Core Viewpoint - The medical device sector is experiencing significant growth and investment opportunities, driven by recent regulatory approvals and technological advancements in brain-computer interface (BCI) technology [3][4][5]. Group 1: Market Performance - The medical device index ETF (159898) saw a 1.11% increase, with approximately 20 million yuan net inflow during trading [1]. - Key stocks in the medical device sector, such as Yirui Technology and Furu Medical, reported gains of 4.58% and 6.44% respectively, indicating strong market performance [1]. Group 2: Regulatory Developments - The National Medical Products Administration (NMPA) approved two high-value medical devices, enhancing clinical applications and technological development in the industry [3]. - Recent policies from major cities like Shanghai and Beijing aim to support the medical device industry, focusing on regulatory reforms and innovation [5]. Group 3: Technological Advancements - China has made significant progress in invasive brain-computer interface technology, becoming the second country after the U.S. to enter clinical trials [3]. - The global brain-computer interface market is projected to grow from approximately $2.62 billion in 2024 to $12.4 billion by 2034, with a compound annual growth rate of 17.35% [4]. Group 4: Investment Opportunities - Analysts suggest that the medical device sector may replicate the successful path of innovative pharmaceuticals, with a focus on innovation driving industry growth and global competitiveness [5]. - The medical device index ETF (159898) tracks a diverse range of leading companies in the sector, primarily focusing on A-share medical devices [7].

Core Viewpoint - The healthcare sector is currently underperforming, with the largest healthcare ETF (512170) experiencing fluctuations below the annual line, indicating potential accumulation of funds near this level [1]. Group 1: Market Performance - On December 23, the healthcare ETF (512170) recorded a net subscription of over 98.88 million yuan in a single day [1]. - The ETF closed at 0.345, down 0.58% from the previous day, with a trading range between 0.344 and 0.347 [2]. - Major component stocks in the ETF, such as Weining Health, fell over 2%, while other leading stocks like United Imaging, Aier Eye Hospital, and Aimeike also declined by more than 1% [1]. Group 2: Industry Insights - According to Zhongtai Securities, policy disturbances in the medical device industry are gradually clearing, with domestic demand recovering and export logic being realized, particularly in high-value consumables and medical equipment [2]. - Zhao Securities highlighted that by 2026, the medical device sector is expected to benefit from improved hospital demand, inventory optimization, and increased exports, with ongoing positive trends in bidding data for equipment [3]. - The medical ETF (512170) passively tracks the CSI Medical Index, which includes top-weighted stocks such as WuXi AppTec, Mindray Medical, United Imaging, Aier Eye Hospital, and others [3].

Group 1 - The medical sector is currently underperforming, with the largest medical ETF (512170) experiencing continued fluctuations below the annual line, indicating potential accumulation of funds near this level, as evidenced by a net subscription of over 98.88 million yuan on the previous day [1][5] - Major AI medical concept stocks, such as Weining Health, have seen declines exceeding 2%, with leading stocks like United Imaging, Aier Eye Hospital, and Aimeike also dropping over 1% [1][5] Group 2 - Zhongtai Securities notes that policy disturbances in the medical device industry are gradually clearing, with domestic demand recovering and export logic being realized, leading to a turning point for high-value consumables and medical equipment, while IVD and low-value consumables are expected to show marginal improvements [3][8] - According to招商证券, the medical device sector should focus on the improvement of in-hospital demand leading to inventory optimization and increased exports by 2026, with ongoing positive trends in equipment bidding data likely to enhance channel inventory [3][8] - The medical ETF (512170) and its linked funds passively track the CSI Medical Index, which includes top-weighted stocks such as WuXi AppTec, Mindray, United Imaging, Aier Eye Hospital, and others [3][8] Group 3 - Investment options in the medical sector include various ETFs, such as the Hong Kong Stock Innovation Drug ETF (520880) and the A-share Medical ETF (512170), with the latter being the largest in the market with a scale of 25.3 billion yuan [4][9] - The A-share medical ETF has a CXO content exceeding 25%, while the Hong Kong medical ETF has a CXO content over 37%, indicating a diverse investment landscape [4][9]

Investment Rating - The report maintains a focus on the innovative drug and medical device industry chain, indicating a high level of interest in this sector [1][6]. Core Insights - The innovative drug sector is experiencing high prosperity, with a recommendation to pay attention to pharmaceutical companies that are likely to see a revaluation of their value, such as Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [6][25]. - The report highlights the Biopharma/Biotech sector, which is expected to see performance improvements as innovative pipelines are realized, with companies like Innovent Biologics, BeiGene, and others being of particular interest [6][25]. - Attention is also drawn to CXO and upstream companies benefiting from innovation, including WuXi AppTec and WuXi Biologics [6][25]. - The report emphasizes the potential recovery of leading medical device companies such as United Imaging Healthcare and Lepu Medical [6][25]. Summary by Sections A-Shares Performance - In the third week of December 2025, the A-share pharmaceutical sector performed similarly to the overall market, with the Shanghai Composite Index rising by 0.03% and the SW Pharma and Biotech index falling by 0.1%, ranking 19th among Shenwan primary industries [8][10]. - Sub-sectors that performed relatively well included pharmaceutical commerce (+4.9%), medical equipment (+1.2%), and medical services (+0.5%) [10][25]. - Notable individual stock performances included Anhui Huaren Health Pharmaceutical Co., Ltd. (+55.9%), Luyan Pharma (+36.8%), and ShuYu Civilian (+35.7%) [13][25]. Hong Kong and U.S. Market Performance - The Hong Kong pharmaceutical sector underperformed the market, with the Hang Seng Healthcare index down by 1.8% and the Hang Seng Index down by 1.1% [19][25]. - In contrast, the U.S. pharmaceutical sector outperformed the market, with the S&P Healthcare Select Sector rising by 0.6% compared to the S&P 500's 0.1% increase [19][25].

截至2025年12月22日收盘，联影医疗（688271）报收于128.4元，较前一交易日上涨0.83%，最新总市值 为1058.22亿元。该股当日开盘127.79元，最高128.42元，最低126.72元，成交额达3.99亿元，换手率为 0.38%。 近日，联影医疗发布关于召开2025年第一次临时股东会的会议资料，其中包含《关于2026年度日常关联 交易预计的议案》。根据公告，本次会议将审议公司2026年度与关联方之间的日常关联交易计划，涉及 向关联方采购原材料、销售产品、提供劳务、接受服务及商标授权许可等事项，预计2026年度总交易金 额为105,707.65万元。各类别交易的具体金额及占比已在议案中列明。会议将采用现场与网络投票相结 合的方式进行，现场会议定于2025年12月30日举行。 最新公告列表 《联影医疗2025年第一次临时股东会会议资料》 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

上海联影医疗科技股份有限公司 2025 年第一次临时股东会会议资料 上海联影医疗科技股份有限公司 2025 年第一次临时股东会 会议资料 二〇二五 年 十二 月 上海联影医疗科技股份有限公司 2025 年第一次临时股东会会议资料 上海联影医疗科技股份有限公司 2025 年第一次临时股东会会议资料目录 一、2025 年第一次临时股东会会议议程 二、2025 年第一次临时股东会须知 三、2025 年第一次临时股东会会议议案 1、《关于 2026 年度日常关联交易预计的议案》 上海联影医疗科技股份有限公司 2025 年第一次临时股东会会议资料 上海联影医疗科技股份有限公司 2025 年第一次临时股东会会议议程 召开方式：现场投票表决与网络投票表决相结合 现场会议召开时间：2025 年 12 月 30 日下午 14:00 网络投票时间：2025 年 12 月 30 日 为了维护全体股东的合法权益，确保公司股东会顺利召开，根据中国证券 监督管理委员会《上市公司股东会规则》和《公司章程》的有关规定，特制定 股东会须知如下： 一、为确认出席大会的股东或其代理人及其他出席者的出席资格，会议工 作人员将对出席会议者的身份进行必 ...

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Insights - The report highlights the promising data from CTLA-4 drugs, suggesting potential investment opportunities in related areas [3][5] - The pharmaceutical index experienced a slight decline of 0.14% from December 15 to December 19, 2025, but showed a relative outperformance of 0.14% against the CSI 300 index [5] - The report emphasizes the importance of innovative drugs as a key investment theme for 2026, with a focus on companies that are expected to show clear performance trends and potential reversals in operations [5][41] Summary by Sections 1. CTLA-4 Target - CTLA-4 is identified as a significant immune checkpoint that can inhibit T cell activation, presenting potential value in cancer immunotherapy [8][9] - The CTLA-4 monoclonal antibody Gotistobart shows promising clinical trial results for squamous non-small cell lung cancer (sqNSCLC) patients who are resistant to immunotherapy [14][15] - Gotistobart's innovative mechanism targets Treg cells in the tumor microenvironment, potentially leading to a new paradigm in tumor immunotherapy [20][24] 2. Industry Perspective - The report maintains that innovative drugs should be the main focus for the year, while also considering manufacturing exports and aging-related consumption as relatively undervalued assets [25][41] - The pharmaceutical index has shown a year-to-date increase of 14.49%, with a notable number of stocks experiencing significant gains [25][26] - The report suggests that the Chinese pharmaceutical industry has completed a transition from old to new growth drivers, with innovative drugs opening new growth avenues for companies [41][42] 3. Investment Recommendations - Recommended stocks include innovative drug companies such as Xinyi Tai, Zai Jian Pharmaceutical, and others, as well as companies in the medical device sector [5][45] - The report advises focusing on companies with strong performance trends and those expected to benefit from the aging population and outpatient consumption [42][44] - The report also highlights the potential of AI in the pharmaceutical sector, suggesting that related stocks may perform well in the coming years [42][44]

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（2025/12/5-2025/12/18） 29 省耗材联盟集采启动 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。 行 业 研 医药生物（申万）指数走势 -35% 资料来源：iFind，东莞证券研究所 -40% -20% 0% 20% 22-03 22-05 22-07 22-09 22-11 23-01 23-03 相关报告 -30% -25% -20% -15% -10% -5% 0% 5% 10% 医药生物 沪深300 -35% -30% -25% -20% -15% -10% 5% -35% -30% -25% -20% -15% -10% -5% 0% 医药生物 沪深300 -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 医药生物 沪深300 2025 年 12 月 19 日 分析师：谢雄雄 SAC 执业证书编号： S0 ...

Core Insights - The 2025 Wuhan Investment Promotion Conference was held with the theme "Invest in Wuhan, Win the Future" [2] - The conference attracted approximately 240 representatives from Fortune 500 companies, multinational corporations, and innovative tech firms, focusing on collaboration and development [3] Group 1: Investment Highlights - A total of 160 industrial projects were signed during the conference, with a total investment amount of 110.97 billion yuan [3][15] - Among the signed projects, 38 projects exceeded 1 billion yuan, accounting for 81.3 billion yuan of the total [15] - The signed projects included 56 on-stage agreements, with 48 industrial projects worth 61.62 billion yuan and 8 urban renewal projects worth 12.04 billion yuan [15] Group 2: Industry Focus - The signed projects spanned multiple sectors, including artificial intelligence, next-generation information technology, health and biomanufacturing, digital economy, optoelectronic information, intelligent connected vehicles, new energy, new materials, and high-end equipment manufacturing [3][15] - The conference featured four thematic matchmaking activities focused on artificial intelligence, biomanufacturing, digital economy, and urban renewal development [15] Group 3: Guest Contributions - Notable figures such as Li Kaifu and Li Bin sent video messages to the conference, highlighting the importance of Wuhan's unique advantages in education, location, and industrial ecology [15] - Guests praised Wuhan's potential in emerging industries like artificial intelligence, digital economy, and biomedicine, expressing eagerness to collaborate with the city [15]

（编辑 任世碧） 证券日报网讯 12月18日晚间，浩瀚深度发布公告称，公司于2025年12月17日收到冯彦军先生出具的 《关于减持计划时间届满暨减持结果的告知函》，本次减持计划期限届满，冯彦军先生没有减持公司股 票。 ...