其中，纺织行业有9人获得表彰—— 为表彰先进、树立典型，激励广大非公有制经济人士坚定理想信念、保持发展定力、勇担时代重 任，凝聚团结奋进的强大力量，7月29日，中央统战部、工业和信息化部、人力资源和社会保障部、国 家市场监督管理总局、中华全国工商业联合会发布决定，授予陈天石等100名非公有制经济人士"优秀中 国特色社会主义事业建设者"称号。 中央统战部、工业和信息化部、人力资源社会保障部、市场监管总局、全国工商联关于表彰第六届全国 非公有制经济人士优秀中国特色社会主义事业建设者的决定 党的十八大以来，在以习近平同志为核心的党中央坚强领导下，我国非公有制经济实现持续、健 康、高质量发展，特别是在稳定增长、促进创新、增加就业、改善民生和开拓国际市场等方面作出重要 贡献。广大民营经济人士、新的社会阶层人士和个体工商户贯彻落实党和国家重大方针政策和重要决策 部署，积极践行新发展理念，踊跃投身国家战略，务实创新，克难奋进，涌现出一大批爱国敬业、守法 经营、创业创新、回报社会的优秀中国特色社会主义事业建设者。 为表彰先进、树立典型，进一步激励广大非公有制经济人士坚定理想信念、保持发展定力、勇担时 代重任，凝聚起团结奋进的 ...

证券研究报告 | 2025年07月30日 医药生物周报（25 年第 29 周） 优于大市 集采"反内卷"+支持创新药械政策催化行业重塑 本周医药板块表现强于整体市场，医疗服务板块领涨。本周全部 A 股上涨 1.70%（总市值加权平均），沪深 300 上涨 1.69%，中小板指上涨 2.44%， 创业板指上涨 2.76%，生物医药板块整体上涨 1.90%，生物医药板块表 现强于整体市场。分子板块来看，化学制药下跌 1.23%，生物制品上涨 1.83%，医疗服务上涨 6.73%，医疗器械上涨 4.43%，医药商业上涨 1.84%，中药上涨 1.39%。医药板块当前市盈率（TTM）为 37.98x，处 于近 5 年历史估值的 79.62%分位数。 集采"反内卷"有望缓解行业低价竞争困局。7 月 24 日，国务院新闻办公 室举行"高质量完成'十四五'规划"系列主题新闻发布会，国家医疗 保障局有关负责人在发布会上明确集采中选不再以简单的最低价作为 参考，报价最低企业要公开说明报价的合理性。集采工作坚持"稳临床、 保质量、防围标、反内卷"的原则。集采优化有望将医药行业从过度的 价格战中解脱出来，转向更加注重质量和价值的竞 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5] Core Insights - The pharmaceutical sector is experiencing a shift from price competition to quality and value competition due to the new procurement policies aimed at alleviating the low-price competition dilemma [2][11] - There is increasing policy support for innovative drugs and medical devices, which is expected to accelerate the development of high-end domestic medical devices [18] Summary by Sections Market Performance - The overall A-share market rose by 1.70%, with the biotechnology sector outperforming at a 1.90% increase [23] - The medical services sector led the gains with a 6.73% increase, while chemical pharmaceuticals saw a decline of 1.23% [23] Procurement Policy Changes - The 11th batch of centralized procurement emphasizes "anti-involution," allowing medical institutions to choose based on brand and requiring the lowest bidders to justify their pricing [17][15] - This policy aims to shift focus from aggressive price competition to quality and value, benefiting leading companies in the industry [15][17] Support for Innovation - Recent announcements from the National Medical Products Administration and the National Healthcare Security Administration indicate a commitment to support the innovation of high-end medical devices and drugs [18] - The average annual growth rate of healthcare spending on innovative drugs is projected at 40% from 2020 to 2024 [18] Company Earnings Forecasts and Ratings - Major companies such as Mindray Medical, WuXi AppTec, and Aier Eye Hospital are rated as "Outperform" with projected earnings growth [4] - Mindray Medical is expected to see a rise in net profit from 116.7 billion in 2024 to 161.9 billion by 2027, with a PE ratio decreasing from 24.1 to 17.4 over the same period [4] Recommended Stocks - Mindray Medical is highlighted for its strong R&D and sales capabilities, benefiting from domestic healthcare infrastructure and product upgrades [33] - WuXi AppTec is noted for its comprehensive service capabilities in the new drug development sector, poised to benefit from the global outsourcing market [33] - Aier Eye Hospital is recognized for its rapid expansion in the eye care sector, supported by a strong brand and operational capabilities [33]

Core Insights - The rise of the "silver economy" indicates that the high-net-worth elderly population is expected to become a significant growth engine for the market [1][5]. Group 1: Market Dynamics - Goldman Sachs reports that the medical expenditures of individuals aged 50 and above with net assets exceeding 3 million yuan will be a key driver for the growth of the high-end medical market in China [2]. - This demographic, while only representing 3% of the population over 50, currently contributes 5% of total medical expenditures, which is projected to increase to 13% by 2035 as their population share grows to 5% [3][8]. - The medical spending of this group is expected to rise from 221 billion yuan in 2024 to 963 billion yuan by 2035, reflecting a compound annual growth rate (CAGR) of 14.3%, significantly higher than the overall elderly population growth rate of 5.3% and the all-age growth rate of 4.7% [3][7]. Group 2: Self-Payment Market - As national health insurance budgets tighten, the role of out-of-pocket (OOP) medical expenses is becoming increasingly important, with the self-payment ratio expected to rise from 65% in 2024 to 86% by 2035 [4][9]. - This shift indicates that traditional models reliant on insurance reimbursements are inadequate for meeting the needs of this affluent elderly demographic, which prefers high-quality, elective medical services [9]. Group 3: Health Trends and Opportunities - The report highlights a rising incidence of diseases such as tooth loss, cataracts, and diabetes among the over-50 population, suggesting a growing demand for early screening, preventive care, and high-quality treatment options [10]. - Companies that offer high-end and self-paid medical products are expected to benefit significantly, with revenue growth projected at 13%-21% CAGR, outpacing other business segments [11]. Group 4: Emerging Technologies - The report emphasizes the potential of cutting-edge technologies such as brain-machine interfaces, gene therapies, and rehabilitation robotics to reshape the healthcare industry [4][12]. - The global market for gene medicine is estimated to reach $4.8 trillion, driven by advancements in CRISPR/Cas9 technology and decreasing gene sequencing costs [12]. - Although these technologies are still in early stages, their early applications in healthcare present significant opportunities for growth in the high-end self-pay medical market [13].

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **China Healthcare** industry, particularly the demographic of the **'silver' population** aged 50 and above with significant spending power, defined as having a net worth greater than **Rmb3 million** [3][16]. Core Insights - The **Total Addressable Market (TAM)** for the 50+ >Rmb3 million NW cohort is projected to grow from **Rmb221 billion (US$31 billion)** in 2024 to **Rmb963 billion (US$135 billion)** by 2035, representing a **CAGR of 14.3%** [3][17]. - In 2024, this cohort will account for **3%** of the overall 50+ population but will contribute **5%** of its healthcare spending, expected to rise to **13%** by 2035 [3][17]. - The healthcare needs of this demographic are anticipated to increasingly align with the **out-of-pocket (OOP)** market, with OOP payment share projected to reach **86%** by 2035, up from **65%** in 2024 [3][20]. Key Stocks and Their Positioning - **Aier Eye Hospital**: Upgraded to **Buy**; expected growth in high-end cataract surgeries and improved average selling prices (ASP) due to new technologies [4][12]. - **Eyebright**: Positive outlook on premiumization trends in intraocular lenses (IOL) post VBP, with increasing uptake for OOP cataract surgeries [4][12]. - **Zhifei**: Upgraded to **Buy**; anticipated rebound in vaccine sales despite below-expectation results in 2024 [4][12]. - **Topchoice**: Neutral rating; improving visibility on growth in dental implants with resilient demand [4][12]. - **Straumann**: Buy rating; expected sustained growth in China, benefiting from the 50+ >Rmb3 million NW cohort [4][12]. Demographic and Economic Insights - The 50+ >Rmb3 million NW cohort is expected to grow from **15 million** in 2024 to **29 million** by 2035, representing **5%** of the total 50+ population [16][17]. - This demographic has a net worth approximately **twice** that of the urban average, with higher annual healthcare expenditures [16][17]. - The average annual healthcare expenditure per capita for this cohort is projected to increase from **Rmb15,000** in 2024 to **Rmb34,000** by 2035 [17][22]. Emerging Trends and Technologies - The report highlights the potential of emerging healthcare technologies such as **brain implants, genome medicines, and robotics** to further drive OOP spending [3][20]. - The shift towards OOP spending is becoming a critical component of the healthcare payment system, especially for high-end pharmaceuticals and medical consumables [18][20]. Conclusion - The healthcare spending landscape in China is poised for significant growth, particularly among the affluent 50+ demographic, driven by increasing demand for high-quality healthcare services and a shift towards OOP expenditures. The identified stocks are well-positioned to capitalize on these trends, making them attractive investment opportunities.

Group 1 - Goldman Sachs upgraded Zhifei Biological from Neutral to Buy, with a target price of 29 RMB [1] - Goldman Sachs upgraded Aier Eye Hospital from Neutral to Buy, with a target price of 15 RMB [1]

7月28日，2025世界人工智能大会在上海圆满落幕。当天下午举行的"AI+医健产业可持续创新论 坛"上，组委会重磅发布了《2025医健可持续创新案例推荐榜》，爱尔眼科凭借其领先的数字眼科技术 与持续创新能力，荣膺"本土创新国际化案例"奖项。 此次大奖的获得，标志着爱尔眼科在国际智慧医疗领域的行业影响力持续跃升，技术实力与国际品牌认 可度迈上新台阶。 成立二十多年以来，爱尔眼科持续深耕眼健康领域。数据显示，截至2024年12月31日，爱尔眼科品牌医 院、眼科中心及诊所在全球范围内共有974家，其中中国内地811家。通过全球化布局以及医、教、研、 产、投协同战略，爱尔眼科努力为助力眼科学和视觉科学发展作出贡献。 科技是第一生产力，创新是引领发展的第一动力，是企业高质量发展的战略支撑。多年来，爱尔眼科秉 承"创新驱动，科技爱尔"的战略方针，持续加大对于眼科的研发投入，结合公司医、教、研、产一体化 的优势，突出重点，协调推进。目前，公司已构建起"多院、多所、五站、五中心、五基地、一平台、 一室"的医教研一体化创新平台体系，实现了从本科到博士后的全链条人才培养孵化。这一战略布局不 仅推动了眼科医学的进步，更为患者提供了 ...

数智化筑牢医疗安全"生命线"，助力合规经营 上市公司ESG的根基，首在治理。对医疗服务企业而言，这直接关乎患者生命安全与企业长远发展。爱尔眼科深谙此理，在"健康中国"战略引导下，将医疗 质量与安全管理作为企业发展的核心驱动力。公司通过健全医疗质量管理体系，完善医疗质量管理制度和诊疗规范，强化医疗风险防控，推进医疗质量智能 监管等举措，进一步完善具有公司特色的集团化医疗高质量管理体系。 7月25日，证券之星第三届ESG新标杆企业评选结果揭晓，爱尔眼科凭借在环境、社会和治理(ESG)领域的卓越实践以及公司可持续发展潜力，荣获"ESG新 标杆企业奖"并入选ESG投资价值榜。 这份殊荣的背后，是爱尔眼科2024年在可持续发展道路上交出的扎实答卷——以"使所有人，无论贫穷富裕，都享有眼健康的权利"为使命，深度践 行"1+8+N"战略，从环境、社会、治理与经济三大维度积极"破局"。 治理的效能最终体现在患者信任上。全年门诊量超1694万人次、手术量超129万例，高达99.0%的患者满意度。这些数据不仅是对爱尔治理基石有力的认 可，也为其ESG"大厦"的建设奠定了坚实的底层支撑。 此外，爱尔还建立了覆盖"集团–省区–医院" ...

July 22, 2025 09:32 AM GMT Aier Eye Hospital Group | Asia Pacific M Update Pre-Blackout Call Takeaways Key Takeaways framework ** = Based on consensus methodology e = Morgan Stanley Research estimates 2Q likely softer than 1Q amid macro and reimbursement pressure: At the group level (listco + M&A funds), we expect single-digit % revenue growth in 1H25, and faster net profit growth. Growth profile at the listco level is likely higher, considering 80+ hospitals acquired from the parentco by the listco during ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry, expecting the industry index to outperform the market index by over 10% in the next six months [1][40]. Core Insights - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, rising by 7.84% from July 11 to July 24, 2025, exceeding the CSI 300's performance by approximately 4.13 percentage points [4][14]. - Most sub-sectors within the industry recorded positive returns during the same period, with the medical research outsourcing and raw materials sectors leading with increases of 14.23% and 9.30%, respectively [4][15]. - Approximately 91% of stocks in the industry achieved positive returns, with notable performers including Borui Pharmaceutical, which saw a weekly increase of 78.98% [16]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, with a rise of 7.84% from July 11 to July 24, 2025, surpassing the CSI 300 by about 4.13 percentage points [14]. - Most sub-sectors recorded positive returns, particularly medical research outsourcing and raw materials, which increased by 14.23% and 9.30%, respectively [15]. - About 91% of stocks in the industry had positive returns, with Borui Pharmaceutical leading at 78.98% [16]. 2. Industry News - The report highlights the ongoing progress of the 11th batch of national drug procurement, with significant updates provided during a government open day event on July 22, 2025 [4][28]. - The announcement of the 11th batch of national drug procurement included a notification for drug information submission, which was highly anticipated [4][28]. 3. Company Announcements - Yekang Pharmaceutical announced that its subsidiary received FDA approval for clinical trials of YKYY029 injection for hypertension treatment [29]. 4. Industry Outlook - The report maintains an "Overweight" rating for the industry, citing a continuous rise in the pharmaceutical and biotechnology sector driven by positive sentiment towards innovative drugs and improved financing data [30]. - The report suggests focusing on investment opportunities within the innovative drug supply chain and highlights several companies across various segments, including medical devices, pharmaceutical commerce, and innovative drugs [30][32].