Core Viewpoint - The National Health Commission of China has banned the use of "Lymphatic-Venous Anastomosis (LVA)" for the treatment of Alzheimer's disease due to a lack of long-term, statistically significant safety and efficacy data [1][2][15]. Group 1: Background of LVA Surgery - LVA surgery is not a new procedure; it was originally developed in the late 20th century for treating lymphatic diseases like lymphedema [2][12]. - The application of LVA for Alzheimer's treatment began in 2018 by Dr. Xie Qingping, leading to its widespread adoption in various medical institutions [2][12]. - Prior to the ban, over a hundred hospitals had been performing LVA surgeries, with total cases exceeding a thousand [7][12]. Group 2: Financial Aspects and Demand - The cost of LVA surgery ranges from tens of thousands to over 210,000 yuan, with many hospitals charging between 20,000 to 50,000 yuan [12][9]. - The financial burden of long-term care for Alzheimer's patients often makes LVA surgery an attractive option for families, as it can be more cost-effective compared to ongoing care [12][9]. - Hospitals have been motivated to promote LVA surgery due to the potential for significant revenue generation, especially in light of financial struggles faced by many medical institutions [12][13]. Group 3: Regulatory and Clinical Concerns - The rapid promotion of LVA surgery occurred in a regulatory vacuum, with many institutions conducting the procedure without sufficient clinical trial data to support its safety and efficacy [14][15]. - The National Health Commission's ban highlights the need for rigorous clinical trials and ethical guidelines for new treatments, as many hospitals had been charging for a procedure that lacked proper validation [15][16]. - There are currently only 12 registered clinical trials for LVA surgery in Alzheimer's treatment, indicating a significant gap in clinical research [15][16].

康龙化成（300759）公告，信息披露义务人信中康成及其一致行动人信中龙成合计减持公司股份5521.3 万股，占公司总股本的3.36%。此次减持包括集中竞价交易和大宗交易两种方式，减持期间为2023年1 月10日至2025年7月9日。此次减持是由于信息披露义务人自身资金需求以及公司历次激励计划归属的限 制性股票上市、回购注销股份、权益分派等原因导致股份比例被动变动。未来12个月内，信息披露义务 人将继续减持股份并计划在未来12个月内无增持计划。 ...

Core Viewpoint - The company, Sely Medical (603716), has announced that its stock trading has experienced unusual fluctuations, but after internal review, it confirms that all production and operational activities are normal, with no significant changes in market environment or industry policies [1] Group 1 - The company states that its production and operational activities are functioning normally [1] - There have been no major adjustments in the market environment or industry policies that could affect the company's operations [1] - The company asserts that there are no significant matters affecting the unusual fluctuations in its stock trading price, and no undisclosed major information exists [1]

"阿尔茨海默病老人术后变计算小能手""阿尔茨海默病可以手术治疗了"……去年以来，关于阿尔茨海默 病可用"颈深淋巴管/结—静脉吻合术"治疗的新闻屡屡在社交媒体引发关注。7月8日，国家卫健委网站 发布两份通知，禁止将"颈深淋巴管/结—静脉吻合术"（LVA）应用于阿尔茨海默病（AD）治疗，禁止 将"空肠回肠吻合术"应用于2型糖尿病治疗。 LVA这项原本用于治疗淋巴水肿的手术，曾被国内超百家医院"跨界"应用于阿尔茨海默病治疗，收费从 一两万到二十万不等，费用跨度很大。部分机构将其包装成"100%有效"的神奇手术。 有人或许会问，既然医院愿意尝试新疗法，患者也有治疗需求，而且，部分医生、患者及家属也对其疗 效给予了肯定，为何还要禁止这项技术？但公众对医疗创新的期待与现实规范之间存在很大差异，公众 所期待的，未必能被允许。 国家卫生健康委坚持审慎、科学、严谨的原则，依据《医疗技术临床应用管理办法》有关规定，组织开 展了"颈深淋巴管/结—静脉吻合术"治疗阿尔茨海默病的评估论证工作，围绕该技术的安全性、有效性 等进行评估。 综合评估认为：该技术应用于阿尔茨海默病治疗尚缺乏相关临床前研究的直接证据，该技术处于临床研 究早期探索 ...

合富中国：2025年1-6月累计营业收入3.68亿元，同比下降23.53% 金十数据7月10日讯，合富中国公告，2025年1-6月公司合并营业收入为3.68亿元，较去年同期下降 23.53%，2025年1-5月同比下降24.15%，降幅收窄0.62%，营收情况持续改善。 ...

Core Points - The new pricing standards for three categories of medical services in Henan Province will be implemented starting July 10, which includes nursing, traditional Chinese medicine for bone injuries, and special traditional Chinese therapies [1] - A total of 37 standardized pricing items have been established, consolidating the previous categories into a unified framework [1] Summary by Category Nursing Services - There are 22 items under the nursing category, with specific pricing for different levels of care [1] - The daily charge for "special nursing" is set at 162 yuan, while "level I nursing" is priced at 50 yuan, "level II nursing" at 25 yuan, and "level III nursing" at 15 yuan [1] Traditional Chinese Medicine - The pricing structure includes 9 items for traditional Chinese medicine related to bone injuries and 6 items for special traditional Chinese therapies [1] - The new pricing aims to standardize and regulate the costs associated with these medical services across public healthcare institutions in the province [1]

Core Viewpoint - The article emphasizes the importance of long-term value investing and the need for investors to remain patient and focused on their investment goals, even when market trends do not align with their current holdings [2][3]. Group 1: Market Trends and Investment Strategy - The current market is characterized by a focus on bank stocks and small-cap stocks, which the author's friend's portfolio lacks, leading to underperformance compared to market trends [2]. - A portfolio consisting of high ROE stocks can outperform the market over the long term, provided that investors are not overly focused on short-term gains [3]. - Investors should be cautious of high-risk investments, as most individuals lack the ability to manage such risks effectively, and high returns are not guaranteed [4]. Group 2: Valuation Metrics - The banking sector currently has a dividend yield of around 4%, but the high leverage involved poses significant risks, making it less attractive compared to lower-leverage consumer stocks with similar yields [4]. - The current PE ratio of the CSI 2000 index is 132, placing it in the 92.36th percentile historically, indicating limited upward potential [4]. - The PB ratio of the CSI 2000 index is 2.46, which is in the 94.98th percentile historically, suggesting that valuations are stretched and may not support further price increases [4][5]. Group 3: Investment Philosophy - The article advocates for a rational and detached approach to investing, where investors avoid chasing trends and instead focus on the long-term value of their holdings [5]. - The "Snowball Three-Point Method" is introduced as a strategy for long-term investment and asset allocation, emphasizing diversification across assets, markets, and timing to achieve risk mitigation and diversified returns [6].

Core Viewpoint - The National Health Commission of China has suspended the use of "Cervical Deep Lymphatic-Venous Anastomosis (LVA)" for Alzheimer's disease treatment due to concerns over its safety, efficacy, and lack of high-quality evidence supporting its clinical application [1][9][10] Group 1: Treatment Overview - Alzheimer's disease is a progressive neurodegenerative condition characterized by cognitive impairment and emotional disturbances, leading to significant declines in daily functioning [2] - Traditional treatments primarily involve medication, but drug development for Alzheimer's has been slow, with only a few new drugs approved in the last two decades [2][3] - LVA surgery aims to connect lymphatic vessels to nearby veins to facilitate the drainage of harmful proteins from the brain, potentially improving cognitive function [3][8] Group 2: Clinical Application and Controversy - The LVA procedure has been performed in over 130 hospitals across 28 provinces in China, with more than 200 Alzheimer's patients treated at one hospital alone [3][4] - Despite its growing popularity, the LVA treatment remains controversial and is considered to be in the early exploratory stage of clinical research [4][9] - Patient feedback on the effectiveness of the LVA surgery is polarized, with some reporting improvements while others see no significant benefits [5][6][7] Group 3: Regulatory Response - The National Health Commission's decision to halt the procedure reflects a commitment to patient safety and the need for rigorous evidence before clinical application [1][10] - The Commission has mandated local health authorities to investigate the use of LVA and ensure that medical institutions cease its application until further evidence is available [9][10] - Future clinical research on LVA will be guided by the availability of sufficient preclinical evidence and ethical review [9][10]

齐鲁医院副院长刘新宇表示，他们将发挥现有优势医疗资源效能，带动辐射莱州市中医医院(市慢性病防治院)共同发展，进一步 推进专家技术力量帮扶支持，完善健全合作模式，实现优质医疗资源下沉。莱州市卫健局党组书记、局长吕俊峰表示，通过山 东大学齐鲁医院对市中医医院(市慢性病防治院)的真帮实扶，医院的学科建设一定会得到质的提升，管理能力、服务水平一定会 实现新的跨越。莱州市中医医院(市慢性病防治院)党委书记徐智诚强调，医院将牢牢把握新机遇，在各位专家的指导下，以学科 建设和人才队伍建设为核心，虚心学习、认真求教，不断深化拓展合作成效，提升诊疗能力，让广大群众不出莱州就能享受到 省级专家的医疗服务。 仪式上，与会领导共同为"山东大学齐鲁医院分级诊疗合作单位"和"山东大学齐鲁医院骨科工作站"揭牌。 7月9日，山东大学齐鲁医院分级诊疗合作单位暨山东大学齐鲁医院骨科工作站揭牌仪式在莱州市中医医院(市慢性病防治院)举 行。山东大学齐鲁医院副院长刘新宇，关节外科副主任卢群山，运动医学科主任王呈，脊柱外科主任医师刘海春，脊柱外科副 主任医师武文亮等参加活动。仪式由莱州市卫健局党组书记、局长吕俊峰主持。 武文亮副主任医师 山东大学齐鲁医 ...

Core Insights - Vand Investment recently conducted research on Sanbo Brain Science, highlighting the company's success in the world's first interventional brain-computer interface trial for restoring motor function in patients [1] - The company is expanding its network with new hospital branches in Beijing, Kunming, Xi'an, and Hunan, aiming to enhance medical service capabilities [1] - Sanbo Brain Science is focusing on a nationwide chain operation model and plans to establish over ten group-controlled hospitals while strengthening technological innovation and research成果转化 [1] Company Developments - The chairman's personal reasons do not affect the company's operations [1] - The company has a well-established talent training system, with medical personnel in local hospitals being recruited locally and trained in Beijing [1] - The proportion of medical insurance income varies by region, with Beijing's Sanbo Brain Science having about 30% of its income from insurance, while most out-of-town hospitals exceed this figure [1] Financial Performance - New hospital branches have different ramp-up periods, with Fujian Sanbo typically reaching breakeven in about three years, while Henan Sanbo is expected to improve its operational status in the future [1] - The company has repurchased shares for employee stock ownership plans and will implement this at an appropriate time [1] Market Context - The aging population is leading to an increase in degenerative diseases, particularly in the cardiovascular and neurological sectors, which will influence the company's future business growth [1] - The patient demographic spans a wide age range, from newborns to nonagenarians, with patient sources including reputation, technical training, and local expert collaborations [1] - The company actively fulfills social responsibilities through free clinics, discipline construction, and establishing brain health communities [1] Regulatory Environment - Short-term impacts from medical insurance policies are minimal, but long-term contributions to revenue are expected [1] - The DRG (Diagnosis-Related Group) single disease payment system has varying impacts on different hospital branches [1] - The application of brain-computer interfaces is still in the preliminary experimental verification stage, with more mature applications in neuroregulation for treating elderly Parkinson's disease and epilepsy [1]