Core Viewpoint - The article highlights the potential acceleration of commercialization in the medical rehabilitation field, particularly focusing on the application of exoskeleton robots, which are expected to see significant market growth in the coming years [5]. Market Performance Review - Last week, the pharmaceutical and biotechnology index rose by 1.27%, outperforming the CSI 300 index by 0.16 percentage points but underperforming the ChiNext index by 0.35 percentage points, ranking 11th among 31 sub-industries [3]. - The Hong Kong Hang Seng Medical Health Index increased by 0.57%, lagging behind the Hang Seng Index by 1.35 percentage points [3]. Company R&D Progress Tracking - Recent clinical application submissions include Baiyi Shenzhou's BGB-B455 and Kangnuo's CM336 injection, while DIZHE Pharmaceutical's DZD8586 and Kanghong Pharmaceutical's KH607 have new IND applications [4]. - Ongoing clinical trials include Sanofi's SSGJ-707 and Zhengda Tianqing's TQB2102 in Phase III, Kangning Jere's KN060 in Phase II, and Green Leaf Pharmaceutical's fumaric acid LPM526000133 in Phase I [4]. Investment Strategy for 2025 - The company suggests a structural selection of investment opportunities based on the payment willingness and ability, focusing on three payment channels: in-hospital payments, out-of-pocket payments, and overseas payments [6]. - Key investment directions include policy support for innovative drugs and devices, expanding demand for blood products and home medical devices, and an upward cycle for overseas exports of heparin and respiratory-related products [6]. Exoskeleton Robot Market Outlook - The global exoskeleton robot market is entering a high growth phase, with a projected market size of $1.8 billion in 2024 and expected to exceed $12 billion by 2030, reflecting a compound annual growth rate of 28% [5]. - The inclusion of exoskeletons in China's "14th Five-Year Plan" as a key development area for high-end medical equipment and the incorporation of some rehabilitation exoskeletons into insurance reimbursement in various regions are expected to further accelerate commercialization [5].