The global AI for smart city traffic optimization market encompasses the ecosystem of technologies, software, and services that leverage artificial intelligence to manage and enhance urban mobility. This market involves the deployment of sophisticated AI algorithms, including machine learning and computer vision, to analyze real time data from sources such as IoT sensors, GPS devices, and traffic cameras.

The global AI in autonomous finance market encompasses the application of advanced technologies, primarily artificial intelligence and machine learning, to automate and independently manage financial operations with minimal human intervention.

The global AI in appliances and electronics market encompasses the integration of artificial intelligence technologies into consumer electronics and household appliances. This technology enables devices to learn from user behavior, automate tasks, and optimize performance for enhanced efficiency and user experience.

AI Direct Selling encompasses the ecosystem of artificial intelligence technologies, software solutions, and platforms specifically engineered to augment the direct selling business model. This includes AI-driven tools for lead generation, customer relationship management, sales forecasting, personalized marketing, and training for independent distributors.

The global AI agents in ecommerce market encompasses the software, platforms, and services that utilize artificial intelligence to power autonomous programs designed to execute specific tasks within online retail environments.

The global agentic AI market encompasses the software platforms, development frameworks, and associated services that enable the creation and deployment of artificial intelligence systems capable of autonomous, goal-directed action. Distinct from traditional reactive or predictive AI, agentic AI systems proactively plan, reason, and execute complex, multi-step tasks to achieve specified objectives with minimal human intervention. These intelligent agents typically leverage a core reasoning engine, such as a large language model, in conjunction with memory modules, sophisticated planning algorithms, and the ability to utilize external tools through API integrations. This market signifies a fundamental evolution toward creating sophisticated digital counterparts and autonomous workers designed to independently manage and optimize complex workflows across diverse industries.

The metals & mining industry includes aluminum, steel, iron ore, coal, base metals, and precious metals. Market volume represents production volume, and market value is calculated by multiplying market volume by production price.

Jewelry, watches and accessories retail market includes gold jewelry, silver jewelry and other precious jewelry like diamonds, platinum, precious stones (sapphires, emeralds, and rubies), pearls (natural and cultured), semi￾precious stones (e.g. quartz, opal, topaz, amethyst, coral etc.), precious charms, brooches, cufflinks, body jewelry, precious hair accessories/headwear (tiaras) and fine watches. Market value represents retail sales.

2025年年初至10月23日，医药指数（申万）上涨23%，但恒生生物科技指数上涨82%，创新药、CXO等继2021年后首次出现狂飙式上涨，A+H股约88支个股翻倍以上涨幅，其中包括三生制药、信达生物、药明生物、翰森制药、舒泰神、一品红、热景生物、迈威生物、益方生物等，归因于国产创新药国际地位崛起及相关产业链离不开中国。2026年行业判断：从产业趋势、行业政策、估值水平、调整周期、筹码结构 等多维度支撑创新药仍有大机会。正文从2025年创新药核心管线研发进度、全球授权出海deal、全球生物医药投融资情况、医疗器械前沿技术突破等进行全面分析，2026年创新药出海仍为主线。

中药行业在医药板块中具备类似银行行业的属性，现金充裕分红高，利润增长波动少，海外局势影响小。2025Q1-Q3行业营收增速环比持续改善，在中药材价格下降和公司降本增效的影响下，我们预计2025H2行业业绩增速有望环比2025H1好转；2026年为十五五规划起点，优秀企业在清理渠道库存过后有望再创佳绩。截至2025年三季度末，申万中药行业机构持仓比例已低至0.20%，动态市盈率居2021年以来低位。在基本面与资金面的共同催化下，板块有望迎来资金青睐。