Guoxin Securities·2026-01-12 07:35Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5]. Core Insights - The pharmaceutical sector has shown weaker performance compared to the overall market, with the biopharmaceutical sector outperforming with a 7.81% increase [1]. - The brain-computer interface (BCI) industry is experiencing significant breakthroughs and commercialization opportunities, driven by favorable policies and technological advancements [2][18]. - The AI healthcare market is projected to grow substantially, with the global market size expected to increase from USD 13.7 billion in 2022 to USD 155.3 billion by 2030, reflecting a CAGR of 35.5% [23][28]. Summary by Sections Market Performance - The overall A-share market increased by 4.09%, while the biopharmaceutical sector rose by 7.81%, indicating strong sector performance [1]. - The TTM price-to-earnings ratio for the biopharmaceutical sector is at 38.96x, which is at the 85.59th percentile of the past five years [1]. Brain-Computer Interface (BCI) - The BCI market is expected to see explosive growth due to policy support, including the "14th Five-Year Plan" and the establishment of independent billing codes for BCI devices [2][18]. - Key investment opportunities include upstream hardware suppliers, midstream companies with core patents, and downstream firms that create commercial applications in rehabilitation and industrial control [2][18]. AI in Healthcare - AI is identified as a critical application area in healthcare, with various themes such as AI in drug development, multi-omics, precision diagnostics, imaging devices, and smart healthcare being highlighted for investment [3][22]. - The launch of ChatGPTHealth by OpenAI signifies a growing trend in integrating AI with healthcare applications, enhancing patient interaction with health data [29]. Company Earnings Forecasts - Several companies in the sector have been rated as "Outperform," with projected net profits for 2024 ranging from CNY 1.4 billion to CNY 116.7 billion [4]. - Notable companies include Mindray Medical (CNY 116.7 billion), WuXi AppTec (CNY 93.5 billion), and Aier Eye Hospital (CNY 35.6 billion), all showing strong growth potential [4].