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]

1月24日，2025品牌强国经济论坛在北京举行。会上，《优化消费环境 放心消费品牌评价规范》团体标 准宣贯正式启动。该标准（T/CMBN 0002—2025）由全国商报联合会、国家市场监督管理总局发展研 究中心等单位牵头制定，农夫山泉股份有限公司、爱尔眼科医院集团股份有限公司等单位参与起草，标 志着我国"放心消费"环境建设迈向系统化、标准化的新阶段。 作为该标准起草单位之一，爱尔眼科医院集团将自身发展经验融入其中，助力消费环境优化与放心消费 生态构建。 标准出台引领方向，助力消费环境提质 消费是经济增长的重要引擎，2025年，中央办公厅、国务院办公厅联合印发《提振消费专项行动方 案》，国家市场监管总局、发改委、工信部、商务部、文旅部联合发布《优化消费环境三年行动方 案》，与此前中共中央、国务院《扩大内需战略规划纲要（2022－2035年）》及国务院办公厅转发的 《关于恢复和扩大消费的措施》形成政策合力，构建全方位消费信心保障体系。 为精准落实系列政策部署，全国商报联合会联合国家市场监督管理总局发展研究中心、对外经济贸易大 学中国国际品牌战略研究中心等权威机构，牵头起草《优化消费环境放心消费品牌评价规范》团体标 ...

背景介绍： 当2025年的日历翻至末页，生物医药产业正站在一个特殊的历史节点——这既是"十四五"的收官沉淀之年，更是"十五五"宏伟蓝图的启航之时。这一年，技 术狂飙与商业理性的碰撞、全球化布局与本土化深耕的平衡、"创新驱动"向"价值驱动"的范式转型，共同勾勒出2025年的行业主线。2026年，产业如何跨越 技术周期与资本周期的双重考验，在"健康中国"战略与全球创新格局双轨并行中，探寻可持续增长路径？思享启发思想，"生物医药大健康2026思享汇：双 轨并行・破局生长"重磅上线，与核心实践者、机构与权威专家一起同行，连接生物医药大健康领域内最强思想电波！ 作为深耕眼科医疗领域的龙头企业，爱尔眼科在2025年交出了兼具专业力量与人文温度的答卷，"1+8+N"战略持续深化，让优质眼健康服务触达更多群众， 数字眼科蓝图稳步绘就、学科建设坚实推进、临床技术持续迭代，同时坚守初心，以实干践行 "使所有人，无论贫穷富裕，都享有眼健康的权利" 的使命， 将人文关怀融入服务各环节。2026 年作为三年攻坚新开局，爱尔眼科医院集团董事长陈邦表示将聚焦创新破局、出海双循环、科技破难点三大方向，深耕 AI技术与数字眼科建设，以境内外资 ...

爱尔眼科分析师会议 调研日期：2026年01月22日 一解投资机构行业关注度。 频判市场 / 机构调研pro小程序 DJvanbao.com 调研行业：医疗服务 参与调研的机构：招商证券、平安证券、长江证券、湖南医药发 展私募基金等 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START ...

（编辑 袁冠琳） 证券日报网1月23日讯 ，爱尔眼科在接受调研者提问时表示，公司目前的保险支付结构主要包括医保支 付和商业健康保险，其中商业健康险占比较小，但未来潜力很大。在老龄化趋势持续推进的背景下，国 内医疗服务需求不断增长，医保体系承载的支付规模也相应提升。在此过程中，商业健康保险作为医保 的重要补充，正逐步受到市场和患者的关注。随着居民对医疗效果和服务质量要求的不断提高，商业保 险与医疗机构的协同空间有望逐步显现。公司对相关发展方向保持积极、审慎的态度，并将结合实际情 况稳步推进相关探索。 ...

Core Viewpoint - The company has established a presence in Europe, Southeast Asia, and the United States, with overseas business showing strong growth and becoming a significant growth engine, contributing approximately 13% to total revenue [1] Group 1: Overseas Business Development - The overseas business revenue contribution is steadily increasing, indicating substantial growth potential in the future [1] - The company plans to adopt a tailored approach for overseas expansion, considering the market environment, healthcare systems, and regulatory requirements of different countries and regions [1] - The company aims to enhance its competitive advantages through scale effects in supply chain coordination, physician resource allocation, and brand influence as its overseas network expands [1] Group 2: Domestic and International Synergy - The company possesses mature experience in domestic ophthalmology diagnosis and treatment system construction and chain management, while having a solid practical foundation in overseas markets, particularly in presbyopia surgery [1] - By establishing an international communication and collaboration platform, the company seeks to achieve mutual empowerment of domestic and international resources, promoting overall business synergy [1]