进入下半年，除了创新药，市场也在挖掘其他潜在的复苏方向。风云君认为，医疗器械板块的上涨新 动能正在涌现。 政策指出明路。 | 作者 | | 紫枫 | | --- | --- | --- | | 编辑 | | 小白 | 在连续深度调整3年以上后，医药板块在今年迎来明显的复苏。 创新药板块率先"发力"，今年上半年利好消息层出不穷，创新药出海交易放量叠加国内一系列政策鼓 励创新药发展等因素叠加下，板块整体迎来"业绩+估值"的戴维斯双击，阶段性表现领先A股市场。 医疗器械 行业 政策端迎来拐点 首先是最受市场关注的政策端。今年以来，国家在医疗器械领域的政策支持力度显著增强。 2025年7月，国家药监局发布《关于优化全生命周期监管支持高端医疗器械创新发展有关举措的公 告》，明确将医用机器人、高端医学影像设备、人工智能医疗器械和新型生物材料医疗器械列为重点 发展领域，提出十大支持举措。 据了解，医用机器人、高端医学影像设备、人工智能医疗器械和新型生物材料医疗器械等技术集成度 高，是高端医疗器械的典型产品，也是塑造医疗器械新质生产力的关键。 政策核心聚焦于为高端医疗器械创新提供全生命周期支持。例如，对创新医疗器械实施特别审 ...

证券研究报告 2025年07月16日 行业报告： 行业专题研究 医疗器械 医疗设备月度中标梳理——2025年6月 作者： 1 行业评级： 上次评级： 强于大市 强于大市 首次 （ 评级） 请务必阅读正文之后的信息披露和免责申明 分析师 杨松 SAC执业证书编号：S1110521020001 分析师 张雪 SAC执业证书编号：S1110521020004 摘要 医疗设备2025年6月中标额同比持续稳健增长，环比出现小幅波动 ➢ 医疗设备2025年6月中标总额126.18亿元，同比增长30%，招标持续回暖；2025H1医疗设备整体中标总额 838.17亿元，整体同比增长64%； 国产设备中标金额持续回暖，超声及磁共振等品类同比增速较高 ➢ 迈瑞医疗2025年6月中标总额6.23亿元，同比增长15%，其中，监护设备增速最快，同比增长28%；2025H1 迈瑞医疗整体中标总额42.58亿元，整体同比增长64%；联影医疗2025年6月中标总额7.69亿元，同比增长 35%，其中，磁共振增速最快，同比增长90%；2025H1联影医疗整体中标总额48.41亿元，整体同比增长53%； 开立医疗2025年6月中标总额1.02亿 ...

券商研究方面，西部证券指出医药主题指数中科创生物（000683.SH）具有鲜明的行业分布特征，其化 学制药占比达38.75%，医疗器械占比39.10%，显著高于其他指数；同时该指数在生物制品（16.34%） 和医疗美容（2.34%）等细分领域也有差异化布局。从业绩表现看，2025年以来科创生物指数收益率超 过10%，波动性相对较大，其成分股结构与其他主流医药指数重合度较低，体现出科创属性。此外，该 指数采用季度调样机制，单个样本权重限制为10%，在编制规则上区别于多数半年调仓的医药指数。 关联产品： 截至07月16日13:28，科创生物医药ETF（588250.SH）上涨0.26%，其关联指数科创生物（000683.SH） 上涨0.28%；主要成分股中，益方生物-U上涨4.49%，博瑞医药上涨3.08%，联影医疗上涨0.81%，南微 医学上涨3.84%，神州细胞上涨2.14%。 消息面上，7月15日国家医保局启动第十一批药品集采，明确遵循"集采非新药、新药不集采"原则，创 新药未被纳入集采范围，市场预期创新药企业盈利空间受政策保护，带动相关概念股走强。科创生物医 药ETF成分股中益方生物、博瑞医药等创新药标的 ...

方正证券分析指出，CDMO板块已触底反弹，龙头药明康德2025年中报营收与利润均实现大幅增长，且 未受到海外关税扰动影响，表明全球市场需求依然强劲。与此同时，国内投融资环境逐步改善，创新药 企BD及IPO活跃，推动从融资到回报的良性循环形成。预计创新药产业链将迎来新一轮上行周期， CXO板块具备系统性修复机会。 医疗健康ETF泰康紧密跟踪国证公共卫生与医疗健康指数，国证公共卫生与医疗健康指数反映A股市场 中公共卫生与医疗健康产业上市公司的市场表现。 截至2025年7月15日 09:35，医疗健康ETF泰康(159760)上涨0.17%，冲击5连涨。跟踪指数国证公共卫生 与医疗健康指数(980016)上涨0.13%，成分股百济神州(688235)上涨2.81%，惠泰医疗(688617)上涨 1.20%，药明康德(603259)上涨1.12%，信立泰(002294)上涨1.08%，海思科(002653)上涨0.85%。 截至7月14日，医疗健康ETF泰康(159760)最新规模达8249.79万元，创近3月新高。 场外产品方面，泰康医疗健康ETF发起式联接(A类：020093；C类：020094)同样实现五日连涨 ...

Core Viewpoint - The China Securities Index for Healthcare Equipment and Services has shown a slight increase of 0.39% recently, reflecting the overall performance of listed companies in the healthcare sector [1] Group 1: Index Performance - The China Securities Index for Healthcare Equipment and Services is currently at 13,682.83 points with a trading volume of 18.089 billion [1] - Over the past month, the index has decreased by 0.83%, while it has increased by 2.95% over the last three months, and has seen a year-to-date decline of 0.43% [1] Group 2: Index Composition - The index is composed of listed companies that correspond to the healthcare theme, with a base date of December 31, 2004, set at 1,000.0 points [1] - The top ten weighted companies in the index include: Mindray Medical (9.44%), United Imaging (8.04%), Aier Eye Hospital (7.55%), Aimeike (3.41%), Huatai Medical (3.23%), New Industry (2.81%), Yuyue Medical (2.7%), Lepu Medical (2.54%), Meinian Onehealth (2.05%), and Shandong Pharmaceutical Glass (1.91%) [1] Group 3: Market Distribution - The index's holdings are primarily listed on the Shenzhen Stock Exchange (60.09%) and the Shanghai Stock Exchange (39.91%) [1] - The healthcare sector accounts for 100% of the index's holdings [1] Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - Public funds tracking the healthcare index include various Southern and Tianhong funds, as well as ETFs from multiple financial institutions [2]

10% 医药生物 沪深300 医药生物行业 -5% 0% 5% 10% 医药生物 沪深300 超配（维持） 医药生物行业双周报（2025/6/27-2025/7/10） 血液透析设备迎来集采 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 医药生物（申万）指数走势 -35% 资料来源：iFind，东莞证券研究所 相关报告 行 业 周 报 行 业 研 究 证 券 研 究 报 告 -30% -25% -20% -15% -10% -5% 0% 5% 10% 医药生物 沪深300 -35% -30% -25% -20% -15% -10% 5% 医药生物 沪深300 -35% -30% -25% -20% -15% -10% -5% 0% -40% -20% 0% 20% 22-03 22-05 22-07 22-09 22-11 23-01 23-03 -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 医药生物 沪深300 2025 年 7 月 11 日 分析师： ...

Core Viewpoint - The Shanghai Stock Exchange Science and Technology Innovation Board Biopharmaceutical Index has shown strong performance, with significant increases in constituent stocks, indicating a positive trend in the biopharmaceutical sector [1][3]. Market Performance - As of July 11, 2025, the Biopharmaceutical Index rose by 1.23%, with notable gains from stocks such as Yifang Biotech (+10.31%), Shouyao Holdings (+8.34%), and Te Bao Biotech (+7.18%) [1]. - The Jiashi Science and Technology Medicine ETF (588700) also increased by 1.14%, marking its third consecutive rise [1]. Liquidity and Trading Volume - The Jiashi Science and Technology Medicine ETF recorded a turnover rate of 9.54% and a trading volume of 21.11 million yuan [3]. - Over the past month, the ETF has maintained an average daily trading volume of 33.32 million yuan, ranking first among comparable funds [3]. Fund Growth and Performance - In the last two weeks, the Jiashi Science and Technology Medicine ETF's scale increased by 17.56 million yuan, leading among comparable funds [3]. - The ETF's net value has risen by 37.70% over the past year, with a maximum single-month return of 23.29% since its inception [3]. Top Holdings - As of June 30, 2025, the top ten weighted stocks in the Biopharmaceutical Index accounted for 50.3% of the index, including companies like United Imaging Healthcare, BeiGene, and Huatai Medical [3][5]. Policy Support and Market Outlook - Recent policy documents have been released to support the high-quality development of innovative drugs, highlighting government backing for the sector [6]. - The number of innovative drugs in development in China has reached over 4,000, representing approximately 30% of the global total [5][6].

截至2025年7月10日 13:14，上证科创板生物医药指数上涨0.14%，成分股微芯生物上涨5.56%，悦康药业上涨3.38%，智翔金泰上涨2.93%，迈威生物上涨 2.47%，康希诺上涨2.15%。科创医药ETF嘉实(588700)红盘震荡。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 688271 | 联影医疗 | -0.65% | 8.97% | | 688235 | 百济神州 | 0.93% | 7.05% | | 688617 | 惠泰医疗 | 1.16% | 5.85% | | 688578 | 艾力斯 | 0.84% | 4.91% | | 688506 | 百利天恒 | -1.12% | 4.77% | | 688266 | 泽璟制药 | 1.34% | 4.75% | | 688114 | 华大智造 | 0.46% | 4.17% | | 688180 | 君实生物 | -1.48% | 4.15% | | 688050 | 爱博医疗 | -0.13% | 3.33% | | 688278 | 特宝生物 | 0.01% | ...

从上证科创板50成份指数持仓样本的行业来看，信息技术占比68.83%、医药卫生占比11.80%、工业占 比11.66%、可选消费占比4.39%、原材料占比2.66%、主要消费占比0.66%。 资料显示，上证科创板50成份指数的样本每季度调整一次，样本调整实施时间为每年3月、6月、9月和 12月的第二个星期五的下一交易日。每次调整数量比例原则上不超过10%。采用缓冲区规则，排名在前 40名的候选新样本优先进入指数，排名在前60名的老样本优先保留。权重因子随样本定期调整而调整， 调整时间与指数样本定期调整实施时间相同。在下一个定期调整日前，权重因子一般固定不变。上证科 创板50成份指数定期审核时设置备选名单，具体规则参见指数计算与维护细则。当指数因为样本退市、 合并等原因出现样本空缺或其他原因需要临时更换样本时，依次选择备选名单中排序靠前的证券作为样 本。特殊情况下将对上证科创板50成份指数样本进行临时调整。当样本发生退市时，将其从指数样本中 剔除。样本公司发生收购、合并、分拆等情形的处理，参照指数计算与维护细则处理。 据了解，上证科创板50成份指数由上海证券交易所科创板中市值大、流动性好的50只证券组成，反映最 ...

Core Viewpoint - The company, United Imaging Healthcare, has shown a significant increase in stock price and market capitalization, but its price-to-earnings (PE) ratio remains high compared to industry averages, indicating potential overvaluation [1][2]. Company Summary - United Imaging Healthcare's stock closed at 129.71 yuan, up 2.60%, with a rolling PE ratio of 84.26, marking a new low in 18 days and a total market capitalization of 106.90 billion yuan [1]. - The company operates in the medical device sector, providing high-performance medical imaging equipment, radiation therapy products, life science instruments, and digital healthcare solutions [1]. - As of the first quarter of 2025, the company had 117 institutional investors holding a total of 33,436.65 million shares, with a market value of 40.79 billion yuan [1]. Financial Performance - In the first quarter of 2025, the company reported revenue of 2.478 billion yuan, a year-on-year increase of 5.42%, and a net profit of 370 million yuan, up 1.87%, with a gross profit margin of 49.94% [2]. - The company's PE ratio is significantly higher than the industry average of 51.42 and the median of 37.44, indicating a potential premium valuation [2].