Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical sector [5] Core Insights - The pharmaceutical sector is experiencing a rebound in bottom assets, particularly in traditional Chinese medicine, medical services, and pharmacies, driven by market rotation and price increase expectations in raw materials [7][11] - The report emphasizes the importance of focusing on bottom assets that are expected to see turning points and well-adjusted innovative drug sectors, with a positive outlook on growth directions representing the future of the pharmaceutical industry [11] - Key themes include continuous attention to pharmaceutical and medical AI+, as well as significant data updates expected from major conferences in 2026 [11] Summary by Sections Market Dynamics - The pharmaceutical sector has outperformed the broader market, with a return of 3.28% compared to the Shanghai Composite's 0.29% since the beginning of 2026 [26] - The report notes that the pharmaceutical sector's valuation is currently at 22.8 times PE, with a premium of 11.7% over the overall A-share market [30] Key Company Performance - Recommended stocks for February include WuXi Biologics, Tigermed, and others, with a focus on companies that have shown significant pipeline progress or business development expectations [8][36] - The report highlights the performance of companies like Guangsheng Tang and Nuo Cheng Jian Hua, which have made notable advancements in their core pipelines [36] Industry Trends - The report discusses the trend of combining IO plus therapies and the development of new targets in the dual antibody space, indicating a growing trend in clinical applications [12][14] - Attention is drawn to the ADC (Antibody-Drug Conjugate) sector, particularly large indication FIC (First-in-Class) products and the potential for new indications to enhance overseas mapping [14][17] - The report also highlights the evolving landscape in blood cancers, with new therapies showing promise in previously underserved areas [20]

Group 1: Innovation in Medical Technology - Innovation Medical (002173) has established itself in the medical service sector, focusing on brain-computer interface (BCI) technology for clinical applications, particularly in neuro-rehabilitation and cardiovascular treatment [1][20] - The company's BCI-4000 product is in Phase III clinical trials, utilizing invasive electrodes to collect brain signals for device control, aiding rehabilitation for high-level paraplegics [1][20] - With the implementation of insurance reimbursement policies for BCI, the clinical transition process is expected to accelerate, potentially leading to significant growth in the neuro-rehabilitation business [1][20] Group 2: Digital Entertainment and AI Integration - Talking Tom (300459) leverages its popular IPs in digital entertainment and is actively exploring the integration of AI with brain-computer interfaces to create immersive interactive experiences [2][21] - The core business includes IP operation, mobile app development, and digital content creation, focusing on leisure and children's education [2][21] - The company aims to develop brain-controlled games and immersive entertainment applications, enhancing user engagement and monetization capabilities [2][21] Group 3: Precision Components in Medical Devices - Meihua Medical (301363) specializes in manufacturing precision medical components, providing essential support to global medical device companies, and has recently entered the brain-computer interface supply chain [3][22] - The company produces components for cardiovascular and neuro-interventional devices, including precision structural parts for BCI equipment [3][22] - As demand for BCI devices increases, the company anticipates a steady growth in orders for precision components, enhancing collaboration with BCI firms [3][22] Group 4: AI and Brain-Computer Interface Algorithms - Yanshan Technology (002195) focuses on brain-like intelligence and AI, with a strong emphasis on developing neural signal decoding algorithms for brain-computer interfaces [4][23] - The company aims to optimize brain signal decoding efficiency through AI algorithms, enhancing the precision control capabilities of BCI devices [4][23] - As the demand for algorithm precision in BCI increases, the company expects growth in algorithm licensing and system integration services [4][23] Group 5: Network Solutions for Brain-Computer Interfaces - StarNet Ruijie (002396) is a leading provider of network equipment and solutions, exploring network support solutions for brain-computer interface applications [5][25] - The company offers high-speed data transmission and processing solutions for BCI devices, facilitating real-time brain signal transmission and cloud analysis [5][25] - With the rising demand for data transmission efficiency in BCI, the company anticipates continued growth in high-speed network equipment demand [5][25] Group 6: Pain Management and Neuroregulation - Aipeng Medical (300753) specializes in pain management and neuroregulation, exploring the application of brain-computer interfaces in postoperative pain relief and neuro-rehabilitation [6][26] - The company focuses on developing devices for pain management and neuroregulation, aiming to enhance treatment efficiency through brain-computer technology [6][26] - As the demand for neuro-rehabilitation grows, the application of BCI in medical settings is expected to accelerate [6][26] Group 7: Security and Identity Verification - Entropy Technology (301330) leverages biometric recognition and identity verification technologies, applying brain-computer interfaces in security and identity authentication [7][27] - The company provides solutions for financial, governmental, and transportation sectors, focusing on the development of BCI applications for secure interactions [7][27] - As the demand for precision and security in identity verification increases, the potential for BCI applications in security will gradually be realized [7][27] Group 8: Smart Control Components and IoT Solutions - Yingqu Technology (002925) specializes in smart control components and IoT solutions, providing essential support for brain-computer interface devices [8][28] - The company serves consumer electronics and smart home sectors, offering smart control components that facilitate intelligent interaction and data collection for BCI devices [8][28] - With the rising demand for intelligent BCI devices, the company expects a continuous increase in orders for smart control components [8][28] Group 9: Precious Metal Materials for BCI Electrodes - Guiyan Platinum (600459) focuses on the research and production of precious metal materials, providing critical materials for brain-computer interface electrodes [9][29] - The company supplies platinum-based alloy materials that enhance the biocompatibility and signal stability of BCI electrodes [9][29] - As the demand for mass production of BCI electrodes increases, the company anticipates a steady growth in orders for precious metal materials [9][29] Group 10: Automotive Applications of Brain-Computer Interfaces - Yachuang Electronics (301099) is exploring the application of brain-computer interfaces in smart driving, focusing on automotive-grade chips and power semiconductors [10][30] - The company aims to implement brain control technology for vehicle operation, opening new possibilities in automotive intelligence [10][30] - As the demand for human-machine interaction in smart driving increases, the potential for BCI applications in the automotive sector will gradually be realized [10][30] Group 11: Industrial Applications of Brain-Computer Interfaces - Zhongke Information (300678) focuses on intelligent monitoring and industrial detection, applying brain-computer interfaces in industrial settings [11][31] - The company aims to utilize brain signals for equipment status monitoring and fault prediction, enhancing industrial efficiency [11][31] - As the demand for monitoring precision in industrial automation increases, the application of BCI in industrial settings is expected to accelerate [11][31] Group 12: Third-Party Testing for BCI Compliance - Puni Testing (300887) is a leading third-party testing organization, providing compliance testing services for brain-computer interface devices [12][32] - The company offers testing for biocompatibility and electromagnetic compatibility, ensuring the safety and compliance of BCI products [12][32] - As the BCI industry matures, the demand for compliance testing services is expected to grow, supporting the healthy development of the industry [12][32] Group 13: Flexible Materials for BCI Devices - Pulit (002324) specializes in the research and production of polymer materials, providing essential flexible packaging materials for brain-computer interface devices [13][33] - The company enhances the durability and biocompatibility of BCI devices through its flexible packaging solutions [13][33] - As the demand for flexible materials in BCI devices increases, the company anticipates a steady growth in orders for packaging materials [13][33] Group 14: Intelligent Equipment and Robotics - Tianqi Co., Ltd. (002009) focuses on intelligent equipment manufacturing and industrial automation, exploring the application of brain-computer interfaces in industrial robotics [14][34] - The company aims to implement brain control technology for precise robotic operation, enhancing manufacturing efficiency [14][34] - As the demand for precision in industrial automation increases, the application of BCI in robotics is expected to accelerate [14][34] Group 15: Medical Rehabilitation and Training - Chengyitong (300430) specializes in pharmaceutical intelligent manufacturing and rehabilitation equipment, exploring the application of brain-computer interfaces in rehabilitation training [15][35] - The company focuses on optimizing rehabilitation plans through brain control technology, enhancing training efficiency [15][35] - As the demand for neuro-rehabilitation grows, the application of BCI in medical settings is expected to accelerate [15][35] Group 16: Military Communication and Navigation - Haige Communication (002465) is a core enterprise in military communication and navigation, providing specialized support for brain-computer interfaces [16][36] - The company offers military communication and data transmission solutions for BCI devices, enhancing interaction in specialized scenarios [16][36] - As the demand for BCI in military applications increases, the need for communication equipment is expected to grow [16][36] Group 17: Smart Terminals and Information Systems - Nanjing Panda (600775) leverages electronic manufacturing and communication technology, exploring the application of brain-computer interfaces in smart terminals [17][37] - The company aims to implement brain control technology for device operation, opening new possibilities in consumer electronics [17][37] - As the demand for interactive methods in smart terminals increases, the potential for BCI applications in consumer electronics will gradually be realized [17][37] Group 18: Biocompatible Coatings for BCI Devices - Taihe Technology (300801) specializes in fine chemicals and water treatment materials, providing essential biocompatible coating materials for brain-computer interface devices [18][38] - The company enhances the safety and durability of BCI devices through its biocompatible coatings [18][38] - As the demand for biocompatibility in BCI devices increases, the company anticipates a steady growth in orders for coating materials [18][38] Group 19: Cardiovascular and Neurointerventional Applications - Lepu Medical (300003) focuses on cardiovascular and neurointerventional fields, exploring the application of brain-computer interfaces in cardiac rehabilitation and neuroregulation [19][39] - The company aims to optimize treatment plans through brain control technology, enhancing rehabilitation efficiency [19][39] - As the demand for cardiovascular and neuro-rehabilitation grows, the application of BCI in medical settings is expected to accelerate [19][39] Group 20: Intelligent Nursing and Patient Monitoring - Yahua Electronics (301337) specializes in medical information systems and intelligent nursing devices, exploring the application of brain-computer interfaces in patient monitoring [20][40] - The company aims to utilize brain signals for real-time patient status monitoring, enhancing medical service efficiency [20][40] - As the demand for precise monitoring in medical services increases, the application of BCI in healthcare settings is expected to accelerate [20][40]

Summary of Key Points from Conference Call Records Industry Overview 1. PCB (Printed Circuit Board) - The PCB sector has shown weak performance since Q4 of last year, primarily due to divergent market views on orthogonal backplane solutions, with some believing they may be replaced by copper cables/CPO or delayed until 2028. However, the orthogonal backplane is currently progressing steadily and is expected to enter mass production in H2 2027. Leading companies are experiencing stock price stagnation due to these divergences, highlighting their cost-effectiveness. Recommended companies include Dongshan Precision, Shenghong Technology, and Huidian Co. [1] - The CoWoP (Chip on Wafer on PCB) solution has stronger certainty, can reduce costs, improve efficiency, and bypass the shortage of substrate capacity. The value per square meter of PCB may increase several times, potentially reaching tenfold, with product launches expected by the end of 2027 and full implementation in 2028. Recommended companies in this direction include Pengding Holdings, Shennan Circuit, and Xinsong Technology. [1] 2. Storage - Contract prices remain in an upward cycle despite fluctuations in spot prices. Module companies are expected to see explosive Q1 performance, with Jiangbolong and Demingli realizing low-priced inventory. Recommended design companies include Zhaoyi Innovation (with a profit expectation of 6 billion) and Puran Co., Beijing Junzheng, and Hengshuo Co. [2] - Demand for memory modules is driven by AI servers and general servers, with recommendations for Lanke Technology (long-term profit of 10 billion) and Jucheng Co. (long-term profit of 1.5 billion). [2] 3. Communication - The recent decline in optical modules is related to the pullback of US tech stocks and speculation around CPO concepts. However, industry sources (such as Coherent and Xuchuang) indicate that CPO's potential to replace optical modules in ScaleOut scenarios is low, suggesting that short-term speculation may be excessive. [2] - North American cloud service providers have exceeded capital expenditure guidance for 2026 (620 billion, up 65% year-on-year), indicating potential accelerated demand for optical modules in 2027. Key upcoming catalysts include Nvidia's quarterly report (February 26), GTC conference (March), and OFC exhibition (NPO product showcase). Recommended companies include Zhongji Xuchuang, Xinyisheng, and Dongshan Precision. [2] - For copper connections as a Plan B alternative to orthogonal backplanes, companies to watch include Luxshare Precision, Wokai Nuclear Materials, and Huiju Technology (with potential for stock doubling). [2] - The price of scattered fiber has surged in the short term (from 25 to 50 yuan), but the low willingness of operators to raise prices raises doubts about long-term sustainability. [2] 4. Computing - Domestic computing resources are in short supply, with the recent downtime of Qianwen highlighting the scarcity of AI foundational resources. The demand for CPUs is expected to rise due to increased usage of agents compared to chatbots. Recommended companies include Haiguang Information (benefiting from both CPU and GPU), Cambrian (leading domestic AI chip manufacturer), and Tianshu Zhixin (expected to accelerate integration with leading players). [2] - Cloud infrastructure resources are expected to benefit from price increases, with recommendations for Kingsoft Cloud, Wangsu Technology, and Fourth Paradigm. [2] - In the AI application sector, the recent drop in overseas software and restructuring of SaaS business models may lead to a narrative reversal with the launch of native agent products in Q3 2026. Companies to watch include Alibaba for 2C entry reconstruction and third-party AI agents like TaxFriend, Zhongkong Technology, and Dingjie Smart. [2] 5. Media - Tencent has faced a decline due to market concerns over potential tax increases on internet platforms, although there is no space for increased game value-added tax. The company remains recommended despite rumors of Q4 earnings downgrades, maintaining a PE ratio of 15 times, which still offers value. [3] - The download situation for the Yuanbao app remains stable, and Tencent's AI capabilities may be closing the gap with larger competitors. [3] - In gaming, companies with upcoming catalysts such as Giant Network and Perfect World are recommended for short-term focus, while Century Huatong and Kaiying Network are suggested for medium to long-term attention due to expected catalysts. [3] - Tencent's establishment of a separate AI comic app is beneficial for the production side, which is entering a period of profitability. Recommendations include Kuaishou, Huanrui, and Rongxin. [3] 6. Pharmaceuticals - Attention is drawn to the update of the essential drug catalog, which may accelerate progress. [4] - The probability of inclusion in the essential drug catalog is high for unique products, with several specific products from companies like Jichuan Pharmaceutical and Panlong Pharmaceutical being highlighted. [4] - Emphasis on the global competitiveness of the innovative drug industry chain, with a focus on new-generation ADCs, IOs, small nucleic acids, and CGT. Recommended companies include Kanghong, Yingen, Yunding, and Chengdu Xian Dao. [4] - The brain-computer interface theme is noted, with a potential showcase of non-invasive products during the Spring Festival and a semi-invasive product approval for Borui Kang in March. [4] - Recommendations include Meihua Medical, Dongwei Semiconductor, and Sanbo Brain Science. [5] - The surgical robot sector is expected to see comprehensive implementation of charging policies before August, with overseas orders doubling and maintaining high growth in 2027. Key types include laparoscopic and orthopedic robots, with strong overseas performance for laparoscopic robots. Recommended companies include MicroPort, Jingfeng Medical, Tianzhihang, and Sanyou Medical. [6]

美好医疗融资融券信息显示，融资方面，当日融资买入1931.4万元，融资偿还2768.83万元，融资净偿还 837.43万元。融券方面，融券卖出6000.0股，融券偿还7600.0股，融券余量3.7万股，融券余额113.6万 元。融资融券余额2.87亿元。 证券之星消息，截至2026年2月6日收盘，美好医疗(301363)报收于30.72元，下跌2.13%，换手率 2.19%，成交量8.18万手，成交额2.53亿元。 2月6日的资金流向数据方面，主力资金净流出3029.92万元，占总成交额12.0%，游资资金净流出1450.6 万元，占总成交额5.74%，散户资金净流入4480.52万元，占总成交额17.74%。 近5日资金流向一览见下表： 美好医疗2025年三季报显示，前三季度公司主营收入11.94亿元，同比上升3.28%；归母净利润2.08亿 元，同比下降19.25%；扣非净利润2.03亿元，同比下降17.85%；其中2025年第三季度，公司单季度主营 收入4.62亿元，同比上升2.56%；单季度归母净利润9390.02万元，同比上升5.89%；单季度扣非净利润 9270.68万元，同比上升9.56%；负债 ...

证券日报网讯 2月6日，美好医疗发布公告称，公司第二届董事会将于2026年2月22日任期届满，鉴于换 届工作尚在筹备，为确保连续性，董事会换届将适当延期，各专门委员会及高管任期亦顺延，现任成员 继续履职直至换届完成。 （文章来源：证券日报） ...

公司董事会延期换届不会影响公司的正常运营。公司将尽快推进董事会换届 工作，并按有关规定及时履行信息披露义务。 特此公告。 证券代码：301363 证券简称：美好医疗 公告编号：2026-003 深圳市美好创亿医疗科技股份有限公司 关于董事会延期换届的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 深圳市美好创亿医疗科技股份有限公司（以下简称"公司"）第二届董事会 将于 2026 年 2 月 22 日任期届满。鉴于相关换届工作尚在筹备中，为确保公司董 事会工作的连续性和稳定性，公司董事会换届选举工作将适当延期，董事会各专 门委员会及高级管理人员的任期亦将相应顺延。 公司新一届董事会换届选举完成前，第二届董事会成员、董事会各专门委员 会及公司高级管理人员将按照相关法律、法规和《公司章程》等规定继续履行职 责。 深圳市美好创亿医疗科技股份有限公司董事会 2026 年 2 月 6 日 ...

证券之星消息，截至2026年2月5日收盘，美好医疗(301363)报收于31.39元，下跌1.97%，换手率 2.74%，成交量10.22万手，成交额3.23亿元。 2月5日的资金流向数据方面，主力资金净流出1727.19万元，占总成交额5.35%，游资资金净流出1137.8 万元，占总成交额3.53%，散户资金净流入2864.99万元，占总成交额8.88%。 近5日资金流向一览见下表： 注：主力资金为特大单成交，游资为大单成交，散户为中小单成交 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 该股主要指标及行业内排名如下： 美好医疗2025年三季报显示，前三季度公司主营收入11.94亿元，同比上升3.28%；归母净利润2.08亿 元，同比下降19.25%；扣非净利润2.03亿元，同比下降17.85%；其中2025年第三季度，公司单季度主营 收入4.62亿元，同比上升2.56%；单季度归母净利润9390.02万元，同比上升5.89%；单季度扣非净利润 9270.68万元，同比上升9.56%；负债率11.43%，投资收益490.31万 ...

证券之星消息，截至2026年2月4日收盘，美好医疗(301363)报收于32.02元，上涨0.25%，换手率 2.45%，成交量9.13万手，成交额2.89亿元。 2月4日的资金流向数据方面，主力资金净流入197.49万元，占总成交额0.68%，游资资金净流出1103.21 万元，占总成交额3.82%，散户资金净流入905.72万元，占总成交额3.14%。 近5日资金流向一览见下表： 美好医疗2025年三季报显示，前三季度公司主营收入11.94亿元，同比上升3.28%；归母净利润2.08亿 元，同比下降19.25%；扣非净利润2.03亿元，同比下降17.85%；其中2025年第三季度，公司单季度主营 收入4.62亿元，同比上升2.56%；单季度归母净利润9390.02万元，同比上升5.89%；单季度扣非净利润 9270.68万元，同比上升9.56%；负债率11.43%，投资收益490.31万元，财务费用-2739.1万元，毛利率 39.34%。美好医疗（301363）主营业务：医疗器械精密组件及产品的设计开发、制造和销售,为全球医 疗器械企业提供从产品研发到批量交付的全流程一站式服务。 该股最近90天内共有7 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology industry [1] Core Insights - The medical device bidding market is expected to maintain high prosperity in 2025, driven by policy and demand resonance, with a projected market size of CNY 193.76 billion, representing a year-on-year growth of 24% [3][11] - The upward trend for medical device companies is clear for 2026, with multiple policies expected to support the continuous development of medical innovation [4][29] - The report emphasizes the importance of high-end product localization and innovation in driving growth for leading domestic companies [33][41] Summary by Sections Bidding Review - The medical device bidding market in 2025 is projected to reach CNY 193.76 billion, with a year-on-year increase of 24%, second only to the peak in 2022 [3][11] - Monthly bidding trends show sustained high levels, with procurement amounts from July to December ranging from CNY 134 billion to CNY 285 billion [3][11] - Key segments such as medical imaging equipment and radiation therapy devices are expected to see significant growth, with year-on-year increases of 35.37% and 36.34% respectively [3][16] 2026 Outlook - The report anticipates a clear upward turning point for medical device companies in 2026, supported by policies aimed at promoting medical innovation and equipment updates [4][29] - The implementation of large-scale equipment updates and consumer replacement policies is expected to further stimulate market demand [4][29] - The report highlights the potential for domestic companies to benefit from high-end product upgrades and the commercialization of brain-computer interface technologies [4][50] Investment Recommendations - The report suggests focusing on leading domestic companies that are enhancing their high-end and intelligent medical device offerings, such as Mindray, United Imaging, and KaiLi Medical [4][33] - It also recommends monitoring companies involved in brain-computer interfaces and domestic robotics, which are expected to see significant growth in the coming years [4][50]

证券之星消息，截至2026年2月3日收盘，美好医疗(301363)报收于31.94元，上涨4.01%，换手率 2.58%，成交量9.62万手，成交额3.06亿元。 2月3日的资金流向数据方面，主力资金净流入1553.92万元，占总成交额5.09%，游资资金净流出927.91 万元，占总成交额3.04%，散户资金净流出626.0万元，占总成交额2.05%。 美好医疗2025年三季报显示，前三季度公司主营收入11.94亿元，同比上升3.28%；归母净利润2.08亿 元，同比下降19.25%；扣非净利润2.03亿元，同比下降17.85%；其中2025年第三季度，公司单季度主营 收入4.62亿元，同比上升2.56%；单季度归母净利润9390.02万元，同比上升5.89%；单季度扣非净利润 9270.68万元，同比上升9.56%；负债率11.43%，投资收益490.31万元，财务费用-2739.1万元，毛利率 39.34%。美好医疗（301363）主营业务：医疗器械精密组件及产品的设计开发、制造和销售,为全球医 疗器械企业提供从产品研发到批量交付的全流程一站式服务。 该股最近90天内共有7家机构给出评级，买入评级7家； ...