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]

Investment Rating - The report maintains a "Buy" rating for the pharmaceutical and biotechnology sector, specifically highlighting companies like Yuyuan Pharmaceutical and CanSino Biologics for their promising developments in mRNA vaccines [1]. Core Insights - The mRNA vaccine sector is experiencing a breakthrough, with mRNA technology leading the shift towards efficient and personalized immunotherapy. This technology offers three core competitive advantages: rapid production capabilities, enhanced safety profiles, and flexibility in antigen design, which supports personalized treatment approaches [1][4]. - The report identifies a favorable ranking of sub-industries, with innovative drugs, research services, and CXO services being prioritized for investment. High-yield sectors include traditional Chinese medicine and pharmacies [10][11]. - Specific companies are recommended for investment based on various therapeutic angles, including PD1 PLUS, ADC, and small nucleic acids, with notable mentions such as Innovent Biologics, CanSino Biologics, and Yuyuan Pharmaceutical [10][12][13]. Summary by Sections Market Performance - The A-share pharmaceutical index has shown a year-to-date increase of 6.66%, outperforming the CSI 300 index by 5.10%. The Hang Seng Biotechnology Index has also seen a 12.40% increase [4][9]. - Sub-sectors such as pharmaceutical commerce (+4.26%) and raw materials (+2.41%) have performed well, while bioproducts and chemical pharmaceuticals have faced declines [4][9]. Clinical Developments - Corcept Therapeutics has reported positive results from its Phase III trial for relacorilant, indicating survival benefits for patients with platinum-resistant ovarian cancer. Meanwhile, Maiwei Biologics has initiated its first patient dosing in the U.S. for its CDH17-ADC innovative drug [1][4]. Investment Recommendations - The report suggests a diversified investment approach across various therapeutic areas, including: - PD1 PLUS: Focus on companies like 3SBio and Innovent Biologics - ADC: Companies such as InnoCare Pharma and Kintor Pharmaceutical - Small nucleic acids: Recommendations include Frontier Biotechnologies and Yuyuan Pharmaceutical - Traditional Chinese medicine: Companies like Zhaoke Pharmaceutical and Fangsheng Pharmaceutical are highlighted [10][12][13]. Fund Holdings - The report notes a decrease in the proportion of public fund holdings in the pharmaceutical sector, with a total holding of 6.67% as of Q4 2025, down 1.46 percentage points from the previous quarter [17][18]. Company Performance - Specific companies have been highlighted for their market performance, with notable increases in stock prices for companies like *ST Changyao (+70.37%) and Hualan Biological (+32.21%) [9]. This comprehensive analysis provides insights into the current state and future potential of the pharmaceutical and biotechnology industry, emphasizing the importance of mRNA technology and strategic investment in key companies.

Investment Rating - The report maintains a "Buy" rating for the pharmaceutical and biotechnology industry, specifically highlighting companies such as Yuyuan Pharmaceutical and CanSino Biologics for potential investment opportunities [1]. Core Insights - The mRNA vaccine sector is experiencing significant advancements, with mRNA technology leading the shift towards efficient and personalized immunotherapy. This technology offers three main competitive advantages: rapid production capabilities, enhanced safety profiles, and flexibility in antigen design, which supports tailored treatments for cancer patients [1][4]. - The report identifies promising sub-sectors within the industry, ranking them as follows: innovative drugs, research services, CXO, traditional Chinese medicine, medical devices, and pharmacies. It suggests a focus on high-growth areas such as innovative drugs, particularly in small nucleic acid therapies, and high-dividend sectors like traditional Chinese medicine and pharmacies [10][11]. Summary by Sections Market Performance - The A-share pharmaceutical index has shown a year-to-date increase of 6.66%, outperforming the CSI 300 index by 5.10%. The Hang Seng Biotechnology Index has also seen a year-to-date rise of 12.40% [4][9]. - Notable performers in the market include *ST Changyao (+70.37%) and Hualan Biological (+32.21%) for the week, while the worst performers include Kain Technology (-13.83%) and Aidi Pharmaceutical (-13.70%) [9]. Clinical Developments - Corcept Therapeutics has reported positive results from its Phase III trial for relacorilant, which shows survival benefits for patients with platinum-resistant ovarian cancer. Additionally, Maiwei Biologics has initiated its first patient dosing in the U.S. for its CDH17-ADC innovative drug targeting advanced colorectal and gastrointestinal tumors [4]. Investment Recommendations - Specific companies to watch include: - From the PD1 PLUS perspective: 3SBio, Kanyin Biologics, Innovent Biologics, and Zai Lab [11]. - From the ADC perspective: InnoCare Pharma, Kelun-Biotech, and Baillie Gifford [11]. - From the small nucleic acid perspective: Frontier Biotechnologies, Fuyuan Pharmaceutical, and Yuyuan Pharmaceutical [11]. - From the self-immune perspective: Kangnuo Pharmaceutical, Yifang Biologics, and Yipinhong [11]. - From the innovative drug leaders: BeiGene and HengRui Medicine [11]. - From the CXO and upstream research services: WuXi AppTec, Haoyuan Pharmaceutical, and Aopumai [11]. - From the medical device sector: United Imaging Healthcare and Yuyue Medical [11].

Investment Rating - The report does not explicitly state an investment rating for the pharmaceutical industry but emphasizes a positive outlook on various segments within the industry, particularly innovative drugs and medical devices [9][10]. Core Insights - The pharmaceutical industry is transitioning from a quantity-driven logic to a quality-driven logic, focusing on differentiated products and internationalization by 2025 [9]. - There is a notable shift in funding from active to passive medical funds, indicating a low allocation status in the pharmaceutical sector, which is expected to change as passive funds become a significant part of the investment landscape [16][17]. - The report outlines a structured approach to ETF investment in the pharmaceutical sector, emphasizing a dynamic combination of broad-based and targeted strategies to balance returns and risks [27]. Summary by Sections Market Review - The CITIC Pharmaceutical Index decreased by 0.38%, outperforming the CSI 300 Index by 0.24 percentage points, ranking 25th among 30 sectors [6]. - The top-performing stocks included *ST Changyao, Hualan Biological Engineering, and Kangzhong Medical, while the worst performers were Kaiyin Technology and Aidi Pharmaceutical [6]. Innovative Drugs - The report highlights a positive outlook for domestic innovative drugs, suggesting a focus on companies that can deliver profits, such as BeiGene, Innovent Biologics, and others [9]. Medical Devices - The medical device sector is expected to see a recovery in bidding volumes for imaging equipment by 2025, with a focus on companies like Mindray and United Imaging [9]. - The home medical device market is also anticipated to grow due to supportive policies and accelerated international expansion [9]. Innovation Chain (CXO + Life Science Services) - The report indicates a potential recovery in overseas investment and financing, with domestic financing expected to stabilize, marking the beginning of a new wave of innovation [9]. Pharmaceutical Industry - The report suggests that the specialty API sector may see cost improvements, leading to a new growth cycle, with companies like Tonghua Dongbao and Huahai Pharmaceutical highlighted for their potential [9]. Traditional Chinese Medicine - The report discusses the expected growth in the basic drug market and the impact of state-owned enterprise reforms on companies like Kunming Pharmaceutical and Kangyuan Pharmaceutical [11]. Pharmacy Sector - The report expresses optimism about the pharmacy sector due to the acceleration of prescription outflow and the optimization of competitive dynamics, recommending companies like YaoXing and YiFeng Pharmacy [11]. Medical Services - The report notes that anti-corruption measures and centralized procurement are improving the market environment for private medical services, with recommendations for companies like Huashan Medical and Aier Eye Hospital [11]. Blood Products - The report anticipates a favorable long-term growth path for the blood products industry, with companies like TianTan Biological and Boya Biological expected to benefit from increased demand and supply elasticity [11].

Core Insights - Medtronic and Mindray North America announced an upgraded strategic partnership in patient monitoring, extending from hospital settings to Ambulatory Surgery Centers (ASCs) in the U.S. to meet the growing monitoring needs in both inpatient and outpatient environments [1][2] - The collaboration aims to provide higher quality and cost-effective care for outpatient patients, leveraging both companies' established cooperation and technical integration experience, particularly in perioperative scenarios [1] Group 1 - The partnership focuses on the unique demands of outpatient settings, as more surgeries transition from inpatient to outpatient environments, leading to an increased demand for flexible and advanced monitoring devices [1] - Medtronic will integrate several core monitoring technologies into Mindray's platform, including Microstream™ capnography, BIS™ brain function monitoring, Nellcor™ pulse oximetry, and INVOS™ regional oximetry, significantly lowering the barriers for outpatient adoption of advanced monitoring technologies [1][2] Group 2 - Mindray North America is actively advancing the integration of Medtronic's next-generation monitoring products, including the upcoming INVOS™7100 and new BIS™ systems, to provide cutting-edge monitoring solutions for outpatient settings [2] - The collaboration will utilize the integrated distribution network to promote the procurement and deployment of Mindray monitoring systems equipped with Medtronic technology within the U.S. healthcare system, enhancing technical coverage [2] - The partnership exemplifies a successful integration of hospital-grade patient monitoring technology into outpatient settings without increasing system complexity, thereby optimizing workflows and maintaining clinical confidence [2]

Core Viewpoint - The strategic importance of medical device logistics and distribution is increasingly recognized as the market for medical devices continues to expand, leading to a strong demand for specialized and efficient logistics services [1][8]. Industry Overview - Medical device logistics and distribution involves the effective transfer of medical device products from suppliers or manufacturers to medical institutions, pharmacies, or other relevant endpoints, ensuring safety, timeliness, and accuracy [2][3]. - The industry has evolved through four stages, from minimal focus during the early marketization phase to a rapid development period from 2010 to 2020, driven by increasing demand and regulatory policies [3]. Industry Policies - Recent government policies have provided strong support for the development of the medical device logistics industry, promoting standardization, efficiency, and scale [4]. - Key policies include the establishment of a risk-sharing alliance for online sales of medical devices and encouragement for wholesale companies to integrate storage and transportation resources [4]. Industry Chain - The upstream of the medical device logistics chain includes suppliers of logistics vehicles, software, medical devices, storage equipment, and packaging materials [4]. - The midstream consists of logistics service providers, which are crucial for the entire supply chain, while the downstream includes medical institutions and patients as the primary demand side [4]. Current Industry Status - The logistics total cost for medical devices in China is projected to reach 26.78 billion yuan in 2024, with a year-on-year growth of 1.88% [8]. - The logistics warehousing area is expected to be 23.58 million square meters in 2024, reflecting a 0.8% increase [8]. Market Trends - The medical device logistics industry is expected to accelerate its digital transformation and integration of intelligent technologies, utilizing IoT for real-time monitoring and big data for demand forecasting [12][14]. - Service models are evolving towards highly specialized and integrated solutions, addressing specific requirements for different categories of medical devices [14]. - The logistics network is anticipated to deepen into lower-tier cities, establishing regional distribution centers to enhance efficiency and reduce costs [15].

■ 张 敏 近日，由国家医疗保障局组织的一场汇聚多方代表的专题座谈会，核心议题直指如何助力中国药械"走 出去"。这向外界释放出清晰的产业信号：中国药械"出海"，已经从单兵突进，正式迈入由国家平台赋 能、企业多维攻坚的"体系化出海"新阶段。 从政策层面看，"体系化出海"正得到前所未有的系统性支持。 2026年1月份，首张"海外版药品价格证明"的颁发，为我国医药产业价格全球化提供有力支撑。同时， 多层次的市场对接网络正在形成。国家医疗保障局推动广西、新疆、天津、浙江宁波等地平台差异化发 展，面向东南亚、中亚、中东欧等共建"一带一路"国家拓展服务，搭建医药产业"出海"桥头堡。此外， 商务部、工业和信息化部、国家药监局等多部门从公共服务、产业合作、国际监管协同等方面发力，形 成了强大的政策合力，旨在降低企业"出海"的制度成本与信息壁垒。 从产业层面看，中国药械"出海"模式正发生转变。 面对历史性机遇，企业如何将体系优势转化为市场胜势？笔者认为，这要求企业完成思维转变，在多条 战线上同时修炼"内功"。 首先，夯实创新根基。"出海"的核心竞争力是不可替代的产品价值。企业需聚焦全球未满足的临床需 求，在ADC（抗体偶联药物 ...

Investment Rating - The report indicates a positive outlook for the medical equipment industry, with an expected year-on-year growth of 25% for the year 2025 [22]. Core Insights - The medical equipment industry is experiencing a slight decline in December data year-on-year, attributed to a high base effect from the previous year. However, there is a significant month-on-month increase of 38% due to accelerated budget spending at year-end [3]. - The report highlights that the current round of medical equipment upgrades is nearing its end, with expectations for a new round of equipment replacement in 2025, which is projected to be no less than the previous round [4]. - The report emphasizes the importance of government policies, including the issuance of long-term special bonds to support large-scale equipment upgrades and consumer replacement programs [15]. Summary by Relevant Sections Medical Imaging - December figures for medical imaging reached 9.8 billion yuan, a decrease of 11%, while the forecast for 2025 is 69.3 billion yuan, reflecting a growth of 37% [5]. Life Information and Support - In December, life information and support equipment generated 2.6 billion yuan, an increase of 8%, with a projected total of 16.7 billion yuan for 2025, marking a 28% growth [5]. Endoscopes - Soft endoscopes reported 1.1 billion yuan in December, down 9%, while hard endoscopes reached 1.2 billion yuan, down 7%. The 2025 projections for both are 7.8 billion yuan for soft endoscopes (+12%) and 7.8 billion yuan for hard endoscopes (+3%) [5]. Radiation Therapy - December figures for radiation therapy stood at 1.6 billion yuan, a slight increase of 1%, with a forecast of 9.6 billion yuan for 2025, indicating a growth of 32% [48]. Surgical Robots - Surgical robots saw a significant decline in December, with figures at 600 million yuan, down 24%, but are expected to reach 5.2 billion yuan in 2025, reflecting a robust growth of 54% [51]. Key Companies - Major companies in the sector include Mindray, which reported 1.9 billion yuan in December (+20%) and is projected to reach 11.2 billion yuan in 2025 (+35%), and United Imaging, with December figures of 2.2 billion yuan (0% change) and a forecast of 12.6 billion yuan (+37%) for 2025 [55][58].