Investment Rating - The report rates the pharmaceutical industry as "Overweight" [1] Core Insights - The total market capitalization of pharmaceutical stocks in public offering funds increased from RMB 233.40 billion to RMB 238.30 billion, reflecting a growth of 2% [30][31] - The proportion of pharmaceutical stocks in all fund holdings slightly increased to 7.87%, up by 0.36 percentage points from the previous quarter [31] - The report expresses optimism about the growth potential of the pharmaceutical industry, driven by continuous technological innovation and demand [30] Summary by Sections 1. Fund Holdings Ratio - The proportion of pharmaceutical stocks in public funds saw a slight recovery, with a total market cap increase from RMB 233.40 billion to RMB 238.30 billion [6][30] - As of Q1 2025, pharmaceutical stocks accounted for 7.87% of all public offering fund long positions, an increase of 0.36 percentage points from Q4 2024 [31] 2. Sector Analysis - The leading sectors in public fund holdings of pharmaceutical stocks in Q1 2025 were: 1) Chemical preparations: RMB 85.20 billion, 36% 2) Medical devices: RMB 44.70 billion, 19% 3) Medical R&D outsourcing: RMB 44.50 billion, 19% [32][10] 3. Top Holdings - The top five public offering fund long positions by market capitalization in Q1 2025 were: 1) Jiangsu Heng Rui Medicine: RMB 32.30 billion 2) WuXi AppTec: RMB 27.60 billion 3) Mindray Medical: RMB 25.60 billion 4) United Imaging: RMB 9.80 billion 5) BeiGene: RMB 9.00 billion [33][20] - The top five growth in public offering fund long positions by market capitalization were: 1) WuXi AppTec: +RMB 6.20 billion 2) BeiGene: +RMB 4.40 billion 3) Sichuan Kelun Pharmaceutical: +RMB 2.60 billion 4) Jiangsu Heng Rui Medicine: +RMB 2.40 billion 5) Pharmaron: +RMB 0.90 billion [25][33]

Group 1 - The core viewpoint of the articles highlights the significant growth in the Chinese pharmaceutical sector, particularly in innovative drugs, with a notable increase in trading volume and value in Q1 2025 [1][2][3] - The Hong Kong medical ETFs and pharmaceutical ETFs have seen gains of over 2%, indicating strong investor interest in the sector [1] - In Q1 2025, the trading volume of Chinese pharmaceuticals increased by 34% year-on-year, while the total trading value surged by 222%, establishing China as a key player in the global pharmaceutical market [1] Group 2 - Approximately 31% of large multinational pharmaceutical companies are sourcing innovative drug candidates from China, reflecting the country's improving R&D efficiency and quality [2] - Public funds have shown a recovery in their holdings in the pharmaceutical sector, with innovative drugs being the most favored area for investment [2][3] - The top three holdings in Q1 2025 for all funds were Heng Rui, Kangde, and Mai Rui, with notable increases in holdings for Zai Lab, Kelun, and BeiGene [3] Group 3 - The articles emphasize three main investment themes: innovation, recovery, and policy support, with a focus on innovative drugs and medical devices as key areas for growth [4] - The recovery of medical device tenders and the potential for consumer medical sectors to benefit from economic stimulus are highlighted as positive trends [4] - The government’s clear policy direction supporting high-dividend companies and encouraging mergers and acquisitions is expected to benefit the pharmaceutical industry [4]

Core Insights - The company experienced a decline in its main detector business due to weak industry demand, but new products showed significant growth [1] - The overall gross margin decreased, coupled with increased management and financial expenses, leading to a drop in net profit margin [2] - The company is optimistic about a turnaround in performance for the full year 2025, supported by improved market conditions and contract liabilities growth [3] - The company is pursuing vertical integration and horizontal expansion to establish itself as a comprehensive component supplier [4] - The company plans to raise funds through a private placement to support the construction of X-ray vacuum devices and comprehensive solutions, which will enhance production capacity [5] Financial Performance - In 2024, the company achieved total revenue of 1.831 billion yuan, a year-on-year decrease of 1.74%, with the detector business revenue at 1.490 billion yuan, down 11.99% [1] - The overall gross margin for 2024 was approximately 50.11%, a decline of 7.73 percentage points year-on-year, with the detector gross margin at 56.65%, down 3.48 percentage points [2] - The net profit for 2024 was 465 million yuan, a year-on-year decline of 23.43%, resulting in a net profit margin of 25.40%, down 7.19 percentage points [2] Business Development - The company is actively developing upstream components and materials for detectors, with successful R&D and production of 2D collimators for medical CT and security CT applications [4] - The company has completed the R&D and initial production of high-voltage generators and combination ray sources, with plans for further expansion into more application areas [4] - The company aims to increase production capacity by 77,000 tubes and 19,300 sets of X-ray comprehensive solutions through a planned investment project [5] Future Outlook - The company expects revenue growth to reach 2.208 billion yuan in 2025, with net profit projected at 648 million yuan, indicating a potential performance reversal [5] - The company maintains a positive long-term growth outlook, supported by ongoing market recovery and expansion initiatives [5]

4月27日，5G AI智能射频技术探讨会暨YOUMAGIC高能单极射频公立医院全国首发仪式"在重庆医科大 学附属大学城医院隆重举行。此次会议标志着YOUMAGIC高能单极射频技术正式进入全国公立医院体 系，开启智能射频技术在临床科研与医疗创新领域的深度应用，将以创新射频科技实力助力公立医院的 高质量创新发展。 重庆医科大学附属大学城医院党委委员、副院长唐博在致辞中表示，YOUMAGIC高能单极射频技术由 清华大学工物系创新研发，可作用于面部真皮层及以下，能有效减轻面部轻中度皱纹。凭借其自主创新 优势，为射频抗衰领域提供了全新的技术选择。YOUMAGIC的引进不仅将推动医院临床治疗水平的提 升，更能让广大患者体验到高能射频科技带来的精准抗衰效果与更舒适的优质医疗服务，进一步满足日 益增长的高品质医疗需求。 随后，重庆市中医院皮肤科主任中医师薛梅，重庆市中医院皮肤美容科亚专业组组长、副主任医师苏 戈，重庆医科大学附属大学城医院皮肤科学科带头人、主任医师柯丹等分别致辞表示对YOUMAGIC高 能单极射频的进院期待，将充分利用这一创新设备开展临床科研，为患者带来更优质更舒适的紧肤服 务。威脉医疗创始人兼CEO李天民表 ...

Group 1: Economic Indicators - As of the end of March, Jiangsu's RMB loan balance increased by 10.7%, indicating strong economic resilience and potential [1] - By the end of March, 162 out of 274 planned major projects in the province had commenced, exceeding the target of 40% for the first quarter [2] - The province's major projects completed an investment of 175 billion yuan, achieving a completion rate of 26.8%, which is 1.8 percentage points higher than the scheduled progress [2] Group 2: Private Sector Investment - Jiangsu's private enterprises showed significant growth, with the industrial added value of large-scale private enterprises increasing by 10%, outperforming the overall industrial growth by 1.8 percentage points [4] - In the first two months, the profit of large-scale private industrial enterprises reached 46.92 billion yuan, a year-on-year increase of 11% [4] - The total public loan balance of Nanjing Bank surpassed 1 trillion yuan for the first time, with an increase of 8.75% since the beginning of the year [4] Group 3: Financial Support and Policy Environment - The financial environment has been bolstered by a "certain commitment" from policies, with a total financing demand of 309.8 billion yuan for 418 major projects announced [3] - The province has introduced a suite of financial tools, including the first credit loan product specifically for private enterprises [5] - The strategic emerging industry fund has been established with a scale of 40.8 billion yuan, focusing on key industries such as new materials and green low-carbon sectors [5] Group 4: Consumer Market Recovery - The recovery of the consumer market is a significant driver for the increase in loan balances, supported by new housing policies in Nanjing that have stimulated real estate transactions [6] - In March, Nanjing introduced seven policy measures to stabilize the real estate market, including the cancellation of sales restrictions [6] - The sales of new energy vehicles in Jiangsu increased by 29.2% year-on-year in the first quarter, contributing to a 2.1% growth in retail sales [7]

Core Insights - Hologic (HOLX) is expected to report quarterly earnings of $1.02 per share, reflecting a year-over-year decline of 1% and revenues of $1 billion, which is a 1.6% decrease compared to the previous year [1] - The consensus EPS estimate has been adjusted downward by 0.1% over the past 30 days, indicating a reassessment by analysts [2] - Changes in earnings estimates are crucial for predicting investor reactions, with empirical studies showing a strong correlation between earnings estimate revisions and short-term stock performance [3] Revenue Estimates - Analysts project 'Revenues- Diagnostics- Cytology and Perinatal' at $119.94 million, a decrease of 0.5% year-over-year [5] - 'Revenues- Diagnostics- Molecular Diagnostics' is estimated to be $328.58 million, reflecting an increase of 1.8% from the prior year [5] - 'Revenues- Diagnostics- Blood Screening' is expected to reach $4.99 million, indicating a significant decline of 27.6% [6] - 'Revenues- Breast Health- Breast Imaging' is projected at $282.58 million, down 7.9% from the previous year [6] - 'Revenue- Skeletal Health' is estimated at $18.00 million, showing a decline of 33.6% [6] - Total Breast Health revenue is expected to be $369.50 million, a decrease of 3.9% year-over-year [7] - Total Diagnostics revenue is projected at $453.52 million, reflecting a slight increase of 0.8% [7] - 'Revenue- GYN Surgical' is estimated to reach $161.11 million, indicating a growth of 3.3% [7] - 'Revenues- Breast Health- Interventional Breast Solutions' is expected to be $86.91 million, showing an increase of 11.6% from the prior year [8] Stock Performance - Over the past month, Hologic shares have declined by 5.4%, compared to a 4.3% decline in the Zacks S&P 500 composite [8] - Hologic holds a Zacks Rank 3 (Hold), suggesting that its performance is likely to align with the overall market in the near term [8]

Financial Performance - In Q1 2025, the company achieved a revenue of 420 million CNY, a decrease of approximately 5% year-on-year [3] - Domestic sales revenue was 166 million CNY, down about 20% year-on-year, while international sales revenue was 254 million CNY, up approximately 7% [3] - The overall gross margin for 2024 reached 57.92%, showing an improvement due to an increase in high-margin product sales [8] Market Outlook - The company maintains an optimistic outlook for domestic sales growth in 2025, anticipating recovery in market demand and the introduction of competitive new products [3] - The overseas patient monitoring business is expected to grow at a double-digit rate, with positive performance in Q1 2025 [11] AI Integration - The company established an AI-focused organization in March 2025, aiming to enhance efficiency and create value in ultrasound imaging and smart healthcare [4] - AI applications have significantly reduced examination times and improved patient flow management in emergency settings [4] Supply Chain and Tariff Impact - Components imported from the U.S. account for approximately 0-10% of the main product costs, with ongoing adjustments to ensure supply chain stability amid tariff uncertainties [9] - The company has initiated capacity expansion for its U.S. subsidiary to mitigate the impact of increased tariffs, with completion expected by June 2025 [7] Product Development and Strategy - The i500 wet blood gas product has been cautiously promoted since Q4 2024, with a focus on long-term market leadership and customer satisfaction [12] - The company is actively monitoring the impact of price reductions in IVD products due to centralized procurement policies, which have limited effects on its business [14] Inventory Management - By the second half of 2024, domestic channel inventory levels have returned to normal, allowing for a more stable sales environment [13] - The company has optimized its internal sales team to enhance competitiveness in the domestic market [7] Health Care Product Promotion - The domestic market strategy for personal health care products includes leveraging e-commerce platforms and extending the company's strong brand influence in obstetrics [15]

Core Viewpoint - The China Securities Index for the medical industry has shown a decline in performance over various time frames, indicating potential challenges within the sector [2]. Group 1: Index Performance - The China Securities Index for the medical industry has decreased by 5.99% over the past month, 1.12% over the past three months, and 6.26% year-to-date [2]. - The index was established with a base date of December 31, 2021, set at 1000.0 points [2]. Group 2: Index Composition - The top ten weighted companies in the index include: - Mindray Medical (14.15%) - Aier Eye Hospital (9.35%) - United Imaging (8.03%) - Aimeike (4.1%) - Huatai Medical (3.87%) - New Industry (3.16%) - Shanghai Pharmaceuticals (3.11%) - Yuyue Medical (3.06%) - Yifeng Pharmacy (2.49%) - Meinian Onehealth (2.45%) [2]. - The index's holdings are primarily listed on the Shenzhen Stock Exchange (56.76%) and the Shanghai Stock Exchange (43.24%) [2]. Group 3: Sector Allocation - The sector allocation within the index is as follows: - Medical Devices: 34.77% - Medical Consumables: 22.92% - Pharmaceutical Commerce: 15.73% - Medical Services: 14.44% - In Vitro Diagnostics: 12.14% [2]. Group 4: Sample Adjustment - The index samples are adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to significant events affecting sample companies [3].

Core Viewpoint - The China Securities Index for Hong Kong Stock Connect Medical Devices shows a recent decline, but has experienced significant growth over the past three months and year-to-date [1]. Group 1: Index Performance - The China Securities Index for Hong Kong Stock Connect Medical Devices reported a recent value of 1194.94 points [1]. - Over the past month, the index has decreased by 3.48%, while it has increased by 15.43% over the last three months and 12.63% year-to-date [1]. Group 2: Index Composition - The index is composed entirely of securities listed on the Hong Kong Stock Exchange, with a sample that includes various sectors classified under the China Securities Industry Classification Standard [2]. - The index's sample shows that medical consumables account for 79.10%, medical devices for 16.57%, and in vitro diagnostics for 4.34% [2]. Group 3: Index Adjustments - The index samples are adjusted biannually, specifically on the second Friday of June and December, with weight factors fixed until the next scheduled adjustment [2]. - In cases of special events affecting the index sample, such as delisting or mergers, adjustments will be made accordingly [2].

Core Viewpoint - Xi'an Dayi Group Co., Ltd. has submitted an application to the Hong Kong Stock Exchange, with CITIC Securities International, Pudong Development Bank International, and Minyin Capital as joint sponsors [1] Company Overview - Dayi Group is a global leader in innovative radiosurgery solutions, aiming to build a next-generation intelligent radiosurgery ecosystem since its establishment in 2011 [3] - The core product, CybeRay, is the world's first real-time image-guided gamma radiosurgery system, approved by the FDA in March 2021 and by the National Medical Products Administration of China in July 2022, currently in the research phase for expanding indications [3] - Another flagship product, TaiChiRT Pro, is the first integrated X/gamma-ray radiosurgery system to receive breakthrough medical device designation from the FDA [3] Market Potential - The current focus of radiosurgery is on tumor treatment, but potential applications are expanding into non-tumor indications [4] - The global market size for radiosurgery is projected to grow from $92.4 billion in 2024 to $138.9 billion by 2030, with a compound annual growth rate (CAGR) of 7.0% [4] - In China, the tumor radiotherapy market is expected to increase from RMB 59.4 billion to RMB 105.8 billion, with a CAGR of 10.1% [4] - The U.S. tumor radiotherapy market is estimated to grow from $50.3 billion to $68.0 billion, with a CAGR of 5.2% [4] Technological Advancements - Dayi Group is transitioning treatment modalities from traditional invasive and minimally invasive surgeries to non-invasive procedures, ensuring patient health while delivering breakthrough clinical outcomes [4] - The company integrates various radiation therapy technologies, multi-ray imaging techniques, intelligent software platforms, and smart algorithms to create a precise radiosurgery treatment system covering both tumor and non-tumor indications [4][6] Financial Performance - For the fiscal years 2023 and 2024, Dayi Group's revenue is projected to be approximately RMB 261 million and RMB 264 million, respectively [6] - The company anticipates losses of approximately RMB 69.78 million in 2023 and RMB 94.57 million in 2024 [6][7] - The financial data indicates a gross profit of RMB 128.17 million in 2023, increasing to RMB 138.82 million in 2024 [7]