to Q3 2025, indicating robust demand for PDRN products in China [5][20]. - The report highlights that the increasing awareness and education around PDRN among consumers, coupled with regulatory clarity and rapid supply chain development, will further drive demand in the medical aesthetics sector [5][68]. 2. ECM: Potential in Regenerative Fields - ECM is gaining attention as a promising ingredient in both medical aesthetics and cosmetics, with applications in serious medical fields already established. The report notes that the market for ECM products is still developing, with several companies beginning to explore its potential in aesthetic applications [5][24][28]. - The report suggests that the introduction of ECM products could fill existing gaps in the market, particularly in the medical aesthetics sector, where consumer education and awareness are crucial for adoption [5][24]. 3. Investment Opportunities - The report recommends focusing on companies with established pipelines for new materials, particularly in the medical aesthetics sector, such as Lepu Medical and Marubi Biotechnology, which are expected to lead in the approval and commercialization of PDRN products [5][6]. - In the cosmetics sector, brands that are quick to adopt PDRN and other innovative ingredients are likely to gain a competitive edge, with several major brands already launching PDRN-infused products in 2025 [5][6].

Investment Rating - The report maintains an "Outperform" rating for several companies in the pharmaceutical sector, including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [5][6]. Core Insights - The report emphasizes the high prosperity in innovative drugs and continues to recommend companies with promising pipelines and performance growth in the Biopharma/Biotech sector, maintaining an "Outperform" rating for Innovent Biologics, WuXi XDC Cayman, and others [5][23]. - It highlights the performance of the A-Shares pharmaceutical sector, which underperformed the market, with the SW Pharma & Bio index falling by 0.2% while the SHCOMP rose by 1.9% [7][18]. - The report notes that the premium level of the pharmaceutical sector relative to all A-Shares is currently at a normal level of 66.7% as of December 26, 2025 [13][17]. Summary by Sections 1. Continued Recommendation for Innovative Drugs and Industry Chain - The report continues to recommend innovative drugs and the associated industry chain, highlighting the high demand and potential for revaluation in the pharmaceutical sector [5][23]. - Specific companies recommended include Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical, all rated as "Outperform" [5][6]. 2. A-Shares Pharmaceutical Sector Performance - In the fourth week of December 2025, the A-Shares pharmaceutical sector underperformed the broader market, with a decline of 0.2% compared to a 1.9% increase in the SHCOMP index [7][18]. - The best-performing sub-sectors included chemical raw materials (+2.0%) and medical equipment (+0.1%), while biological products saw a slight decline of -0.1% [9][18]. 3. Hong Kong and U.S. Market Performance - The Hong Kong pharmaceutical sector also underperformed, with the Hang Seng Healthcare index down by 1.8% and the Hang Seng Biotechnology index down by 2.3% [18]. - In contrast, the U.S. pharmaceutical sector performed similarly to the market, with the S&P Healthcare Select Sector increasing by 1.0% [18].