Core Viewpoint - The successful completion of Dongguan's first domestic Longjing PR intraocular lens implantation surgery marks a significant breakthrough in refractive correction technology in the region, providing more medical options for myopia patients [1]. Group 1: Surgical Details - The surgery was performed by Chen Xiaobei, the director of the refractive surgery department, who has over 8,000 cases of intraocular lens surgeries experience [1]. - The Longjing PR lens, approved for market in January 2025, is the first ciliary groove-fixated artificial lens in China, filling a domestic technology gap and providing a new solution for myopia patients with degrees ranging from 325 to 1800 [1]. Group 2: Patient Experience - The first beneficiary of the surgery, a 35-year-old professional named Xiao, had over 600 degrees of myopia and chose the lens implantation due to its non-invasive nature and strong reversibility, expressing confidence in the surgical outcome [1]. Group 3: Industry Context - The advancement in domestic medical technology is emphasized by the statement from Chen Xiaobei, highlighting the importance of integrating international advanced technology while accumulating local experience for the benefit of Dongguan patients [2]. - The first ICL implantation surgery in Dongguan was completed in April 2015, marking the beginning of the "additive correction" era, with the recent Longjing lens surgery representing a decade of progress in the field [2].

现在回头看，人口老龄化在长尺度上确实带来了持续的超额动力，和科技突破以及支付能力提升一起，推动卫 生支出占中国GDP的比重从以前的3%提高到现在的超过7%，预计10年内会进一步提升到10%以上。但医药的 需求优势是个相对优势，随着中国名义GDP的持续减速，过去几年医药行业的整体营收增速也在不可避免地趋 势性放缓。 反而是 国内医药的供给端，凭借成功的转型升级释放工程师红利优势，开始出现越来越明显的加速突破迹象 。当前阶段，中国医药行业相比海外的供给优势明显强化，而需求优势明显弱化，这对我们的投资方向选择可 能有着较为重要的影响。 青侨阳光医药投资 - 月度思考 几年前，当大家谈起投资医药的逻辑时，最常听到的理由是人口老龄化，因为老龄人口占比提升会给医药带来 源源不断的需求增强。 以下图统计的公司为例，用2023年的研发开支去除以在研管线数量得出的每10亿美元支撑的研发管线数，欧美 头部药企普遍是15-16款左右，日本药企典型是30+款，而中国药企平均有100+款，超过欧美MNC(跨国公司)的 6倍！考虑国际多中心临床的规模和占比等，日本药企或许更具可比性，但就算跟日本企业比，中国药企的成 本效率优势依然十分巨 ...