证券之星消息，1月28日医疗服务板块较上一交易日下跌1.64%，光正眼科领跌。当日上证指数报收于 4151.24，上涨0.27%。深证成指报收于14342.9，上涨0.09%。医疗服务板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600568 | ST中珠 | 2.83 | 1.43% | 33.83万 | | 9471.57万 | | 688621 | 阳光诺和 | 69.50 | 1.15% | 4.13万 | | 2.87亿 | | 920670 | 数字人 | 19.50 | 0.31% | 6.67万 | | 1.32亿 | | 603259 | 药明康德 | 95.70 | -0.09% | 45.75万 | | 43.61亿 | | 301201 | 诚达药业 | 41.30 | -0.67% | 2.60万 | | 1.07亿 | | 300015 | 爰尔眼科 | 11.03 | -0.81% | 72.56万 | | 8.04亿 | | ...

证券代码：300015 股票简称：爱尔眼科 公告编号：2026-005 爱尔眼科医院集团股份有限公司 关于使用部分闲置自有资金进行现金管理的实施公告 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。 爱尔眼科医院集团股份有限公司（以下简称"公司"）于 2025 年 3 月 24 日召开第六届董事会第三十二次会议，审议通过了《关于使用部分闲置自有资金 进行现金管理的议案》，同意公司在保证日常经营资金需求和资金安全的前提下， 使用不超过人民币 15 亿元的闲置自有资金购买安全性高、流动性好、风险性低 的理财产品，期限为自公司第六届董事会第三十二次会议决议之日起 12 个月。 在上述额度及期限内，资金可循环滚动使用，由公司财务中心负责具体购买事宜。 上述内容详见公司 2025 年 3 月 24 日在巨潮资讯网（www.cninfo.com.cn）披露 的相关公告。 根据上述决议，公司全资子公司爱尔眼科国际（香港）有限公司于近期办理 了投资理财业务。现就具体事项公告如下： 一、本次使用部分暂时闲置自有资金进行现金管理的实施情况 产品名称：花旗银行双货币可转换存款 理财币 ...

截至预案公告日，潍坊国金持有公司39,851,030股股份，占公司股份总数的23.84%，为公司控股 股东，潍坊市国资委为公司实际控制人。本次发行前长沙炬神未直接或间接持有公司股份，本次发行完 成后，若按照发行的股票数量上限50,145,000股测算，公司总股本将增加至217,295,000股，长沙炬神 持有公司股份数量为50,145,000股，占本次发行后公司总股本的23.08%。潍坊国金持有公司股份的比 例将降低到18.34%。长沙炬神将成为上市公司的控股股东，杨譓鹏成为公司的实际控制人。本次发行 将导致公司控制权发生变化。 本次发行价格8.56元/股，以今日*ST高斯收盘价计算，折价29.61%。 本次拟发行的股票种类为境内上市人民币普通股（A股），每股面值为人民币1.00元。本次发行全 部采取向特定对象发行的方式。公司将在取得深圳证券交易所审核通过并经中国证监会同意注册后的有 效期内择机向特定对象发行。 本次向特定对象发行的定价基准日为公司第五届董事会第二十八次会议决13议公告日。发行价格 为定价基准日前20个交易日公司A股股票交易均价的80%，即8.56元/股。本次发行数量不超过 50,145,00 ...

Group 1 - The 2025 Brand Strong Country Economic Forum was held in Beijing, where the group standard "Optimizing Consumption Environment and Reassuring Consumption Brand Evaluation Norm" was officially launched [1] - The standard was drafted by the National Business Newspaper Association in collaboration with authoritative institutions, establishing a comprehensive evaluation index system for industry standardization and reassuring consumption brand construction [1] - Aier Eye Hospital Group, as one of the drafting units, integrates its development experience into the standard to assist in optimizing the consumption environment and building a reassuring consumption ecosystem [1] Group 2 - Aier Eye Hospital has created a tiered chain model to address the uneven distribution of medical resources, promoting a three-dimensional eye care service network [2] - The company aims to synchronize medical technology, equipment, and pharmaceuticals with international standards, ensuring that innovative technologies benefit Chinese eye care patients sooner [2] - Aier Eye Hospital has achieved steady growth in outpatient volume, surgical volume, and discharge numbers, with a postoperative infection rate of 0.0156% for high-level surgeries, outperforming international averages [2] Group 3 - Aier Eye Hospital is advancing its digital transformation in eye care by launching a "Digital Eye Care" model, utilizing cutting-edge technologies like AI and federated learning [3] - The company aims to create an intelligent closed-loop management system for eye health services, enhancing accessibility and efficiency for grassroots patients [3] - Aier Eye Hospital plans to use the new standard as a guide to deepen technological innovation and upgrade service quality, contributing to the high-quality development of the Chinese eye care industry [3]

Group 1 - The core viewpoint is that innovative drugs are expected to show significant excess returns in 2025, driven by continuous BD overseas expansion, excellent clinical data, and policy support [1] - The CXO sector is anticipated to experience substantial growth due to the recovery in demand and improved investment environment in the global pharmaceutical industry [1] - The report emphasizes the importance of focusing on new technologies, particularly bispecific antibodies, small nucleic acid drugs, AI healthcare, and brain-computer interface innovations [3] Group 2 - Domestic supply and demand are relatively stable, with national health expenditure showing a year-on-year growth of 4.7% from January to November 2025, marking a positive turnaround after two years of decline [2] - The medical insurance fund's income and expenditure growth rates continue to decline, with total income of 2.63 trillion yuan (+2.9%) and expenditure of 2.11 trillion yuan (+0.5%) from January to November [2] - The report suggests that the commercialization of new drug forms is entering a critical phase, with significant clinical data supporting the application of B-cell depletion therapies in autoimmune diseases [3] Group 3 - Investment recommendations include focusing on innovative overseas expansion and new technology directions, with suggested stocks such as Mindray Medical, WuXi AppTec, and others [4] - The report highlights the potential for explosive growth in the global market for brain-computer interfaces, supported by policy incentives and technological breakthroughs [3]

截至2026年1月27日 10:12，中证医药及医疗器械创新指数(931484)成分股方面涨跌互现，三生国健领涨 8.29%，大博医疗上涨6.58%，特宝生物上涨2.64%；神州细胞领跌。医疗创新ETF(516820)最新报价0.36 元。 国信证券指出，2025年创新药板块呈现显著超额收益，核心驱动力来自BD出海密集落地、临床数据持 续超预期及政策端支持；展望2026年，具备全球竞争力、差异化创新能力及已实现高质量授权的创新药 企业仍具长期配置价值。荣昌生物PD-1/VEGF双抗RC148获艾伯维6.5亿美元首付款、最高达49.5亿美元 的重磅授权交易，进一步验证中国ADC平台型企业的国际商业化能力。 医疗创新ETF紧密跟踪中证医药及医疗器械创新指数，中证医药及医疗器械创新指数从医药卫生行业的 上市公司中，选取30只盈利能力较好且具备一定成长性和研发创新能力的上市公司证券作为指数样本， 以反映兼具盈利性与成长性的医药及医疗器械上市公司证券的整体表现。 数据显示，截至2025年12月31日，中证医药及医疗器械创新指数(931484)前十大权重股分别为药明康 德、恒瑞医药、迈瑞医疗、爱尔眼科、片仔癀、新和成、华 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5] Core Views - The pharmaceutical sector underperformed the overall market, with a 0.39% decline in the biopharmaceutical sector compared to a 1.17% increase in the overall A-share market [32] - The TTM price-to-earnings ratio for the pharmaceutical sector is 38.51x, which is at the 84.35 percentile of the historical valuation over the past five years [32][37] Summary by Sections Market Performance - The overall A-share market increased by 1.17%, while the Shanghai and Shenzhen 300 index decreased by 0.62%. The biopharmaceutical sector saw a decline of 0.39% [32] - Among sub-sectors, chemical pharmaceuticals fell by 1.11%, while medical services dropped by 2.17%. Conversely, medical commercial and traditional Chinese medicine sectors saw increases of 4.26% and 0.89%, respectively [32] Fund Holdings Analysis - As of Q4 2025, the net asset value of pharmaceutical funds reached 358.4 billion, a decrease of 9.0% from the previous quarter [11] - The proportion of pharmaceutical holdings in all funds was 7.97%, down by 1.71 percentage points [16] - The largest sub-sectors by holdings were chemical preparations (37.5%) and other biological products (20.8%) [19] Key Company Earnings Forecasts and Investment Ratings - Major companies such as Mindray Medical (237 billion market cap, outperform rating), WuXi AppTec (293.6 billion market cap, outperform rating), and Aier Eye Hospital (105.4 billion market cap, outperform rating) are highlighted for their strong earnings forecasts [4] - The report lists several companies with outperform ratings, including New Industry, Huatai Medical, and others, with projected earnings growth over the next few years [4] Investment Strategy - The report emphasizes the importance of the CXO sector and recommends focusing on investment opportunities within this area due to its competitive advantages [41] - It also suggests continued recommendations for innovative drugs and the associated industry chain, with a specific investment portfolio for January 2026 including companies like Mindray Medical and WuXi AppTec [42][43]

Core Insights - The report emphasizes the importance of innovation in the pharmaceutical and biotechnology industry, particularly focusing on the overseas expansion of innovative drugs and the adoption of new technologies [1][4]. - The investment rating for the sector is maintained at "outperform the market" [2]. Group 1: Market Overview and Trends - The overseas market for innovative drugs and the CXO industry is expected to perform exceptionally well in 2025, driven by continuous business development (BD) activities, strong clinical data, and supportive policies [4]. - The domestic supply and demand remain stable, with a shift in payment systems favoring innovation. National health expenditure increased by 4.7% year-on-year in the first 11 months of 2025, marking a recovery after two years of decline [4]. - The report highlights the significant growth potential in new drug forms such as dual antibodies and small nucleic acid drugs, as well as innovations in AI healthcare and brain-machine interfaces [4]. Group 2: Investment Recommendations - The report recommends focusing on companies with global competitiveness and differentiated innovation capabilities, as well as domestic CXO leaders with high barriers in cost control, technology accumulation, and production capacity [4]. - Recommended stocks include Mindray Medical, WuXi AppTec, Kelaiying, Aier Eye Hospital, and several others, with specific mention of H-shares like Kelun-Bio and CanSino Biologics [4][5]. Group 3: Financial Performance and Projections - The report provides a detailed strategy portfolio for 2026, listing companies along with their projected net profits and price-to-earnings (PE) ratios, indicating a generally positive outlook for the sector [5]. - The pharmaceutical sector's overall performance in 2025 was strong, with significant gains in sub-sectors such as medical services and chemical pharmaceuticals, driven by BD collaborations and clinical data releases [12][23]. Group 4: Fund Holdings and Market Sentiment - As of Q4 2025, the net asset value of pharmaceutical funds decreased by 9.0%, with a notable shift where passive funds surpassed active funds for the first time since 2019 [25][32]. - The report indicates a decline in the proportion of pharmaceutical holdings in both active and non-pharmaceutical funds, with a concentration in chemical preparations and other biological products [32][40].

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5][41]. Core Views - The pharmaceutical sector has shown weaker performance compared to the overall market, with a TTM P/E ratio of 38.51x, which is at the 84.35th percentile of the past five years [1][37]. - The report highlights the importance of the CXO sector, emphasizing the competitive advantages of Chinese companies in the chemical CDMO field, and suggests that the sector's valuation is expected to recover [41]. - The report recommends focusing on innovative drugs and the associated industry chain, with a notable mention of the upcoming JPM conference and the clinical progress of innovative drugs overseas [41][42]. Summary by Sections Market Performance - The overall A-share market increased by 1.17%, while the biotechnology sector declined by 0.39%. The medical services sector was the worst performer, dropping by 2.17% [1][32]. - The report notes that the largest sub-sectors by holding percentage are chemical preparations (37.5%) and other biological products (20.8%) [19]. Fund Holdings Analysis - As of Q4 2025, the total net asset value of pharmaceutical funds reached 358.4 billion, a decrease of 9.0% from the previous quarter [11]. - The report indicates that the pharmaceutical holdings of all funds accounted for 7.97%, down by 1.71 percentage points [16]. Key Company Earnings Forecasts - The report provides earnings forecasts for several key companies, all rated "Outperform": - Mindray Medical (300760.SZ): 2024A net profit of 11.67 billion [4] - WuXi AppTec (603259.SH): 2024A net profit of 9.35 billion [4] - Aier Eye Hospital (300015.SZ): 2024A net profit of 3.56 billion [4] - New Industry (300832.SZ): 2024A net profit of 1.83 billion [4] - Huatai Medical (688617.SH): 2024A net profit of 670 million [4] Investment Strategy - The report recommends a portfolio of stocks including Mindray Medical, WuXi AppTec, Aier Eye Hospital, and others, focusing on companies with strong growth potential in the innovative drug sector [42][43].

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5] Core Views - The pharmaceutical sector underperformed the overall market, with a 0.39% decline in the biopharmaceutical sector compared to a 1.17% increase in the total A-share market [32] - The TTM price-to-earnings ratio for the pharmaceutical sector is 38.51x, which is at the 84.35th percentile of the historical valuation over the past five years [32][37] - The report highlights a shift in fund holdings, with a decrease in the proportion of pharmaceutical holdings in both pharmaceutical and non-pharmaceutical funds [11][16] Summary by Sections Market Performance - The overall A-share market increased by 1.17%, while the Shanghai and Shenzhen 300 index decreased by 0.62% [32] - The biopharmaceutical sector's performance was weaker than the overall market, with specific declines in chemical pharmaceuticals (-1.11%) and medical services (-2.17%) [32] Fund Holdings Analysis - As of Q4 2025, the net asset value of pharmaceutical funds reached 358.4 billion, a decrease of 9.0% from the previous quarter [11] - The proportion of pharmaceutical holdings in all funds was 7.97%, down 1.71 percentage points [16] - The largest sub-sectors by holdings were chemical preparations (37.5%) and other biological products (20.8%) [19] Company Earnings Forecasts and Ratings - Key companies such as Mindray Medical (237 billion market cap, "Outperform" rating) and WuXi AppTec (293.6 billion market cap, "Outperform" rating) are highlighted for their strong earnings forecasts [4] - The report lists several companies with projected earnings growth, including Aier Eye Hospital and New Industry, both rated "Outperform" [4] Investment Strategy - The report recommends focusing on innovative drugs and the CXO sector, emphasizing the competitive advantages of Chinese companies in the chemical CDMO space [41] - A portfolio of recommended stocks includes Mindray Medical, WuXi AppTec, and Aier Eye Hospital, among others [42][43]