内容概要：MRI超导磁体是指用于MRI设备的超导磁体，由于磁共振需要在高均匀、高稳定的强磁场中 才能实现，磁体用于提供MRI成像所必需的磁场，是MRI设备最重要的组成部分之一。近年来，随着国 内MRI超导磁体领域国产替代进程的持续深化与加速落地，国内企业在无液氦技术量产、高场强磁体性 能优化等核心环节实现关键突破，头部厂商纷纷推进智能化生产线建设与产能扩建，同时上游超导材 料、精密制冷部件等配套产业链的国产化率大幅提升，为行业供给端的扩容提供了坚实支撑。在此背景 下，行业整体供给能力与供给质量同步升级，供给规模稳步扩大，国内MRI超导磁体行业需求趋于稳 定。2025年，我国MRI超导磁体行业产能增长至1400台，产量增长至900台,行业需求量增长至1549台， 市场规模增长至30.32亿元；预计2026年，我国MRI超导磁体行业产能将增长至1500台，产量将增长至 985台，行业需求量增长至1638台，市场规模增长至32.35亿元。 上市企业：健信超导[688805]、联影医疗[688271]、西部超导[688122]、辰光医疗[920300] 相关企业：潍坊新力超导磁电科技有限公司、西门子医疗、GE医疗、飞 ...

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].

Core Viewpoint - The stock of United Imaging Healthcare (688271) has experienced a decline, with significant net outflows from major funds, indicating potential concerns among institutional investors [1][2]. Financial Performance - As of February 12, 2026, United Imaging Healthcare's stock closed at 127.22 yuan, down 1.0% with a trading volume of 43,100 hands and a transaction value of 549 million yuan [1]. - In the recent three quarters, the company reported a main revenue of 8.859 billion yuan, a year-on-year increase of 27.39%, and a net profit of 1.12 billion yuan, up 66.91% [3]. - The third quarter of 2025 saw a single-quarter main revenue of 2.843 billion yuan, a 75.41% increase year-on-year, and a net profit of 122 million yuan, up 143.8% [3]. Market Position - United Imaging Healthcare has a total market value of 104.849 billion yuan, ranking second in the medical device industry, with a net asset of 20.805 billion yuan, ranking third [3]. - The company's price-to-earnings ratio (P/E) is 70.2, which is lower than the industry average of 84.83, ranking 66th [3]. - The gross margin stands at 47.02%, slightly below the industry average of 51.01%, ranking 80th [3]. Fund Flow Analysis - On February 12, 2026, the net outflow of major funds was 52.849 million yuan, accounting for 9.62% of the total transaction value, while retail investors saw a net inflow of 37.8691 million yuan, representing 6.89% [1][2]. - Over the past five days, the trend shows consistent net outflows from major funds, indicating a potential bearish sentiment among institutional investors [2]. Analyst Ratings - In the last 90 days, 13 institutions have rated the stock, with 9 buy ratings and 4 hold ratings, and the average target price set at 174.86 yuan [4].

Group 1 - The 51st Arab Health Exhibition in Dubai showcased China's top medical institutions, marking their first collective international presence, focusing on AI-enabled healthcare solutions [1][2] - Key representatives from leading Chinese medical institutions, including Fudan University and Peking University, highlighted innovations in AI applications across various medical fields [1][2] - The exhibition attracted over 4,000 companies, with more than 400 Chinese enterprises participating, representing nearly 10% of total exhibitors [2] Group 2 - Chinese medical AI is positioned as a leader due to the largest application scenarios globally, enhancing efficiency in diagnosis, hospital management, and patient services [2] - The demand for AI medical models and training in the Middle East is increasing, with Chinese companies offering a complete ecosystem of quality products, after-sales support, and comprehensive training [2] - Leading Chinese medical equipment company, United Imaging, presented several AI-enabled high-end devices, including dual-source CT and MRI systems, marking their debut in Dubai [2][3] Group 3 - United Imaging is building a global cooperation ecosystem driven by clinical needs and supported by big data and native AI, with partnerships established in the Middle East and North Africa [3] - The company has made significant strides in the region, including signing orders for advanced medical equipment in Turkey, Kuwait, and Morocco [3] - Collaborations were formed during the exhibition, such as a memorandum of understanding between Fudan University and Brazil's University of São Paulo, focusing on smart healthcare and digital infrastructure [3]

Core Insights - The report emphasizes the focus on undervalued and performance-recovering sectors within the medical services and consumer segments, predicting a fundamental improvement in 2026 [4]. Group 1: Investment Strategy - The report maintains an "outperform" rating for the sector, indicating a positive outlook for the medical and consumer-related segments [2]. - Key areas of focus include medical services, pharmacies, and home medical devices, which are expected to see performance recovery and valuation improvements in 2026 [4]. Group 2: Sector Analysis - Medical services are anticipated to recover due to improved supply structure and consumer environment, with leading companies expected to show positive earnings guidance for 2026 [4]. - The pharmacy sector has shown significant marginal improvement since Q3 2025, with leading companies experiencing quarterly performance enhancements [4]. - Home medical devices are expected to benefit from increased product penetration and domestic production rates, contributing to sustained performance growth [4]. Group 3: Notable Companies - The report highlights specific companies to watch, including Aier Eye Hospital, Yuyue Medical, and Yifeng Pharmacy, which are positioned for growth in their respective segments [4]. - The investment portfolio for February 2026 includes a mix of A-share and H-share companies, such as Mindray Medical, WuXi AppTec, and Kangfang Biotech, indicating a diversified approach to investment [4]. Group 4: Market Performance - The medical sector outperformed the broader market in January 2026, with a 3.14% increase compared to the 1.49% rise of the CSI 300 index [10]. - Sub-sectors such as medical services and medical devices showed significant gains, with respective increases of 8.82% and 5.28% [17]. Group 5: Macro Data - In 2025, the pharmaceutical manufacturing industry reported a total revenue of 24,870 billion yuan, reflecting a slight decline of 1.2% year-on-year, while total profits increased by 2.7% [9]. - The retail sales of pharmaceuticals reached 7,294 billion yuan, with a year-on-year growth of 1.8%, indicating a stable demand in the market [9].

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].

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。 该股最近90天内共有14家机构给出评级，买入评级10家，增持评级4家；过去90天内机构目标均价为 174.86。 证券之星消息，截至2026年2月9日收盘，联影医疗(688271)报收于128.92元，上涨0.33%，换手率 0.47%，成交量3.88万手，成交额5.0亿元。 2月9日的资金流向数据方面，主力资金净流出2994.6万元，占总成交额5.99%，游资资金净流入963.89 万元，占总成交额1.93%，散户资金 ...

Core Viewpoint - The China Securities Medical Index (399989) closed at 7161.62 points, up 0.6%, with a trading volume of 19.192 billion yuan and a turnover rate of 1.97% on February 9 [1] Group 1: Index Performance - On the same day, 37 of the index's constituent stocks rose, with Sanbo Brain Science leading with a 5.32% increase, while 12 stocks declined, with Aier Eye Hospital falling by 2.98% [1] - The top ten constituent stocks of the China Securities Medical Index are primarily in the pharmaceutical and medical sectors, with WuXi AppTec holding the highest weight at 10.03% [1] Group 2: Stock Details - The top ten stocks include: - WuXi AppTec: Weight 10.03%, Latest Price 98.70, Market Cap 294.97 billion yuan [1] - Mindray Medical: Weight 9.12%, Latest Price 189.17, Market Cap 229.36 billion yuan [1] - United Imaging Healthcare: Weight 7.49%, Latest Price 128.92, Market Cap 106.25 billion yuan [1] - Aier Medical: Weight 6.04%, Latest Price 10.74, Market Cap 100.16 billion yuan [1] - Other notable stocks include Tigermed, Kanglong Chemical, and Yuyue Medical, all within the medical and pharmaceutical industry [1] Group 3: Capital Flow - The net outflow of main funds from the index's constituent stocks totaled 205 million yuan, while retail investors saw a net inflow of 1.51 billion yuan [1] - Detailed capital flow indicates that major stocks like WuXi AppTec and Mindray Medical experienced varying levels of net inflow and outflow from different investor categories [2]

Investment Rating - The report maintains a "Buy" rating for key companies in the pharmaceutical sector, including Innovent Biologics, Efang Biologics, Tianshili, WuXi AppTec, and Mindray Medical [4][28]. Core Insights - The policy-driven upgrade of traditional Chinese medicine (TCM) industry is expected to enhance industry concentration in the medium to long term, benefiting companies with strong quality control and innovative capabilities [2][24]. - The implementation plan for high-quality development of the TCM industry aims to establish a collaborative development system by 2030, focusing on raw material supply, innovation, production quality control, and internationalization [2][23]. - The investment strategy emphasizes the importance of clinical value in the pharmaceutical sector, recommending a focus on innovative drugs and high-end medical devices [3][26]. Summary by Sections Market Review - The A-share pharmaceutical index rose by 0.14%, outperforming the CSI 300 index by 1.47 percentage points [1][16]. - The Hong Kong Hang Seng Medical Health Index fell by 1.41%, but still outperformed the Hang Seng Index by 1.65 percentage points [1][16]. Policy Insights - The Ministry of Industry and Information Technology and other departments issued a plan to enhance the TCM industry, which includes fostering leading enterprises and establishing high-standard raw material production bases [2][24]. - The plan emphasizes digitalization and sustainability, aiming to raise compliance standards and accelerate the exit of smaller companies from the market [2][25]. Company Updates - Recent clinical progress includes the NDA submission for HRS-9531 by Heng Rui Medicine and the initiation of clinical trials for various drugs by other companies [1][31][32]. - Key companies such as Yunnan Baiyao, Baiyunshan, and Taiji Group are highlighted for their strong positions in raw material supply [2][25]. Financial Forecasts - The report provides earnings per share (EPS) forecasts for key companies, with Innovent Biologics projected to have an EPS of 0.49 in 2025 and WuXi AppTec expected to reach an EPS of 5.07 in the same year [4][28]. - The pharmaceutical manufacturing industry reported a revenue decline of 1.2% year-on-year for 2025, with total revenue reaching 2,487 billion yuan [51].

Investment Rating - The report maintains a "Market Perform" rating for the pharmaceutical and biotechnology industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [28][37]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, declining by 1.91% from January 23 to February 5, 2026, which is approximately 0.74 percentage points lower than the index [12]. - Most sub-sectors within the industry recorded negative returns during the same period, with offline pharmacies and vaccine sectors showing the best performance, increasing by 3.01% and 0.12% respectively, while other sectors like biological products and chemical preparations saw declines of 3.28% and 3.27% [13]. - Approximately 34% of stocks in the industry recorded positive returns, while 66% experienced negative returns during the reporting period [14]. - The overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry was approximately 51.00 times as of February 5, 2026, indicating a decrease in industry valuation [18]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, with a decline of 1.91% from January 23 to February 5, 2026 [12]. - Most sub-sectors recorded negative returns, with offline pharmacies and vaccines performing relatively well [13]. - About 34% of stocks in the industry had positive returns, with significant variations in individual stock performance [14]. - The industry valuation has decreased, with a PE ratio of approximately 51.00 times [18]. 2. Industry News - The 11th batch of national procurement results is set to be implemented in February, with notifications already released by 17 provinces [26]. - The National Medical Insurance Administration has issued a notice to accelerate the cultivation and opening of application scenarios in the medical insurance field [25]. 3. Company Announcements - Jianyou Co., Ltd. announced that its subsidiary received FDA approval for its product, sodium selenite injection [27]. 4. Industry Outlook - The report suggests a focus on investment opportunities in the brain-computer interface sector as part of the 14th Five-Year Plan, with ongoing policy support [28]. - Recommended sectors for investment include medical devices, pharmaceutical commerce, aesthetic medicine, scientific services, hospital and diagnostic services, traditional Chinese medicine, innovative drugs, biological products, and CXO services [29].