大额买入与资金流向跟踪（20260323-20260327） [Table_Authors] 郑雅斌(分析师) 本报告导读： 参考团队前期发布的专题报告选股因子系列研究（五十六、五十七），本报告旨在通 过交易明细数据构建相关指标，跟踪大额买入和净主动买入。 投资要点： | | 021-23219395 | | --- | --- | | | zhengyabin@gtht.com | | 登记编号 | S0880525040105 | | | 张耿宇(分析师) | | | 021-23183109 | | | zhanggengyu@gtht.com | | 登记编号 | S0880525040078 | [Table_Report] 相关报告 量化择时和拥挤度预警周报（20260327） 2026.03.29 高频选股因子周报（20260323-20260327） 2026.03.29 红利风格择时周报（0323-0327） 2026.03.29 低频选股因子周报（2026.03.20-2026.03.27） 2026.03.28 绝对收益产品及策略周报（260316-260320） 2026.03.26 ...

证券代码：603301 证券简称：振德医疗 公告编号：2026-014 振德医疗用品股份有限公司关于 拟回购注销第二期员工持股计划部分股份及注销回购 专用证券账户中尚未使用的股份的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 振德医疗用品股份有限公司(以下简称:"公司")于 2026 年 1 月 23 日、2 月 9 日分别召开了第四届董事会第六次会议及 2026 年第二 次临时股东会，审议通过了《关于回购公司第二期员工持股计划未解 锁股份的议案》、《关于变更回购股份用途并注销的议案》及《关于变 更公司注册资本及修改<公司章程>并办理工商变更登记的议案》，拟 将公司回购专用证券账户中已回购且尚未使用的 129,442 股公司股 份以及将由公司回购的第二期员工持股计划（以下简称"本员工持股 计划"）未解锁的 1,829,868 股公司股份,合计 1,959,310 股公司股份 予以注销。现将有关事项说明如下： 一、已履行的相关审批程序和信息披露情况 公司于 2022 年 9 月 30 日召开第三届董事会第四次会议审 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5][8]. Core Insights - The government work report has positioned biotechnology and pharmaceuticals as a new pillar industry, emphasizing the importance of innovation and development in this sector [2][11]. - The pharmaceutical and biotechnology sector has underperformed the overall market recently, with a decline of 2.78% compared to a 1.26% drop in the A-share market [1][21]. - The TTM price-to-earnings ratio for the pharmaceutical and biotechnology sector is 36.18x, which is at the 78.6th percentile of its historical valuation over the past five years [1][26]. Summary by Sections Government Positioning - The government has upgraded the status of the biotechnology and pharmaceutical industry, highlighting its role in driving new productivity and technological innovation [2][11]. - Key development opportunities during the 14th Five-Year Plan include innovation, elderly care, openness, and strengthening basic healthcare services [13]. Market Performance - The overall A-share market saw a decline of 1.26%, with the biotechnology sector declining by 2.78% [1][21]. - Specific sub-sectors such as medical services and medical devices experienced significant declines, with medical services down 4.71% [1][21]. Valuation Metrics - The TTM price-to-earnings ratios for various sub-sectors are as follows: chemical pharmaceuticals at 43.80x, biological products at 45.58x, medical services at 32.48x, and medical devices at 39.48x [26]. Recommended Stocks - Major companies recommended for investment include: - Mindray Medical (300760.SZ): Strong in R&D and international expansion [30]. - United Imaging Healthcare (688271.SH): Focused on high-performance medical imaging and digital solutions [30]. - WuXi AppTec (603259.SH): A leading open-access drug development service platform [30]. - Aier Eye Hospital (300015.SZ): The largest eye care institution in China [30]. - Yuyue Medical (002223.SZ): A leading provider of medical devices and solutions [31].

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5] Core Insights - The government work report has positioned biotechnology and pharmaceuticals as a new pillar industry, emphasizing the importance of innovation and development in this sector [2][11] - The pharmaceutical and biotechnology sector has underperformed the overall market recently, with a decline of 2.78% compared to a 1.26% drop in the A-share market [21] - The current price-to-earnings (P/E) ratio for the pharmaceutical and biotechnology sector is 36.18x, which is at the 78.6th percentile of its historical valuation over the past five years [26] Summary by Sections Government Work Report - The report highlights the establishment of biotechnology and pharmaceuticals as a new pillar industry, with a focus on innovation and the development of new technologies such as artificial intelligence and quantum technology [2][11] - Key development opportunities during the 14th Five-Year Plan include innovation, elderly care, openness, and strengthening basic medical services [13] Market Performance - The overall A-share market saw a decline of 1.26%, with the biotechnology sector declining by 2.78%, indicating weaker performance compared to the broader market [21] - Specific declines were noted in various sub-sectors, including medical services down 4.71% and medical devices down 2.94% [21] Valuation Metrics - The P/E ratios for various sub-sectors are as follows: chemical pharmaceuticals at 43.80x, biological products at 45.58x, medical services at 32.48x, and medical devices at 39.48x [26] Recommended Stocks - Major companies recommended for investment include: - Mindray Medical (迈瑞医疗): A leader in medical devices with strong R&D and international expansion [30] - United Imaging Healthcare (联影医疗): Focused on high-performance medical imaging and digital solutions [30] - WuXi AppTec (药明康德): A comprehensive drug development service platform benefiting from global outsourcing trends [30] - Aier Eye Hospital (爱尔眼科): The largest eye care institution in China, leveraging international technology and management [30]

Group 1 - The core point of the article highlights that Zhendemedical (603301) has seen a significant increase in its stock price, closing at 86.13 yuan, which is a 17.42% rise from the previous week's closing price of 73.35 yuan [1] - The stock reached a peak price of 94.5 yuan on February 12 and a low of 74.52 yuan on February 9, indicating volatility within the week [1] - Zhendemedical's current total market capitalization is 22.896 billion yuan, ranking 10th out of 129 in the medical device sector and 934th out of 5189 in the overall A-share market [1] Group 2 - The trading information summary indicates that Zhendemedical was listed on the "Dragon and Tiger List" due to its stock price deviation exceeding 20% over three consecutive trading days [2] - This marks the first time Zhendemedical has appeared on the Dragon and Tiger List in the last five trading days [3]

Core Viewpoint - The report from Guosen Securities indicates that the medical services and consumer-related sectors have experienced long-term adjustments, resulting in valuations at historical lows. By 2026, improvements in supply structure, increased treatment volumes, and store optimization are expected to lead to a dual recovery in fundamentals and valuations, with AI empowerment providing new momentum for leading companies [1][2]. Group 1: Medical Services and Consumer Sectors - The medical services and consumer-related sectors are currently undervalued and poised for performance recovery, with a focus on specific sub-sectors [2]. - In medical services, improvements in supply structure and consumer environment are anticipated to gradually revive business, with stable customer spending and increased treatment volumes. Leading companies are expected to provide positive earnings guidance for 2026, indicating a potential dual recovery in fundamentals and valuations. AI-related business developments are also expected to drive new growth for leading medical service firms. Key companies to watch include Aier Eye Hospital (300015), Gushengtang, Tongce Medical (600763), and Haijia Medical [2]. - The pharmacy sector has shown significant marginal improvement in performance since Q3 2025, with leading companies improving same-store performance quarterly. Regulatory support from nine ministries emphasizes the long-term development direction of industry concentration and chain rate enhancement, with non-pharmaceutical adjustments and store structure optimization driving short-term performance improvements. Key companies include Yifeng Pharmacy (603939) and Dazhenglin (603233) [2]. Group 2: Home Medical Devices - The growth of home medical device companies is driven by increased product penetration and domestic production rates. Rapid growth is observed in products like Continuous Glucose Monitors (CGM) and sleep apnea machines, with leading domestic brands expanding internationally. Traditional categories like blood pressure monitors are increasingly focusing on the high-end market, with domestic brands steadily increasing market share. The combination of high domestic growth and new overseas markets is expected to contribute to sustained performance growth for home medical device companies. Key companies include Yuyue Medical (002223), Kefu Medical (301087), Sanofi Biological (300298), and Ruimaite (301367) [3]. Group 3: Innovative Drug Development - The collaboration for the international expansion of innovative drugs continues to deepen, with recent significant agreements between Shiyao Group and AstraZeneca, as well as Innovent Biologics and Eli Lilly. These collaborations highlight the growing recognition of China's innovative drug development capabilities by multinational pharmaceutical companies, showcasing the efficiency and cost advantages of Chinese innovative drugs [4]. Group 4: Investment Portfolio for 2026 - The investment portfolio for 2026 includes A-shares such as Mindray Medical (300760), United Imaging Healthcare, WuXi AppTec (603259), New Industry (300832), Meihua Medical (301363), Adebiotech (300685), Zhend Medical (603301), Yaokang Biological, Kingmed Diagnostics (603882), Aier Eye Hospital, Yuyue Medical, Yifeng Pharmacy, and Dazhenglin; H-shares include Kangfang Biologics, Kelun-Botai Biologics-B, Hutchison China MediTech, Kangnuo-B, Sanofi Biopharma, Gushengtang, and Aikang Medical [5].

Company Situation - The company confirmed that its production and operations are normal, with no significant changes in the external business environment or industry policies [3] - The only major disclosure required recently is the change in the purpose of share repurchase and cancellation, involving 1,959,310 shares, which has been approved by the board and temporary shareholders' meeting [3] - The company, its controlling shareholders, and actual controllers confirmed that there are no other undisclosed significant information, including major asset restructuring, issuance of shares, or acquisitions [3] Stock Performance - The company's stock price experienced a cumulative increase of over 20% during three consecutive trading days on February 6, 9, and 10, 2026, triggering an abnormal trading situation as per the Shanghai Stock Exchange [2] - As of February 11, 2026, the stock closed at 92.20 yuan, with a single-day increase of 3.88%, continuing to rise after two consecutive days of hitting the upper limit [2] Industry Context - Prior to the stock price fluctuations, the market had focused on the event where Sun Jimu acquired a 5% stake in the company in September 2025, and the company's net profit for the first three quarters of 2025 decreased by 33.91%, although the third quarter's non-recurring net profit increased by 2.0% year-on-year [4] - The company emphasized in its latest announcement that these were all disclosed information and not the undisclosed reasons for the recent abnormal fluctuations [4]

Core Viewpoint - Zhendemedical (603301) has shown significant stock performance with a 10% increase and consecutive trading limit ups, indicating strong market interest and potential investor confidence [1] Financial Performance - For the first three quarters of 2025, Zhendemedical reported a main revenue of 3.184 billion yuan, a year-on-year increase of 1.88% [1] - The net profit attributable to shareholders was 203 million yuan, reflecting a year-on-year decline of 33.91% [1] - The third quarter alone saw a main revenue of 1.084 billion yuan, a slight increase of 0.1% year-on-year, while the net profit for the quarter was 75.42 million yuan, down 48.47% year-on-year [1] - The company’s gross profit margin stands at 33.93% [1] Market Activity - As of February 10, 2026, Zhendemedical's stock closed at 88.76 yuan with a trading volume of 68,000 hands and a total transaction amount of 594 million yuan [1] - The net inflow of main funds was 48.1 million yuan, accounting for 8.1% of the total transaction amount, while retail investors saw a net outflow of 14.32 million yuan [1] - The financing data indicates a net purchase of 84.66 million yuan, ranking 11th in the market [1] Institutional Ratings - In the last 90 days, two institutions have rated Zhendemedical with a buy rating, and the average target price set by these institutions is 101 yuan [2]

Group 1 - The core point of the article is that Zhendemedical (603301) experienced a significant price increase, closing at 88.76 yuan with a 10.0% rise and hitting the limit up for two consecutive days [1] - On February 10, Zhendemedical's stock reached a trading volume of 68,000 hands and a transaction amount of 594 million yuan, indicating strong market interest [1] - The stock was listed on the "Dragon and Tiger List" due to a cumulative price deviation of 20% over three consecutive trading days, marking its first appearance on the list in the last five trading days [3] Group 2 - On February 10, the net inflow of main funds into Zhendemedical was 48.1 million yuan, accounting for 8.1% of the total transaction amount, suggesting a clear indication of institutional buying [2][4] - Retail investors showed a net outflow of 14.3 million yuan, which is 2.41% of the total transaction amount, indicating a shift in investor sentiment [2] - The stock's limit up was reached at 9:58 AM, with a single instance of the limit being opened before closing with a final order amount of 48.47 million yuan, representing 0.21% of its market capitalization [1][4]

证券代码：603301 证券简称：振德医疗 公告编号：2026-013 振德医疗用品股份有限公司 股票交易异常波动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 1、振德医疗用品股份有限公司(以下简称:"公司"、"本公司") 股票于 2026 年 2 月 6 日、2 月 9 日、2 月 10 日连续 3 个交易日内收 盘价格涨幅偏离值累计超过 20%,根据《上海证券交易所交易规则》 的有关规定,属于股票交易异常波动情形。 2、经公司自查,并书面发函询问控股股东及实际控制人,截至本 公告披露日,确认不存在应披露而未披露的重大事项或重要信息。 3、敬请广大投资者注意投资风险。 一、股票交易异常波动的具体情况 公司股票于 2026 年 2 月 6 日、2 月 9 日、2 月 10 日连续 3 个交 易日内收盘价格涨幅偏离值累计超过 20%,根据《上海证券交易所交 易规则》的有关规定,属于股票交易异常波动情形。 （一）生产经营情况 经公司自查，公司目前生产经营正常,近期外部经营环境和行业 政策没有发生重大变化。 ...