Guoxin Securities·2025-08-16 13:50Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5][39]. Core Insights - The pharmaceutical sector has shown stronger performance compared to the overall market, with a total A-share increase of 2.04% and a decline of 0.84% in the biotechnology sector [1][30]. - The brain-computer interface (BCI) industry is rapidly developing, supported by recent government policies and successful clinical trials, indicating significant growth potential [2][11]. - The report emphasizes the importance of innovative drugs and their supporting infrastructure, highlighting the positive impact of adjustments in medical insurance and commercial health insurance on domestic innovative drug sales [3][39]. Summary by Sections Market Performance - The overall A-share market increased by 2.04%, while the biotechnology sector decreased by 0.84%, indicating a weaker performance relative to the market [1][30]. - The current price-to-earnings (P/E) ratio for the pharmaceutical sector is 38.77x, which is at the 80.28th percentile of its historical valuation over the past five years [1][35]. Brain-Computer Interface Industry - The BCI industry is characterized by a growing number of supportive policies and technological advancements, with a focus on both invasive and non-invasive methods [2][11]. - The market for non-invasive BCIs is the primary research direction, accounting for 86% of the market share [11][16]. - The potential market size for serious medical applications of BCIs is estimated between $15 billion and $85 billion, while consumer medical applications could reach $25 billion to $60 billion [16]. Key Companies and Investment Recommendations - Mindray Medical (300760.SZ): Rated "Outperform" with projected net profits increasing from 116.7 billion in 2024 to 161.9 billion in 2027 [4]. - WuXi AppTec (603259.SH): Rated "Outperform" with expected net profits rising from 93.5 billion in 2024 to 145.1 billion in 2027 [4]. - Aier Eye Hospital (300633.SZ): Rated "Outperform" with a focus on expanding its service network and enhancing service prices [39]. - Huitai Medical (688617.SH): Rated "Outperform" with a strong focus on electrophysiology and interventional medical devices [40]. - Innovative Medical (002173.SZ): Rated "Outperform" with ongoing clinical trials and expected registration of medical devices [39].