格隆汇2月2日丨爱康医疗(01789.HK)发布公告，董事计划使用股份购回授权，并视乎市况，不时于联交 所公开市场使用最多1.50亿港元进行建议股份购回，直至股份购回授权届满日期为止。公司拟以其内部 财务资源为建议股份购回提供资金。公司拟于根据适用规则及法规结算后注销所有购回股份。 ...

智通财经APP讯，爱康医疗(01789)发布公告，董事计划使用股份购回授权，并视乎市况，不时于香港联 合交易所有限公司公开市场使用最多1.5亿港元进行建议股份购回，直至股份购回授权届满日期为止。 公司拟以其内部财务资源为建议股份购回提供资金。公司拟于根据适用规则及法规结算后注销所有购回 股份。 ...

Core Viewpoint - The company plans to repurchase shares using up to HKD 150 million in the open market, depending on market conditions, until the repurchase authorization expires [1] Group 1: Share Repurchase Plan - The board of directors intends to utilize the share repurchase authorization [1] - The repurchase will be funded through the company's internal financial resources [1] - All repurchased shares will be canceled after settlement in accordance with applicable rules and regulations [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限責任公司） (股份代號：1789) 自願公告 擬於市場上進行股份購回 本公司將遵照本公司組織章程細則、香港聯合交易所有限公司證券上市規則（「上 市規則」）、公司收購、合併及股份回購守則、開曼群島公司法及所有本公司須遵 守的適用法律及法規，進行建議股份購回。董事會將繼續監察市況，並將根據上 市規則第10.06條的規定，於適當時間在聯交所公開市場購回股份。建議股份購回 不會導致公眾持有的股份數目低於上市規則規定的相關最低百分比。 1 董事會認為，建議股份購回展示董事會對本集團業務展望及前景充滿信心，並將 為股東創造價值。董事會認為，本公司目前的內部財務資源將使其能夠實行建議 股份購回同時維持穩健的財務狀況。 於本公告日期，本公司並無根據股份購回授權購回任何股份。股東及潛在投資者 務請注意，任何股份購回均可視乎市況及由董事會全權酌情進行。概不保證任何 股份購回的時間、數量或價格。股東 ...

Group 1 - The core viewpoint is that innovative drugs are expected to show significant excess returns in 2025, driven by continuous BD overseas expansion, excellent clinical data, and policy support [1] - The CXO sector is anticipated to experience substantial growth due to the recovery in demand and improved investment environment in the global pharmaceutical industry [1] - The report emphasizes the importance of focusing on new technologies, particularly bispecific antibodies, small nucleic acid drugs, AI healthcare, and brain-computer interface innovations [3] Group 2 - Domestic supply and demand are relatively stable, with national health expenditure showing a year-on-year growth of 4.7% from January to November 2025, marking a positive turnaround after two years of decline [2] - The medical insurance fund's income and expenditure growth rates continue to decline, with total income of 2.63 trillion yuan (+2.9%) and expenditure of 2.11 trillion yuan (+0.5%) from January to November [2] - The report suggests that the commercialization of new drug forms is entering a critical phase, with significant clinical data supporting the application of B-cell depletion therapies in autoimmune diseases [3] Group 3 - Investment recommendations include focusing on innovative overseas expansion and new technology directions, with suggested stocks such as Mindray Medical, WuXi AppTec, and others [4] - The report highlights the potential for explosive growth in the global market for brain-computer interfaces, supported by policy incentives and technological breakthroughs [3]

Core Viewpoint - The domestic surgical robot market is expected to experience a significant growth inflection point by 2026, driven by the implementation of the fee schedule and accelerated overseas expansion, favoring platform companies with commercialization capabilities and upstream manufacturers [1] Industry Overview - The market size of China's surgical robot industry is projected to exceed 70 billion RMB, with a CAGR of approximately 34% from 2024 to 2032. The market is expected to grow from 7.2 billion RMB in 2024 to 76.7 billion RMB by 2032 [2] - The laparoscopic surgical robot market is anticipated to grow at a CAGR of about 29% during the same period, while the orthopedic surgical robot market is expected to see a CAGR of around 41% due to increased penetration rates and the implementation of the fee schedule [2] Catalysts for Growth - The implementation of the fee schedule is identified as a core catalyst for the admission of domestic products. The development cycle of domestic surgical robots can be divided into three phases: early development, rapid development, and mature development [3] - The rapid development phase is characterized by improved product capabilities and accelerated hospital admissions, driven by a clear fee schedule and reimbursement policies [3] Overseas Expansion - The overseas market presents a significant growth opportunity for surgical robot manufacturers, with China's market currently accounting for only about 5% of the global market. Several domestic companies, such as MicroPort and Precision Medical, are beginning to penetrate international markets [4] - By the end of 2025, MicroPort's laparoscopic surgical robot is expected to have over 160 global commercial orders, while Precision Medical has signed 72 overseas orders for its products [4] Comparison with Global Leaders - The business model of Intuitive Surgical, a leading company in the laparoscopic surgical robot sector, shows a clear logic of revenue generation through system sales, consumables, and services. This model is expected to be mirrored by domestic companies, enhancing profitability as installation volumes increase [5] - In the orthopedic sector, domestic companies may benefit from the synergy between implantable devices and surgical robots, similar to the strategies employed by global leaders like Stryker [6] Recommended Companies - The focus is on platform companies with commercialization capabilities and upstream manufacturers. Recommended companies include MicroPort, Meihua Medical, and Aikang Medical, with attention to Tianzhihang and Precision Medical [7]

Investment Rating - The industry investment rating is "Increase Holding" [2][5] Core Insights - The recent release of the "Guidelines for the Pricing of Surgical and Treatment Auxiliary Medical Services" by the National Medical Insurance Administration aims to standardize pricing for innovative medical technologies, including surgical robots, which is expected to accelerate clinical application [4] - The guidelines introduce a tiered pricing model based on the level of participation and clinical value of surgical robots, allowing for higher fees for more advanced functionalities [4] - The establishment of a new pricing project for "Remote Surgical Assistance" facilitates the practical application of remote surgery, enhancing access to quality medical resources across regions [4] - The guidelines clarify the boundaries between consumable costs and technical service fees, promoting transparency and reducing unreasonable price increases in the industry [4] - The inclusion of medical data storage and device operation records in the pricing structure is expected to support future technological iterations and application expansions [4] Summary by Sections Industry Overview - The industry comprises 133 listed companies with a total market value of 14,628.56 billion and a circulating market value of 13,032.75 billion [2] Policy Impact - The new pricing guidelines are anticipated to break the commercialization bottleneck of surgical robots, emphasizing the need for continuous innovation among companies [4] - Companies with technological accumulation and high product maturity, such as Tianzhihang-U, Jingfeng Medical-B, and others, are expected to benefit from the inclusion of robotic-assisted surgery projects in local medical insurance directories [4]

Group 1 - The Goldman Sachs Group, Inc. increased its stake in Aikang Medical (01789.HK) by purchasing 298,000 shares at an average price of HKD 5.9301 per share, totaling approximately HKD 1.7672 million [1] - Following this transaction, Goldman Sachs' total holdings in Aikang Medical rose to 56.2055 million shares, with the ownership percentage increasing from 4.97% to 5.00% [1][2]

Core Viewpoint - The new policy from the National Healthcare Security Administration (NHSA) is expected to significantly boost the medical device industry, particularly benefiting high-end surgical assistance technologies, robotic surgeries, and telemedicine [1][3]. Group 1: Market Reaction - A-share medical ETFs, particularly the largest medical ETF (512170), saw a rise of 1.36% during intraday trading, indicating strong buying interest with over 270 million yuan invested the previous day [1]. - The Hong Kong medical ETF (159137) also experienced a rebound, reaching a peak increase of 1.78% before closing up 1.06%, ending a four-day decline [1]. - Notable stock performances included a 17.3% surge in the leading domestic surgical robot company, MicroPort Scientific Corporation-B, and over 5% increases in MicroPort Medical and Xianjian Technology [1]. Group 2: Policy Impact - The NHSA's new guideline establishes a market mechanism for high-end surgical assistance technologies, which is expected to enhance innovation and profitability in the industry [3]. - The unified pricing framework is anticipated to highlight the cost-performance advantages of domestic surgical robots and related consumables, accelerating the trend of domestic substitution [3]. - The NHSA's commitment to expanding the guideline in the future will create more opportunities for innovative medical device products, benefiting the overall innovation ecosystem in the industry [3]. Group 3: Investment Opportunities - The medical device sector is poised for significant investment opportunities due to the new NHSA policy, with a focus on high-end medical equipment, robotic surgeries, and compliant consumables [3]. - The CXO industry is experiencing improved conditions due to recovering overseas orders and domestic capacity clearance, contributing to sustained growth [3]. - The largest medical ETF (512170) and its associated funds focus on medical devices and services, with over 36% of its index weight in AI medical and brain-computer interface concept stocks [4].

Group 1 - Goldman Sachs increased its stake in Aikang Medical (01789) by 298,000 shares at a price of HKD 5.9301 per share, totaling approximately HKD 1.7672 million [1] - After the increase, Goldman Sachs' total shareholding in Aikang Medical is approximately 56.2055 million shares, representing a holding percentage of 5.00% [1]