"心脏瓣膜相当于心脏里面单向的阀门，这样的阀门总共有四个，它们协同工作，共同确保血流单 向流动，而不会倒流。"马量形象地解释道，"如果瓣膜出现问题，比如关不严或开不大，就会导致血液 反流或前进受阻，从而引发胸闷、气急、心悸等一系列症状。" 马量进一步指出："随着我国社会老龄化进程加速，心脏瓣膜疾病的主要病因也已发生显著变化。 以往，瓣膜病主要是以风湿性心脏病为主，但现在逐渐转变为以退行性病变为主。" "我国瓣膜病患者数量庞大，但诊断和治疗缺口巨大。很多患者未能被及时诊断，常常拖到症状严 重，甚至出现静息状态下都气急时才就医。此时，心脏超声检查往往发现瓣膜病变已非常严重，甚至已 经影响了心功能。"马量提醒，"一旦出现相关症状，及时到医院检查非常重要。我们主要依靠心脏超声 就能对瓣膜病做出清晰诊断，心电图、胸片也能提供很好的辅助。这些方法都很成熟，诊断准确性 高。" 中新网浙江新闻11月27日电（张煜欢）在浙江大学医学院附属第一医院心脏大血管外科，来自江西 的张阿姨（化名）曾深受心脏瓣膜疾病困扰近十年，一度因对传统"大开胸"手术的恐惧而拒绝治疗，直 到今年身体状况明显恶化，她才终于下定决心接受手术。令人欣慰的是， ...

Core Viewpoint - The increasing prevalence of heart valve diseases in China, particularly among the aging population, poses significant health challenges, necessitating a comprehensive management approach throughout the patient's lifecycle [1][2][4]. Group 1: Current Situation and Statistics - Approximately 25 million people in China are affected by valve diseases, with about 1 in 10 elderly individuals (65 years and older) suffering from heart valve issues, which are major causes of heart failure and sudden death [2]. - Nearly 2 million symptomatic severe aortic stenosis patients aged 65 and above exist in China, with a 2-year survival rate of only 50% and a 5-year survival rate of 20% if not treated properly [2]. Group 2: Challenges in Management - Limited awareness among patients and families about valve diseases, combined with non-typical early symptoms, leads to many cases being overlooked or misdiagnosed, adversely affecting patient quality of life and prognosis [3]. - There is a lack of systematic and specialized support for post-discharge rehabilitation and long-term follow-up, which impacts the long-term outcomes of surgeries [3]. Group 3: Proposed Solutions - To address the low detection, intervention, and follow-up rates for heart valve diseases, a comprehensive management plan covering prevention, screening, diagnosis, treatment, and rehabilitation is essential [3]. - The development of innovative treatment options and the continuous improvement of artificial valve materials are crucial, with a focus on minimally invasive and personalized treatment approaches [3]. Group 4: Future Considerations - Treatment of valve diseases should not only address immediate issues but also consider the long-term quality of life and treatment needs of patients, necessitating a lifecycle-oriented treatment plan [4]. - The "Guarding Heart Valve Health Promotion Initiative" was launched to advocate for a comprehensive health management system for valve diseases, emphasizing the importance of collaboration in addressing the challenges posed by an aging society [4][5].

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **pharmaceutical and medical device industry** in China, particularly the performance and outlook of various companies within this sector [1][2][3]. Core Insights and Arguments - **Medical Device Sector Growth**: The medical device sector is expected to achieve positive growth in the second half of the year, following significant inventory reduction in the first half, leading to a low base effect. Companies like **Mindray Medical** and **United Imaging** are recommended for investment [1][2]. - **International Market Potential**: The domestic market shows steady growth, but overseas markets, particularly in Europe, Asia, Africa, and Latin America, present significant opportunities. Companies such as **Mindray**, **New Industry Bio**, **Nanwei Software**, and **Newmed** are highlighted for their overseas business expansion, expected to show results starting in 2026 [1][5]. - **Traditional Chinese Medicine (TCM)**: The TCM sector is anticipated to improve in Q3 due to low base effects, reduced inventory, and cost improvements, with companies like **Jichuan Pharmaceutical**, **Kweichow Moutai**, and **Shenwei Pharmaceutical** being of interest [1][6]. - **Biopharmaceuticals**: **Ganli Pharmaceutical** is noted for its strong performance in the insulin market, with high likelihood of completing stock incentives. The competitive landscape for insulin weekly formulations is favorable, and companies like **Anke Bio** and **Changchun High-tech** are also recommended [1][6]. - **Innovation in Drug Development**: There is a diversification in funding sources for innovative drug research and development, with a positive trend in both primary market financing and the establishment of industrial funds. The IPO wave for innovative drugs in Hong Kong is expected to surpass the previous cycle, aided by the loosening of listing regulations for unprofitable companies in A-shares [1][8][9]. Additional Important Insights - **Pricing Trends**: The medical device industry has seen a stabilization in pricing, with most products already undergoing centralized procurement. Future price declines are not expected, and the overall pricing environment is becoming more stable [3][4]. - **BD (Business Development) Trends**: The BD upfront payments have become a significant source of funding for R&D in innovative drugs, enhancing companies' willingness to invest in research. The trend indicates a gradual improvement in R&D investment in China [10]. - **Policy Impact**: Recent domestic policies have been favorable for the innovative drug sector, with expectations for more supportive measures to be introduced. The ongoing negotiations for medical insurance in the second half of the year may further reflect this support [12]. - **International Recognition**: Chinese companies are gaining international recognition for their R&D capabilities, leading to substantial BD transactions in areas like ADC and GLP-1 weight loss drugs, indicating a pivotal moment for Chinese innovation on the global stage [13]. - **Performance of Innovative Companies**: Companies like **BeiGene** and **Innovent Biologics** have shown positive earnings trends, with significant upcoming academic conferences expected to provide critical data supporting future BD transactions [14]. Valuation and Market Dynamics - **AH Premium Trends**: The premium for A-shares over H-shares has been narrowing, with leading companies like **Hengrui Medicine** and **WuXi AppTec** showing signs of premium recovery. As of August 1, 2025, Hengrui's AH premium was -10.37%, while WuXi's was 0.40% [15][17]. - **Future Valuation Predictions**: The Hong Kong pharmaceutical sector is still in a valuation recovery phase, with expectations for the AH premium to continue narrowing as Chinese innovative drug companies expand their international presence [19].