Group 1 - The DRG/DIP sector is experiencing a rise, with stocks such as Saili Medical (603716) hitting the daily limit up [1] - Other companies like Chuangying Huikang (300451), Dian Diagnostics (300244), Sichuang Medical (300078), Guoxin Health (000503), and Jiuyuan Yinhai (002777) are also seeing significant increases [1] - There is an influx of dark pool funds into these stocks, indicating strong investor interest [1]

香港特区政府今日（23日）公布，位于珠海市的中山大学附属第五医院和珠海市人民医院将由6月26日 起开展"长者医疗券大湾区试点计划"，接受合资格香港长者使用长者医疗券支付指定科室的门诊医疗护 理服务费用。计及两个新增服务点，粤港澳大湾区内可以使用医疗券的服务点增至11个，让超过178万 名合资格的香港长者受惠。（大湾区之声） ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [1] Core Insights - The report highlights that the turning point for research services has arrived, with a focus on companies such as Haoyuan Pharmaceutical, Bidai Pharmaceutical, and Baiaosaitu [1] - The A-share pharmaceutical index has seen a decline of 6.3% this week and an increase of 4.6% year-to-date, underperforming the CSI 300 by 3.9% and outperforming it by 2.3% respectively [4][9] - The report emphasizes the positive impact of recent policies accelerating the development of innovative drugs, which benefits upstream companies involved in research and production [4][18] Summary by Sections Industry Trends - The A-share pharmaceutical index has decreased by 6.3% this week and increased by 4.6% year-to-date, while the H-share biotechnology index has dropped by 8.2% this week but increased by 48% year-to-date [4][9] - The report notes that the pharmaceutical sector has experienced significant declines, particularly in innovative drugs, with H-shares showing more pronounced drops due to previous high gains [4][9] Research and Development Progress - Recent policies have accelerated the approval processes for innovative drugs, with the FDA reducing NDA approval times from 10-12 months to 1-2 months, and China's CDE shortening IND review times from 60 days to 30 days [18][19] - The report indicates that the demand from the industrial sector is recovering, which will benefit early-stage research suppliers [20] Market Insights - The report suggests focusing on companies that are expected to benefit from the early-stage research demand, mergers and acquisitions, and the commercialization of innovative drugs [19] - Specific companies to watch include Haoyuan Pharmaceutical, Bidai Pharmaceutical, Baiaosaitu, and others in the life sciences service sector [4][19] Investment Strategy - The report recommends a ranking of sub-sectors for investment: innovative drugs > CXO > traditional Chinese medicine > medical devices > pharmacies > pharmaceutical commerce [11] - It highlights specific companies for investment based on growth potential, low valuations, and high dividend yields, particularly in the traditional Chinese medicine sector [11][13]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [4][11]. Core Insights - The pharmaceutical sector has shown stronger performance compared to the overall market, with the biopharmaceutical sector leading the gains [1][23]. - The introduction of fertility subsidies and the inclusion of assisted reproduction in health insurance are expected to drive growth in the assisted reproduction industry [2][11]. - The application of AI in medical services is anticipated to enhance efficiency and quality, with leading companies accelerating their AI business layouts [2][20]. Summary by Sections Market Performance - The overall A-share market declined by 0.21%, while the biopharmaceutical sector increased by 1.40%, outperforming the market [1][23]. - Within the biopharmaceutical sector, chemical pharmaceuticals rose by 3.53%, while medical devices and traditional Chinese medicine saw declines [1][23]. Policy Impact - Over 20 provinces have implemented fertility subsidy policies, which include cash, housing subsidies, and parental leave, enhancing the willingness to have children [2][11]. - Nearly 30 provinces have included assisted reproduction in health insurance, significantly reducing patient costs and expected to lead to rapid growth in the industry [2][12]. AI Applications in Healthcare - AI is being integrated into various medical service sectors, with companies like Guoshentang and Aier Eye Hospital leading the way in AI applications [14][15]. - The report highlights the potential for AI to improve diagnostic accuracy and operational efficiency in healthcare settings [20][21]. Company Earnings Forecasts and Ratings - Major companies such as Mindray Medical, WuXi AppTec, and Aier Eye Hospital are rated as "Outperform" with strong earnings growth projections [3][32]. - Mindray Medical is expected to benefit from domestic medical infrastructure development and product upgrades, while WuXi AppTec is positioned to gain from the global drug development outsourcing market [32][33]. Recommended Stocks - Mindray Medical, WuXi AppTec, and New Industries are highlighted as key investment opportunities due to their strong market positions and growth potential [32][33]. - Companies like Aier Eye Hospital and Guoshentang are noted for their innovative AI applications that could enhance service quality and operational efficiency [14][20].

智通财经APP获悉，中信建投发布研报称，中国医药产业具备人口与内需优势、制造与供应链优势，同 时创新能力快速提升，中国资产出海数量也持续提升。在复杂的外部挑战下，中国医药行业需"立足于 内，开拓于外"，对内坚持供应链自主可控，拥抱创新和整合；对外加速国际化布局，捕捉全球医药产 业链变革机遇。展望2025年下半年，继续看好新增量（创新、出海、边际变化）和行业整合机会。 中信建投主要观点如下： 全球视角：外部挑战加剧，中国医药产业竞争力持续提升 从国际比较优势看，中国具备人口与内需优势、制造与供应链优势，同时创新能力快速提升，中国资产 出海数量也持续提升。美国在创新与早期研发方面优势明显，同时具有高定价的内需市场。虽然外部挑 战加大，但海外市场仍有很大机会，建议同时关注国内份额提升及出海的机会。 立足于内：稳住国内根基，拥抱创新与整合 ①政策展望：改革进入深水区，高质量增长成为常态。2025年下半年该行重点关注的是药品和耗材集采 政策优化、多元化支付及医疗服务价格改革。②制药产业链：集采优化、积极创新转型，关注供应链安 全。③器械：看好进口替代和并购整合机会，积极关注AI和脑机接口等新技术方向。④关注中药、药 店 ...

Investment Rating - The report maintains an optimistic outlook on the orthopedic consumables industry, indicating potential for growth and investment opportunities in the sector [9]. Core Viewpoints - The orthopedic consumables market is segmented into joint, spine, trauma, and sports medicine categories, with joint and spine products holding significant market shares [16][12]. - The report highlights the increasing domestic replacement rate driven by centralized procurement policies, which is expected to enhance the competitiveness of local manufacturers [22][24]. - The orthopedic consumables market is projected to grow significantly, with joint products expected to reach a market size of 408 billion yuan by 2029, reflecting a CAGR of 16.9% [21]. - The report emphasizes the rapid development of the sports medicine segment, with a projected CAGR of 28.7%, indicating a growing market opportunity [21]. Market Overview - The orthopedic consumables market in China is expected to reach 592 billion yuan by 2024, representing 17% of the global orthopedic consumables market, which is projected to be 48.6 billion USD [38]. - The report outlines the increasing trend of domestic companies expanding their operations overseas, with significant growth in the proportion of revenue from international markets for companies like Spring Medical and Dabo Medical [39][40]. Segment Analysis - **Joint Products**: The market size for joint products is expected to grow from 187 billion yuan in 2024 to 408 billion yuan by 2029, driven by advancements in surgical techniques and technology [21]. - **Spine Products**: The spine product market is projected to grow from 171 billion yuan in 2024 to 335 billion yuan by 2029, supported by demographic trends such as aging populations [21]. - **Trauma Products**: The trauma segment is expected to maintain steady growth, with a market size projected to reach 315 billion yuan by 2029 [21]. - **Sports Medicine**: The sports medicine market is anticipated to grow rapidly, from 41 billion yuan in 2022 to 145 billion yuan by 2027 [21]. Procurement Progress - The report details the progress of centralized procurement in the orthopedic sector, noting significant price reductions and increased participation from domestic manufacturers [25][29][36]. - The first round of national procurement for joint products resulted in an average price drop of 82%, with a follow-up procurement cycle expected to maintain moderate price reductions [26][31]. - The spine product procurement saw an average price reduction of 84%, with a high participation rate from manufacturers [31]. Domestic Replacement Rate - The report indicates a significant increase in the domestic replacement rate for orthopedic consumables, with joint products' domestic rate rising from 47% in 2020 to an expected 79% by 2024 [24]. - The spine and trauma segments are also experiencing similar trends, with domestic replacement rates projected to reach 80% and 91%, respectively, by 2024 [24].

撰文丨王聪 编辑丨王多鱼 排版丨水成文 逆转衰老，这个人类永恒的课题，终于迎来了令人振奋的突破性进展！ 巴克衰老研究所 的研究人员首次通过严谨的 随机、安慰剂对照临床试验 证明，一种现有的医疗手段—— 治疗性血浆置换 （TPE） ，能够显著逆转健康成年人的 生物学年龄，三个月的治疗后，生物学年龄平均 年轻 2.61 岁 ！为人类对抗衰老带来了全新的希望。 该 研 究 以 ： Multi-Omics Analysis Reveals Biomarkers That Contribute to Biological Age Rejuvenation in Response to Single-Blinded Randomized Placebo-Controlled Therapeutic Plasma Exchange 为题，于今日发表在了 Aging Cell 期刊。 这项由巴克衰老研究所和抗衰老 公司 Global Apheresis 的科学家们领导的临床研究，招募了 44 名 50 岁以上的健康志愿者， 以评估 治疗性血浆置换 （TPE） 方案对 50 岁以上健康成年人的安全性以及对生物年龄的影响，他们被 ...

Core Viewpoint - The National Health Commission and other departments have launched a special rectification action plan for medical quality and safety, which will run from June 2023 to May 2026, aiming to address persistent issues in the medical quality safety sector and enhance patient safety [1][2]. Summary by Relevant Sections Medical Quality and Safety Issues - There are widespread issues such as cross-infection during respiratory disease peaks, over-treatment, misdiagnosis, antibiotic misuse, and surgical accidents [2]. - Specific problems include inadequate management of full-course treatment, ineffective therapies for cancer patients, and incidents of low-risk patients suffering severe outcomes in emergency care [2]. Rectification Action Plan - The rectification plan targets national secondary and higher medical institutions, focusing on ten areas including the establishment of quality management systems, improvement of safety management protocols, and enhancement of emergency response mechanisms [2][3]. - The action plan consists of four phases: initiation (June 2025), self-inspection (July to September 2025), concentrated rectification (October 2025 to March 2026), and evaluation (April to May 2026) [3][4]. Implementation and Monitoring - The plan emphasizes the need for medical institutions to proactively identify issues, collect feedback, and ensure accountability for any violations affecting medical quality and safety [4]. - There is a call for a robust supervisory framework to ensure compliance and address any superficial or ineffective implementation of the rectification measures [4]. Importance of the Rectification Action - The successful execution of this rectification action is deemed crucial for the advancement of the medical industry, aiming for a transformative improvement in medical quality and safety [5]. - Continuous innovation in work mechanisms and the establishment of quality improvement targets have been ongoing since 2021, contributing to significant enhancements in medical quality [5].

新华社北京6月20日电（记者董瑞丰、李恒）医疗安全风险应对能力不足、推诿拒诊患者、泄露患者隐 私……记者20日从国家卫生健康委获悉，这些突出问题将被专项整治，典型案例还将被通报曝光。 （文章来源：新华社） 其中，医疗机构主要负责人未落实医疗质量管理第一责任人职责、延误急危患者抢救、伪造篡改病历、 未经亲自诊查开具医学证明文件、违规重复使用一次性医疗器械、医疗机构医德医风建设管理和培训教 育不到位等行为将被重点整治。 根据方案，专项行动包括自查自纠、集中整治、总结评估等阶段，强调压实医疗机构主体责任，堵塞风 险漏洞，完善医疗机构内部质量安全管理体系和自我管理机制，切实保障患者安全，改善人民群众就医 体验。 此前，国家卫生健康委组织开展了全面提升医疗质量行动（2023-2025年），在改进医疗质量、保障医 疗安全方面取得了阶段性成效，但也发现医疗质量安全领域还存在一些突出问题没有得到根本解决，一 些制度要求还没有真正落实到位。 根据当天公布的《医疗机构医疗质量安全专项整治行动方案》，自今年6月起到2026年5月底，国家卫生 健康委、国家中医药局、国家疾控局在全国开展为期一年的医疗质量安全专项整治行动，覆盖所有二级 ...

盈康生命科技股份有限公司 盈康生命科技股份有限公司 媒体来访和投资者调研接待工作管理办法 （2025 年 6 月） 第一章 总则 第一条 为贯彻证券市场公开、公平、公正原则，规范盈康生命科技股份有限 公司（以下简称"公司"）对外接待行为，加强公司对外接待及与外界的交流和沟 通，提高公司投资者关系管理水平，根据《中华人民共和国公司法》 《中华人民共 和国证券法》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监 管指引第 2 号——创业板上市公司规范运作》等法律法规和规范性文件以及公司 章程的规定，结合公司实际，制定本办法。 第二条 本规定所述的投资者调研接待工作，是指公司通过接受投资者、媒体、 证券机构的调研、一对一沟通、一对多沟通、现场参观、分析师会议、路演和业 绩说明会、新闻采访等活动，增进资本市场对公司的了解和认同的工作。 第三条 本规定所称重大信息是指对公司股票及其衍生品种交易价格可能或 已经产生较大影响的信息，包括下列信息： （一）与公司业绩、利润分配等事项有关的信息，如财务业绩、盈利预测、 利润分配和资本公积金转增股本等； （二）与公司收购兼并、资产重组等事项有关的信息； （三）与公司股 ...