Summary of Key Points from the Conference Call Industry Overview - The focus is on the **China A-shares market**, specifically the **CSI300 index** and its outlook for 2026. Core Insights and Arguments 1. **CSI300 Target Projections**: - The base-case target for the CSI300 by the end of 2026 is set at **5,200**, based on a **15.9x** P/E ratio and an estimated EPS of **Rmb328**, reflecting a **15% year-on-year growth** [1][4][5]. - Bear-case and bull-case targets are **4,000** and **6,000**, respectively [1][5]. 2. **Investment Themes for 2026**: - **Pro-equity "anti-involution" policies** are expected to enhance structural upside in net profit margin (NPM) and return on equity (ROE) for the CSI300, with consensus estimates of **12% NPM** and **11% ROE** [4]. - **AI Infrastructure Growth**: Anticipated capital expenditure growth in AI infrastructure globally will benefit Chinese suppliers, particularly those focused on localization and AI monetization [4]. - **Global Macro Support**: Easing fiscal and monetary policies globally will support offshore sales for listed companies [4]. - **K-shaped Recovery in Consumption**: This recovery is expected to benefit both low-end and luxury consumption sectors [4]. 3. **Downside Risks**: - Potential cuts to consensus EPS estimates for Q4 2025, especially in the **IT** and **Healthcare** sectors [4]. - The continuation of a "high-quality development" approach may dampen mid-range aspirational consumption [4]. - Geopolitical tensions, particularly between the US and China, could pose risks, especially with upcoming elections [4]. 4. **Potential Policy Changes**: - The onset of a non-performing loan (NPL) cycle may lead to new policies aimed at supporting physical properties [4]. - Increased efficiency from AI and digitalization may necessitate enhanced social security coverage due to job dislocations [4]. 5. **Thematic Stock Screens**: - Focus on **IT and Healthcare A-shares** that demonstrate innovation potential, with metrics such as market capitalization and overseas revenue [4]. - Screening for top A-share listings across various sectors including **autos, battery materials, lithium, solar, cement, chemicals, coal, steel, dairy, hogs, liquor, and logistics** [4][10]. Additional Important Insights - The **CSI300 index** is projected to have an implied upside of **17%** from the current level to the base-case target, while the bear-case scenario indicates a **10% downside** [5]. - The report highlights a shift from value to growth stocks expected by early 2026, particularly in the context of the **IT** and **Healthcare** sectors [4]. - The **A-share market** has shown robust margin financing, indicating strong investor confidence [14]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the outlook for the China A-shares market and the CSI300 index for 2026.

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5][4]. Core Insights - The pharmaceutical sector has underperformed the overall market, with a significant decline in various sub-sectors, including a 6.88% drop in the biotechnology sector [1][32]. - Hidradenitis Suppurativa (HS) is identified as a chronic, recurrent inflammatory skin disease with a low prevalence in China and the U.S., highlighting the potential market for treatment options [2][10]. - The report emphasizes the increasing market share of new biologics targeting IL-17A and IL-17A/F, which are expected to outperform traditional therapies like Adalimumab [2][18]. Summary by Sections Market Performance - The overall A-share market declined by 4.32%, with the biotechnology sector falling by 6.88%, indicating a weaker performance compared to the broader market [1][32]. - Specific declines were noted in chemical pharmaceuticals (7.02%), biological products (7.46%), and medical services (6.90%) [1][32]. Hidradenitis Suppurativa Treatment Overview - HS affects approximately 0.03% of the population in China, with around 400,000 cases, and has been included in the rare disease directory [2][10]. - First-line treatments primarily involve antibiotics, while second-line therapies include biologics such as Adalimumab and newer agents targeting IL-17A and IL-17A/F [2][10]. Company Earnings Forecast and Investment Ratings - Key companies such as Mindray Medical, WuXi AppTec, and Aier Eye Hospital are rated as "Outperform," with projected net profits for 2024 ranging from 1.4 billion to 116.7 billion CNY [4][42]. - The report highlights the strong growth potential in the CXO sector, particularly in CDMO and clinical CRO services, driven by new orders and emerging business lines [42][43]. Investment Strategy - The report suggests focusing on undervalued stocks in the medical device and pharmacy sectors, which have already priced in various policy risks [42]. - It also emphasizes the importance of monitoring the clinical progress of innovative drugs in overseas markets, as this can significantly impact their commercialization potential [43][42]. Recommended Stocks - Mindray Medical is noted for its strong R&D and sales capabilities, benefiting from domestic healthcare infrastructure development [44]. - WuXi AppTec is recognized for its comprehensive service capabilities across the new drug development chain, poised to benefit from the global outsourcing market [44]. - Aier Eye Hospital is highlighted for its scale and commitment to introducing international standards in eye care [44].

Company Overview - Mindray Medical is a leading company in the medical device industry, focusing on the research, manufacturing, marketing, and service of medical instruments [1][2] - The company was established on January 25, 1999, and went public on October 16, 2018 [1] Financial Performance - For the period from January to September 2025, Mindray Medical reported a revenue of 25.834 billion yuan, a year-on-year decrease of 12.38% [2] - The net profit attributable to the parent company for the same period was 7.570 billion yuan, down 28.83% year-on-year [2] - Since its A-share listing, the company has distributed a total of 35.336 billion yuan in dividends, with 25.025 billion yuan distributed over the past three years [3] Stock Performance - As of November 27, Mindray Medical's stock price increased by 2.02% to 197.31 yuan per share, with a total market capitalization of 239.227 billion yuan [1] - The stock has experienced a decline of 21.19% year-to-date, with a 0.77% drop over the last five trading days and an 8.37% decrease over the last 20 days [1] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 18.86% to 108,800, while the average number of circulating shares per person decreased by 15.87% to 11,139 shares [2] - The top ten circulating shareholders include significant institutional investors, with notable reductions in holdings among several ETFs [3]

（文章来源：证券日报） 证券日报网讯迈瑞医疗11月26日在互动平台回答投资者提问时表示，截至2025年9月30日，公司股东总 数为108835户。 ...

摘要 ： IVD相关的自动化临床实验室分别有6家公司入围。其中有两家国产流式细胞仪生产企业入围，分别为深圳迈瑞生物医疗电子 股份有限公司和桂林优利特医疗电子有限公司。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 11月25日，中华人民共和国工业和信息化部装备工业一司发布了2025年高端医疗装备推广应用项目公示，共遴选出 57个高端医疗装备推广应用项目。 其中有两家国产流式细胞仪生产企业入围 ，分别为 桂林优利特医疗电子有限公司 和 深圳迈瑞生物医疗电子股份有限公司 。 | 46 | | 应用项目。 | 流式细胞分析仪推广深圳迈瑞生物医疗电子。 子股份有限公司。 | | 上海交通大学医学院附属第九人民医院、哈尔滨医科大 学附属第一医院、首都医科大学附属北京佑安医院、天 | | --- | --- | --- | --- | --- | --- | | | 流式细胞分析仪。 | | | | 市南山区人民医院、长沙市中心医院、南阳市中心医院、 新疆维吾尔自治区人民医院 | | 478 | | | 高性能流式细胞仪推桂林优利特医疗电子广州医科大 ...

Group 1 - The core viewpoint of the articles highlights the Chinese government's initiatives to promote the high-quality development of the medical device industry through various supportive measures and regulatory reforms [1][2]. - Beijing's measures include 15 supportive actions aimed at enhancing clinical research, registration, production, application, and international expansion of innovative medical devices [1]. - Shanghai's measures focus on expediting the registration process for innovative Class II medical devices, aiming to reduce the average registration cycle to within six months [1][2]. Group 2 - The "14th Five-Year Plan" emphasizes support for the development of innovative drugs and medical devices, indicating a robust growth trajectory for China's medical industry [2]. - The medical device market in China is projected to grow from 729.8 billion RMB in 2020 to 941.7 billion RMB by 2024, with a compound annual growth rate (CAGR) of 6.6%, and is expected to reach 1.81 trillion RMB by 2035 [2]. - The A-share market for medical devices has a total market capitalization of 1.38 trillion RMB, with major companies like Mindray Medical and United Imaging Healthcare leading the sector [3]. Group 3 - There are 45 medical device stocks with a rolling price-to-earnings (P/E) ratio below 40, including 12 stocks with a P/E ratio below 20, indicating potential undervaluation in the sector [4]. - As of November 25, 20 stocks have seen a price decline of over 20% from their yearly highs, with five stocks experiencing declines exceeding 30% [4]. - Aibo Medical, a leading manufacturer of high-end artificial lenses, reported a net profit of 290 million RMB for the first three quarters, a year-on-year decrease of 8.64%, but anticipates steady growth in sales by 2026 [4].

Core Viewpoint - The Shenzhen-Hong Kong Stock Connect Medical Index (983036) closed at 4375.4 points on November 25, with a 0.52% increase and a trading volume of 8.459 billion HKD, indicating a positive market sentiment in the healthcare sector [1]. Group 1: Index Performance - The index had 40 stocks rising and 16 stocks falling on the day, with Ping An Good Doctor leading the gainers at a 4.27% increase, while Ruimaite led the decliners with a 1.98% drop [1]. - The index's turnover rate was 0.84%, reflecting moderate trading activity [1]. Group 2: Component Stocks Details - The top ten component stocks of the index include: - Mindray Medical (14.56% weight, 193.88 HKD, 0.46% increase, market cap 235.068 billion HKD) [1] - Yeye Eye Hospital (11.62% weight, 11.59 HKD, 0.35% increase, market cap 108.081 billion HKD) [1] - Lejin Medical (4.85% weight, 15.80 HKD, 0.45% increase, market cap 29.126 billion HKD) [1] - Aimeike (4.80% weight, 145.54 HKD, -0.31% decrease, market cap 44.039 billion HKD) [1] - Yuyue Medical (4.66% weight, 35.67 HKD, -0.14% decrease, market cap 35.758 billion HKD) [1] - Yingke Medical (3.64% weight, 40.26 HKD, 0.20% increase, market cap 26.362 billion HKD) [1] - Furuishi (3.59% weight, 65.75 HKD, -1.50% decrease, market cap 17.422 billion HKD) [1] - Meinian Health (3.58% weight, 5.42 HKD, 0.74% increase, market cap 21.215 billion HKD) [1] - Sinopharm (3.35% weight, 18.55 HKD, 0.49% increase, market cap 57.888 billion HKD) [1] - Ping An Good Doctor (2.63% weight, 13.33 HKD, 4.27% increase, market cap 28.822 billion HKD) [1]. Group 3: Capital Flow - The net outflow of main funds from the index's component stocks totaled 251 million HKD, while retail investors saw a net inflow of 199 million HKD [1]. - The detailed capital flow indicates that while main funds were withdrawing, retail investors were actively buying into the market [2]. Group 4: Recent Adjustments - In the last 10 days, the index underwent adjustments, adding one new stock, Jianfa Zhixin, which is in the medical biology sector with a market cap of 13.886 billion HKD [3].

Core Viewpoint - The Shenzhen-Hong Kong Medical Index (983035) closed at 4488.12 points on November 25, with a 0.45% increase and a trading volume of 7.719 billion yuan, indicating a stable performance in the healthcare sector [1]. Group 1: Index Performance - On the same day, 40 out of the index's constituent stocks rose, with Ping An Good Doctor leading the gains at 4.27%, while 16 stocks declined, with Ruimaite leading the losses at 1.98% [1]. - The top ten constituent stocks of the Shenzhen-Hong Kong Medical Index include: - Mindray Medical (14.56% weight, market cap 235.068 billion yuan) [1] - Yier Eye Hospital (11.62% weight, market cap 108.081 billion yuan) [1] - Lejin Medical (4.85% weight, market cap 29.126 billion yuan) [1] - Aimeike (4.80% weight, market cap 44.039 billion yuan) [1] - Yuyue Medical (4.66% weight, market cap 35.758 billion yuan) [1] - Yingke Medical (3.64% weight, market cap 26.362 billion yuan) [1] - Furuishi (3.59% weight, market cap 17.422 billion yuan) [1] - Meinian Health (3.58% weight, market cap 21.215 billion yuan) [1] - China National Pharmaceutical (3.35% weight, market cap 57.888 billion yuan) [1] - Ping An Good Doctor (2.63% weight, market cap 28.822 billion yuan) [1]. Group 2: Capital Flow - The net outflow of main funds from the constituent stocks totaled 251 million yuan, while retail investors saw a net inflow of 199 million yuan [3]. - The detailed capital flow for selected stocks includes: - Aimeike: Main net inflow of 23.5405 million yuan, retail net outflow of 35.0461 million yuan [3]. - New Mileage: Main net inflow of 14.1523 million yuan, retail net outflow of 6.6983 million yuan [3]. - Jianfan Biological: Main net inflow of 4.5525 million yuan, retail net outflow of 8.5385 million yuan [3]. - A total of one stock was newly added to the Shenzhen-Hong Kong Medical Index in the last ten days [4].

Core Insights - The launch of the Invesco Great Wall ChiNext 50 ETF Depository Receipts (DR) on the Thailand Stock Exchange marks the first time a Chinese A-share ETF has been listed in Thailand, indicating a significant step for Chinese core technology assets entering the Southeast Asian market [1][2] - The ChiNext 50 Index has been expanding internationally, having previously been listed on major European exchanges, and aims to enhance the internationalization of ChiNext products [2][3] Market Demand for Chinese Core Assets - There is a rapidly increasing demand from Thai investors for Chinese core assets, driven by China's high-quality economic development and capital market reforms [3] - The collaboration between Invesco and InnovestX, a leading Thai brokerage, facilitates direct trading of the ChiNext 50 Index for Thai investors [3] Rationale for Choosing ChiNext 50 Index - The ChiNext 50 Index focuses on high-tech industries such as new energy, advanced manufacturing, and biomedicine, making it an attractive investment for Thai investors looking to capture the benefits of China's technological advancements [4] - Familiarity with leading companies like CATL among Thai investors enhances trust in the new ChiNext 50 ETF DR product [4] Performance and Liquidity of ChiNext 50 Index - The ChiNext 50 Index has shown strong performance, with a cumulative increase of 56.49% as of November 18, outperforming other broad-based indices [5][6] - The index consists of the 50 largest and most actively traded companies on the ChiNext, providing excellent liquidity and making it an ideal target for long-term and large-scale investments [5] Earnings Performance of Index Constituents - The earnings performance of the ChiNext 50 Index constituents has been robust, with an average revenue growth rate of 21.07% and a net profit growth rate of 16.63% reported in the mid-year results [7] - The top ten weighted stocks in the index have shown even more impressive growth, with an average revenue growth of 48.93% and a net profit growth of 82.03% [7] Industry Composition of ChiNext 50 Index - The ChiNext 50 Index is characterized by a high concentration of technology-focused companies, excluding traditional cyclical industries, and primarily includes firms in new energy vehicles, biomedicine, electronics, photovoltaic, and internet finance [8][9] - The index's top three weighted industries are batteries (29.76%), communication equipment (18.62%), and photovoltaic equipment (8.22%) [8] Global Integration and Competitive Advantage - The ChiNext aims to support innovative enterprises in sectors with international competitiveness, thereby enhancing the global value chain [9] - In 2024, the ChiNext 50 Index's overseas business revenue accounted for 35.17% of total revenue, indicating a strong international presence compared to other major indices [9]

Core Viewpoint - The company, Yingte Group, confirmed its collaboration with several medical device suppliers, including Mindray Medical, in response to an investor inquiry on an interactive platform [1]. Group 1 - Yingte Group is primarily engaged in the wholesale and retail business of pharmaceuticals and medical devices [1]. - The company has business cooperation with multiple suppliers in the medical device sector, indicating a diversified supplier network [1].