2月26日晚，华瓷股份(001216)发布公告称，公司于近日收到中国证监会出具的《关于同意湖南华联瓷 业股份有限公司向特定对象发行股票注册的批复》（证监许可[2026]309号），同意公司向特定对象发 行股票的注册申请。本次发行应严格按照报送深圳证券交易所的申报文件和发行方案实施。本批复自同 意注册之日起12个月内有效。 新诺威：拟2.3亿元转让国新汇金30%股份给石药控股 合合信息：2025年净利润同比增长13.39% 2月26日晚，合合信息(688615)发布业绩快报，2025年实现营业收入18.1亿元，同比增长25.83%；实现归 母净利润4.54亿元，同比增长13.39%；基本每股收益为3.24元/股。 生益科技：广新集团及陈仁喜已完成减持计划 2月26日晚，生益科技(600183)发布公告称，截至2026年2月25日，广新集团已通过集中竞价交易方式减 持公司股份合计2429.12万股，占公司总股本的1%。陈仁喜已通过集中竞价交易方式减持公司股份合计 30.08万股，占公司总股本的0.0124%。截至本公告披露日，广新集团及陈仁喜的减持计划已实施完毕。 华瓷股份：向特定对象发行股票申请获同意 2月26 ...

针对业绩变动的原因，澳华内镜表示，主要系业务收入增长有限，产品销售结构发生阶段性变化，综合 毛利率有所下滑，且上年同期财务数据比较基数较小，导致本期内相关比例波动较大。 北京商报讯（记者 丁宁）2月26日晚间，澳华内镜（688212）发布2025年业绩快报显示，公司2025年度 实现营业收入7.74亿元，同比增长3.2%；归属净利润1146.19万元，同比下滑45.45%。 ...

智通财经APP讯，澳华内镜(688212.SH)披露2025年度业绩快报，公司实现营业收入7.74亿元，同比增长 3.20%;实现归属于母公司所有者的净利润1146.19万元，同比减少45.45%;实现归属于母公司所有者的扣 除非经常性损益的净亏损711.48万元。 报告期内，公司海外市场准入及业务拓展成效显著，海外销售额实现较快增长，此外新一代旗舰机型 AQ400成功上市，进一步贡献业绩增量，多因素共振下，公司整体收入较上年同期实现小幅稳步增长; 同时，报告期内，公司产品销售结构发生阶段性变化，导致综合毛利率出现下滑，另一方面，公司为夯 实长期竞争力，持续加大市场营销体系建设、品牌影响力提升、产品迭代打磨及新技术研发的投入力 度，销售费用、管理费用、研发费用仍保持较高投入，导致业绩表现出现收入增长但利润下滑的情况。 ...

报告期内，公司海外市场准入及业务拓展成效显著，海外销售额实现较快增长，此外新一代旗舰机型 AQ400成功上市，进一步贡献业绩增量，多因素共振下，公司整体收入较上年同期实现小幅稳步增长； 同时，报告期内，公司产品销售结构发生阶段性变化，导致综合毛利率出现下滑，另一方面，公司为夯 实长期竞争力，持续加大市场营销体系建设、品牌影响力提升、产品迭代打磨及新技术研发的投入力 度，销售费用、管理费用、研发费用仍保持较高投入，导致业绩表现出现收入增长但利润下滑的情况。 格隆汇2月26日丨澳华内镜(688212.SH)公布2025年度业绩快报，报告期内，公司实现营业收入7.74亿 元，同比增长3.20%；实现归属于母公司所有者的净利润1146.19万元，同比减少45.45%；实现归属于母 公司所有者的扣除非经常性损益的净利润-711.48万元，同比略有下降。 报告期末，公司总资产20.11亿元，较报告期期初增长15.03%；归属于母公司的所有者权益13.13亿元， 较报告期期初减少3.90%。 ...

一、2025年度主要财务数据和指标 单位：人民币万元 | 项目 | 本报告期 | 上年同期 | 增减变动幅度（％） | | --- | --- | --- | --- | | 营业总收入 | 77,353.71 | 74,954.95 | 3.20 | | 营业利润 | 116.17 | 704.37 | -83.51 | | 利润总额 | 10.68 | 642.63 | -98.34 | | 归属于母公司所有者的净利润 | 1,146.19 | 2,101.22 | -45.45 | | 归属于母公司所有者的扣除非 经常性损益的净利润 | -711.48 | -628.62 | 不适用 | | 基本每股收益（元） | 0.09 | 0.16 | -43.75 | | 加权平均净资产收益率 | 0.89% | 1.53% | 减少 0.64 个百分点 | | | 本报告期末 | 本报告期初 | 增减变动幅度（％） | | 总资产 | 201,142.64 | 174,867.66 | 15.03 | | 归属于母公司的所有者权益 | 131,282.82 | 136,605.57 | -3.90 | | 股 ...

澳华内镜公告称，2025年公司实现营业收入77,353.71万元，同比增长3.20%；归属于母公司所有者的净 利润1,146.19万元，同比减少45.45%；扣非净利润-711.48万元，同比略有下降。报告期末，总资产 201,142.64万元，较期初增长15.03%；归属于母公司的所有者权益131,282.82万元，较期初减少3.90%。 业绩变动因产品销售结构变化致毛利率下滑，且营销、研发等费用投入高。数据为初步核算，以年报为 准。 ...

Core Viewpoint - The article discusses the current funding logic in the market, highlighting the significant movements of public funds in the technology sector, particularly in the semiconductor and biopharmaceutical industries, as they adjust their portfolios based on performance and valuation metrics [3][8]. Group 1: Public Fund Movements - Public funds have shown a notable shift in their holdings, particularly in the STAR Market, with the STAR 50 Index rising by 12.1% this year [3][4]. - The total market capitalization of STAR Market companies reached 10.4 trillion yuan, with the technology sector dominating, accounting for 62.1% of the total market cap [5][6]. - The semiconductor industry remains the core focus for fund allocation, with 12 companies in the sector having a market capitalization exceeding 10 billion yuan [9][11]. Group 2: Semiconductor Sector Insights - The market's pricing anchor for the semiconductor sector has shifted from "valuation expansion" to "performance realization," emphasizing the importance of actual earnings [13][14]. - Key drivers for future growth in the semiconductor sector include strong order backlogs, profit growth through acquisitions and expansions, and sustained price increases in advanced processes [13][14]. - Public funds have significantly increased their holdings in semiconductor materials, chip design, and equipment, with companies like ShenGong Co. seeing an 11% increase in fund holdings [15][21]. Group 3: Biopharmaceutical Sector Insights - The biopharmaceutical sector is a critical area for public funds, with major holdings in companies like BeiGene and United Imaging Healthcare, although the sector has faced a reduction in holdings for several key companies [24][26]. - The article notes that innovative drug companies are currently under pressure, with significant reductions in holdings observed in companies like BaiLi TianHeng and RongChang Biopharma [26][28]. - Despite the challenges, companies with strong earnings potential and innovative drug pipelines are still attracting interest from public funds, indicating a selective investment approach [35][40].

Investment Rating - The report maintains an "Overweight" rating for the medical device industry [2][6]. Core Insights - The medical device procurement scale is experiencing a partial decline due to high base effects, but there are opportunities in the surgical robot market [2]. - The report emphasizes that the ongoing implementation of equipment upgrade policies is expected to drive long-term procurement levels in the medical device sector, recommending companies that are likely to benefit from these policies [4]. - The report highlights that the four ministries jointly issued a notice in 2024 aiming for a more than 25% increase in medical equipment investment by 2027 compared to 2023, which is expected to enhance the configuration of high-end equipment to levels comparable to middle-income countries [6]. Summary by Sections Investment Recommendations - The report suggests maintaining an "Overweight" rating and recommends companies likely to benefit from the equipment upgrade policies, including Mindray Medical, United Imaging, Kaili Medical, Aohua Endoscopy, and Jingfeng Medical-B. It also suggests paying attention to MicroPort Scientific-B [6]. Monthly Procurement Data - In January 2026, the procurement scale for new devices showed a year-on-year decline: MR down 22.6%, CT down 25.6%, DR down 18.2%, ultrasound down 10.1%, while endoscopy grew by 1.1%, and surgical robots declined by 20.1%. Company-specific performance showed United Imaging MR down 36.5%, United Imaging CT up 8.5%, Mindray ultrasound up 10.9%, Kaili ultrasound down 14.8%, Kaili endoscopy up 55.4%, and Aohua endoscopy down 11.7% [6]. Policy Impact - The report discusses the release of a guideline by the National Healthcare Security Administration on January 20, 2026, which establishes a unified pricing project for surgical robots, expected to accelerate the penetration and application of robotic surgery technology [6].

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]

资料显示，上海澳华内镜股份有限公司位于上海市闵行区光中路133弄66号，成立日期1994年10月27 日，上市日期2021年11月15日，公司主营业务涉及从事电子内窥镜设备及内窥镜诊疗手术耗材研发、生 产和销售的高新技术企业。主营业务收入构成为：内窥镜设备92.35%，内窥镜诊疗耗材3.71%，内窥镜 维修服务收入3.58%，租赁收入0.35%。 天弘臻选健康混合A（014708）基金经理为刘盟盟。 截至发稿，刘盟盟累计任职时间8年18天，现任基金资产总规模13.85亿元，任职期间最佳基金回报 57.37%， 任职期间最差基金回报-10.8%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 从基金十大重仓股角度 数据显示，天弘基金旗下1只基金重仓澳华内镜。天弘臻选健康混合A（014708）四季度减持2.01万股， 持有股数4.84万股，占基金净值比例为7.82%，位居第六大重仓股。根据测算，今日浮亏损失约11.28万 元。 天弘臻 ...