Core Viewpoint - The stock of Meihao Medical (301363) experienced a decline of 5.46% on January 26, 2026, closing at 32.18 yuan, with significant capital outflows from major and retail investors [1]. Group 1: Stock Performance and Trading Data - On January 26, 2026, the stock had a turnover rate of 4.83%, with a trading volume of 180,300 hands and a total transaction amount of 596 million yuan [1]. - The net outflow of main funds was 74.07 million yuan, accounting for 12.43% of the total transaction amount, while retail investors saw a net inflow of 92.38 million yuan, representing 15.5% of the total [1]. Group 2: Financing and Margin Trading Information - On the same day, the financing buy amounted to 48.69 million yuan, while financing repayment was 58.85 million yuan, resulting in a net repayment of 10.16 million yuan [2]. - The margin trading balance stood at 321 million yuan, with a short selling of 2,400 shares and a remaining short position of 50,800 shares [2]. Group 3: Financial Performance - For the first three quarters of 2025, Meihao Medical reported a main revenue of 1.194 billion yuan, a year-on-year increase of 3.28%, while the net profit attributable to shareholders decreased by 19.25% to 208 million yuan [2]. - In Q3 2025, the company achieved a single-quarter main revenue of 462 million yuan, up 2.56% year-on-year, and a net profit of 93.90 million yuan, reflecting a year-on-year increase of 5.89% [2]. - The company reported a debt ratio of 11.43% and a gross profit margin of 39.34% [2]. Group 4: Analyst Ratings - In the last 90 days, seven institutions have given a buy rating for Meihao Medical, with an average target price of 24.57 yuan [3].

Core Viewpoint - The inclusion of cochlear implants in the medical insurance reimbursement scope is expected to significantly benefit the company’s cochlear implant business and the overall market demand in China [2] Group 1: Company Performance - On January 26, 2026, the company’s stock closed at 32.18 yuan, down 5.46%, with a turnover rate of 4.83%, a trading volume of 180,300 shares, and a transaction amount of 596 million yuan [1] Group 2: Market and Business Impact - The incidence rate of congenital deafness in newborns is approximately 2‰-3‰, indicating a substantial market potential for cochlear implants in China, which currently has a low market penetration rate [2] - The policy change to include cochlear implants in medical insurance will alleviate the financial burden on families with hearing-impaired children, effectively releasing actual market demand in China [2] - The company is actively pursuing a global expansion strategy, particularly in Europe, to enhance local service capabilities and improve supply chain resilience [2]

Core Viewpoint - The company is actively expanding its global presence and enhancing local service capabilities to strengthen its competitive advantage in the high-end medical device market, primarily driven by demand from Western developed countries [2] Group 1: Market Position - Western developed countries remain the primary source of revenue for high-end medical device products and brands [2] - The company is focusing on building a localized service capability to better meet customer needs [2] Group 2: Strategic Initiatives - The company is advancing its global layout to enhance supply chain resilience [2] - The expansion plan in Europe is progressing in an orderly manner [2]

Core Viewpoint - The number of shareholders in 294 ChiNext stocks has decreased, with 160 stocks showing a decline compared to the previous period, and 13 stocks experiencing a drop of over 10% [1] Group 1: Shareholder Changes - Among the 294 ChiNext stocks, 160 reported a decrease in shareholder numbers, while 107 saw an increase [1] - The stock with the largest decline in shareholder numbers is Meihai Medical, which decreased by 30.08% to 29,576 shareholders, with a cumulative drop of 9.35% in stock price [1] - Jiuzhiyang reported a 24.15% decrease in shareholders, totaling 29,872, with a cumulative stock price drop of 12.94% [1] - Dineke's shareholder count fell by 18.13% to 27,686, with a stock price decline of 5.53% [1] Group 2: Continuous Concentration of Shareholders - A total of 21 ChiNext stocks have shown a continuous concentration of shareholders, with some experiencing a decline for more than three consecutive periods, and one stock has seen a decrease for seven consecutive periods [1] Group 3: Performance of Concentrated Stocks - The average increase for concentrated stocks since January 11 is 3.94%, with notable performers including Jiangtian Chemical, Ruixin Technology, and Green Island Wind, which increased by 39.33%, 31.32%, and 26.56% respectively [2] - In terms of industry concentration, the mechanical equipment, computer, and electronics sectors have the highest number of concentrated stocks, with 31, 17, and 16 stocks respectively [2] Group 4: Shareholder Count Declines - Hongming Co. has seen its shareholder count decrease by 22.01% to 3,905, marking a continuous decline for seven periods [2] - Anuoqi's shareholder count has dropped by 12.79% to 43,995, also reflecting a seven-period decline [2] - ST Qingyan's shareholder count decreased by 15.20% to 3,091, with a six-period decline [2] Group 5: Earnings Forecasts - Among the concentrated stocks, 18 have released earnings forecasts for the full year of 2025, with five expecting profit increases and one expecting a profit [3] - Huachen Equipment is projected to have the highest net profit growth at 217.84%, followed by Boteng Co. and Kaisheng New Materials with expected growth rates of 132.15% and 123.27% respectively [3]

Core Viewpoint - The accessibility industry is emerging as a significant economic growth point in China, transitioning from a welfare-focused sector to a market-driven one, driven by the aging population and the increasing needs of disabled groups [1][2]. Group 1: Industry Definition and Service Objects - The accessibility industry aims to improve, compensate, or replace human functions for groups such as the disabled, elderly, patients, and pregnant women, enhancing their quality of life and promoting social inclusion [1][2]. Group 2: Current Development Status - The market size of China's accessibility industry is projected to grow from 78 billion yuan in 2020 to 140 billion yuan by 2025, with an expected increase to 163 billion yuan by 2026 [2]. Group 3: Industry Chain - The upstream of the accessibility industry includes raw materials like metals, plastics, and electronic components, while the midstream consists of software systems and hardware products, and the downstream applications are found in homes, public buildings, and rehabilitation institutions [3]. Group 4: Development History - The accessibility industry in China has undergone four stages: the embryonic stage (2001-2007), the regulatory stage (2008-2014), the smart transformation stage (2015-2023), and the service ecosystem stage (2024-present) [3]. Group 5: Policy Environment - Recent national policies, such as the "Barrier-Free Environment Construction Law," have established a legal framework for the development of the accessibility industry, enhancing the construction of urban accessibility facilities [4]. Group 6: Competitive Landscape - Major companies in the accessibility software sector include iFlytek, SenseTime, and Tencent, while hardware companies include Yuyue Medical, Kefu Medical, and Shanghai Construction Group, among others [5][6]. - Kefu Medical reported a revenue of 1.496 billion yuan in the first half of 2025, with rehabilitation aids contributing 563 million yuan, accounting for 37.63% of total revenue [7][8]. - Yuyue Medical is a leading supplier of medical consumables, with a focus on rehabilitation care products, generating 234 million yuan in revenue from these products in the first half of 2025 [6]. Group 7: Future Development Trends - The accessibility industry is expected to expand significantly due to the aging population, with a shift from physical accessibility standards to digital, cultural, and social service areas, indicating a trend towards high-value software services and integrated solutions [9][10].

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The report highlights that the pharmaceutical sector is showing resilience, with a focus on capturing opportunities from companies that can deliver on their growth potential. The report suggests that investors should continue to allocate to pharmaceutical bottom assets as fund holdings have returned to a low level [3][10] - The report indicates that the A-share funds' top ten holdings in the pharmaceutical sector account for 9.15%, a decrease of 1.93 percentage points from the previous period. Excluding pharmaceutical funds, the allocation drops to 3.43%, down 1.39 percentage points [3][10] - The report emphasizes the strong performance of certain pharmaceutical companies, particularly in innovative drugs and upstream life sciences, with notable profit growth forecasts for companies like Zhaoyan New Drug and Kangchen Pharmaceutical [3][10] Summary by Sections Market Dynamics - The pharmaceutical sector has outperformed the broader market, with a return of 6.66% compared to the CSI 300's 1.57% since the beginning of 2026, indicating a 5.10 percentage point advantage [14] - Recent performance shows a mixed trend, with pharmaceutical commercial, traditional Chinese medicine, and medical devices showing positive growth, while chemical pharmaceuticals and medical services have declined [10][14] Valuation Metrics - The current valuation of the pharmaceutical sector is at 23.3 times PE based on 2026 earnings forecasts, which is a premium of 11.3% compared to the overall A-share market (excluding financials) at approximately 21.0 times PE [17] - Using the TTM valuation method, the pharmaceutical sector is valued at 30.3 times PE, which is below its historical average of 34.9 times PE, indicating a relative premium of 11.2% over the broader market [17] Recommended Stocks - Key recommended stocks include WuXi Biologics, Sangfor Technologies, Tigermed, and others, with an average increase of 13.41% in January, outperforming the pharmaceutical sector by 6.74 percentage points [26][27] - The report notes that the top ten pharmaceutical stocks held by public funds include companies like Hengrui Medicine and WuXi AppTec, with a strong preference for innovative drugs and leading players in niche markets [3][10]

- The report discusses a **quantitative timing model based on volume signals**, which indicates a "bullish" view for all major indices except the ChiNext Index as of January 23, 2026[30][31][33] - A **momentum sentiment indicator** is introduced, calculated as the proportion of stocks in the CSI 300 Index with positive returns over the past N days. The indicator is smoothed using two moving averages (N1=50, N2=35). When the short-term average exceeds the long-term average, it signals a bullish market sentiment[32][34][36] - The **moving average sentiment indicator** is based on the eight moving averages (8, 13, 21, 34, 55, 89, 144, 233). The indicator assigns values of -1, 0, or 1 based on the position of the current price relative to these moving averages. A value greater than 5 indicates a bullish signal for the CSI 300 Index[40][44] - The **cross-sectional volatility factor** is analyzed, showing that the CSI 300 Index's cross-sectional volatility increased week-over-week, indicating an improved short-term alpha environment. Conversely, the cross-sectional volatility for the CSI 500 and CSI 1000 indices decreased, suggesting a deteriorated alpha environment[45][46] - The **time-series volatility factor** is also evaluated, revealing that the time-series volatility for the CSI 300, CSI 500, and CSI 1000 indices decreased week-over-week, indicating a worsening alpha environment. Over the past quarter, the CSI 300 Index's volatility was in the lower range of the past six months, while the CSI 500 and CSI 1000 indices were in the middle range[46][49]

Core Viewpoint - The article highlights the recent institutional research activities on various stocks, emphasizing the potential growth opportunities in sectors such as offshore wind energy, mining, and medical technology. Group 1: Institutional Research Highlights - Over 190 stocks were researched by institutions in the past week, with Dajin Heavy Industry receiving the most attention from 209 institutions, including 46 fund companies and 44 securities firms [2] - Dajin Heavy Industry's focus on offshore wind energy in Europe is driven by high wind speeds and shallow waters in regions like the North Sea and the Baltic Sea, indicating significant growth potential in this sector [2] - The recent AR7 auction in the UK for offshore wind projects exceeded market expectations, with a total of 8.4GW auctioned, leading to increased developer participation due to higher fixed prices compared to previous rounds [2] Group 2: Company-Specific Developments - Nepean Mining announced a $45 million investment to acquire a 22.5% stake in the Alacran copper-gold-silver mine in Colombia, with estimated reserves valued at approximately 50 billion yuan [3] - Meihua Medical is advancing its brain-machine interface and humanoid robot businesses, leveraging its experience in cochlear implants to collaborate with innovative clients in the brain-machine interface sector [5][7] - The company has initiated product technology layouts in humanoid robotics, focusing on materials and components that enhance product performance [7] Group 3: Performance and Market Trends - Among the stocks researched, nine are expected to see net profit growth exceeding 100% in 2025, with Baiwei Storage leading with a projected increase of over five times [9] - The average increase for researched stocks in the past week was over 5%, with some stocks like Longxin Zhongke and Dike Co. rising by more than 20% [9] - Dike Co. highlighted its competitive advantages in storage technology and market collaboration, which enhance its product offerings [10] - Qixiang Tengda reported price increases in several products due to market supply-demand imbalances, with its acetone production capacity being the largest globally [10]

Group 1 - The core viewpoint of the article highlights the recent performance and financial metrics of Meihao Medical (301363), indicating a stock price increase and notable changes in fund flows [1][2]. - As of January 23, 2026, Meihao Medical's stock closed at 34.04 yuan, up 4.13%, with a turnover rate of 7.59% and a trading volume of 283,400 hands, resulting in a transaction amount of 968 million yuan [1]. - The fund flow data on January 23 shows a net inflow of 173 million yuan from main funds, accounting for 17.84% of the total transaction amount, while retail investors experienced a net outflow of 186 million yuan, representing 19.25% of the total [1]. Group 2 - In the third quarter of 2025, Meihao Medical reported a main revenue of 1.194 billion yuan, a year-on-year increase of 3.28%, while the net profit attributable to shareholders decreased by 19.25% to 208 million yuan [2]. - The company's third-quarter performance included a single-quarter main revenue of 462 million yuan, up 2.56% year-on-year, and a net profit of 93.9 million yuan, reflecting a year-on-year increase of 5.89% [2]. - Meihao Medical's financial metrics include a debt ratio of 11.43%, investment income of 4.9031 million yuan, financial expenses of -27.391 million yuan, and a gross profit margin of 39.34% [2]. Group 3 - Over the past 90 days, eight institutions have rated Meihao Medical with a buy rating, and the average target price set by these institutions is 24.57 yuan [3]. - The article explains the concept of fund flow, indicating that fund inflow occurs when the stock price is rising, while fund outflow happens during price declines, with the net difference reflecting the driving force behind stock price movements [3].

Core Viewpoint - The domestic surgical robot market is expected to experience a significant growth inflection point by 2026, driven by the implementation of the fee schedule and accelerated overseas expansion, favoring platform companies with commercialization capabilities and upstream manufacturers [1] Industry Overview - The market size of China's surgical robot industry is projected to exceed 70 billion RMB, with a CAGR of approximately 34% from 2024 to 2032. The market is expected to grow from 7.2 billion RMB in 2024 to 76.7 billion RMB by 2032 [2] - The laparoscopic surgical robot market is anticipated to grow at a CAGR of about 29% during the same period, while the orthopedic surgical robot market is expected to see a CAGR of around 41% due to increased penetration rates and the implementation of the fee schedule [2] Catalysts for Growth - The implementation of the fee schedule is identified as a core catalyst for the admission of domestic products. The development cycle of domestic surgical robots can be divided into three phases: early development, rapid development, and mature development [3] - The rapid development phase is characterized by improved product capabilities and accelerated hospital admissions, driven by a clear fee schedule and reimbursement policies [3] Overseas Expansion - The overseas market presents a significant growth opportunity for surgical robot manufacturers, with China's market currently accounting for only about 5% of the global market. Several domestic companies, such as MicroPort and Precision Medical, are beginning to penetrate international markets [4] - By the end of 2025, MicroPort's laparoscopic surgical robot is expected to have over 160 global commercial orders, while Precision Medical has signed 72 overseas orders for its products [4] Comparison with Global Leaders - The business model of Intuitive Surgical, a leading company in the laparoscopic surgical robot sector, shows a clear logic of revenue generation through system sales, consumables, and services. This model is expected to be mirrored by domestic companies, enhancing profitability as installation volumes increase [5] - In the orthopedic sector, domestic companies may benefit from the synergy between implantable devices and surgical robots, similar to the strategies employed by global leaders like Stryker [6] Recommended Companies - The focus is on platform companies with commercialization capabilities and upstream manufacturers. Recommended companies include MicroPort, Meihua Medical, and Aikang Medical, with attention to Tianzhihang and Precision Medical [7]