Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [4]. Core Insights - The healthcare insurance fund is operating smoothly, with a total income of CNY 3.59 trillion and total expenditure of CNY 3 trillion in 2025, reflecting a stable operation of the fund [6][12]. - The report highlights the importance of focusing on sectors with individual stock alpha or defensive attributes amid increased market volatility due to external shocks [6][12]. - The report emphasizes the potential for price increases in the pharmaceutical sector, particularly in innovative drugs and high-end medical devices, supported by healthcare insurance policies [12]. - NVIDIA's GTC 2026 outlines a comprehensive strategy for integrating AI into the healthcare industry, indicating a significant transformation in the medical value chain [12][19]. Summary by Sections Industry Overview - The pharmaceutical and biotechnology sector has a total market capitalization of CNY 67,613.55 billion and a circulating market value of CNY 61,920.43 billion, with 504 listed companies [2]. Market Dynamics - The report notes that the Shanghai Composite Index fell by 2.19% and the pharmaceutical sector declined by 2.77%, ranking 8th among 31 sub-industries [6][19]. - The report identifies that the performance of individual stocks varies, with companies like Dong-E E-Jiao and China Resources Sanjiu showing positive profit growth [12]. Company Performance - Key recommended stocks include WuXi Biologics, Tigermed, and Sihuan Pharmaceutical, all rated as "Buy" [4]. - The report highlights the performance of specific companies, such as Sanofi and Jizhong Pharmaceutical, which have shown significant weekly gains [28]. Valuation Metrics - The pharmaceutical sector is currently valued at 21.9 times PE based on 2026 earnings forecasts, with a premium of 11% over the overall A-share market [21][22]. - The TTM valuation for the sector stands at 29.9 times PE, below the historical average of 34.8 times PE, indicating potential undervaluation [21][22].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 MicroPort NeuroScientic Corporation 微創腦科學有限公司 與傳統藥物支架相比，APOLLO Dream®支架系統能夠更加精準地控制藥物釋放 劑量，在保證療效的同時顯著降低進入人體的總藥物負荷。其藥物塗層採用可 降解材料，在完成藥物釋放後逐步降解，有助於降低遠期血栓形成風險。 – 1 – 突破性醫療器械認定旨在授予針對嚴重威脅生命或導致不可逆功能損害之疾 病而開發，且具有潛在顯著臨床優勢的創新醫療技術。APOLLO Dream®支架系 統是全球首個獲得該項認定的神經介入領域球囊擴張、快速交換式藥物洗脫 支架，該認定標誌著： 未來，本集團將持續推進APOLLO Dream®支架系統的全球臨床研究及註冊進程， 進一步拓展本公司在神經介入創新治療領域的國際影響力，並為全球患者提 供更加先進的治療選擇。 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號： ...