1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - In 2025Q2, the proportion of pharmaceutical stocks held by public - offering funds increased, while the proportion of foreign - owned shares remained basically flat. Different pharmaceutical sub - industries showed varying trends in the proportion of heavy - position market value held by funds [2][8] 3. Summary by Relevant Catalogs 3.1 Pharmaceutical Industry Public - Offering Fund Holdings and Foreign - Owned Share Proportions - **Public - Offering Fund Holdings**: In 2025Q2, the proportion of all A - share public - offering funds in the pharmaceutical industry was 10.05%, a quarter - on - quarter increase of 0.82pp; after excluding active pharmaceutical funds, the proportion was 7.25%, a quarter - on - quarter increase of 0.90pp; after further excluding index funds, the proportion of pharmaceutical holdings was 7.38%, a quarter - on - quarter increase of 1.95pp. The proportion of the total market value of Shenwan pharmaceutical stocks was 6.32%, a quarter - on - quarter increase of 0.06pp [2][11] - **Foreign - Owned Shares**: In 2025Q2, the total market value of the pharmaceutical and biological sector held by Shanghai - Hong Kong and Shenzhen - Hong Kong Stock Connect accounted for 2.3%, a quarter - on - quarter decrease of 0.14pp, and the total market value of shares held was 149.11 billion yuan, a decrease of 0.3 billion yuan from the beginning of the period [8][12] 3.2 Pharmaceutical Sub - Industry Public - Offering Fund Holdings 3.2.1 Pharmaceutical Funds - **Top Three in Quarter - on - Quarter Increase**: Chemical preparations accounted for 42.3%, with the largest quarter - on - quarter increase of 17.5pp; other biological products accounted for 16.99%, a quarter - on - quarter increase of 9.9pp; medical R & D outsourcing accounted for 16.5%, a quarter - on - quarter increase of 5.5pp [5][18] - **Bottom Three in Quarter - on - Quarter Change**: Medical consumables accounted for 2.34%, a quarter - on - quarter change of - 0.36pp; offline pharmacies accounted for 0.4%, a quarter - on - quarter decrease of 0.11pp; pharmaceutical circulation accounted for 0.2%, a quarter - on - quarter increase of 0.02pp [5][18] 3.2.2 Non - Pharmaceutical Funds - **Top Three in Quarter - on - Quarter Increase**: Other biological products accounted for 0.54%, with the largest quarter - on - quarter increase of 0.23pp; chemical preparations accounted for 0.74%, a quarter - on - quarter increase of 0.11pp; traditional Chinese medicine accounted for 0.17%, a quarter - on - quarter increase of 0.02pp [6][24] - **Bottom Three in Quarter - on - Quarter Decrease**: Medical equipment accounted for 0.54%, a quarter - on - quarter decrease of 0.04pp; medical R & D outsourcing accounted for 0.23%, a quarter - on - quarter decrease of 0.04pp; medical consumables accounted for 0.15%, a quarter - on - quarter decrease of 0.04pp [6][24] 3.3 Pharmaceutical Companies by Public - Offering Fund Holdings 3.3.1 By Number of Holding Funds - **Top Five in Number of Holding Funds**: Hengrui Medicine (552 funds), WuXi AppTec (403 funds), Innovent Biologics (298 funds), Mindray Medical (274 funds), and 3SBio (208 funds) [4] - **Top Five in Increase of Number of Holding Funds in 2025Q2**: Yifang Biotech - U (increase of 84), Xintiandi (increase of 41), Baili Tianheng (increase of 36), Tigermed (increase of 32), and Rejing Bio (increase of 28) [33] - **Top Five in Decrease of Number of Holding Funds in 2025Q2**: Dong'e E - Jiao (decrease of 77), Aier Eye Hospital (decrease of 51), Aibo Medical (decrease of 43), Kanglong化成 (decrease of 33), and Changchun High - tech (decrease of 24) [35] 3.3.2 By Total Market Value of Holdings - **Top Five in Total Market Value of Holdings**: Hengrui Medicine (29.5 billion yuan), WuXi AppTec (27.7 billion yuan), Innovent Biologics (22.7 billion yuan), Mindray Medical (15.5 billion yuan), and Baili Tianheng (11.9 billion yuan) [4] - **Top Five in Increase of Total Market Value of Holdings in 2025Q2**: Huatai Medical (+9.78 billion yuan), Renfu Medicine (+9.38 billion yuan), Yunnan Baiyao (+6.7 billion yuan), New Industry (+5.08 billion yuan), and Fosun Pharma (+4.24 billion yuan) [4] - **Top Five in Decrease of Total Market Value of Holdings in 2025Q2**: Kanghong Pharmaceutical (-2.36 billion yuan), Alis ( - 2.03 billion yuan), BGI Genomics (-1.61 billion yuan), Xingqi Eye Drops (-1.45 billion yuan), and Aotai Biotech (-1.38 billion yuan) [41] 3.3.3 By Proportion of Circulating Shares Held - **Top Five in Proportion of Circulating Shares Held**: BeiGene - U (24.9%), Huatai Medical (22.9%), Zai Lab - U (22.6%), Haisco (22.4%), and 3SBio (21.0%) [4] - **Top Five in Increase of Proportion of Circulating Shares Held in 2025Q2**: BeiGene - U (+21.9pp), Yunnan Baiyao (+15.4pp), Zai Lab - U (+20.7pp), Haooubo (+12.3pp), and Shenzhou Cell (+12.0pp) [45] - **Top Five in Decrease of Proportion of Circulating Shares Held in 2025Q2**: Meihua Medical (-15.8pp), Kangwei Century (-14.5pp), San诺生物 (-12.1pp), Hitae Shinco (-11.7pp), and Dizal Pharma - U (-11.6pp) [47] 3.3.4 By Proportion of Total Shares Held - **Top Five in Proportion of Total Shares Held**: BeiGene - U (24.9%), Haisco (22.4%), 3SBio (17.1%), Zai Lab - U (15.7%), and United Imaging Healthcare (15.0%) [4] - **Top Five in Increase of Proportion of Total Shares Held in 2025Q2**: BeiGene - U (+21.9pp), Zai Lab - U (+15.0pp), United Imaging Healthcare (+12.0pp), Haisco (+14.3pp), and WuXi AppTec (+10.5pp) [51] - **Top Five in Decrease of Proportion of Total Shares Held in 2025Q2**: Hitae Shinco (-11.8pp), Aibo Medical (-10.5pp), Linuo Pharmaceutical Packaging (-10.3pp), San诺生物 (-9.6pp), and Huatai Medical (-9.5pp) [53]

Investment Rating - The report indicates a positive trend in the pharmaceutical sector, with public fund holdings increasing, suggesting a favorable investment outlook for the industry [3][10]. Core Insights - The pharmaceutical sector's public fund holdings reached 10.05% in Q2 2025, an increase of 0.82 percentage points (pp) from the previous quarter. Excluding active pharmaceutical funds, the holding percentage was 7.25%, up by 0.90 pp [3][10]. - The chemical preparation sub-sector saw the largest increase in public fund holdings, rising to 42.3%, an increase of 17.5 pp. Other biological products and medical research outsourcing also showed significant increases [4][19]. - The total market capitalization of the pharmaceutical sector was reported at 66,196 billion, with a market share of 6.32% in the overall A-share market [10][14]. Summary by Sections Public Fund Holdings - The total public fund holdings in the pharmaceutical sector increased to 10.05%, with a notable rise in the chemical preparation sector [3][10]. - The top five companies by public fund holdings include 恒瑞医药 (Hengrui Medicine) with 295 billion, 药明康德 (WuXi AppTec) with 277 billion, and 信达生物 (Innovent Biologics) with 227 billion [9][27]. Sub-sector Performance - The top three sub-sectors with increased market capitalization in public funds are: 1. Chemical preparations: 42.3%, +17.5 pp 2. Other biological products: 16.99%, +9.9 pp 3. Medical research outsourcing: 16.5%, +5.5 pp [4][19]. - The medical consumables sector saw a decrease to 2.34%, down by 0.36 pp, indicating a shift in investment focus [4][19]. Foreign Investment - Foreign investment in the pharmaceutical sector remained stable, with a total market value of 1491.1 billion, representing 2.3% of the sector [7][11]. Changes in Holdings - The report highlights significant changes in holdings, with 惠泰医疗 (Huitai Medical) seeing an increase of 97.8 billion in fund holdings, followed by 人福医药 (Renfu Pharmaceutical) with 93.8 billion [9][27].

Group 1 - The A-share market showed strength on July 29, with the ChiNext Index rising by 1.28% and the Tianhong ChiNext ETF (159977) increasing by 1.18%, with a trading volume exceeding 31 million yuan [1] - Over the past 30 trading days, the Tianhong ChiNext ETF has accumulated a gain of over 15% [1] - As of July 28, the latest circulating scale of the Tianhong ChiNext ETF is 8.724 billion yuan, closely tracking the ChiNext Index, which consists of 100 representative companies in the ChiNext market [3] Group 2 - Notable stocks within the ChiNext Index include Tianfu Communication, which rose over 12%, along with other stocks like Zhongji Xuchuang, Taige Pharmaceutical, and Xinyisheng [2] - The current market structure is shifting from a "barbell strategy" to "middle assets," with the technology and innovation sectors, represented by the ChiNext Index and the Sci-Tech 50, experiencing a cyclical turning point [3] - The first quarter profit growth rate of the ChiNext Index reached 19%, highlighting its profitability advantage among broad-based indices [3] Group 3 - The 2025 World Artificial Intelligence Conference is expected to catalyze new products and demands in the domestic AI industry chain, focusing on ten major sectors including AI infrastructure and intelligent terminals [4] - The AI industry chain in China is entering a phase of large-scale demonstration applications, with intelligent computing power expected to double by 2026, reaching a market size of approximately 33.7 billion USD [4] - Benefiting from the trends of inclusivity and intelligent equality, sectors such as scientific research, intelligent driving, and fintech are anticipated to gain from the widespread adoption of AI applications [4]

Core Insights - The ChiNext ETF Ping An (159964) has shown a significant increase in value, with a recent rise of 0.72% and a weekly increase of 3.16% as of July 28, 2025 [1] - The ETF has achieved a net value increase of 15.66% over the past six months, with a maximum monthly return of 37.37% since its inception [2] - The ETF's management fee is 0.15%, and its tracking error over the past two months is 0.016%, indicating strong performance in tracking the ChiNext Index [4][5] Performance Metrics - As of July 28, 2025, the ChiNext ETF Ping An has a year-to-date relative drawdown of 0.13%, with a recovery period of 101 days, which is relatively quick compared to similar funds [3] - The ETF's average monthly return is 6.56%, with an annualized profit percentage of 60.00% [2] - The Sharpe ratio for the past month is 1.96, placing it in the top 3 out of 16 comparable funds, indicating higher returns for the same level of risk [2] Fund Composition - The ChiNext Index, which the ETF closely tracks, consists of 100 stocks with high market capitalization and liquidity, reflecting the performance of the ChiNext market [6] - As of June 30, 2025, the top ten weighted stocks in the ChiNext Index account for 51.16% of the index, with Ningde Times (300750) holding the highest weight at 18.77% [6][8]

Summary of Key Points from the Medical Device Industry Conference Call Industry Overview - The medical device industry is benefiting from policy support such as procurement optimization, innovation encouragement from health insurance, and accelerated review processes by the National Medical Products Administration, which is expected to restore sector valuations and attract more investments, particularly in companies that have not participated in procurement or benefit from it, such as Xinmai Medical and Nanwei Medical [1][4] Core Insights and Arguments - The medical device sector is anticipated to reach an inflection point in Q3 2025, with leading companies like United Imaging, Mindray, Kaili, and Aohua beginning to show performance improvements. United Imaging is expected to achieve over 50% revenue growth in the second half of the year, although some companies are still in a destocking phase, indicating a clear overall recovery trend [1][5] - The high-value consumables segment's long-term outlook depends on the clearance of procurement processes. Companies like Chunli Medical have cleared procurement, while others like Huitai Medical, Guichuang Tongqiao, and Aibao Medical are benefiting from accelerated procurement entry. Companies such as Xinmai Medical, Nanwei Medical, and Anjies are also noteworthy [1][6][7] - Internationalization capabilities are crucial for the medical device industry. Companies like United Imaging and Mindray have validated their internationalization capabilities, with United Imaging expected to see over 50% revenue growth in the second half of the year, highlighting the vast overseas market potential [1][8] Performance and Future Expectations - The medical device sector is currently experiencing a recovery phase following improved bidding conditions in Q4 2024. Companies like United Imaging, Mindray, Kaili, and Aohua are beginning to show performance improvements, with United Imaging expected to achieve double-digit revenue growth in Q2 and over 50% growth in the second half of the year [1][5] - The IVD (in vitro diagnostics) segment is optimistic about the overseas growth potential of Huayao's new industry, with overseas revenue accounting for 40%. However, domestic policies may impact volume and pricing in the short term, while the long-term international outlook remains positive [3][11] Investment Opportunities - Companies to watch in the high-value consumables segment include Xinmai Medical and Chunli Medical, with the latter's overseas revenue expected to exceed 50% in the future. Additionally, MicroPort is recommended due to its recent governance improvements and investment potential [1][10] - In the low-value consumables segment, Yingke Medical is highlighted for its potential explosive growth in U.S. orders following production in Southeast Asia, with overseas revenue accounting for approximately 85% [3][12] - The investment selection for different segments should focus on internationalization progress and performance recovery in the medical device and equipment sector, while high-value consumables should consider procurement recovery, valuation restoration, new product launches, and internationalization progress [1][13] Company-Specific Insights - MicroPort is expected to gradually turn profitable from 2024 to 2026, with projected profits reaching 630 million RMB in 2026. The company is also seeing an increase in state-owned capital share to 15.5%, which is expected to enhance its strategic support and industrial synergy [1][14][16] - New businesses within MicroPort, such as robotics and new product lines, are maintaining high growth rates, contributing significantly to overall performance [1][17] - MicroPort's self-owned products are expected to see a revenue growth rate of over 70% in 2025, establishing a third growth curve for the company [1][18] Valuation and Market Outlook - The company anticipates profits of over 1.4 billion, 1.8 billion, and around 2.1 billion RMB from 2025 to 2027, reflecting an optimistic outlook for profitability in the coming years [1][24] - The company's price-to-earnings (PE) ratio is expected to decline gradually, indicating a more attractive valuation as profitability improves [1][25] Conclusion - The medical device industry is poised for recovery and growth, driven by supportive policies and internationalization efforts. Companies like United Imaging, Mindray, and Yingke Medical are positioned well for future performance, while MicroPort's strategic developments and new business growth present significant investment opportunities [1][26][27]

Group 1 - The core viewpoint of the news is the performance and holdings of the Industrial and Commercial Bank of China Medical Healthcare Stock Fund, which has shown significant growth in recent months and has a diversified portfolio in the healthcare sector [1][3] - The latest net value of the fund is 2.9160 yuan, reflecting a growth of 2.50%. The fund's return over the past month is 12.94%, ranking 280 out of 1035 in its category. Over the past six months, the return is 29.37%, ranking 125 out of 1001, and since the beginning of the year, the return is 27.95%, ranking 148 out of 991 [1] - The top ten holdings of the fund account for a total of 44.59%, with significant investments in companies such as Heng Rui Pharmaceutical (7.52%), Kelun Pharmaceutical (6.50%), and BeiGene (5.08%) [1] Group 2 - The fund was established on November 18, 2014, and as of June 30, 2025, it has a total scale of 2.797 billion yuan. The fund managers are Zhao Bei and Ding Yang [1] - Zhao Bei has extensive experience in the healthcare sector, having served as the fund manager for various healthcare-related funds since 2014, while Ding Yang joined the company in December 2017 and has been involved in managing healthcare investment funds [2]

Market Overview - The FTSE China A50 Index showed mixed performance among bank stocks, while oil, coal, and electric power stocks declined [1][6] Banking Sector - Everbright Bank had a market capitalization of 242.84 billion with a trading volume of 0.38 billion, closing at 4.11, up by 0.03 (0.74%) [3] Insurance Sector - China Life Insurance had a market capitalization of 382.10 billion, with a trading volume of 1.46 billion, closing at 59.62, up by 1.12 (2.99%) [3] - China Pacific Insurance had a market capitalization of 371.44 billion, with a trading volume of 1.02 billion, closing at 38.61, up by 1.54 (2.65%) [3] - Ping An Insurance had a market capitalization of 1,085.69 billion, with a trading volume of 5.02 billion, closing at 8.64, up by 0.17 (2.01%) [3] Alcohol Industry - Kweichow Moutai had a market capitalization of 1,806.43 billion, with a trading volume of 3.41 billion, closing at 122.78, down by 16.99 (-1.17%) [3] - Shanxi Fenjiu had a market capitalization of 221.85 billion, with a trading volume of 1.14 billion, closing at 1438.01, down by 3.73 (-2.01%) [3] - Wuliangye had a market capitalization of 476.58 billion, with a trading volume of 1.31 billion, closing at 181.85, down by 0.76 (-0.62%) [3] Technology Sector - Haiguang Information had a market capitalization of 246.59 billion, with a trading volume of 1.20 billion, closing at 341.73, down by 0.23 (-0.07%) [3] - Northern Huachuang had a market capitalization of 282.22 billion, with a trading volume of 4.45 billion, closing at 674.60, up by 1.30 (0.19%) [3] - Cambricon Technologies had a market capitalization of 32.38 billion, with a trading volume of 1.79 billion, closing at 139.31, down by 2.18 (-1.54%) [3] Energy Sector - Sinopec had a market capitalization of 269.58 billion, with a trading volume of 5.34 billion, closing at 5.88, down by 0.11 (-1.27%) [3] - PetroChina had a market capitalization of 1,566.66 billion, with a trading volume of 8.05 billion, closing at 8.56, down by 0.06 (-1.08%) [3] Automotive Sector - BYD had a market capitalization of 1,846.26 billion, with a trading volume of 5.87 billion, closing at 37.78, down by 0.47 (-2.26%) [3] Securities Sector - CITIC Securities had a market capitalization of 363.53 billion, with a trading volume of 32.66 billion, closing at 29.86, up by 0.41 (2.03%) [4] Consumer Electronics - Luxshare Precision had a market capitalization of 272.89 billion, with a trading volume of 23.13 billion, closing at 28.83, up by 0.17 (0.59%) [4] Home Appliances - Gree Electric had a market capitalization of 228.16 billion, with a trading volume of 10.44 billion, closing at 25.72, down by 0.09 (-0.19%) [4] Pharmaceutical Sector - Heng Rui Medicine had a market capitalization of 404.93 billion, with a trading volume of 4.53 billion, closing at 48.52, up by 4.61 (8.17%) [4]

Group 1 - The market experienced a rebound on July 28, with the ChiNext Index leading the gains, and the Tianhong ChiNext ETF (159977) rising by 0.86% with a trading volume exceeding 13 million yuan [1] - As of July 25, the Tianhong ChiNext ETF had a latest circulating scale of 8.644 billion yuan, closely tracking the ChiNext Index (399006.SZ), which consists of 100 representative ChiNext listed companies [1] - The ChiNext Index is characterized by a high proportion of emerging industries and high-tech enterprises, reflecting the operational status of the ChiNext market [1] Group 2 - Guojin Securities' report indicates that the overall market is approaching previous highs, with domestic policies continuing to support demand while promoting market clearing [1] - Huatai Securities' latest report highlights a sustained increase in global risk appetite, with A-shares breaking through and experiencing five consecutive weeks of upward movement [2]

Summary of Mindray Bio-Medical Conference Call Company Overview - **Company**: Mindray Bio-Medical (300760.SZ) - **Industry**: China Healthcare - **Current Stock Price**: Rmb228.50 (as of July 23, 2025) - **Price Target**: Rmb260.00 - **Stock Rating**: Overweight - **52-Week Range**: Rmb351.60 - Rmb206.80 Key Financial Insights - **2Q25 Sales Projection**: Expected to decline by approximately 20% year-over-year (YoY) with specific segment declines: - PMD (Patient Monitoring Devices): -30% - IVD (In Vitro Diagnostics): -28% - Imaging: -9% [3][4] - **Sales Adjustments**: Sales estimates for 2025-2027 have been trimmed by 4%, 4%, and 3% respectively due to conservative outlook on average selling price (ASP) and testing volume in the IVD segment [4]. - **Net Profit Adjustments**: Recurring net profit assumptions reduced by 6%, 5%, and 3% for the same period [4]. Market Position and Strategy - **Diversified Product Portfolio**: Mindray is recognized as the largest medical device company in China, with a focus on favorable market segments and a diversified product range [10]. - **Global Expansion**: The company is increasing its global presence through new customer penetration, cross-selling, and strategic mergers and acquisitions (M&A) [10]. - **Technological Leadership**: Mindray is a pioneer in AI and workflow integration solutions, aligning with key themes in the global medtech space [10]. Risk and Reward Analysis - **Risk Reward Themes**: - Secular Growth: Positive - Self-help: Positive - Technology Diffusion: Positive [14] - **Bull Case Scenario**: - EPS multiple of 32x for 2025e, driven by recovery in medical equipment procurement in China and accelerated global expansion [15]. - **Base Case Scenario**: - EPS multiple of 26x for 2026e, with steady recovery from anti-corruption campaigns and benefits from fiscal stimulus [16]. - **Bear Case Scenario**: - EPS multiple of 20x for 2026e, with prolonged pressure on domestic sales and underperformance in overseas contributions [17]. Financial Projections - **Key Earnings Inputs**: - PMD YoY growth: -11.1% in 2024, -4.4% in 2025e, 5.7% in 2026e, 5.4% in 2027e - IVD YoY growth: 10.8% in 2024, -8.6% in 2025e, 11.9% in 2026e, 11.3% in 2027e - Imaging YoY growth: 6.6% in 2024, 6.9% in 2025e, 7.2% in 2026e, 7.2% in 2027e [19]. Investment Drivers - **Revenue Exposure**: - 50-60% from Mainland China, with significant contributions from North America and other regions [20]. - **Key Risks**: - Government policies on medical equipment procurement, hospital tender trends, overseas sales momentum, and geopolitical tensions [23]. Conclusion - Mindray Bio-Medical is positioned as a leading player in the medical device industry in China, with a diversified portfolio and a focus on global expansion. However, the company faces challenges in the near term, including declining sales projections and regulatory headwinds. The investment outlook remains cautiously optimistic with a price target of Rmb260.00, reflecting a potential upside from the current stock price.

Summary of Medical Device Industry Conference Call Industry Overview - The medical device sector is expected to improve in the second half of the year, with positive bidding data for three consecutive quarters, indicating potential performance growth for companies like Mindray and United Imaging after inventory clearance [1][4]. - High-value consumables are projected to see revenue and profit growth of 15%-20% for companies such as New Mai, Nanwei, and Anjias, benefiting from policy easing [1][5]. - The innovative industry chain and drug sector, particularly companies like Baile and Heng Rui, are noteworthy for their overseas instruments and drugs, with CXO companies like WuXi AppTec exceeding expectations in their mid-year reports [1][6]. Key Insights - The medical device equipment sector is likely to see performance improvement in the second half of the year, despite short-term inventory pressures [4]. - The recent increase in attention towards the medical device sector is attributed to improved mid-year performance expectations and the anticipated optimization of the 11th batch of centralized procurement policies [3]. - The domestic market's medical insurance provides a solid growth foundation for medical device companies, while the overseas market, particularly non-US markets, presents lower entry barriers and long-term growth potential [12][13]. Investment Strategy - The investment strategy for the second half of the year should focus on companies with strong mid-year performance and long-term growth potential, such as Maipu, Shanwaishan, and Feimait, as well as leading high-value consumables companies like Huitai [7][8]. - Companies like Yaming Kangda and Hailan Yin are highlighted for their excellent mid-year performance and favorable PEG ratios, indicating potential investment value [9]. Market Dynamics - The medical device sector has experienced a gradual recovery from policy adjustments, with a positive long-term outlook as the most challenging periods appear to be over [10]. - The high-value consumables centralized procurement process is expected to become more moderate, which could positively impact leading companies in the sector [10][11]. - The overall performance of the medical device sector is projected to achieve revenue growth of 15%-20% and profit growth of around 20% from 2025 to 2027, as the industry stabilizes [18]. Technological Developments - The electrophysiology field is rapidly advancing, particularly with the development of PFA technology, which is crucial for the 3D mapping systems [27][28]. - The upcoming renewal of the Fujian electrophysiology alliance's centralized procurement is expected to have a positive impact on the industry [29]. Challenges and Opportunities - Companies in the high-value consumables sector may face uncertainties due to centralized procurement, but a gradual easing of these policies could improve valuations and market sentiment [39]. - Heartbeat Medical is navigating challenges from national insurance price adjustments but is expected to see steady growth in its overseas business [38]. Conclusion - The medical device industry is poised for growth, driven by policy improvements, technological advancements, and a focus on high-value consumables. Companies with strong fundamentals and innovative products are likely to attract investor interest as the market stabilizes and expands.