小咖云 I :: 联合发布 康复辅具行业 可持续发展 自皮书 Rx 荣续智库 康复辅具产业可持续发展白皮书 / | | 一 | 2 前言 在全球人口老龄化加速的大背景下，康复辅具行业的重要性日益凸显。它不仅是提升 老年人及残障群体生活质量的关键支撑，更是推动养老产业与健康服务业发展的重要 力量。 本白皮开篇阐了释康复辅具的定义，深入剖析其市场发展历程与现状。随着社会经济 发展和民众健康意识的提高，银发族对康复辅具的需求持续攀升，国际养老产业的发 展趋势也进一步印证了康复辅具在养老生态中的核心地位。 聚焦国内，中国养老产业近年来蓬勃兴起，康复辅具产业作为其中的重要一环，在政 策的大力扶持下不断前行。从产业发展脉络到主管部门与监管机制的梳理，再到康复 辅具租赁模式的探讨以及对租赁者需求的回应，全方位展现了国内产业的发展全貌。 可持续发展是时代的强音，在康复辅具行业也不例外。本白皮书深入探讨了行业在可 及性、绿色材料应用、循环利用、绿色设计与制造、数智化转型、技术创新以及绿色 人才培养等多维度的可持续发展方向，为行业未来发展勾勒清晰蓝图。 此外，本书选取了松永制作所（MATSUNAGA）、山下福至等国内外优秀企业案 ...

证券研究报告·行业跟踪周报·医药生物 医药生物行业跟踪周报 2026 版基药目录调整在即，利好拟纳入目录 的中药标的 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 具体思路:看好的子行业排序分别为:创新药>科研服务>CXO>中药>医疗器械>药店 等。具体标的思路：从中药基药角度，建议关注佐力药业、方盛制药、盘龙药业等。 从 CXO、上游科研服务角度，建议关注药明康德、皓元医药、奥浦迈、百奥赛图、 百普赛斯、纳微科技等。从 PD1 PLUS 角度，建议关注三生制药、康方生物、信达生 物、泽璟制药等。从 ADC 角度，建议关注映恩生物、科伦博泰、百利天恒等。从小 核酸角度，建议关注前沿生物、福元医药、悦康药业等。从自免角度，建议关注康 诺亚、益方生物-U、一品红等。从创新药龙头角度，建议关注百济神州、恒瑞医药 等。从医疗器械角度，建议关注联影医疗、鱼跃医疗等。从 AI 制药角度，建议关注 晶泰控股、英矽智能等。从 GLP1 角度，建议关注联邦制药、博瑞医药、众生药业 等。 ◼ 风险提示：药品或耗材降价超预期；医保政策风险等；产品销售及研发进度不及预 期。 2026 年 03 ...

Current Strategy Viewpoints - The capital market experienced fluctuations in early February but rebounded later in the month, primarily due to reduced trading activity before the Spring Festival and short-term policy guidance [1] - The market is expected to enter a phase of economic data and policy verification, with a seasonal increase in trading activity post-Spring Festival, laying a foundation for future market performance [1] - Upcoming economic and corporate profit data, along with the National People's Congress in March, will be crucial for setting the annual policy tone and economic targets, which are significant for the capital market [1] Sector Focus - Short-term focus on safe-haven assets and resource products due to tensions in the Middle East, including precious metals and oil sectors [2] - Long-term focus on growth and cyclical sectors, with particular attention to small-cap stocks that typically perform well in spring [2] - Key sectors to watch include humanoid robots, computing, and AI, benefiting from sustained industry enthusiasm and increased risk appetite among investors [2] Macro Overview - The upcoming National People's Congress will set the tone for the annual economy, with GDP growth targets expected to be set between 4.5% and 5% [8] - Fiscal policy is anticipated to include a deficit rate of 4.0% and new special bonds totaling 5 trillion yuan, indicating a significant increase in fiscal deficit compared to last year [8] Financial Engineering - The A-share market has seen a rise in industry crowding, particularly in media and resource sectors, with the media sector showing a crowding degree of 98.25% [12][14] - The resource sector continues to perform well, with price fluctuations leading to a decrease in crowding indicators, suggesting a potential for continued upward movement [13] Electronic Communication Industry - The upcoming GTC conference is expected to showcase new chip developments from NVIDIA, reinforcing AI as a core investment theme [24] - The demand for storage products is projected to rise significantly, driven by strong AI customer needs and price increases in the DRAM market [25] Computer Industry - The rapid iteration of domestic AI large models is expected to drive significant growth in computing power investments, with a focus on world model technology advancements [28] - The demand for AI-driven applications is anticipated to increase, leading to a surge in computing needs and infrastructure investments [29] New Energy Industry - Focus on hydrogen and ammonia projects, with government support for integrated energy bases expected to drive growth in this sector [32] - The electric power equipment sector is poised for growth due to ongoing global energy demands and potential easing of import restrictions in India [32] High-end Manufacturing Industry - The humanoid robot sector is entering a phase of mass production, with significant advancements showcased during the Spring Festival [35] - The North American AI supply chain remains robust, with ongoing demand for advanced equipment and materials expected to drive growth [36]

Core Viewpoint - The medical device sector is experiencing a rebound, driven by policy support, technological advancements, and a shift towards domestic innovation and global competition [1][4]. Group 1: Medical Device Sector Performance - On February 25, the medical device sector saw a rebound with the medical device index ETF (159898) rising by 0.90%, following a net subscription of 1.67 million yuan the previous trading day [1]. - Key stocks such as Aidi Te, Zhend Medical, and Lepu Medical saw significant gains, with Aidi Te rising over 5% and others like Hualan Biological and Yuyue Medical also showing strong performance [1]. Group 2: Brain-Computer Interface Developments - The brain-computer interface (BCI) sector is accelerating, with significant policy backing and capital investment. A semi-invasive BCI company, Borui Kang, is preparing for a listing on the Sci-Tech Innovation Board [4]. - The global BCI market is projected to grow from approximately $2.62 billion in 2024 to $12.4 billion by 2034, with a compound annual growth rate (CAGR) of 17.35% [4]. - In China, the BCI market is expected to reach 3.2 billion yuan in 2024 and grow to 6.14 billion yuan by 2028 [4]. Group 3: Export Resilience and Growth - China's medical device exports demonstrated strong resilience, with a total export value of $45.542 billion in the first 11 months of 2025, marking a year-on-year increase of 3.82% [5]. - The export structure is evolving, with significant growth in high-end products such as hospital diagnostic and treatment equipment, which increased by 8.36% [5]. Group 4: Domestic Market and Innovation - The implementation of the fifth batch of national high-value medical consumables procurement has significantly reduced prices, such as the cost of cochlear implants dropping from over 200,000 yuan to around 50,000 yuan [7]. - The domestic medical device market is projected to reach 1,017.4 billion yuan by 2026, with a CAGR of approximately 5.9% to 6.6% from 2020 to 2035, driven by aging population, equipment upgrades, and technological innovation [7]. - In 2025, a total of 3,402 medical device products were approved, including 76 innovative devices, maintaining a high approval rate for three consecutive years [7]. Group 5: ETF Performance - The medical device index ETF (159898) tracks the CSI All Medical Device Index, focusing on the medical equipment, consumables, and in vitro diagnostics sectors, with a notable exposure to the BCI concept at 23.79% [9]. - Since its inception, the ETF has achieved a total return of 1,015.07%, with an annualized return of 12.52% and a one-year annualized return of 20.86% [9]. - The revenue and net profit of the ETF's constituent stocks have shown a year-on-year recovery, indicating a gradual improvement in the industry's fundamentals [9].

内容概要：近年来得益于我国经济的不断发展，居民生活水平的提升，人们健康、清洁思想的不断增 强，加之消费理念也随之逐渐改变，使得我国消毒湿巾向好发展。尤其是2020年受疫情催化，社会卫生 防护意识加强，产业发展迅速，产需量实现快速增长，产量同比上涨72%至150.6亿片；需求量同比上 涨61%至53.01亿片。2021-2022年中国消毒湿巾产需量持续下降，这主要是因为2020年行业爆发式增 长，导致大量企业入局扩产形成阶段性的产能过剩，而2021年后国内疫情防控形势趋于平稳，日常消费 场景的消毒需求逐步回归理性，前期过度囤货的库存积压也使得市场需求出现自然回落。2023年中国消 毒湿巾行业产需量逐渐回升，2025年中国消毒湿巾产量达到108.45亿片，同比上涨5%；需求量达到 44.68亿片，同比上涨6%。 相关上市企业：中顺洁柔（002511）、稳健医疗（300888）、诺邦股份（603238）、倍加洁 （603059）、洁雅股份（301108）、鱼跃医疗（002223）、京东集团-SW（09618）、阿里巴巴-W （09988）、拼多多（PDD）等。 相关企业：中纺院绿色纤维股份公司、维达国际控股有限公司 ...

Company Developments - Samsung released a new smartphone equipped with artificial intelligence technology on February 25 [3] - Tongwei Co., Ltd. announced a suspension of trading starting February 25 as it plans to acquire 100% equity of Qinghai Lihua Qingneng Co., Ltd. through a combination of share issuance and cash payment [3] - Gude Electric Materials issued shares on February 25 with a price of 58 yuan per share and a price-to-earnings ratio of 27.96, focusing on components for battery thermal runaway protection [3] - Kaipu Cloud decided to terminate a major asset restructuring plan involving the acquisition of a 70% stake in Shenzhen Jintaike [10] - Meta and AMD reached an agreement for AI device procurement, with AMD set to sell AI chips worth up to $60 billion to Meta [10] Industry Insights - The State Council's meeting on February 24 emphasized the potential of the silver economy and the need for supportive measures to enhance the development of the elderly care industry, projecting the market size to reach approximately 12 trillion yuan in 2023 and exceed 20 trillion yuan by 2027 [6] - A breakthrough in chip technology was reported by a team from Peking University, creating the smallest and lowest power-consuming ferroelectric transistor, which could significantly enhance AI chip performance and energy efficiency [9] - The semiconductor market is expected to continue improving, driven by high demand from AI servers and new energy vehicles, with a recommendation to focus on leading companies in the sector [9] - The Shanghai Gold Exchange announced adjustments to margin levels and price limits for certain contracts, effective February 24 [5]

Summary of Conference Call on Healthcare Services and Pharmacy Sector Industry Overview - The focus is on the healthcare services and pharmacy sectors within the pharmaceutical industry, particularly consumer-oriented segments, which are currently viewed positively due to historical low valuations after a prolonged adjustment period [1][2]. Key Points and Arguments Healthcare Services - The healthcare services sector has experienced significant declines, with current valuations at historical lows, indicating a potential for recovery by 2026 [1]. - Specific companies highlighted for their optimistic 2026 guidance include Tongce Medical, Gushengtang, and Aier Eye Hospital, all expected to show double-digit growth [1][2]. - The recovery in the sector is anticipated to be driven by improvements in supply structure and consumer environment, leading to a business rebound [2]. - Aier Eye Hospital is introducing new consumer-oriented surgical procedures, which may increase average transaction values despite stable surgical volumes [2]. Market Trends - Data from October 2025 shows positive growth in outpatient services in cities like Chongqing and Tianjin, with increases of 5-6% and 13-14% respectively [3]. - The overall trend indicates a recovery in both service volume and pricing, particularly in consumer-oriented medical fields like ophthalmology [3][4]. AI Integration - AI is expected to empower healthcare service companies, with applications like Ant Group's AI health app showing significant user growth, indicating a new growth driver for leading healthcare service firms [4][5]. Pharmacy Sector - The pharmacy sector is experiencing notable improvements in performance since Q3 2025, with leading companies showing consistent same-store sales growth [6]. - The sector is supported by government policies aimed at increasing industry concentration and chain store rates, which are expected to drive medium-term performance [6][7]. - Companies like Yifeng Pharmacy and Dazhong Pharmacy are highlighted for their strong cash flow and dividend yields, with Dazhong reporting a 60% dividend payout ratio [6][7]. Online vs. Offline Dynamics - The online pharmacy market is growing rapidly, but it serves a different demographic compared to traditional pharmacies, which cater more to older consumers [7][8]. - The online pharmacy market is projected to grow significantly, driven by products like GLP-1, but the overall growth rate may stabilize as both online and offline markets adjust [9][10]. Regulatory Environment - Recent government policies emphasize enhancing pharmacy service capabilities and supporting prescription outsourcing, which could lead to increased revenue opportunities for pharmacies [13][14]. - The focus on compliance and competition is expected to benefit larger pharmacy chains with established networks and resources for mergers and acquisitions [17]. Home Medical Devices - The home medical device sector is poised for growth due to an aging population and increasing health awareness, with significant potential in health monitoring devices like blood pressure monitors and glucose meters [18][19]. - Companies such as Yuyue Medical and Sanofi are recommended for their strong growth prospects in this segment [21]. Conclusion - The healthcare services, pharmacy, and home medical device sectors are expected to experience a bottom reversal, driven by improving fundamentals and supportive government policies. Key players in these sectors are well-positioned to capitalize on these trends, making them attractive investment opportunities moving forward [1][21].

Core Viewpoint - The Hainan Provincial Drug Administration has conducted quality inspections on medical devices in accordance with regulations, with all 110 batches tested meeting the required standards [2]. Group 1: Inspection Overview - A total of 110 batches of medical devices were sampled and tested across various production, operation, and usage stages [2]. - All inspected medical devices were found to be compliant with the established regulations [2]. Group 2: Sampled Medical Devices - The inspection included a variety of products such as electronic thermometers, medical cotton swabs, and disposable syringes, all of which received passing results [2][3]. - Specific products tested include: - Medical electronic thermometer (DT007) from Guangzhou Beierkang Medical Devices, batch number 221200608, passed [2]. - Medical cotton swabs (M40) from Chengdu Xinjing Shifeng Medical Devices, batch number 250211, passed [2]. - Disposable syringes (5ml) from Jiangxi Hongda Medical Devices, batch number 20241207, passed [3]. Group 3: Compliance and Regulatory Framework - The inspections were conducted in accordance with the "Medical Device Supervision and Administration Regulations" and the "Hainan Province 2025 Medical Device Sampling Work Implementation Plan" [2]. - The results of the inspections are intended to enhance the quality supervision of medical devices and ensure public safety [2].

Group 1: Core Insights - UBS's in-depth research in China identifies two main industry themes for 2026: self-sufficiency and overseas expansion [1] - The research covered various sectors including technology, industrial, healthcare, consumer, and utilities, visiting over 100 companies and industry experts [1] - The report highlights a shift in investor interest, with capital goods, media entertainment, and real estate development seeing increased research focus, while semiconductor and automotive parts sectors experienced a decline [1] Group 2: Technology Sector Insights - The technology sector is a key focus, with advancements in self-sufficiency moving from isolated breakthroughs to industry-wide collaboration [2] - AI capital expenditure is expected to grow steadily in 2026, driven by strong demand for AI applications and local semiconductor production [3] - Despite uncertainties regarding H200 GPU imports, domestic supply chains are adapting through technology substitution and demand upgrades [3] Group 3: Semiconductor Developments - The localization of China's semiconductor industry is accelerating, with significant progress in advanced etching/ deposition equipment, advanced packaging, and high-end analog chips [4] - Capital expenditure for wafer fabrication equipment (WFE) is projected to grow by 10-15% annually, driven by capacity expansion in advanced logic and memory wafer fabs [4] - Domestic manufacturers anticipate a substantial increase in storage capital expenditure in 2026, aligning with a global upcycle in the storage industry [4] Group 4: Overseas Expansion Trends - Multiple industries, including industrial, biopharmaceuticals, and consumer goods, are focusing on overseas expansion as a key growth strategy [6] - In the industrial sector, overseas orders for AIDC and renewable energy storage equipment are increasing significantly [7] - The healthcare sector is also prioritizing global expansion, with biopharmaceutical companies actively pursuing international collaborations and local sales team development [9] Group 5: Key Recommendations - UBS recommends several core stocks in the technology and semiconductor sectors, including Northern Huachuang (advanced etching/ deposition), Changdian Technology (advanced packaging), and Horizon Robotics (edge AI) [5][12] - In the healthcare sector, companies like WuXi AppTec (CRO/CDMO) and 3SBio (biopharmaceuticals) are highlighted as key beneficiaries of global expansion [12] - The consumer sector sees recommendations for Jason Furniture (overseas expansion) and Leap Motor (new energy vehicles), while Gree Electric Appliances is advised to sell due to margin pressures [12] Group 6: Overall Industry Outlook - The report concludes that China's industrial development in 2026 will be characterized by a dual focus on self-sufficiency in technology and overseas expansion in various sectors [13] - The integration of these two themes is expected to enhance China's economic globalization, with technology supporting overseas expansion and vice versa [13] - Investment opportunities are identified in sectors with low crowding and improving fundamentals, as well as in high-growth areas like AI and semiconductors [13]

Investment Rating - The report assigns a "Buy" rating for Alibaba Health, with a target price of HKD 7.39 per share [7]. Core Insights - The main business of Alibaba Health is experiencing accelerated growth, driven by the online penetration of innovative drugs and the integration of AI technologies, which present new opportunities for the company [7]. - The self-operated revenue of Alibaba Health has significantly increased, accounting for nearly 90% of total revenue, with a year-on-year growth of 19% to RMB 14.38 billion [7]. - The company is also the largest online B2C healthcare product retail platform in China, benefiting from deep collaboration with the Alibaba Group [7]. Summary by Sections Medical E-commerce Tracking - The online pharmacy market share is rapidly increasing, with innovative drugs driving growth. The retail pharmacy share has risen to 31.5%, while online pharmacies have reached 5.3% [14][15]. - The demand for original research drugs is increasing, with a shift towards online channels due to convenience and service [15][16]. Alibaba Health - The self-operated business is the main driver of revenue growth, with a 99% year-on-year increase in self-operated SKUs to 1.61 million [7]. - The company is enhancing its advertising capabilities, which will contribute significantly to profitability [7]. - AI technologies are expected to empower the main business, with initiatives like the "Qianwen Super Agent" and the medical AI assistant "Hydrogen Ion" app being developed [7]. Profit Forecast and Valuation - Revenue forecasts for fiscal years 2026 and 2027 are RMB 34.594 billion and RMB 38.235 billion, respectively, with adjusted net profits of RMB 2.499 billion and RMB 3.026 billion [2][7].