Investment Rating - The report maintains a strong confidence in the pharmaceutical sector, particularly in innovative drugs, predicting a reversal trend in 2025 [4] Core Viewpoints - The innovative drug sector is experiencing strong performance driven by multiple factors, including the completion of quarterly portfolio adjustments, increased policy support from the National Healthcare Security Administration (NHSA) and the National Health Commission, and significant collaborations in the industry [1][11] - The NHSA and the National Health Commission have jointly released measures to support the high-quality development of innovative drugs, which will accelerate the commercialization of domestic innovative products and create a positive cycle of profitability and strong R&D investment [20][21] - The report highlights the potential of dual/multi-target antibodies in cancer treatment and innovative drugs addressing unmet clinical needs in chronic diseases as key investment opportunities [1][4] Summary by Sections Innovative Drugs - The innovative drug sector remains the main investment line, with a focus on dual/multi-target antibodies for various cancers and chronic diseases [1][11] - AstraZeneca is in talks for a collaboration worth up to $15 billion for the AK112 drug, which has catalyzed strong performance in related stocks [1] Pharmaceutical Sector - The NHSA's new measures will direct more healthcare resources towards innovative drugs, enhancing their commercialization and profitability [20][21] - The report notes that since 2018, 149 innovative drugs have been included in the healthcare insurance directory, significantly increasing the proportion of new drugs covered [22] Biologics - Changchun High-tech's new drug, Vuxin Qibai monoclonal antibody, has been approved for treating acute gout arthritis, marking a significant advancement in biologics [29][34] - The drug shows rapid onset of action and a substantial reduction in recurrence risk, highlighting its clinical significance [33][34] Traditional Chinese Medicine - Lingrui Pharmaceutical's new indication for its nasal spray is expected to boost sales, with ongoing efforts to expand hospital coverage and OTC sales [38][41] Medical Devices - The report emphasizes policy support for high-end medical devices, predicting accelerated commercialization in various segments such as medical robots and AI [3][4] Medical Services - Recent policies to enhance maternity benefits are expected to stimulate demand in related services [3][4]

Core Viewpoint - Brainlab, a leading company in the German medical technology sector, has unexpectedly postponed its IPO plans due to ongoing geopolitical uncertainties affecting capital markets, despite having received oversubscription for the offering [2][4]. Company Overview - Founded in 1989 and headquartered in Munich, Germany, Brainlab specializes in developing image-guided surgery, radiation therapy, and digital operating room solutions, with a core philosophy of "software-defined medicine" [7]. - The company has installed over 5,000 systems globally, covering 85 countries, and holds a 60% market share in the neurosurgery navigation field, being recognized as the "gold standard" in surgical navigation [7]. IPO Details - Brainlab planned to issue 2 million new shares and transfer up to 3.2 million existing shares, with a pricing range of €80-100, aiming to raise approximately €416 million [2]. - The overall valuation of the company was estimated at around €1.7 billion (over 14.3 billion RMB) [2]. Financial Position - The company emphasized that its cash flow situation does not rely on IPO funding for organic growth, providing financial confidence for the postponement [5]. - Brainlab participated in a €27 million Series A funding round for neurosurgical robotic developer Robeauté, indicating its strong cash flow position [5]. Management Perspective - CEO Rainer Birkenbach stated that the current geopolitical uncertainties and market volatility led management to believe that it was not the optimal time for the IPO, despite positive business performance in the previous quarter [4]. Market Impact - Brainlab is the second German company to postpone its IPO this year, following Autodoc, which has negatively impacted the IPO market in Germany and Europe [10]. - A survey indicated that 74% of European investment bankers expect an increase in IPO activity in 2025, but uncertainties from the German elections and potential U.S. tariffs are affecting market confidence [10]. - The DAX index has risen by 15.63% this year, while the expected growth rate for the real economy is only 0.2%, highlighting a divergence between capital markets and the real economy [10]. Strategic Considerations - The case of Brainlab illustrates that even in favorable conditions such as oversubscription, strategic determination and timing are crucial considerations for capital operations in the medical technology sector [11].

政策筹备阶段同步创新监管服务，助乐城快速引进"零关税"进口药械 无缝衔接推动政策出台即见效 海南日报全媒体记者 李豌 中国患者再一次与全球同步享受到最新产品和技术。 日前，全球领先的人工听觉技术研发企业科利耳全球首发智能人工耳蜗植入系统Nexa，该系统同 步落地博鳌乐城国际医疗旅游先行区树兰(博鳌)医院，并完成全球上市后首批临床使用。当天，7名感 音神经性耳聋患者在该院接受首批Nexa智能人工耳蜗植入手术。 "这是我们医院通过'零关税'进口药械政策引进的首款医疗器械，第一批购买50套，涉及货值约 1500万元，减免税额超百万元。"树兰(博鳌)医院信息医工部主任龚仲之介绍，截至7月5日，已完成约 50台手术。 近半年来，乐城先行区多家医疗机构陆续引进了多款进口药品和医疗器械，正在惠及更多国内国际 患者。这得益于乐城先行区管理局等多部门推动"零关税"进口药品、医疗器械监管服务创新，率先探索 研发园区"政策准入—通关申报—临床使用"全链条区块链存证追溯系统，打造"单一窗口"与海关系统无 缝对接的医疗特区监管平台，推动"零关税"进口药品、医疗器械政策快速落地实施。 协同联动 探索创新监管服务机制 登录特许医疗综合追溯 ...

Core Viewpoint - The company, Shanwaishan, is experiencing growth in its blood purification equipment sales and is well-positioned in the expanding domestic blood dialysis market due to increasing ESRD patient numbers and supportive government policies [2][3][5]. Industry Overview - The number of ESRD patients in China increased from 3.025 million in 2019 to 4.126 million in 2023, with a compound growth rate (CGR) of 8.1%, which is significantly higher than the global growth rate of 5.1% [2]. - The percentage of ESRD patients receiving dialysis treatment in China is approximately 26%, which is below the global average of 37% and significantly lower than the average of 75% in developed countries, indicating substantial market potential for blood dialysis services [2]. Company Performance - In Q1 2025, Shanwaishan's blood purification equipment achieved revenue of 127.49 million yuan, with strong growth in both domestic and international markets [3]. - The company's blood purification consumables generated revenue of 43.26 million yuan in Q1 2025, with a year-on-year growth of 123.46% [5][6]. - The medical services segment reported revenue of 16.27 million yuan in Q1 2025, reflecting a year-on-year increase of 43.52% [6]. Competitive Advantages - Shanwaishan maintains a strong competitive edge through technological innovation, product quality, brand influence, and rapid service response [4]. - The company has established a national-level technology innovation platform and a comprehensive quality management system, ensuring product safety and reliability [4]. - As the only Sci-Tech Innovation Board listed company in the blood purification industry, Shanwaishan's brand recognition is increasing, enhancing market trust and acceptance [4]. Market Trends and Policies - The Chinese government is promoting policies to enhance the efficiency of medical equipment funding and reduce financing costs for equipment updates, which is expected to increase demand for blood dialysis equipment in hospitals [5][6]. - The company is actively monitoring and participating in the implementation of relevant procurement policies to capitalize on market opportunities [6].

转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 点击关键字可查看 中共中央政治局委员、国务院副总理刘国中3日至5日到广东调研。他强调，要深入学习贯彻习近平总书记 关于"三农"工作和卫生健康工作的重要论述，按照党中央、国务院部署，加快推进农业和医疗领域科技创 新，因地制宜发展农业新质生产力，提升药品医疗器械自主创新能力，有力促进产业提质升级和经济高质 量发展。 刘国中先后来到深圳市、广州市，深入港口码头、科创中心以及农业、农机、电子、跨境电商等企业，实 地了解农业科技创新、农业产业发展、农民工稳岗就业等进展情况。 他强调，要以产业急需为导向，瞄准 种业、农机、饲料、种植养殖技术等重点领域，推进农业科技协同创新。要加快农业科技成果转化，推动 先进适用技术大面积集成推广，发挥农业科技为农服务、联农带农的重要作用。 要积极支持发展智慧农 业，推广农用无人机等新型农机装备，提高农业生产效率。要大力发展农产品精深加工，延伸农业产业链 价值链，提升农业综合效益。 要加强跟踪监测、就业指导和技能培训，帮助脱贫人口和农民工稳岗就业。 刘国中还走访了医疗器械研发生产企业，详细了解产品创新及应用情 ...

证券研究报告 | 2025年07月05日 **ACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACK ...

Core Viewpoint - The event "2 in 20,000 Encounters - The First National Public Welfare Science Popularization Art Exhibition on Tenosynovial Giant Cell Tumor (TGCT)" aims to raise awareness about TGCT, a rare disease affecting approximately 60,000 new cases annually in China, highlighting its impact on patients' daily lives and mobility [1][2]. Group 1: Disease Overview - TGCT is a non-malignant, locally aggressive tumor primarily affecting individuals aged 20-50, leading to symptoms such as joint swelling, pain, stiffness, and limited mobility [1][2]. - The disease is often misdiagnosed due to its non-specific symptoms, which can resemble other conditions like ganglion cysts and osteoarthritis, resulting in delayed treatment for many patients [2]. Group 2: Treatment and Clinical Needs - Surgical intervention remains the primary treatment for TGCT, with an overall recurrence rate of approximately 46.8% and a median recurrence time of about 12.9 months [2]. - There is a significant unmet clinical need for safe, effective systemic treatments, especially for patients with diffuse TGCT, who face challenges of recurrence and complications [2]. Group 3: Awareness and Community Involvement - The event aims to mobilize social forces and increase public participation in rare disease awareness, emphasizing the need for collaboration among government, medical institutions, enterprises, charitable organizations, and society to build a sustainable ecosystem for rare disease prevention and treatment in China [3].

Group 1 - The year 2025 is widely regarded as a critical juncture for the development of precision medicine, with advancements in biopharmaceuticals and innovative therapies driving significant changes in drug development [1][3] - The rapid development of artificial intelligence (AI) technologies is expected to reshape human health and disease treatment possibilities, enhancing the market growth potential of new therapies such as cell and gene therapy, bispecific antibodies, and antibody-drug conjugates (ADCs) [1][3] - The first domestic stem cell drug in China was approved for market release in January this year, with multiple stem cell therapies entering Phase III clinical trials, indicating a significant advancement in the field [3][5] Group 2 - The biopharmaceutical industry in China has experienced robust growth over the past decade, with innovative biopharmaceuticals becoming increasingly accessible [5][6] - China is achieving breakthroughs in cutting-edge technologies such as dual-target agonists, bispecific antibodies, and dual-load ADCs, positioning itself for a competitive edge in global drug development [5][6] - The approval of the weight-loss drug Ma Shidu Peptide, the world's first GCG/GLP-1 dual-target weight-loss medication, exemplifies the advancements in innovative drug development in China [5][6] Group 3 - The integration of AI tools in life sciences is becoming indispensable, with breakthroughs in induced pluripotent stem cells (iPSCs) opening new avenues for cellular reprogramming and regenerative medicine [3][8] - The potential applications of reprogrammed cells from human waste, such as urine, into pluripotent stem cells could significantly impact the treatment of neurodegenerative diseases [8][9] - Establishing standardized clinical-grade stem cell resource banks is essential for the sustainable development of the industry, necessitating advancements in both technology and ethical regulations [8][9] Group 4 - The future of precision medicine lies in the organic combination of technological integration and innovative breakthroughs, shifting the focus from disease confrontation to quality of life management [9][10] - The aging population and chronic diseases are becoming major challenges in human health, necessitating support from policies, capital patience, and public understanding to promote precision medicine as a new pillar of health [9][10] - The "Good Hope Science Salon" aims to bridge the gap between academia and industry, fostering cross-disciplinary exchanges to explore new paradigms and pathways for technological innovation [10]

盛夏如火，万物竞发。在这充满生机与活力的季节里，前海人寿山东分公司开启2025年客户服务节活 动。自首届举办以来，前海人寿客户服务节已走过十年历程，十年来，客户服务节始终秉持"以客户为 中心"的理念，不断创新服务形式，深化服务内涵。 本届客服节以"前海相伴·'10'终如'YI'"为主题，通过线上线下融合的创新形式，全方位展现公司"以客户 为中心"的服务理念，传递保险服务的温度与价值。本届客服节精心打造"益路相伴""逸趣同行""医养相 融"及"意心守护"四大系列活动，通过多元化的互动体验，展现前海人寿的服务温度、深度与广度。 健康生活来自丰富多彩的体验。前海人寿山东分公司将通过"逸趣同行"线下活动，组织客户参与户外运 动素质拓展、博物馆研学等特色项目，让客户在互动中感受优秀传统文化的魅力，放松身心、增进交 流。 作为"医养融合 协同发展"的实践者，前海人寿山东分公司推出的"走进医养"体验活动为客户提供实地 参观前海人寿旗下医院机会，通过亲身体验专业、贴心的健康管理服务，深入了解公司"保险+医疗+养 老"特色经营模式。同时，本届客服节的康养直播活动，将联合前海人寿旗下医院，邀请学科专家等开 展养老及健康讲座直播， ...

Group 1 - The spokesperson from the county housing construction bureau confirmed that the Tianxiayuan and Shuixiemingju residential projects are in the process of selecting homes, with Shuixiemingju expected to start selection in early July [1] - Tianxiayuan is located east of the Yingbin vegetable market, while Shuixiemingju is situated west of the Diyi International [5] Group 2 - The county medical insurance bureau spokesperson provided information on the necessary documents for applying for medical assistance, including identification and medical records [9] - The county urban management bureau acknowledged the issue with the public bicycle station at Baisheng Huayuan and stated that they are working to restore power to the station [9] - The county education bureau clarified that student class assignments are managed by the school, and parents can submit written requests for special considerations [9] Group 3 - The county housing provident fund spokesperson indicated that individuals who have repaid their housing provident fund loans can apply for new loans for improved housing, which will be subject to second-home interest rates [10]