Core Insights - The article highlights the rapid growth and development of China's artificial intelligence (AI) industry, showcasing significant user adoption and innovation across various sectors [3][4][14][24][31]. Group 1: AI Industry Growth - By the end of 2025, China's generative AI user base is projected to reach 602 million, a 141.7% increase from the end of 2024, with a penetration rate of 42.8%, up 25.2 percentage points year-on-year [3]. - The AI industry in Beijing has surpassed 2,400 companies, including 46 listed firms and 36 unicorns, accounting for over half of the national total [4]. - Shanghai's AI industry is expected to exceed 550 billion yuan in scale by the end of 2025, with a year-on-year growth rate of over 30% [14]. Group 2: Key Players and Innovations - Major companies leading the AI sector include ByteDance, Baidu, and Huawei, focusing on areas such as large models, AI algorithms, and smart driving [5][24]. - Shenzhen has seen a 22.6% year-on-year growth in its core AI industry, with a total scale reaching 368.5 billion yuan in 2024, indicating a shift towards source innovation [24]. - Hangzhou's AI industry is projected to grow from 300 billion yuan in 2023 to 399 billion yuan in 2024, with 84 listed companies and 10 unicorns by the end of 2025 [31]. Group 3: Data and Infrastructure - Beijing has registered 123 large model products and established a data foundation with over 150 petabytes of data [4]. - Shanghai has completed 137 registrations for generative AI services, building a workforce of 300,000 in the AI sector [14]. - Shenzhen's AI industry encompasses a full range of the supply chain, from chips to applications, with 2,887 related enterprises [24].

Core Insights - The report predicts a "front low and back high" trend for the real estate market in 2026, suggesting potential recovery opportunities in the sector [1][3] - It emphasizes the importance of stabilizing the market through inventory reduction and boosting demand and confidence, while also supporting reasonable financing needs of real estate companies [3][4] - The report identifies three main investment lines: stable companies in core cities, "small but beautiful" firms with significant breakthroughs, and commercial real estate companies exploring new consumption scenarios [1][9] Market Outlook - The real estate market is expected to face continued pressure in 2025, with a focus on policy measures to prevent a sharp decline [3][4] - The report forecasts a decline in key real estate indicators for 2026, including a projected 8% decrease in sales area to 810 million square meters and a 12% drop in sales revenue to 7.4 trillion yuan [5][6] - It anticipates a gradual recovery in the market, with potential policy and fundamental turning points in Q1 and Q4 of 2026, respectively [7][8] Investment Recommendations - The report suggests focusing on companies with strong fundamentals in first and second-tier cities, such as China Resources Land and China Merchants Shekou [1][9] - It highlights the potential of Poly Real Estate Group as a "small but beautiful" firm that has made significant sales and land acquisition breakthroughs [9] - The report also points to commercial real estate companies like China Resources Vientiane Life and Swire Properties that are actively exploring new operational models [1][9]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5][39]. Core Insights - The pharmaceutical sector has shown resilience, outperforming the overall market, with traditional Chinese medicine leading the gains [1][28]. - Roche's oral BTK inhibitor Fenebrutinib has demonstrated non-inferiority to Ocrelizumab in treating primary progressive multiple sclerosis (PPMS), marking a significant advancement in the treatment landscape [2][11]. - The global market for multiple sclerosis (MS) treatment exceeds $20 billion, with unmet needs in PPMS due to limited treatment options [3][25]. Summary by Sections Market Performance - The overall A-share market declined by 1.3%, while the biopharmaceutical sector increased by 0.1%, indicating a stronger performance relative to the market [1][28]. - Specific segments within the biopharmaceutical sector showed varied performance, with traditional Chinese medicine rising by 2.6% [1][28]. Clinical Data and Drug Development - Roche's Fenebrutinib trial for PPMS included 985 patients and achieved its primary endpoint, showing a 12% reduction in disease progression risk compared to Ocrelizumab [2][11][24]. - The safety profile of Fenebrutinib was comparable to Ocrelizumab, with a similar incidence of adverse events [22][24]. Company Earnings Forecast and Investment Recommendations - Key companies in the sector, such as Mindray Medical, WuXi AppTec, and Aier Eye Hospital, are rated as "Outperform" with projected earnings growth [4][39]. - Mindray Medical is highlighted for its strong R&D and international expansion, while WuXi AppTec is recognized for its comprehensive drug development services [39]. Valuation Metrics - The TTM price-to-earnings ratio for the pharmaceutical and biotechnology sector stands at 37.31x, compared to the overall A-share market at 21.98x [35][36]. - Specific segments like chemical pharmaceuticals and biological products have higher valuations, indicating investor confidence in these areas [35][36].

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5][39]. Core Insights - The pharmaceutical sector has shown resilience, outperforming the overall market, with traditional Chinese medicine leading the gains [1][28]. - Roche's oral BTK inhibitor Fenebrutinib has demonstrated non-inferiority to Ocrelizumab in a Phase III trial for primary progressive multiple sclerosis (PPMS), marking a significant advancement in treatment options for this condition [2][11]. - The global market for multiple sclerosis (MS) treatment exceeds $20 billion, with Roche's Ocrevus projected to generate CHF 7 billion in sales by 2025, indicating substantial unmet needs in the PPMS segment [3][25]. Summary by Sections Market Performance - The overall A-share market declined by 1.3%, while the biopharmaceutical sector increased by 0.1%, indicating a stronger performance relative to the market [1][28]. - Specific segments within the biopharmaceutical sector showed varied performance, with traditional Chinese medicine rising by 2.6% and medical services increasing by 1.3% [1][28]. Clinical Data and Drug Development - Roche's Fenebrutinib trial included 985 PPMS patients and achieved its primary endpoint, showing a 12% reduction in disease progression risk compared to Ocrelizumab [2][11]. - The trial results suggest potential benefits for upper limb function, reinforcing the viability of BTK inhibitors in MS treatment [3][25]. Company Earnings Forecast and Investment Recommendations - Key companies in the sector, such as Mindray Medical, WuXi AppTec, and Aier Eye Hospital, are rated as "Outperform" with projected earnings growth over the next few years [4][39]. - Mindray Medical is highlighted for its strong R&D and international expansion, while WuXi AppTec is recognized for its comprehensive drug development services [39]. Valuation Metrics - The TTM price-to-earnings ratio for the pharmaceutical and biotechnology sector stands at 37.31x, compared to the overall A-share market at 21.98x, indicating a premium valuation for the sector [35][36]. - Within the sector, chemical pharmaceuticals and biological products have higher valuations at 45.18x and 46.09x, respectively [35].

Core Viewpoint - The report from Guosen Securities indicates that the medical services and consumer-related sectors have experienced long-term adjustments, resulting in valuations at historical lows. By 2026, improvements in supply structure, increased treatment volumes, and store optimization are expected to lead to a dual recovery in fundamentals and valuations, with AI empowerment providing new momentum for leading companies [1][2]. Group 1: Medical Services and Consumer Sectors - The medical services and consumer-related sectors are currently undervalued and poised for performance recovery, with a focus on specific sub-sectors [2]. - In medical services, improvements in supply structure and consumer environment are anticipated to gradually revive business, with stable customer spending and increased treatment volumes. Leading companies are expected to provide positive earnings guidance for 2026, indicating a potential dual recovery in fundamentals and valuations. AI-related business developments are also expected to drive new growth for leading medical service firms. Key companies to watch include Aier Eye Hospital (300015), Gushengtang, Tongce Medical (600763), and Haijia Medical [2]. - The pharmacy sector has shown significant marginal improvement in performance since Q3 2025, with leading companies improving same-store performance quarterly. Regulatory support from nine ministries emphasizes the long-term development direction of industry concentration and chain rate enhancement, with non-pharmaceutical adjustments and store structure optimization driving short-term performance improvements. Key companies include Yifeng Pharmacy (603939) and Dazhenglin (603233) [2]. Group 2: Home Medical Devices - The growth of home medical device companies is driven by increased product penetration and domestic production rates. Rapid growth is observed in products like Continuous Glucose Monitors (CGM) and sleep apnea machines, with leading domestic brands expanding internationally. Traditional categories like blood pressure monitors are increasingly focusing on the high-end market, with domestic brands steadily increasing market share. The combination of high domestic growth and new overseas markets is expected to contribute to sustained performance growth for home medical device companies. Key companies include Yuyue Medical (002223), Kefu Medical (301087), Sanofi Biological (300298), and Ruimaite (301367) [3]. Group 3: Innovative Drug Development - The collaboration for the international expansion of innovative drugs continues to deepen, with recent significant agreements between Shiyao Group and AstraZeneca, as well as Innovent Biologics and Eli Lilly. These collaborations highlight the growing recognition of China's innovative drug development capabilities by multinational pharmaceutical companies, showcasing the efficiency and cost advantages of Chinese innovative drugs [4]. Group 4: Investment Portfolio for 2026 - The investment portfolio for 2026 includes A-shares such as Mindray Medical (300760), United Imaging Healthcare, WuXi AppTec (603259), New Industry (300832), Meihua Medical (301363), Adebiotech (300685), Zhend Medical (603301), Yaokang Biological, Kingmed Diagnostics (603882), Aier Eye Hospital, Yuyue Medical, Yifeng Pharmacy, and Dazhenglin; H-shares include Kangfang Biologics, Kelun-Botai Biologics-B, Hutchison China MediTech, Kangnuo-B, Sanofi Biopharma, Gushengtang, and Aikang Medical [5].

Core Insights - The report emphasizes the focus on undervalued and performance-recovering sectors within the medical services and consumer segments, predicting a fundamental improvement in 2026 [4]. Group 1: Investment Strategy - The report maintains an "outperform" rating for the sector, indicating a positive outlook for the medical and consumer-related segments [2]. - Key areas of focus include medical services, pharmacies, and home medical devices, which are expected to see performance recovery and valuation improvements in 2026 [4]. Group 2: Sector Analysis - Medical services are anticipated to recover due to improved supply structure and consumer environment, with leading companies expected to show positive earnings guidance for 2026 [4]. - The pharmacy sector has shown significant marginal improvement since Q3 2025, with leading companies experiencing quarterly performance enhancements [4]. - Home medical devices are expected to benefit from increased product penetration and domestic production rates, contributing to sustained performance growth [4]. Group 3: Notable Companies - The report highlights specific companies to watch, including Aier Eye Hospital, Yuyue Medical, and Yifeng Pharmacy, which are positioned for growth in their respective segments [4]. - The investment portfolio for February 2026 includes a mix of A-share and H-share companies, such as Mindray Medical, WuXi AppTec, and Kangfang Biotech, indicating a diversified approach to investment [4]. Group 4: Market Performance - The medical sector outperformed the broader market in January 2026, with a 3.14% increase compared to the 1.49% rise of the CSI 300 index [10]. - Sub-sectors such as medical services and medical devices showed significant gains, with respective increases of 8.82% and 5.28% [17]. Group 5: Macro Data - In 2025, the pharmaceutical manufacturing industry reported a total revenue of 24,870 billion yuan, reflecting a slight decline of 1.2% year-on-year, while total profits increased by 2.7% [9]. - The retail sales of pharmaceuticals reached 7,294 billion yuan, with a year-on-year growth of 1.8%, indicating a stable demand in the market [9].

截至2026年2月10日收盘，迈瑞医疗(300760)报收于190.36元，上涨0.63%，换手率0.43%，成交量5.17万 手，成交额9.83亿元。 董秘最新回复 投资者： 请问迈瑞医疗什么时候在香港上市？ 董秘： 您好，谢谢关注。公司已于2025年11月10日向香港联合交易所有限公司递交了发行境外上市外 资股（H股）并在香港联交所主板挂牌上市的申请，并于同日在香港联交所网站刊登了本次发行并上市 的申请资料。公司本次发行并上市尚需取得中国证券监督管理委员会、香港证监会和香港联交所等相关 政府机关、监管机构、证券交易所的批准、核准或备案，该事项仍存在不确定性。公司将根据该事项的 进展情况依法及时履行信息披露义务。谢谢。 投资者： 人民币升值，对利润影响有多大？ 董秘： 您好，谢谢关注。公司合并报表以人民币列报。作为国际化医疗器械公司，公司截至2025年上 半年境外销售收入占比约50%，主要以美元和欧元结算。人民币兑美元、欧元的汇率波动，会对公司经 营业绩造成一定影响，主要体现在以下几个方面：第一，公司境外销售收入占比较高，而公司生产环节 主要在国内，且主要原材料来自于境内，人民币汇率波动会对营业收入、毛利率 ...

迈瑞医疗（300760.SZ）2月10日在投资者互动平台表示，您好，谢谢关注，公司目前不涉及问题中提到 的业务，谢谢。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：董秘您好，如果要保持领先，脑机接口必须开始投入 研究了，请问有无计划？ ...

证券日报网讯 2月10日，迈瑞医疗在互动平台回答投资者提问时表示，迈瑞经过数十年的发展，已构建 起覆盖研发、生产制造、营销与服务的庞大全球网络，为公司持续推进国际化奠定坚实基础。公司的六 大产品系列监护仪、麻醉系统、呼吸机、除颤仪、血球、超声影像设备在全球市场均稳居前三，凭借跨 多个医疗专科及护理场景的多元化及具有竞争力的产品组合，公司的产品成功进入Newsweek评选的全 球前100家医院中的87家。截至2025年6月30日，公司的产品已销往190多个国家和地区，2024年海外收 入约占总收入的45%。在欧美等市场，公司通过持续的技术突破和高端产品布局，既巩固了品牌影响 力，也实现了显著的销售规模增长。2024年，公司在欧美市场的收入超过人民币55亿元，占当年总收入 的15.0%。公司的产品已成功进入众多世界顶尖医疗机构，这些机构以采购标准严格、设备要求严苛著 称，其对公司产品的采用充分体现了公司在技术创新、产品可靠性和临床应用价值方面的国际领先水 准。目前，公司在美国已覆盖约八成IDN医疗系统和超2100家IDN医院（其中近35%已覆盖IDN医院使 用公司两种及以上产品组合），覆盖美国前30家医院，并进入 ...

证券之星消息，迈瑞医疗(300760)02月10日在投资者关系平台上答复投资者关心的问题。 投资者提问：人民币升值，对利润影响有多大？ 迈瑞医疗回复：您好，谢谢关注。公司合并报表以人民币列报。作为国际化医疗器械公司，公司截至 2025年上半年境外销售收入占比约50%，主要以美元和欧元结算。人民币兑美元、欧元的汇率波动，会 对公司经营业绩造成一定影响，主要体现在以下几个方面：第一，公司境外销售收入占比较高，而公司 生产环节主要在国内，且主要原材料来自于境内，人民币汇率波动会对营业收入、毛利率等造成一定影 响；第二，公司境外销售产品结算货币主要为美元、欧元，人民币汇率波动将直接影响产品的价格竞争 力，从而对经营业绩造成影响；第三，人民币汇率波动将直接影响公司汇兑损益。因此，汇率波动可能 会对公司盈利状况造成一定的影响。针对上述风险，公司将密切关注汇率变动情况，并通过适时运用外 汇套期保值等汇率避险工具、及时结汇，或在业务合同中约定固定汇率并在适当时机启动价格谈判等做 法，有效控制汇率波动对公司业务经营产生的不利影响。谢谢。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备3101043457103012 ...