Report Industry Investment Rating - Not provided in the report Core Viewpoints of the Report - The market is expected to maintain an oscillating upward trend. With the continuous addition of margin trading funds and the stabilization of Q3 earnings, the medium - term bullish view on stock index direction remains unchanged. In operation, previous medium - term long positions should be held, short - term long positions should set a stop - profit; for options, call options should be held, and short - term stop - profit should be set [16] Summary by Relevant Catalogs 1. Weekly Views and Strategies Fundamental Views - Last week, the broader market rose strongly with heavy volume, breaking through 4,100 points. All four major indices rose, with small and medium - cap indices rising significantly. In terms of style indices, growth and cyclical style indices rose significantly by over 5%, while stable and financial style indices rose less than 1% [7][9][22] - In December 2025, the manufacturing PMI was 50.1%, up 0.9 percentage points from the previous month; the non - manufacturing PMI was 50.2%, up 0.7 percentage points. The supply and demand sides of the manufacturing PMI continued to recover in December, with production and new orders rising by 1.7% and 1.6% respectively [9][41] - The growth rate of medium - and long - term credit has been falling continuously since reaching its peak in May 2023, dropping to 5.89% as of November 2025 [9][52] - Policies include the Politburo's determination to stabilize the real estate market and boost the capital market; the State Council's release of the new Nine - Point Plan to strengthen investor returns; the central bank's creation of two new monetary policy tools; and the implementation plan for promoting the entry of medium - and long - term funds into the market, which is expected to add 800 billion yuan of long - term funds to A - shares annually [9] - In 2025, A - share earnings showed signs of stabilization in Q1, declined in Q2, and continued to stabilize and recover in Q3. The earnings of the four major indices recovered again in Q3 2025 [9][78][82] - The Shanghai Composite Index's valuation is at a high level since 2010, while the ChiNext's valuation is relatively low [11][95][97] Strategy Views and Outlook - The broader market is expected to maintain an oscillating upward trend. Pay attention to the implementation of policy dividends and the policy expectations of the 14th Five - Year Plan. The medium - term bullish view on stock index direction remains unchanged. In operation, hold previous medium - term long positions, set stop - profits for short - term long positions; hold call options and set short - term stop - profits [16] 2. Index and Industry Trends Review - Last week, the broader market rose strongly with heavy volume, breaking through 4,100 points. All four major indices rose, with small and medium - cap indices rising significantly. In terms of style indices, growth and cyclical style indices rose significantly by over 5%, while stable and financial style indices rose less than 1%. Most Shenwan industries rose, with sectors such as comprehensive, military, media, non - ferrous metals, and computer leading the gains. Only the banking sector fell [22][25] 3. Main Contracts and Basis Trends - Among the four major indices, IC and IM rose strongly. In terms of basis, the quarterly main contract basis of IM is at a relatively high level [30] - In terms of arbitrage of main contracts, IC/IF and IC/IH oscillated upward, IH/IF oscillated, IM/IF and IM/IH oscillated upward, and IM/IC continued to decline [35] 4. Policy and Economy Economic Data - In December 2025, the manufacturing PMI was 50.1%, up 0.9 percentage points from the previous month; the non - manufacturing PMI was 50.2%, up 0.7 percentage points. The supply and demand sides of the manufacturing PMI continued to recover in December, with production and new orders rising by 1.7% and 1.6% respectively [41] - Generally, PPI leads the inventory cycle. PPI bottomed out in June 2023, weakened after two months of recovery, and has since shown fluctuations in its decline rate. In November 2025, industrial enterprise revenues continued to fall to 1.6%, and inventories continued to rise to 4.6%, indicating passive inventory replenishment due to falling demand [44] - In November 2025, China's social financing scale was 248.85 billion yuan, an increase of 15.28 billion yuan year - on - year. New RMB loans were 40.53 billion yuan, a year - on - year decrease of 11.7 billion yuan [47] - The growth rate of medium - and long - term credit has been falling continuously since reaching its peak in May 2023, dropping to 5.89% as of November 2025 [52] Policies - New Nine - Point Plan: Improve listing standards, tighten delisting indicators, and strengthen investor returns [56] - Implementation Plan for Promoting the Entry of Medium - and Long - Term Funds into the Market: Increase the actual investment ratio of medium - and long - term funds in A - shares, extend the assessment cycle, and form a joint force for policy implementation [59] - The Politburo aims to stabilize the real estate market and boost the capital market, including measures such as increasing the entry of medium - and long - term funds, promoting mergers and acquisitions of listed companies, and adjusting housing purchase restrictions [60] - The central bank creates new monetary policy tools, including a swap facility for securities, funds, and insurance companies, and a stock repurchase and increase re - loan [63] - The government implements large - scale debt reduction measures, which will directly increase 1 trillion yuan of local debt reduction funds and significantly reduce local hidden debt pressure from 2024 to 2028 [64] - Promote the high - quality development of the capital market by building first - class investment banks and institutions, implementing differentiated supervision for different types of securities companies [65] - The 14th Five - Year Plan: It is a crucial period for achieving multiple strategic goals. It focuses on developing new - quality productivity, promoting the construction of a unified national market, and expanding domestic demand [68] - The US mid - term elections: The fiscal policy during the mid - term elections is expected to be supportive [71] 5. Revenues and Net Profits of Each Index - The stabilization of listed companies' earnings is an important factor affecting the medium - and long - term market trend. A - share earnings showed signs of stabilization in Q1 2025, declined in Q2, and continued to stabilize and recover in Q3. The earnings of the four major indices recovered again in Q3 2025 [78][82] 6. Valuation - The Shanghai Composite Index's valuation is 17.1354, with an upper - bound value of 15.68, at the 92.93rd percentile since 2010, indicating a high valuation. However, as earnings rise, the valuation will decrease. The ChiNext's valuation is relatively low [11][95][97] 7. Fed Interest Rate - Not provided in the report 8. Capital Flows - Margin trading: In 2024, the net inflow was 274.8 billion yuan; in 2025, it was 670 billion yuan; as of January 8, 2026, the net inflow was 79 billion yuan, with a net inflow of 64.6 billion yuan in the first five trading days [12][102] - As of January 9, 2026, the ETF funds had a small net outflow of 1.2 billion yuan [12][114] - The scale of private securities investment funds increased by 1.8253 trillion yuan in the first 11 months of 2025, with a significant increase of 1.040028 trillion yuan in October. The total scale is currently 7.0076 trillion yuan. The newly registered scale in the first 11 months of 2025 was 433.7 billion yuan [12][105] - In Q3 2025, the market value of A - share stocks held by insurance funds increased by 552.4 billion yuan, a 18.00% increase from the previous quarter, while the CSI 300 index rose 17.90% during the same period. In the first three quarters of 2025, the market value of A - share stocks held by insurance funds increased by 1.193 trillion yuan, and after deducting scale growth, it increased by 758.4 billion yuan [12][107][108] - As of September 30, 2025, the newly established share of equity funds was 323.3 billion yuan, with 137 billion yuan in Q3; the newly established share of hybrid funds was 103.6 billion yuan, with 53 billion yuan in Q3. In 2025, index funds had a net inflow of 104.9 billion yuan, while active equity funds had a net outflow of 444.9 billion yuan, and equity funds had a net outflow of 340 billion yuan [12] - In the period from April 7, 2025, to December 19, 2025, the ETF scale increased by 176.3 billion yuan; last week, it increased by 47.3 billion yuan. As of December 19, 2025, the ETF funds had a net inflow of 79.3 billion yuan [12] 9. Technical Analysis - Not provided in the report

Core Viewpoint - The article highlights the entrepreneurial journey of Su Rongbang and his wife, who established a dental clinic in Zhijiang, Hunan, aiming to leverage opportunities in third and fourth-tier cities while contributing to community health through public service initiatives [1] Group 1: Company Overview - Su Rongbang, from a dental family in New Taipei, Taiwan, and his wife, originally from Huaihua, Hunan, founded a dental clinic in 2024 [1] - The clinic's team consists of Taiwanese PhDs, Masters, and local professionals, all former colleagues of Su Rongbang [1] Group 2: Community Engagement - In addition to regular dental services, the team actively participates in public welfare by conducting free dental check-ups and oral health education in rural areas and schools [1] Group 3: Future Vision - Su Rongbang envisions expanding the team and enhancing skills and services by 2026, while encouraging Taiwanese compatriots to seize development opportunities in third and fourth-tier cities [1]

Core Insights - The article highlights the initiative of Beijing Anzhen Hospital to enhance the accessibility of cardiovascular care by implementing a remote ECG diagnosis network, which has significantly improved the quality of care for patients in community healthcare settings [1][2][3] Group 1: Initiative Overview - Beijing Anzhen Hospital has launched a project called "Heart ECG Network" to facilitate remote ECG diagnosis, addressing the supply-demand imbalance in cardiovascular care at the grassroots level [1] - The project utilizes digital technology to create a platform for remote ECG monitoring, data transmission, and diagnostic feedback, establishing a new service model of "community collection, tertiary hospital diagnosis, and graded treatment" [1][2] Group 2: Operational Mechanism - Residents in need can wear dynamic ECG devices at community health centers, with data uploaded in real-time to the remote ECG center at Beijing Anzhen Hospital, where diagnoses are typically completed within three working days [2] - A clear graded treatment mechanism has been established, allowing community doctors to manage mild cases, while more severe cases are referred to tertiary hospitals, and critical cases receive immediate attention from specialists [2][3] Group 3: Impact and Expansion - The initiative has already expanded to cover 54 community health service centers across multiple districts, providing over 10,000 remote ECG readings last year [3] - The hospital plans to extend its services to more areas within the city and neighboring regions, promoting the collaborative development of healthcare resources [3]

Core Viewpoint - The U.S. healthcare industry is transitioning from a phase of systemic pressure to structural recovery, with a focus on profit restoration rather than a return to high growth. Market pricing logic is shifting from "comprehensive defense" to "selective allocation" [4][5][8]. Industry Overview - The healthcare sector has faced valuation pressure not due to demand collapse but because of profit model squeezes. Factors include structural changes in service utilization post-pandemic, rising costs from complex treatments, and delayed pricing adjustments in government healthcare programs [7][10]. - By the second half of 2025, adverse factors are expected to be absorbed by the market, with conservative profit expectations and stable balance sheets across most sub-sectors [7][11]. Managed Care - Managed care has been the most pressured sub-sector, reflecting tensions in the U.S. healthcare system regarding costs, pricing, and risk allocation. It includes senior Medicare plans, Medicaid for low-income populations, and individual insurance exchanges [9][10]. - The profitability outlook for managed care has been significantly downgraded, but the current information suggests that the profit clearing process is sufficiently advanced, with a focus on improving unit economics in senior Medicare [11][13]. Healthcare Services and Drug Distribution - This sector has shown stronger stability compared to managed care, with visible cash flow and underlying demand remaining intact due to aging populations and chronic disease management [14][16]. - The shift towards high-complexity treatments has increased service prices and long-term demand stickiness, benefiting larger service platforms. The capital structure remains stable, providing downside protection for valuations [16][17]. Pharmaceuticals and Medical Devices - The outlook for pharmaceuticals and medical devices is cautious, with pressure stemming from policy expectations and valuation compression rather than significant fundamental deterioration. The market has largely priced in uncertainties related to drug pricing negotiations and reimbursement rules [17][19]. - The pharmaceutical sector remains undervalued relative to the market, while the medical device sector is experiencing notable differentiation, with market pricing increasingly reliant on individual company execution and product cycles [19]. Mergers, Capital Structure, and Investment Insights - The current M&A and capital allocation logic in the healthcare industry is shifting from scale expansion to efficiency enhancement, focusing on strengthening existing product lines and service capabilities [20][22]. - Companies that actively manage their capital structures and cash flows are more likely to gain market recognition, with a focus on stable cash flow and efficiency improvements becoming critical for investment decisions [22]. Conclusion - The 44th J.P. Morgan Global Healthcare Conference will serve as a calibration point for the market, emphasizing cost control, pricing discipline, and capital allocation over growth targets. The results will become the primary pricing basis in this evolving landscape [22].

Core Insights - The construction of regional medical centers in the province has shown significant results, enhancing clinical diagnosis and treatment capabilities, and improving patient satisfaction since the implementation of 15 healthcare initiatives in 2025 [1][2] Group 1: National and Provincial Medical Centers - Four national and three provincial regional medical centers have been established, focusing on optimizing medical resource distribution and addressing regional disparities [1] - The national regional medical centers aim to elevate the overall medical standards in the province, particularly in the treatment of complex and critical conditions, talent development, and clinical research [1] Group 2: Technological Advancements and Patient Services - The construction of the Gansu Hospital affiliated with Sun Yat-sen University has introduced over 93 new technologies and has stationed 59 long-term experts, significantly expanding its service radius [2] - The Jiuquan Hospital affiliated with Shanghai First People's Hospital has established 13 expert workstations and implemented 76 new technologies, resulting in a substantial decrease in patient transfer rates [2] - Provincial medical centers have also shown remarkable performance, with key indicators such as diagnosis volume, technical level, and surgical difficulty all experiencing growth due to expert team support [2] Group 3: New Medical Resource Distribution Model - A new distribution model of high-quality medical resources has been established, centered around Lanzhou, with Jiuquan and Dingxi as wings, and supporting centers in Tianshui, Zhangye, and Qingyang [2]

Core Viewpoint - The article highlights a public health initiative where a medical expert team from Shanghai Jiao Tong University Affiliated Renji Hospital conducted a free clinic event in Sanya, Hainan, aimed at providing local residents access to high-quality medical resources from Shanghai [1]. Group 1: Event Overview - The "Shanghai-Qiong Heart, Health Together" public clinic event took place at the Sanya Yazhou Bay Science and Technology City Hospital, attracting a large number of local residents seeking medical assistance [1]. - The event featured Shanghai experts who provided personalized diagnosis and health guidance for common and complex medical conditions [1]. Group 2: Future Plans - The Sanya Yazhou Bay Science and Technology City Hospital plans to institutionalize and regularize such free clinic activities to expand service coverage for grassroots communities [1]. - The hospital aims to deepen the collaboration between Shanghai and Hainan in areas such as discipline construction, diagnostic technology, and management models to enhance the quality of healthcare services in Hainan [1].

Core Viewpoint - The article highlights the initiative by Beijing Anzhen Hospital to enhance cardiovascular care by establishing a remote electrocardiogram (ECG) network that connects community healthcare institutions with advanced medical facilities, aiming to improve access to quality healthcare for residents [1][2]. Group 1: Project Overview - Beijing Anzhen Hospital is leading a project called "Heart ECG Network" to extend medical resources to grassroots levels, with plans to provide over 10,000 remote ECG readings for community hospitals by 2025 [1][3]. - The project aims to address the supply-demand imbalance in high-quality cardiovascular care, particularly in community healthcare settings where there is a lack of specialized personnel and technology [1][2]. Group 2: Operational Mechanism - Residents in need can wear dynamic ECG devices at community centers, with data uploaded in real-time to the remote ECG center at Beijing Anzhen Hospital, where diagnoses are typically completed within three working days [2][3]. - A clear tiered treatment mechanism has been established: mild cases are managed by community doctors, more severe cases are referred to tertiary hospitals, and critical cases receive immediate attention from specialists at Anzhen Hospital [2][3]. Group 3: Impact and Expansion - The initiative has already benefited numerous residents, exemplified by a case where a patient was quickly diagnosed with severe arrhythmia and received timely intervention [3]. - The network currently covers 54 community health service centers across multiple districts and plans to expand further into more areas and neighboring counties, promoting collaborative healthcare resource development [3].

Group 1 - The stock price of International Medical (000516) closed at 4.93 yuan on January 9, 2026, representing a 14.92% increase from the previous week's price of 4.29 yuan [1] - The highest intraday price for the week was 5.6 yuan on January 7, while the lowest was 4.33 yuan on January 5 [1] - The company recorded two instances of limit-up closing during the week, with no limit-down closures [1] Group 2 - The controlling shareholder, Shaanxi Century Xinyuan Commercial Management Co., Ltd., pledged an additional 800,000 shares, accounting for 0.04% of the total share capital [2][3] - The cumulative pledged shares by Century Xinyuan represent 69.90% of its holdings and 19.23% of the company's total share capital [2][3] - The company stated that this pledge is a supplement to previous pledges and does not involve new financing [2][3]

Core Insights - The article highlights a remarkable 25-minute emergency rescue at Faku Mining General Hospital, showcasing the hospital's systematic capabilities and the professionalism of its medical staff [1][3]. Group 1: Emergency Response - The rescue involved a multi-disciplinary collaboration initiated by the obstetrics department when a patient experienced severe hemorrhaging, demonstrating the hospital's efficient emergency protocols [3]. - The entire rescue operation, from anesthesia administration to the safe transfer of mother and baby to the monitoring ward, was completed in just 25 minutes, underscoring the hospital's integrated system capabilities [3][4]. Group 2: Institutional Strength - Faku Mining General Hospital has a rich history and a solid foundation in specialized care, particularly in obstetrics, which serves as a critical hub for high-risk maternal care in the region [4]. - The newborn care department is recognized as a key specialty in Liaoning Province, responsible for managing critical newborn cases, thereby ensuring the initial life support for infants [4]. - The anesthesia department plays a vital role in ensuring patient safety during emergencies, acting as a crucial component in the success of surgical and emergency interventions [4]. Group 3: Systemic Collaboration - The hospital's integration into the China Resources Health system has enhanced its collaborative capabilities, transitioning from temporary responses to institutionalized systematic abilities [6]. - The establishment of the Emergency Medicine Committee within China Resources Health aims to foster collaboration across multiple hospitals, enhancing shared resources and standardized practices [6]. - The hospital emphasizes that patient safety is maintained through a robust system that includes multi-disciplinary emergency protocols and a strong ICU support network [7]. Group 4: Community Assurance - The media coverage serves as a validation of the hospital's comprehensive treatment capabilities, addressing public concerns about healthcare choices during emergencies [7]. - The hospital encourages the community to prioritize institutions with established multi-disciplinary collaboration, efficient emergency protocols, and strong neonatal care networks when seeking maternal and newborn services [7][9]. - Trust in the hospital is built on consistent successful outcomes and the reliability of its systemic approach to patient care [9].

Core Viewpoint - The successful application of the neurosurgical robot at Faku Mining General Hospital represents a significant advancement in precision surgery, enhancing patient safety and recovery outcomes while being recognized by multiple national media outlets [1][4]. Group 1: Surgical Precision and Patient Outcomes - The neurosurgical robot operates with a precision of 0.2-0.6 millimeters, redefining the risk boundaries in complex surgical areas such as the trigeminal ganglion and cranial base [1]. - In just two months, the system has assisted in over twenty high-difficulty minimally invasive surgeries, with all patients showing good postoperative outcomes [2]. - The robot is effective not only for trigeminal neuralgia but also for conditions like cerebral hemorrhage and complex functional lesions, significantly reducing the risk of blind punctures [2]. Group 2: Training and Technology Development - The neurosurgical robot serves as a clinical tool and an accelerator for the growth of young medical professionals, with weekly case discussions and monthly technical training sessions [3]. - The hospital has pioneered the use of robot-assisted precise minimally invasive treatments for cerebral hemorrhage, ensuring strong postoperative neurological recovery [3]. - The collaboration with China Resources Health Group allows for the sharing of surgical cases, quality control standards, and training courses, enhancing the safety and effectiveness of the technology [3]. Group 3: Institutional Integrity and Quality Assurance - Faku Mining General Hospital is part of the China Resources Health Group, a state-owned enterprise, and is not a privately acquired institution, ensuring its commitment to public health [3]. - The hospital's operational model aims to provide more professional, effective, economical, and considerate medical services, contributing to regional healthcare standardization [3]. Group 4: Comprehensive Health Management - The hospital provides health guidelines for patients, emphasizing the importance of timely medical consultation for symptoms like facial pain or sudden paralysis [5][6]. - Postoperative care includes imaging reassessment, functional training, and long-term follow-up as per medical advice [7]. Group 5: Commitment to Public Health - The precision of the surgical procedures and the replicable training system reflect the hospital's commitment to public health, aligning with the mission of the state-owned enterprise to enhance healthcare quality [8].