（文章来源：证券日报） 证券日报网讯爱尔眼科8月18日在互动平台回答投资者提问时表示，目前国内大多数中老年人对老花 （老视）治疗的认知程度不高，老花治疗在国内普及率极低，还处于启蒙阶段。与之对应的是，欧洲地 区对老花治疗的接受度较高，公司的欧洲子公司经验丰富，老花手术业务发展良好。为了适应人口老龄 化背景下的大量新需求，公司结合海外团队经验积极发展老年眼病诊断、老视治疗等业务，已在多地爱 尔医院开设老视门诊，并将成立老视学组，为广大中老年人群提供适宜的视觉解决方案。随着适龄段人 群支付能力的提高和对视觉品质的追求，老花诊疗未来有望持续增长。 ...

Core Insights - The healthcare services sector experienced a rise of 1.26% on August 18, with a net outflow of 1.405 billion yuan in principal funds [1] - Among the constituent stocks, 33 increased in value while 9 decreased [1] Fund Flow Analysis - The top net outflows were recorded for WuXi AppTec at 478 million yuan, Innovent Biologics at 410 million yuan, and Kelun Pharmaceutical at 175 million yuan [1] - Other notable outflows included Sanbo Brain Science at 157 million yuan and Ruizhi Pharmaceutical at 54.73 million yuan [1] Stock Performance - Key stocks with significant performance included: - Kanglong Chemical with a price of 30.94 and an increase of 2.35%, attracting a net inflow of 68.68 million yuan [1] - Baihua Pharmaceutical at 8.78, up 10.03%, with a net inflow of 63.97 million yuan [1] - Aier Eye Hospital at 13.22, up 1.34%, with a net inflow of 784.89 thousand yuan [1] - Huakang Clean at 33.28, up 13.39%, with a net inflow of 3316.13 thousand yuan [1] - Tongce Medical at 46.18, up 2.26%, with a net inflow of 3071.04 thousand yuan [1]

每经AI快讯，有投资者在投资者互动平台提问：目前针对老年人的视力矫正并不普及，很多人觉得老 花眼没办法治疗，公司有没有关注到这方面的潜在需求，在这方面有没有相关的技术储备，公司的技术 储备在国际上处于什么样的水平？ 爱尔眼科（300015.SZ）8月18日在投资者互动平台表示，目前国内大多数中老年人对老花（老视）治疗 的认知程度不高，老花治疗在国内普及率极低，还处于启蒙阶段。 与之对应的是，欧洲地区对老花治 疗的接受度较高，公司的欧洲子公司经验丰富，老花手术业务发展良好。为了适应人口老龄化背景下的 大量新需求，公司结合海外团队经验积极发展老年眼病诊断、老视治疗等业务，已在多地爱尔医院开设 老视门诊，并将成立老视学组，为广大中老年人群提供适宜的视觉解决方案。 随着适龄段人群支付能 力的提高和对视觉品质的追求，老花诊疗未来有望持续增长。 （文章来源：每日经济新闻） ...

Group 1 - The core viewpoint highlights the significant growth and performance of the ChiNext 50 ETF, with a trading volume of 57.31 million yuan and a turnover rate of 14.95% [3] - The ChiNext 50 ETF has seen a substantial increase in scale, growing by 55.42 million yuan over the past month and an increase of 54 million shares over the past six months [3] - As of August 15, 2025, the net value of the ChiNext 50 ETF has risen by 18.18%, ranking in the top 3 among comparable funds and placing 497th out of 3531 in the index equity fund category [3] Group 2 - The ChiNext 50 Index, which the ETF closely tracks, consists of 50 stocks with high liquidity and market capitalization from the ChiNext market, reflecting the overall performance of well-known companies [3] - The top ten weighted stocks in the ChiNext 50 Index account for 65.85% of the index, with Ningde Times and Dongfang Wealth being the largest contributors [3][5] - The current valuation of the ChiNext 50 is below the historical 30% percentile, with a Q3 growth rate of 17.71%, indicating strong performance compared to other broad-based indices [6] Group 3 - The ChiNext Index has a price-to-earnings ratio of 33.89, significantly lower than the Shanghai 50 Index, suggesting a favorable earnings growth outlook [6] - The profit growth rate of 19% in the first quarter is notably higher than the overall A-share market's growth of 3.46%, indicating a strong performance in the ChiNext sector [6] - The market is currently experiencing a "healthy bull" phase, driven by national strategic directions and supportive policies, which is enhancing market confidence and attracting new capital [5][6]

公司回答表示：谢谢您对公司的关注。目前国内大多数中老年人对老花（老视）治疗的认知程度不高， 老花治疗在国内普及率极低，还处于启蒙阶段。 与之对应的是，欧洲地区对老花治疗的接受度较高， 公司的欧洲子公司经验丰富，老花手术业务发展良好。 为了适应人口老龄化背景下的大量新需求，公 司结合海外团队经验积极发展老年眼病诊断、老视治疗等业务，已在多地爱尔医院开设老视门诊，并将 成立老视学组，为广大中老年人群提供适宜的视觉解决方案。 随着适龄段人群支付能力的提高和对视 觉品质的追求，老花诊疗未来有望持续增长。责任编辑：磐石 金融界8月18日消息，有投资者在互动平台向爱尔眼科提问：董秘你好，目前我们人口老龄化一直在加 剧，老年人口越来越多，但是目前针对老年人的视力矫正并不普及，很多人觉得老花眼没办法治疗，这 个对公司的未来业务增长相当重要，公司有没有关注到这方面的潜在需求，在这方面有没有相关的技术 储备，公司的技术储备在国际上处于什么样的水平。 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5][39]. Core Insights - The pharmaceutical sector has shown stronger performance compared to the overall market, with a total A-share increase of 2.04% and a decline of 0.84% in the biotechnology sector [1][30]. - The brain-computer interface (BCI) industry is rapidly developing, supported by recent government policies and successful clinical trials, indicating significant growth potential [2][11]. - The report emphasizes the importance of innovative drugs and their supporting infrastructure, highlighting the positive impact of adjustments in medical insurance and commercial health insurance on domestic innovative drug sales [3][39]. Summary by Sections Market Performance - The overall A-share market increased by 2.04%, while the biotechnology sector decreased by 0.84%, indicating a weaker performance relative to the market [1][30]. - The current price-to-earnings (P/E) ratio for the pharmaceutical sector is 38.77x, which is at the 80.28th percentile of its historical valuation over the past five years [1][35]. Brain-Computer Interface Industry - The BCI industry is characterized by a growing number of supportive policies and technological advancements, with a focus on both invasive and non-invasive methods [2][11]. - The market for non-invasive BCIs is the primary research direction, accounting for 86% of the market share [11][16]. - The potential market size for serious medical applications of BCIs is estimated between $15 billion and $85 billion, while consumer medical applications could reach $25 billion to $60 billion [16]. Key Companies and Investment Recommendations - **Mindray Medical (300760.SZ)**: Rated "Outperform" with projected net profits increasing from 116.7 billion in 2024 to 161.9 billion in 2027 [4]. - **WuXi AppTec (603259.SH)**: Rated "Outperform" with expected net profits rising from 93.5 billion in 2024 to 145.1 billion in 2027 [4]. - **Aier Eye Hospital (300633.SZ)**: Rated "Outperform" with a focus on expanding its service network and enhancing service prices [39]. - **Huitai Medical (688617.SH)**: Rated "Outperform" with a strong focus on electrophysiology and interventional medical devices [40]. - **Innovative Medical (002173.SZ)**: Rated "Outperform" with ongoing clinical trials and expected registration of medical devices [39].

Core Viewpoint - The recent implementation of the personal consumption loan interest subsidy policy by the Ministry of Finance, the People's Bank of China, and the Financial Regulatory Administration is expected to boost consumer spending in key sectors, including healthcare, which may positively impact the ophthalmology industry [4]. Group 1: Financial Performance - In 2024, the company is projected to achieve revenue of 20.983 billion yuan (YOY +3%) and a net profit attributable to shareholders of 3.556 billion yuan (YOY +6%) [5]. - The company's core business segments show stable revenue growth, with the refractive business reaching 7.6 billion yuan (YOY +2.31%) and the optical business at 5.28 billion yuan (YOY +6.42%) [6]. Group 2: Market Outlook - The ophthalmology industry is expected to see increased demand due to the upcoming summer peak season and the rigid nature of healthcare needs, which may be further supported by the new personal consumption loan policy [5]. - The company is well-positioned as an industry leader, with a focus on high-end transformation and steady growth anticipated in 2025 [6]. Group 3: Strategic Initiatives - The company is advancing its "AI + Ophthalmology" strategy, enhancing its competitive edge both domestically and internationally [7]. - The launch of the AierGPT model and the digital human "Eyecho" aims to integrate digital technologies into ophthalmology, improving service delivery and patient engagement [8].

Core Viewpoint - The China Securities Index for Healthcare Equipment and Services has shown significant growth, indicating a positive trend in the healthcare sector [1]. Group 1: Index Performance - The CSI Healthcare Equipment and Services Index increased by 1.49%, reaching 15,129.06 points, with a trading volume of 32.457 billion [1]. - Over the past month, the index has risen by 9.35%, by 9.86% over the last three months, and by 8.89% year-to-date [1]. Group 2: Index Composition - The index is composed of listed companies in the healthcare sector, reflecting the overall performance of these companies [1]. - The top ten weighted companies in the index include Mindray Medical (9.08%), United Imaging (7.41%), Aier Eye Hospital (7.13%), and others [1]. - The index's holdings are primarily from the Shenzhen Stock Exchange (59.69%) and the Shanghai Stock Exchange (40.31%) [1]. Group 3: Industry Representation - The index exclusively represents the pharmaceutical and healthcare industry, with a 100% allocation to this sector [1]. Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]. - Public funds tracking the healthcare index include various Southern and Tianhong funds, as well as ETFs from multiple asset management companies [2].

Core Viewpoint - The strategic cooperation agreement between Greentown Service and Aier Medical Investment Group aims to explore innovative property services in the health sector, particularly focusing on eye health management and overall wellness [1] Group 1: Company Profiles - Aier Medical Investment Group, through its subsidiary Aier Eye Hospital, is a global leader in eye health, with a service network spanning Asia, America, and Europe, emphasizing advanced technology and humanistic care [1] - Greentown Service is recognized as a leading brand in high-end property services in China, developing a comprehensive digital and integrated service model that includes property, lifestyle, and urban services supported by technology [1] Group 2: Strategic Collaboration - The collaboration reflects the alignment of Greentown Service's philosophy of sincerity, kindness, refinement, and perfection with Aier's mission to ensure eye health rights for all, regardless of wealth [1] - The partnership represents an innovative practice of the "property + medical" model, aiming to set international standards with features like ideal healing environments, humanistic healing spaces, and intelligent healing platforms [1] Group 3: Future Focus - The future focus of the collaboration will be on medical and health services, with an emphasis on solidifying foundations, specializing in core areas, expanding the overall framework, and enhancing value to create a distinctive brand [1]

Macro Analysis - The financial data for July shows stable social financing but weak credit performance, with new RMB loans decreasing by 50 billion, a year-on-year decline of 310 billion, and a month-on-month drop of 0.2 percentage points to 6.9% [2][3] - The central bank is expected to maintain liquidity support, and the bond market may perform positively despite low yields, as it is sensitive to changes in market liquidity due to rising stock and commodity prices [2] Banking Sector - The seasonal decline in credit expansion is evident, with corporate loan issuance showing a significant drop, while retail credit growth remains weak [3] - New social financing in July reached 1.16 trillion, with a growth rate of 9%, and M2 growth exceeded expectations, indicating a narrowing gap between M2 and M1 [3] Company Research - For Aolide (688378.SH), material business revenue is steadily growing, while equipment orders have temporarily declined, with expected net profits of 127 million, 244 million, and 354 million for 2025-2027 [4] - De'er Laser (300776.SZ) maintains steady growth in performance, with net profit projections of 615 million, 675 million, and 717 million for 2025-2027, despite some impairment losses [7] - Nexperia (1316.HK) reported better-than-expected performance in the first half of 2025, with net profit estimates raised to 140 million, 190 million, and 230 million USD for 2025-2027 [8] - Multi-point Intelligence (2586.HK) focuses on AI and retail, with net profit forecasts adjusted to 130 million, 280 million, and 420 million for 2025-2027, reflecting a positive outlook [9] - Tencent Music (TME.N) exceeded market expectations with non-subscription revenue growth, leading to revised net profit estimates of 9.84 billion, 11.51 billion, and 12.98 billion for 2025-2027 [10] - Lenovo Group (0992.HK) achieved record revenue of 18.83 billion USD in FY26Q1, with net profit projections of 1.7 billion, 2.074 billion, and 2.332 billion for FY26-28, driven by AI demand [11] - 361 Degrees (1361.HK) reported a steady increase in revenue and net profit for the first half of 2025, with EPS estimates of 0.64, 0.72, and 0.81 for 2025-2027 [12] - Aier Eye Hospital (300015.SZ) is projected to have net profits of 4.128 billion, 4.725 billion, and 5.463 billion for 2025-2027, maintaining its leadership in the ophthalmology sector [13]