张英 医疗反腐风暴渐渐平息，医疗设备经销商却未能放松，他们面临更大的考验——集采。 11月，多位医疗设备经销商找到张震，想聊聊转型的可能。几年前，当安徽、福建率先开展医疗设备省 级集采时，张震就决定陆续放弃医疗设备经销业务，现在已转型到投资行业。 医疗设备集采最初于2020年开始在安徽、福建施行，不过此后几年跟进的省份较少，直至近一年来情况 出现变化——据经济观察报统计，全国至少已有14个省份开展医疗设备集采。 医疗设备包括常见的超声、CT、数字X线（DR）、呼吸机，也包括一般人不太了解的磁共振（MR）、 血管造影系统、手术机器人、放疗设备等。 与药品和耗材直接用于治疗患者不同，医疗设备多是医生诊断的辅助工具，相当于医生的眼睛。 患者对医疗设备的价格感知较弱，它的价格直接影响到的是医疗机构的采购成本，进而常以间接的方式 影响患者的检查等费用。 在2023年开始的医疗反腐风暴中，医疗设备采购中存在的贪腐受到高度关注。多位受访者认为，这是近 一年来多省陆续开展医疗设备集采的重要背景，未来医疗设备集采会持续扩围。 这场集采浪潮正重塑医疗设备万亿市场，那些曾价值上百万元、千万元的大块头设备在这场集采中不断 刷新最低价 ...

中泰证券研报指出，联影医疗深耕高端医学影像设备领域，凭借高水平研发投入，公司不断推出行业领 先产品，如国产首款光子计数CT、全球首台5.0T全身成像MR等，突破高端市场。在创新驱动下，公司 营收从2018年的20.35亿元跃升至2024年的103.00 亿元，年复合增速高达31%。此外，装机基数扩大带 来的高毛利维保、软件服务业务占比提升，使公司能够维持较稳定的盈利水平。认为公司在高端医学影 像已建立起较强市场地位，产品技术壁垒较高，且出海打开成长空间，预计远期市值可达2141亿元，首 次覆盖，给予"买入"评级。 ...

这不是一次普通的新品发布。在中国超声设备市场，迈瑞医疗已经稳坐国产第一把交椅多年，而国际市 场上，GPS三巨头（GE医疗、飞利浦医疗和西门子医疗）仍牢牢把控着高端市场的话语权。联影此时入 局，面对的是一个年规模超过140亿元、但价格战已经白热化的红海市场。 然而，联影选择了一个微妙的时间窗口——AI技术正在重塑超声诊断的范式，国产替代政策持续加码， 设备更新换代需求即将释放。更重要的是，这家公司带着一个明确的野心：用AI重新定义超声，而不是 简单地复制现有玩家的路径。 联影能否在迈瑞的腹地撕开一道口子，国产超声能否借此机会完成高端市场的最后突破，这场迟来的入 局，或许将成为观察中国高端医疗设备国产化进程的一个关键切面。 联影为何此时入局？六年蛰伏背后的战略算盘 联影做超声，其实并不突然。早在2019年，这家公司就悄悄启动了超声研发项目。六年时间，累计投入 超过6亿元，组建了独立的超声事业部，完成了从超高端到经济型的全线产品布局。联影总裁包峻在发布 会上透露，公司已经实现了探头、主机、板卡等全部核心部件的自主研发——这在国产超声企业中并不 多见。 为什么是现在？表面上看，联影是在补齐产品线。在医学影像领域，CT ...

Summary of Key Points from China Healthcare Conference and Tour Industry Overview - **Industry**: China Healthcare - **Focus**: Innovation, Globalization, and Recovery in Medical Technology (Medtech) Core Insights 1. **Innovation Hub**: China is establishing itself as a global innovation hub, particularly in novel modalities such as IO bispecific, ADC, and siRNA [1][2] 2. **Medtech Globalization**: Leading Chinese medical equipment companies are moving beyond simple exports to establish localized production and direct sales networks [1][3] 3. **IVD Market Recovery**: The domestic In-Vitro Diagnostics (IVD) market is showing signs of bottoming out, with hospitals incentivized to switch to cost-effective domestic solutions due to pricing pressures [1][4] 4. **CXO Sector Performance**: Strong orders in the CXO sector are sustained, with potential price recovery in domestic clinical CROs expected to improve gross margins in 2026 [1][5] Company-Specific Highlights 1. **Abbisko (2256.HK)** - Focus on clinical progress of irpagratinib and ABSK043, with a strong pipeline that remains undervalued in the market [15] - Irpagratinib's Phase 3 study for HCC is on track, and ABSK043 shows promise in combination therapies [16][17] 2. **Huadong Medicine (000963.SZ)** - Innovative drugs contributed Rmb1,675 million in sales for 9M25, up 62% YoY, with a focus on oncology and metabolic diseases [19] - Ongoing discussions for potential out-licensing of GLP-1 candidates and ADC [20] 3. **MicroPort MedBot (2252.HK)** - YTD overseas orders exceeded 70, indicating rapid commercialization in international markets [23] - Targeting cash flow breakeven in 2026, with a focus on increasing revenue from high-margin consumables [24][25] 4. **Shanghai Fosun Pharma (2196.HK)** - Optimistic about the inclusion of CAR-T therapy Yescarta in the innovative drug catalog of commercial insurance, expected to accelerate coverage [28] - Increasing R&D investment by 20% YoY, focusing on new modalities like radiopharmaceuticals [30] 5. **Henlius (2696.HK)** - HLX43 shows promising data in NSCLC, with plans for multiple registrational trials [31][33] - Developing a new platform for radiopharmaceuticals and small nucleic acids [32] 6. **Shenzhen Mindray (300760.SZ)** - Aiming to double its current 10% market share in IVD within three years, leveraging comprehensive lab solutions [37] - Global strategy focuses on localization and diversification of manufacturing [38] 7. **Tigermed (3347.HK)** - Positive revenue growth guidance for 2025, with strong orders in Phase 1/2 trials [40][42] - Expanding overseas operations, with significant growth in the US and Japan [43] 8. **United Imaging (688271.SS)** - Achieving robust growth in developed markets, with a CAGR of 50% for overseas markets expected [44][48] - Strong positioning in high-end MRI and molecular imaging sectors [47] Additional Insights - **siRNA Modality**: The siRNA field is at an inflection point, attracting significant interest from multinational corporations due to its long-dosing interval potential [2][9] - **Market Dynamics**: The domestic IVD market is experiencing a structural shift favoring domestic leaders, with hospitals seeking cost-effective solutions [4][14] - **Globalization Trends**: Chinese medtech firms are successfully executing globalization strategies, with significant growth in emerging markets [3][13] This summary encapsulates the key takeaways from the China Healthcare Conference and Tour, highlighting the industry's focus on innovation, globalization, and recovery, along with specific insights into leading companies within the sector.

Group 1: Communication Sector - The report highlights the strong fundamentals of the digital virtual goods operator, Bee Assistant (301382.SZ), with a stable business base and rapid growth in IoT and cloud terminal services [4] - The company is expected to benefit from AI trends due to its strategic investments in AI-related areas [4] Group 2: Medical Sector - United Imaging Healthcare (688271.SH) is identified as a leading domestic medical imaging equipment manufacturer with a comprehensive product line including CT, MR, MI, XR, RT, and ultrasound [4] - The company has made significant breakthroughs in core technologies and successfully launched high-end products like ultra-high field MR and digital PET-CT, which are at the forefront of global standards [4] - Anticipated revenue recognition from delayed orders in 2024 is expected to boost performance in the second half of 2025, supported by new funding for equipment upgrades [4] Group 3: Consumer Goods Sector - Gu Ming (1364.HK) is noted as a highly certain and scalable player in the tea beverage sector, with strong same-store sales and rapid franchisee payback periods [4] - The company is expected to emerge as a stable growth and expansion leader during the industry reshuffle in 2026 [4] Group 4: Home Appliances Sector - Midea Group (000333.SZ) reported a 13% year-on-year revenue increase in the ToC segment for Q1-Q3 2025, driven by high-end brands and an optimized product structure [5] - The ToB segment saw an 18% revenue increase, with significant growth in new energy and industrial technology sectors [5] - The company's focus on robotics is expected to enhance its product offerings and support long-term revenue growth [7] Group 5: Chemical Sector - Excellent New Energy (688196.SH) is positioned well in the biofuel industry, with a robust capacity layout for biodiesel and bio-based materials [7] - The company is accelerating its biodiesel project with a projected post-tax internal rate of return of 28.94%, enhancing its market competitiveness [7] Group 6: Financial Sector - Industrial and Commercial Bank of China (601398.SH) is characterized by its stability and high dividend yield, making it a preferred choice for investors seeking certainty [7] - The bank's net profit showed a slight year-on-year increase of 0.33% for the first three quarters of 2025, with non-interest income growing by 11.3% [7] Group 7: Transportation Sector - Jinjiang Shipping (601083.SH) reported a remarkable 64% year-on-year increase in net profit for Q3, outperforming peers [7] Group 8: Retail Sector - China Duty Free Group (601888.SH) is experiencing a recovery in duty-free sales, benefiting from increased domestic tourism and expectations of policy support [7] Group 9: Agriculture Sector - Tian Kang Biological (002100.SZ) is positioned to benefit from rising pig prices as the industry undergoes capacity reduction, potentially enhancing profitability [8] Group 10: Electronics Sector - Huadian Co., Ltd. (002463.SZ) is experiencing high growth in server switch business driven by AI demand, with ongoing capacity expansion and improved profitability [8]

证券之星消息，截至2025年11月27日收盘，联影医疗(688271)报收于132.1元，上涨0.15%，换手率 0.42%，成交量3.49万手，成交额4.6亿元。 联影医疗2025年三季报显示，前三季度公司主营收入88.59亿元，同比上升27.39%；归母净利润11.2亿 元，同比上升66.91%；扣非净利润10.53亿元，同比上升126.94%；其中2025年第三季度，公司单季度主 营收入28.43亿元，同比上升75.41%；单季度归母净利润1.22亿元，同比上升143.8%；单季度扣非净利 润8761.41万元，同比上升126.24%；负债率30.08%，投资收益6068.47万元，财务费用-4382.33万元，毛 利率47.02%。联影医疗（688271）主营业务：提供高性能医学影像设备、放射治疗产品、生命科学仪 器及医疗数字化、智能化解决方案。 11月27日的资金流向数据方面，主力资金净流出342.16万元，占总成交额0.74%，游资资金净流出 2949.9万元，占总成交额6.42%，散户资金净流入3292.06万元，占总成交额7.16%。 近5日资金流向一览见下表： | 日期 收盘价 涨跌幅 主力 ...

科创ETF（588050）业绩比较基准为上证科创板50成份指数收益率，管理人为工银瑞信基金管理有限公 司，基金经理为赵栩，成立（2020-09-28）以来回报为-5.97%，近一个月回报为-10.05%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 11月27日，科创ETF（588050）开盘涨0.52%，报1.357元。科创ETF（588050）重仓股方面，中芯国际 开盘涨0.97%，海光信息涨1.57%，寒武纪涨3.45%，澜起科技涨0.93%，中微公司涨0.53%，联影医疗涨 0.07%，金山办公跌0.61%，芯原股份涨2.94%，石头科技涨0.49%，传音控股跌0.57%。 来源：新浪基金∞工作室 ...

摘要 ： IVD相关的自动化临床实验室分别有6家公司入围。其中有两家国产流式细胞仪生产企业入围，分别为深圳迈瑞生物医疗电子 股份有限公司和桂林优利特医疗电子有限公司。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 11月25日，中华人民共和国工业和信息化部装备工业一司发布了2025年高端医疗装备推广应用项目公示，共遴选出 57个高端医疗装备推广应用项目。 其中有两家国产流式细胞仪生产企业入围 ，分别为 桂林优利特医疗电子有限公司 和 深圳迈瑞生物医疗电子股份有限公司 。 | 46 | | 应用项目。 | 流式细胞分析仪推广深圳迈瑞生物医疗电子。 子股份有限公司。 | | 上海交通大学医学院附属第九人民医院、哈尔滨医科大 学附属第一医院、首都医科大学附属北京佑安医院、天 | | --- | --- | --- | --- | --- | --- | | | 流式细胞分析仪。 | | | | 市南山区人民医院、长沙市中心医院、南阳市中心医院、 新疆维吾尔自治区人民医院 | | 478 | | | 高性能流式细胞仪推桂林优利特医疗电子广州医科大 ...

Group 1 - The core viewpoint of the articles highlights the Chinese government's initiatives to promote the high-quality development of the medical device industry through various supportive measures and regulatory reforms [1][2]. - Beijing's measures include 15 supportive actions aimed at enhancing clinical research, registration, production, application, and international expansion of innovative medical devices [1]. - Shanghai's measures focus on expediting the registration process for innovative Class II medical devices, aiming to reduce the average registration cycle to within six months [1][2]. Group 2 - The "14th Five-Year Plan" emphasizes support for the development of innovative drugs and medical devices, indicating a robust growth trajectory for China's medical industry [2]. - The medical device market in China is projected to grow from 729.8 billion RMB in 2020 to 941.7 billion RMB by 2024, with a compound annual growth rate (CAGR) of 6.6%, and is expected to reach 1.81 trillion RMB by 2035 [2]. - The A-share market for medical devices has a total market capitalization of 1.38 trillion RMB, with major companies like Mindray Medical and United Imaging Healthcare leading the sector [3]. Group 3 - There are 45 medical device stocks with a rolling price-to-earnings (P/E) ratio below 40, including 12 stocks with a P/E ratio below 20, indicating potential undervaluation in the sector [4]. - As of November 25, 20 stocks have seen a price decline of over 20% from their yearly highs, with five stocks experiencing declines exceeding 30% [4]. - Aibo Medical, a leading manufacturer of high-end artificial lenses, reported a net profit of 290 million RMB for the first three quarters, a year-on-year decrease of 8.64%, but anticipates steady growth in sales by 2026 [4].

这也许是打工人最喜欢看到的一幕。 A股上市公司联影医疗发布公告称，公司五大员工持股平台合计减持股份1337万股，总价值高达18.2亿 元。 回望2011年，薛敏和张强两位校友在上海创立联影医疗，怀揣打破外资垄断的初心，十年磨一剑填补了 国产高端医疗装备的空白。2022年公司成功登陆科创板，如今市值约1100亿。 行至当下，一批"打工人"站到财富兑现的聚光灯。这是一场关于耐心与信任的时代叙事。 18亿，核心员工落袋 具体来看这笔减持联影医疗的五家员工持股平台宁波影聚、宁波影力、宁波影健、宁波影康及上海影 董，通过集中竞价及大宗交易方式减持公司股份，持股数量减少约1337万股，总金额为18.2亿元。 这一幕，早在十多年前就埋下了种子。 自2013年开始，联影医疗为了激励员工，通过董事会下设"薪酬委员会"向核心人才发放虚拟股份。此 后，公司又将原有的虚拟股计划调整为员工持股计划。 为配合这一安排，联影医疗在2017年搭建起五家员工持股平台即本次减持主体。上述平台的执行事务合 伙人均由公司董事长兼联席首席执行官张强担任。 公告显示，联影医疗的员工持股计划已覆盖800余名受益人，主体为在岗雇员及曾对公司做出突出贡献 的 ...