Core Viewpoint - The innovation drug sector is gradually recovering, leading to valuation restoration in both A-share and Hong Kong markets, driven by regulatory optimization, stable medical insurance payment policies, and positive international clinical trial results [1] Group 1: Investment Focus - The company has concentrated its investments in hard technology, artificial intelligence, and medical fields, with representative projects in gene cell therapy, high-end ophthalmic equipment, and surgical robots, which are poised to benefit from the recovery cycle of innovative drugs [2] - In the cell therapy sector, the company invested in Yimiao Shenzhou, a local enterprise that has achieved a full-process serum-free CAR-T technology, enhancing the clinical application prospects of cell therapy products [2] Group 2: High-end Medical Devices - The company’s investment in TUPAI Medical, a domestic ophthalmic equipment platform, has led to it achieving the highest market share in domestic OCT products and entering a sales acceleration phase with its ophthalmic surgical microscope [3] - TUPAI Medical is expanding from diagnostic to therapeutic devices, establishing a foundation for an intelligent surgical platform in ophthalmology and other clinical areas [3] Group 3: Policy and Market Dynamics - The medical health sector is entering a new cycle of dual benefits from policy and market, with national emphasis on high-end medical devices and self-innovated drugs [4] - The company’s investment strategy focuses on key technological nodes and deep engagement with important enterprises, which may lead to positive impacts on its fundamentals and market image as main funds return to the innovative drug and medical technology sectors [4]