Investments by state-owned assets in the medical field have witnessed sustained growth, with 822 direct investments completed between 2023 and 2024. These investments account for 32.8% of the total, with the actual proportion potentially being even higher. State-owned assets demonstrate a preference for early-stage and innovative projects, particularly in the domains of biomedicine and high-end medical devices. Cities like Beijing, Shanghai, Guangzhou, Shenzhen, and Suzhou have achieved notable success in medical investments but also confront challenges in exiting these investments. To navigate these challenges, state-owned assets are exploring solutions through policy easing, clarifying market positioning, and establishing buyout funds and S funds. In the coming five years, state-owned assets will continue to play a pivotal role in the capital market, necessitating coexistence and complementarity with other capital forms for mutual advancement and development.