Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5][41]. Core Views - The pharmaceutical sector has shown weaker performance compared to the overall market, with a TTM P/E ratio of 38.51x, which is at the 84.35th percentile of the past five years [1][37]. - The report highlights the importance of the CXO sector, emphasizing the competitive advantages of Chinese companies in the chemical CDMO field, and suggests that the sector's valuation is expected to recover [41]. - The report recommends focusing on innovative drugs and the associated industry chain, with a notable mention of the upcoming JPM conference and the clinical progress of innovative drugs overseas [41][42]. Summary by Sections Market Performance - The overall A-share market increased by 1.17%, while the biotechnology sector declined by 0.39%. The medical services sector was the worst performer, dropping by 2.17% [1][32]. - The report notes that the largest sub-sectors by holding percentage are chemical preparations (37.5%) and other biological products (20.8%) [19]. Fund Holdings Analysis - As of Q4 2025, the total net asset value of pharmaceutical funds reached 358.4 billion, a decrease of 9.0% from the previous quarter [11]. - The report indicates that the pharmaceutical holdings of all funds accounted for 7.97%, down by 1.71 percentage points [16]. Key Company Earnings Forecasts - The report provides earnings forecasts for several key companies, all rated "Outperform": - Mindray Medical (300760.SZ): 2024A net profit of 11.67 billion [4] - WuXi AppTec (603259.SH): 2024A net profit of 9.35 billion [4] - Aier Eye Hospital (300015.SZ): 2024A net profit of 3.56 billion [4] - New Industry (300832.SZ): 2024A net profit of 1.83 billion [4] - Huatai Medical (688617.SH): 2024A net profit of 670 million [4] Investment Strategy - The report recommends a portfolio of stocks including Mindray Medical, WuXi AppTec, Aier Eye Hospital, and others, focusing on companies with strong growth potential in the innovative drug sector [42][43].

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5] Core Views - The pharmaceutical sector underperformed the overall market, with a 0.39% decline in the biopharmaceutical sector compared to a 1.17% increase in the total A-share market [32] - The TTM price-to-earnings ratio for the pharmaceutical sector is 38.51x, which is at the 84.35th percentile of the historical valuation over the past five years [32][37] - The report highlights a shift in fund holdings, with a decrease in the proportion of pharmaceutical holdings in both pharmaceutical and non-pharmaceutical funds [11][16] Summary by Sections Market Performance - The overall A-share market increased by 1.17%, while the Shanghai and Shenzhen 300 index decreased by 0.62% [32] - The biopharmaceutical sector's performance was weaker than the overall market, with specific declines in chemical pharmaceuticals (-1.11%) and medical services (-2.17%) [32] Fund Holdings Analysis - As of Q4 2025, the net asset value of pharmaceutical funds reached 358.4 billion, a decrease of 9.0% from the previous quarter [11] - The proportion of pharmaceutical holdings in all funds was 7.97%, down 1.71 percentage points [16] - The largest sub-sectors by holdings were chemical preparations (37.5%) and other biological products (20.8%) [19] Company Earnings Forecasts and Ratings - Key companies such as Mindray Medical (237 billion market cap, "Outperform" rating) and WuXi AppTec (293.6 billion market cap, "Outperform" rating) are highlighted for their strong earnings forecasts [4] - The report lists several companies with projected earnings growth, including Aier Eye Hospital and New Industry, both rated "Outperform" [4] Investment Strategy - The report recommends focusing on innovative drugs and the CXO sector, emphasizing the competitive advantages of Chinese companies in the chemical CDMO space [41] - A portfolio of recommended stocks includes Mindray Medical, WuXi AppTec, and Aier Eye Hospital, among others [42][43]

Group 1 - The "Optimizing Consumption Environment and Trustworthy Consumption Brand Evaluation Standard" (T/CMBN 0002—2025) was officially launched at the 2025 Brand Strong Country Economic Forum in Beijing, marking a new phase in the systematic and standardized construction of a "trustworthy consumption" environment in China [1][3] - The standard aims to enhance the consumption environment and is part of a broader policy initiative that includes the "Special Action Plan to Boost Consumption" and the "Three-Year Action Plan to Optimize the Consumption Environment," which collectively aim to build a comprehensive consumer confidence protection system [3][4] - The standard includes a complete evaluation index system covering various dimensions such as operational basics, consumer environment creation, quality safety, consumer rights protection, service guarantees, credit integrity, social responsibility, and exclusion criteria, providing scientific guidance for industry standardization and the construction of trustworthy consumption brands [3][4] Group 2 - Aier Eye Hospital Group, as one of the standard drafting units, integrates its development experience to contribute to the optimization of the consumption environment and the construction of a trustworthy consumption ecosystem [3][4] - Aier Eye Hospital has developed a tiered chain model to address the uneven distribution of medical resources, creating a comprehensive eye care service network that promotes the sharing of high-quality medical resources [4][5] - The company has achieved significant growth in outpatient volume, surgical volume, and discharge numbers, with a notably low postoperative infection rate of 0.0156% for high-level surgeries, outperforming international averages [5][6] Group 3 - Aier Eye Hospital is advancing its internationalization efforts and aims to synchronize medical technology, equipment, and pharmaceuticals with international standards, ensuring that innovative technologies benefit Chinese eye care patients sooner [5][6] - The company is enhancing its medical service precision, accessibility, and efficiency through digital transformation, introducing a "Digital Eye Care" model that leverages AI and other advanced technologies for comprehensive management of eye health services [5][6] - Moving forward, Aier Eye Hospital will use the new standard as a key guideline to deepen technological innovation and upgrade service quality, contributing to the high-quality development of the Chinese ophthalmology industry and the construction of a trustworthy medical consumption ecosystem [6]

Core Viewpoint - The biopharmaceutical industry is at a significant historical juncture in 2025, balancing technological advancements with commercial rationality, and transitioning from "innovation-driven" to "value-driven" paradigms, while exploring sustainable growth paths amid dual tracks of the "Healthy China" strategy and global innovation landscape [1] Group 1: Company Strategy and Developments - Aier Eye Hospital Group has deepened its "1+8+N" strategy, enhancing its professional capabilities and humanistic approach, with a focus on making quality eye health services accessible to more people [7] - The company has released an AI strategy white paper, establishing a systematic layout for AI-assisted diagnosis and creating an "AI Digital Eye Hospital" for intelligent management of eye health services [8] - Aier is actively addressing the trends of myopia and population aging by strengthening specialized outpatient capabilities and constructing a comprehensive family eye health management system [8] Group 2: Clinical and Technological Advancements - The company has introduced several leading global diagnostic and treatment technologies, including the latest robotic femtosecond devices and the first domestically approved IGF-1R antibody drug [8] - Aier has successfully performed the first eye surgery robot-assisted retinal injection in Hunan, meeting the increasing demands for eye health services [8] - The organization is committed to its mission of ensuring eye health for all, regardless of socioeconomic status, by providing compassionate care and maintaining high standards in its services [9] Group 3: Future Directions - In 2026, Aier aims to focus on three main areas: innovation as a means to break through challenges, a dual-circulation strategy for international expansion, and leveraging technology to address clinical pain points [9][10] - The company plans to accelerate its AI technology development and digital eye care initiatives to enhance diagnostic efficiency and patient experience [9] - Aier emphasizes that technological advancements should prioritize patient-centered care, aiming to deepen the eye health ecosystem and integrate industry, academia, and research [9]

Group 1: Research Basic Information - Research object: Aier Eye Hospital [16] - Industry: Medical services [16] - Reception time: January 22, 2026 [16] - Reception staff: Chairman Chen Bang, Secretary of the Board Wu Shijun, and staff from the Board Office [16] Group 2: Detailed Research Institutions - Securities companies: China Merchants Securities (represented by Liang Guangkai and Zhang Yuxin), Ping An Securities (represented by Ni Yidao and Wang Yuchang), Yangtze Securities (represented by Gao Chenxing) [17] - Fund management company: Hunan Medical Development Private Equity Fund (represented by Zhang Qingzhu) [17] Group 3: Main Content Refractive New Technology Application - The company's refractive technology is in sync with international standards and leading in China, offering a wide range of surgical procedures for personalized and precise medical services [22] - In the past two years, the company has introduced upgraded procedures such as ICL V5, Femto LASIK Pro, Femto LASIK 4.0, and All - optical plastic surgery, meeting diverse needs [23] - The new procedures have achieved a significant first - mover advantage. For example, the Femto LASIK Pro has completed over 10,000 surgeries by January 2026, accounting for about 25% of the national total [23] - The new procedures have shorter operation times, better visual quality, and have reversed the downward trend of average prices [24] Domestic Ophthalmic Industry Competition Pattern - The Chinese ophthalmic medical service market shows a pattern of "diverse co - existence, local concentration, and long - term concentration towards the leading players" [25] - Competition is long - term and regional, with the industry having strong geographical and brand - dependent characteristics [25] - The company focuses on building core competitiveness in medical safety, patient service, talent echelon, and technological innovation [26] - The company builds a systematic service system to meet the diverse needs of different patient groups [26] Commercial Insurance in Ophthalmic Services - The company's current insurance payment structure includes medical insurance and commercial health insurance, with the latter having great potential [27] - With the aging population and increasing medical service demand, the synergy between commercial insurance and medical institutions is expected to increase [28] Artificial Intelligence Application - The company attaches great importance to the application of new technologies and will strengthen integration and innovation to provide multi - level ophthalmic services [29] Internationalization Progress - The company has overseas layouts in Europe, Southeast Asia, and the United States, with overseas business growing well and accounting for about 13% of total revenue [29] - The company will expand overseas based on local market conditions, aiming to form a scale effect and achieve two - way empowerment between domestic and overseas businesses [29][30]

Core Viewpoint - The company, Aier Eye Hospital, highlights the growing importance of commercial health insurance as a supplement to the national medical insurance system, driven by increasing healthcare demands due to an aging population [1] Group 1: Insurance Payment Structure - The current insurance payment structure of the company primarily includes medical insurance payments and commercial health insurance, with the latter having a relatively small share but significant future potential [1] - The company acknowledges that the commercial health insurance sector is gradually gaining attention from the market and patients [1] Group 2: Market Trends and Opportunities - The ongoing trend of population aging is leading to a continuous increase in domestic healthcare service demand, which in turn is enhancing the payment scale of the medical insurance system [1] - As residents' expectations for medical outcomes and service quality rise, there is expected to be an increasing collaborative space between commercial insurance and medical institutions [1] Group 3: Company Strategy - The company maintains a positive and cautious attitude towards the development of commercial health insurance and plans to steadily advance related explorations based on actual circumstances [1]

Core Viewpoint - The company has established a presence in Europe, Southeast Asia, and the United States, with overseas business showing strong growth and becoming a significant growth engine, contributing approximately 13% to total revenue [1] Group 1: Overseas Business Development - The overseas business revenue contribution is steadily increasing, indicating substantial growth potential in the future [1] - The company plans to adopt a tailored approach for overseas expansion, considering the market environment, healthcare systems, and regulatory requirements of different countries and regions [1] - The company aims to enhance its competitive advantages through scale effects in supply chain coordination, physician resource allocation, and brand influence as its overseas network expands [1] Group 2: Domestic and International Synergy - The company possesses mature experience in domestic ophthalmology diagnosis and treatment system construction and chain management, while having a solid practical foundation in overseas markets, particularly in presbyopia surgery [1] - By establishing an international communication and collaboration platform, the company seeks to achieve mutual empowerment of domestic and international resources, promoting overall business synergy [1]

Core Viewpoint - The company is committed to high-quality long-term development and is actively advancing its "1+8+N" strategy to enhance its diagnostic and treatment network capabilities, providing multi-level ophthalmic medical services for all age groups, which drives continuous business growth [1]. Group 1 - The company emphasizes the importance of building a digital and intelligent ophthalmology system [1]. - The strategic focus is on enhancing the diagnostic and treatment network capabilities [1]. - The company aims to provide comprehensive ophthalmic medical services for all age groups [1].

Core Viewpoint - The company maintains international synchronization and domestic leadership in refractive technology, advocating the principle that "the best is what suits" while offering personalized and precise medical services [1] Group 1: Technological Advancements - The company has introduced various upgraded surgical techniques in the past two years, including ICLV5, all-laser femtosecond Pro, all-laser femtosecond 4.0, and all-light plastic surgery, to meet diverse patient needs [1] - The all-laser femtosecond Pro technique, introduced in mid-2025, achieved a cumulative surgical volume of over 10,000 cases by January 2026, accounting for approximately 25% of the total in the domestic market [1] - The company is a significant promoter and contributor to the all-light plastic surgery technique, enhancing patient experience with shorter surgery times and better visual quality [1] Group 2: Competitive Advantages - The company leverages its network, expert, brand, and popular science advantages to accelerate the promotion of new technologies, reinforcing its first-mover advantage in the domestic ophthalmology market [1] - The company plays a multiplicative role for upstream manufacturers, which is challenging to achieve in fragmented markets [1]

（编辑 袁冠琳） 证券日报网1月23日讯 ，爱尔眼科在接受调研者提问时表示，公司高度重视前沿新科技在业务中的应用 探索，未来将加强融合，持续推进技术创新、服务创新，为全年龄段人群提供多层次的全眼科医疗服 务。公司既要眼望前方，又要脚踏实地，认认真真。 ...