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]

证券代码：603716 证券简称：塞力医疗 公告编号：2025-061 债券代码：113601 债券简称：塞力转债 公司已按照《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所股票上市规则》 《上市公司募集资金监管规则》等法律法规的要求，制定了《募集资金管理办法》。根据公司的募集资 金管理制度，公司及子公司开设了专门的银行账户对募集资金进行专户存储，并与信达证券股份有限公 司及各开户行分别签署《募集资金专户存储三方监管协议》或《募集资金专户存储四方监管协议》。 （二）募集资金专户开立情况 公司及子公司2018年非公开发行募集资金在专项账户的存续及注销情况如下： 一、2018年非公开发行A股股票募集资金基本情况 经中国证券监督管理委员会核发的《关于核准武汉塞力斯医疗科技股份有限公司非公开发行股票的批 复》（证监许可[2017]2322号）核准，塞力斯医疗科技集团股份有限公司（以下简称"公司"）于2018年 6月5日非公开发行A股股票26,853,709股，每股面值1元，发行价格为每股人民币23.31元，募集资金总额 为625,959,956.79元，扣除各项发行费用后实际募集资金净额人民币607, ...

Core Viewpoint - Shenzhen Shangrong Medical Co., Ltd. announced a cash dividend distribution plan for the fiscal year 2024, with a total cash dividend of 6,755,714.22 yuan (including tax), distributing 0.08 yuan per 10 shares to shareholders [1][2][3]. Summary by Sections Dividend Distribution Plan - The company will distribute a cash dividend of 0.08 yuan per 10 shares, based on a total share count of 844,464,278 shares after excluding 1,030,300 shares held in the repurchase account [1][2][3]. - The total cash dividend amount is expected to be 6,755,714.22 yuan (including tax) [1][2]. Share Count and Adjustments - The total share count remains unchanged post-distribution, but the cash dividend per share will decrease due to the exclusion of repurchased shares [2][3]. - The calculation for the ex-dividend price will be based on the total share count, including repurchased shares, resulting in an adjusted price of approximately 0.079902 yuan per share [2][3][6]. Key Dates - The record date for the dividend distribution is set for July 17, 2025, and the ex-dividend date is July 18, 2025 [3][4]. Dividend Recipients - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, as of the record date [4][5]. Payment Method - Cash dividends will be directly credited to shareholders' accounts through their custodial securities companies or other custodial institutions [6].

Group 1 - The technology opens new avenues for treating refractory mental illnesses, including treatment-resistant depression, obsessive-compulsive disorder, and tic disorders [1][3] - A case study from Ruijin Hospital highlights a 32-year-old patient with a 16-year history of depression who benefited from a novel therapy combining deep brain stimulation (DBS) and brain-computer interface (BCI) technology [1] - The innovative treatment involves the implantation of two electrodes with 16 stimulation contacts into the brain's emotional circuit, allowing for precise modulation and breaking the cycle of depression [1][3] Group 2 - The DBS combined with BCI technology is a minimally invasive intervention that avoids the memory loss associated with electroconvulsive therapy and the side effects of long-term medication [3] - This new therapy has already been clinically applied to over 30 cases, providing a new option for treatment-resistant depression patients [3] - Depression is increasingly recognized as a significant mental health issue, particularly among younger populations, with a reported prevalence of 15% to 20% among adolescents in China [3]

丨证券研究报告丨 戴清 胡飞 请阅读最后评级说明和重要声明 市场策略丨专题报告 [Table_Title] 复盘供给侧改革："反内卷"如何催生产能出清 主升浪 报告要点 [Table_Summary] 近期政策再次提及要规范企业低价无序竞争，推动落后产能有序退出，我们复盘历史类似的政 策推动供给端出清案例，结果发现，在政策推动下的供给端出清，第一阶段的行情起于政策预 期，后续主升浪则需行业格局改善配合。落地到本轮"反内卷"政策，策略应对上，关注两条 主线，一是本身供给端出清时间比较久，供需格局有望改善即自然出清的行业；二是或受益于 政策预期推动加速出清的行业。 分析师及联系人 [Table_Author] SAC：S0490524010002 SFC：BTR264 %% %% %% %% research.95579.com 1 [Table_Summary2] 政策信号明确：规范企业低价无序竞争，推动落后产能有序退出 政策信号明确，整治"内卷式"竞争。近年来，市场竞争"内卷化"之所以愈演愈烈，其核心 症结在于许多行业长期累积的产能过剩。当供给远大于需求，存量市场的博弈便不可避免地异 化为内卷。这种恶性竞争不 ...

Group 1 - The Hong Kong IPO market is experiencing a surge, with five companies completing their IPOs on July 9, 2025, marking a significant moment reminiscent of the 2018 tech listing boom [2] - The five companies that went public on the same day include 极智嘉-W, 蓝思科技, FORTIOR, 讯众通信, and 大众口腔, all of which had a successful debut with positive first-day performance [3][4] Group 2 - The first-day performance of the five companies showed gains ranging from 0.22% to 16.02%, with FORTIOR leading at a 16.02% increase, resulting in a market capitalization of approximately 20.8 billion HKD [3] - 蓝思科技 achieved a first-day increase of 9.13%, with a total market value reaching 129.3 billion HKD, while 极智嘉 saw a 5.36% rise, totaling 23 billion HKD in market capitalization [3] - The IPOs were highly sought after, with FORTIOR's public offering receiving 138.26 times subscription, and 蓝思科技's public offering receiving 462.76 times subscription, indicating strong investor interest [3][4] Group 3 - As of July 7, 2025, over 200 companies are in the queue for IPOs in Hong Kong, primarily from the technology, new consumption, and healthcare sectors, reflecting robust market activity [5] - The first half of 2025 saw 44 new listings, a 47% increase from the same period last year, with total fundraising amounting to 1,071 billion HKD, a 699% increase year-on-year [6] - The Hong Kong stock market is expected to maintain its momentum, with projections of around 80 new listings and fundraising between 1,300 billion HKD to 1,500 billion HKD for the entire year [7]

Core Viewpoint - The existence of functional lymphatic vessels in the meninges has been confirmed, leading to the emergence of a therapy called "Lymphatic-Venous Anastomosis" (LVA), aimed at clearing toxic proteins from the brain to halt the progression of Alzheimer's disease and preserve cognitive function [1][4]. Regulatory Actions - The National Health Commission has issued a notice prohibiting the use of LVA for treating Alzheimer's disease, citing that the technique is still in the early exploratory stage of clinical research, with unclear indications and contraindications, and lacking high-quality evidence for safety and efficacy [1][2]. Clinical Research and Observations - Clinical trials for LVA have been conducted in two hospitals in Shanghai, with 12 patients undergoing the procedure as of June 10, 2024. Initial feedback indicates slight improvements in cognitive abilities, particularly in attention and reaction speed, with some patients experiencing temporary mental confusion post-surgery [4][5]. Expert Opinions - Some experts express skepticism about the effectiveness of LVA, suggesting that the immediate post-operative improvements may be misleading and not indicative of long-term benefits. Concerns have been raised regarding the complexity of Alzheimer's disease and the simplicity of the surgical approach [5][6][7]. Alternative Applications - LVA has also been explored for treating Parkinson's disease, with some hospitals reporting its use as an alternative to traditional deep brain stimulation methods. However, the primary treatment for Parkinson's remains deep brain stimulation [5].

光大证券称，沪指一旦突破3500点，有望进一步提振市场人气和信心，吸引更多的资金进场。近期，中 报业绩预告不断，部分绩优公司受到市场的持续追捧，并带动了相关行业板块的炒作，可关注中报绩优 的行业板块。 中信建投分析，从各个国家对美国关税谈判的态度和结果来看，预计中美之间的关税发展趋势将趋于缓 和，压制市场的因素将得到缓解。7月市场将进入业绩披露期，近期红利方向持续表现，说明资金或将 围绕业绩线充分挖掘投资机会，7月可关注政治局会议前后能否释放新的政策信号。 方正证券鼎航投顾团队执行总监肖慕湘认为，7月中上旬市场指数或维持震荡上行。下半年科技仍是主 线，但需警惕高估值回调风险。市场短期以结构性行情为主，建议围绕"政策+业绩"双主线布局，避免 追高，关注量能变化及北向资金动向。 三湘都市报7月9日讯（全媒体记者 潘显璇）A股三大指数今日开盘后震荡走高，沪指盘中站上了3500点 关口，创下年内新高，这也是沪指时隔8个月重返3500点。遗憾的是A股尾盘出现跳水，沪指由涨转 跌，3500点得而复失。 截至收盘，沪指跌0.13%，收报3493.05点；深证成指跌0.06%，收报10581.80点；创业板指涨0.16%，收 ...