Core Viewpoint - The report from Guosen Securities indicates that the medical services and consumer-related sectors have experienced long-term adjustments, resulting in valuations at historical lows. By 2026, improvements in supply structure, increased treatment volumes, and store optimization are expected to lead to a dual recovery in fundamentals and valuations, with AI empowerment providing new momentum for leading companies [1][2]. Group 1: Medical Services and Consumer Sectors - The medical services and consumer-related sectors are currently undervalued and poised for performance recovery, with a focus on specific sub-sectors [2]. - In medical services, improvements in supply structure and consumer environment are anticipated to gradually revive business, with stable customer spending and increased treatment volumes. Leading companies are expected to provide positive earnings guidance for 2026, indicating a potential dual recovery in fundamentals and valuations. AI-related business developments are also expected to drive new growth for leading medical service firms. Key companies to watch include Aier Eye Hospital (300015), Gushengtang, Tongce Medical (600763), and Haijia Medical [2]. - The pharmacy sector has shown significant marginal improvement in performance since Q3 2025, with leading companies improving same-store performance quarterly. Regulatory support from nine ministries emphasizes the long-term development direction of industry concentration and chain rate enhancement, with non-pharmaceutical adjustments and store structure optimization driving short-term performance improvements. Key companies include Yifeng Pharmacy (603939) and Dazhenglin (603233) [2]. Group 2: Home Medical Devices - The growth of home medical device companies is driven by increased product penetration and domestic production rates. Rapid growth is observed in products like Continuous Glucose Monitors (CGM) and sleep apnea machines, with leading domestic brands expanding internationally. Traditional categories like blood pressure monitors are increasingly focusing on the high-end market, with domestic brands steadily increasing market share. The combination of high domestic growth and new overseas markets is expected to contribute to sustained performance growth for home medical device companies. Key companies include Yuyue Medical (002223), Kefu Medical (301087), Sanofi Biological (300298), and Ruimaite (301367) [3]. Group 3: Innovative Drug Development - The collaboration for the international expansion of innovative drugs continues to deepen, with recent significant agreements between Shiyao Group and AstraZeneca, as well as Innovent Biologics and Eli Lilly. These collaborations highlight the growing recognition of China's innovative drug development capabilities by multinational pharmaceutical companies, showcasing the efficiency and cost advantages of Chinese innovative drugs [4]. Group 4: Investment Portfolio for 2026 - The investment portfolio for 2026 includes A-shares such as Mindray Medical (300760), United Imaging Healthcare, WuXi AppTec (603259), New Industry (300832), Meihua Medical (301363), Adebiotech (300685), Zhend Medical (603301), Yaokang Biological, Kingmed Diagnostics (603882), Aier Eye Hospital, Yuyue Medical, Yifeng Pharmacy, and Dazhenglin; H-shares include Kangfang Biologics, Kelun-Botai Biologics-B, Hutchison China MediTech, Kangnuo-B, Sanofi Biopharma, Gushengtang, and Aikang Medical [5].

Group 1: Pharmaceutical Industry - The pharmaceutical index increased by 0.14%, outperforming the CSI 300 index by 1.47% during the week [2][6] - The report highlights the potential of molecular glue technology to target "undruggable" proteins, expanding the scope for innovative drug development [8][9] - Recommended stocks in the innovative drug sector include Heng Rui Medicine, China Biologic Products, and Yuan Dong Biology, among others [11][9] Group 2: Construction and Building Materials - Major engineering projects are identified as a key focus for the "14th Five-Year Plan," with significant investments planned across various provinces [13][14] - The report notes that infrastructure projects will dominate investment, with substantial funding allocated to transportation, municipal, and energy sectors [14] - The issuance of special bonds has increased significantly, with a total of 5,164.55 billion yuan issued as of February 8, 2026, marking a year-on-year increase of 125.35% [15] Group 3: Real Estate - The Shanghai government has initiated the acquisition of second-hand homes for rental housing projects, indicating a strategic move to stabilize the real estate market [19][21] - New home sales in 42 key cities totaled 1.48 million square meters, a slight decrease of 0.1% week-on-week, while second-hand home sales fell by 3.0% [20][19] - The report suggests that the real estate market is entering a phase of structural differentiation, with high-quality housing expected to see increased demand [23] Group 4: Overseas and Education Research - The first round of negotiations between the US and Iran concluded, with market sentiment shifting towards risk assets, particularly in AI and commercial aerospace sectors [26][30] - Bloom Energy reported better-than-expected earnings, with Q4 2025 revenue reaching $777.8 million, a year-on-year increase of 35.9% [26] - The quantum computing sector is gaining attention, with NERSC announcing a call for proposals utilizing neutral atom quantum processors [28]

Industry Overview - The ear thermometer is a non-contact temperature measurement tool that offers advantages such as accuracy, speed, convenience, safety, and resistance to external environmental interference, making it suitable for various applications in healthcare, industry, schools, homes, and public places [1][12] - The market demand for ear thermometers has been steadily increasing, particularly influenced by heightened public health awareness and advancements in medical detection technology [1][12] - In 2020, the domestic ear thermometer market size exceeded 600 million yuan, with a year-on-year growth of 17.31%, highlighting its critical role in public health emergency systems [1][12] - The market size for the ear thermometer industry in China is projected to reach 830 million yuan in 2024, with a year-on-year growth of 6.41%, and approximately 900 million yuan in 2025 [1][12] Industry Development History - The ear thermometer industry traces back to the 1980s, gaining momentum in the 1990s due to rising household demand for medical devices [7] - The 21st century has seen unprecedented growth in the ear thermometer industry, driven by continuous innovation in medical technology and increased public health awareness [7] Industry Chain - The ear thermometer industry chain consists of upstream raw materials and components, including metals, plastics, infrared sensors, chips, displays, batteries, and microcontrollers [8] - The midstream involves the production and manufacturing of ear thermometers, while the downstream encompasses sales channels such as medical device specialty stores, large chain pharmacies, e-commerce platforms, and supermarkets [8] Market Competition - The competition in the ear thermometer industry features both domestic and international brands, with foreign companies holding significant market positions due to their established technology and brand advantages [13] - Notable domestic companies include Yuyue Medical, Jiuan Medical, and Kefu Medical, which are rapidly developing through product innovation and channel expansion [13] Key Companies - Yuyue Medical Equipment Co., Ltd. focuses on providing home medical devices and clinical products, with a significant portion of its revenue coming from home health monitoring solutions [13] - Kefu Medical Technology Co., Ltd. specializes in medical device research, production, and sales, with a diverse product line covering health monitoring and rehabilitation [14] Future Trends - The ear thermometer is expected to evolve into a personal health management terminal that integrates health data monitoring and intelligent analysis, enhancing its role in chronic disease management and early epidemic screening [15] - Continuous improvements in measurement accuracy will focus on overcoming complexities in deep ear canal measurements through multi-sensor fusion technology and adaptive calibration algorithms [16] - The industry is anticipated to shift towards data and service-oriented ecological integration, establishing new standards for measurement accuracy and data privacy, which will enhance the reliability of temperature data for remote healthcare and public health monitoring [18]

证券日报网讯2月4日，鱼跃医疗（002223）在互动平台回答投资者提问时表示，公司及全资子公司西藏 鱼跃医疗投资有限责任公司为中国雅江集团有限公司雅鲁藏布江下游水电站工程部分办公场所安装、供 应了高原中心供氧设备、台式制氧机、便携式制氧机、便携式氧气呼吸器等高原供氧产品，为工程项目 建设者提供了高原医用弥散供氧与户外便携供氧等服务，后续将继续积极争取相关项目进一步合作机 会，为雅下水电站工程项目提供持续的高原供氧服务和健康保障支持。目前公司已取得订单暂不会对公 司整体业绩产生较大影响，后续公司订单取得情况尚存在一定不确定性，敬请广大投资者充分关注投资 风险。如有应审议披露事项，公司将按照法规及时履行审议程序与信息披露义务。 ...

证券日报网讯2月4日，鱼跃医疗（002223）在互动平台回答投资者提问时表示，公司的多款健康设备， 如血糖仪、血压计、呼吸机等，均有部分型号在用户授权后可以接入蚂蚁阿福的健康管理系统，设备的 监测数据可以自动同步到用户的个人健康档案中，方便用户长期追踪和管理健康状况。具体业绩情况请 关注公司的定期报告。 ...

证券日报网讯2月4日，鱼跃医疗（002223）在互动平台回答投资者提问时表示，截至2026年1月30日公 司股东总户数为50000多户。 ...

Core Insights - The article highlights the remarkable industrial development of Zhenjiang, a small city in Jiangsu Province, which has achieved significant technological and manufacturing milestones despite its limited size and population [2][5][12]. Group 1: Economic Performance - Zhenjiang has a GDP of 554 billion yuan in 2024, ranking 57th nationally, surpassing larger cities like Taiyuan and Urumqi [7]. - The city ranks 22nd among Chinese cities in the Global Innovation Index, indicating a high level of technological innovation relative to its economic size [8][11]. Group 2: Manufacturing Strength - Zhenjiang's manufacturing sector is robust, with a reported sales revenue of over 368.4 billion yuan in 2024, growing at a rate of 13.2%, which is above the provincial average [14][21]. - The city is home to significant manufacturing clusters, including high-end equipment and new materials, with several companies recognized as "hidden champions" in their respective fields [19][21]. Group 3: Innovation and Technology - Zhenjiang has been recognized for its innovation capabilities, ranking 41st in the National Innovation City Capability Evaluation Report, which assesses cities based on various innovation metrics [9][11]. - The city has a high number of patents, with 29.71 high-value invention patents per ten thousand people, ranking 4th in Jiangsu Province [21]. Group 4: Strategic Development Approach - Zhenjiang has adopted a focused approach to industrial development, concentrating on emerging sectors such as artificial intelligence, low-altitude economy, and new energy storage [24][29]. - The city leverages its geographical position within the Yangtze River Delta to enhance resource sharing and collaboration with larger cities like Shanghai and Nanjing [28][30].

全球产业分工重构之际，中国医疗器械正加速突破技术壁垒，向全球产业链中高端迈进。在这一浪潮 中，医疗健康领域龙头鱼跃医疗的深入布局，可称为产业链协同出海的典型样本。 近日，鱼跃医疗(002223.SZ)发布公告称，控股子公司江苏鱼跃凯立特生物科技有限公司（以下简称"鱼 跃凯立特"）收到了TüV SüD Product Service GmbH的通知，公司申请的持续葡萄糖监测系统获得符合欧 盟《医疗器械第2017/745号法规》（Medical Devices Regulation（EU）2017/745，简称"MDR"）要求的 IIb类医疗器械CE认证证书。 这意味着鱼跃医疗的持续葡萄糖监测系统（CGM）已经获得国际认可，不仅有望推动其持续血糖监测 技术和成果走向世界舞台，更标志着中国医疗器械的发展已经从创新叙事进入价值兑现。 血糖监测技术达到头部水平 资料显示，作为医疗健康产业的先行者和探索者，近年来鱼跃医疗重点聚焦呼吸治疗、血糖管理及 POCT、家用健康检测等业务板块，以强大的研发实力和创新能力为支撑，致力于为全球患者和医疗机 构提供高质量的医疗产品和服务。 其中，血糖管理及POCT板块自2022年以来，持 ...

Group 1 - The core concept of surgical infection control (SIC) involves a systematic infection prevention and control system throughout the surgical process, including preoperative assessment, sterile procedures during surgery, and postoperative wound care [1][8] - The SIC industry value chain consists of upstream components like disinfection materials and medical supplies, midstream focusing on product manufacturing and service integration, and downstream connecting to various healthcare institutions [1][10] - The demand for SIC is expected to rise due to the increasing number of surgeries in China, projected at approximately 96.39 million surgeries in 2023 [11] Group 2 - The global SIC market surpassed 20 billion yuan in 2019 and is projected to reach 27.06 billion yuan by 2026, growing at an annual rate of 4-5% [2][14] - China's SIC export market has grown significantly, reaching 740 million USD in 2023, with expectations to reach 1.078 billion USD by 2026 [2][17] - Major companies in the SIC industry include Aomei Medical, Zhend Medical, Jianerkang, and Aisheren Medical, with a predominant focus on overseas sales [2][20] Group 3 - The research team from Huajing Industry Research Institute employs various analytical models to assess the SIC industry's market capacity, competitive landscape, and future trends [3][27] - The report titled "2026-2032 China Surgical Infection Control Industry Market Research and Investment Opportunity Assessment" provides insights for enterprises and investment institutions [3][27] - The SIC industry is characterized by a combination of OEM and ODM business models, with some companies transitioning to self-branded sales [2][20]

一、获证产品具体信息 | | 产品可进行心肺复苏语音/动画指导并提示使用者进行体外除 | | --- | --- | | | 颤治疗，用于救治无反应、无呼吸或呼吸不正常、无循环迹象 | | | 的疑似心脏骤停患者，其中成人模式适用于 岁及以上或体重 8 | | | 25kg 及以上的患者，儿童模式适用于 8 岁以下或体重 25kg 以下 | | 适用范围 | 的患者。该产品在公共场所、家庭、医疗场所、转运过程中以 | | | 及携带到紧急事件现场使用。应由接受过心肺复苏和自动体外 | | | 除颤器使用培训合格的人员使用，或者在急救中心调度人员指 | | | 导下使用，或者由接受过基本生命支持和高级生命支持课程培 | | | 训合格的医务人员使用。 | 二、对公司的影响 本次获批的普美康半自动体外除颤器 HeartSave H8 系列产品在性能上表现 突出，功能更加全面，致力于为多种急救场景提供更高效、可靠的生命支持解决 方案。该产品的注册取证标志着公司急救板块半自动体外除颤器研发方面取得重 要进展，进一步体现公司在急救领域的技术实力，将有力提升公司在急救市场的 综合竞争力与品牌影响力，助推公司急救板块业务的 ...