Core Insights - Shanghai United Imaging Healthcare Co., Ltd. won the first prize at the 2024 Shanghai Science and Technology Progress Award for its project on the independent research and industrialization of multimodal molecular imaging equipment, highlighting its technological advancements in the field [1] - The company aims to enhance product performance and accessibility of medical services, driven by clinical and research needs [1] Product Performance and Innovation - The project developed the world's first full-body PET/CT, which has nearly 40 times the sensitivity of traditional devices and can complete full-body imaging in seconds, providing new technical support for systemic diseases, drug development, and cancer micro-metastasis research [2] - The project established a vertical innovation system that supports continuous innovation of domestic molecular imaging products and enhances their influence in the global medical imaging industry [2] - The integrated PET/MR system is the first in China and the second in the world with time-of-flight (TOF) capabilities, enabling real-time data collection from both MR and PET modalities, crucial for early diagnosis of complex diseases [3] Technological Breakthroughs - The project overcame key technological challenges in large-size LYSO crystal growth, PET-specific chips, high-performance digital PET detectors, and integrated PET/CT and PET/MR systems, achieving breakthroughs in spatial and temporal resolution [4] - The molecular imaging team pioneered a modular multi-unit architecture to address engineering challenges, significantly enhancing clinical application levels [4][5] Clinical Applications and Research Contributions - The project has established imaging and diagnostic protocols based on over 40,000 tumor clinical images collected from ten major hospitals, promoting standardized clinical applications of full-body PET/CT [5] - Research based on the full-body PET/CT has provided new paradigms for multi-parameter imaging applications and demonstrated its potential in supporting targeted therapy drug research [5] - The company's molecular imaging products have led to over 380 published papers by experts, with many appearing in top journals in the field [5] Market Presence and Recognition - The project has received 13 national Class III medical device registrations and 12 certifications from the US and EU, with over 600 molecular imaging devices installed globally, covering nearly 30 countries [6] - The PET/CT product has maintained the number one market share in China's molecular imaging market for nine consecutive years, while the PET/MR product achieved a 60% market share in 2022 [6]

相比于传统CT，联影医疗的光子计数能谱CT在实现超高分辨率成像时，探测器的像素面积减小到原来 的1/9，可以呈现更细微病变结构。同时，通过创新的校正算法和重建算法，解决了像素面积减小导致 的信号强度降低的问题，抑制噪声并保证了图像质量。针对光子计数能谱CT大数据量处理这一痛点， 联影医疗也进行了全面的技术创新，已实现全准直覆盖的超高分辨率成像，在心脏等需要大范围覆盖的 检查中可做更深一步的探索。除此外，光子计数能谱CT实现了大幅降低辐射剂量，降低率可达60%到 70%，甚至在某些组织器官可降低80%到90%，让患者CT扫描更安全。 光子计数能谱CT是备受行业关注的下一代CT技术的革命方向。作为中国高端医学影像设备的领军企 业，联影医疗揭榜领题"十四五"规划国家重点研发计划重点专项"光子计数能谱CT研发"项目，联合中 山医院、瑞金医院等产业上下游、高校及临床多家单位，充分发挥各单位在整机研发、临床应用、检测 等多方面优势，全面投入光子计数能谱CT的自主研发。凭借深厚的技术积累和持续的创新投入，联影 医疗在整机系统设计、算法创新、能谱应用等核心领域取得了重要突破。 本报讯 （记者金婉霞）8月26日，记者从上海联影 ...

Core Viewpoint - The stock of United Imaging Healthcare has shown a positive trend with a year-to-date increase of 9.81%, despite a slight decline over the past 60 days, indicating potential resilience in the medical imaging equipment sector [1]. Group 1: Stock Performance - As of August 26, United Imaging Healthcare's stock price reached 138.71 CNY per share, with a market capitalization of 114.32 billion CNY [1]. - The stock has experienced a 2.11% increase during the trading session on August 26, with a trading volume of 5.38 billion CNY and a turnover rate of 0.48% [1]. - Year-to-date, the stock has increased by 9.81%, with a 7.07% rise over the last five trading days, a 1.01% increase over the last 20 days, and a 2.28% decline over the last 60 days [1]. Group 2: Financial Performance - For the first quarter of 2025, United Imaging Healthcare reported a revenue of 2.478 billion CNY, representing a year-on-year growth of 5.42%, and a net profit attributable to shareholders of 370 million CNY, reflecting a 1.87% increase year-on-year [2]. - The company has distributed a total of 534 million CNY in dividends since its A-share listing [3]. Group 3: Shareholder Structure - As of March 31, 2025, the number of shareholders for United Imaging Healthcare increased by 17.32% to 21,400, while the average number of circulating shares per person decreased by 14.77% to 27,678 shares [2]. - Major institutional shareholders include the Huaxia SSE Sci-Tech Innovation Board 50 ETF, which holds 23.33 million shares, and the E Fund SSE Sci-Tech Innovation Board 50 ETF, holding 16.59 million shares, both showing a decrease in holdings compared to the previous period [3].

"BD（业务发展）是个大热点，我们最近的一次线上会起码有一半时间，分析师都在问相关话题。"近 期，一位国内医疗器械行业人士向智通财经记者发出了这样的感慨。 对于医疗器械的BD，归创通桥（02190.HK）董事长赵中在接受智通财经记者采访时表示，医疗器械高 度依赖使用场景与术者经验，不适合简单的 license-out （对外授权）模式。该模式往往意味着将后续临 床试验、注册及海外销售等关键环节完全交由第三方主导，企业难以维持必要的管理与控制权，亦不利 于长期价值实现。当前也有国产医疗器械公司在海外拿证，但当地销售能力能否支撑持续放量仍待验 证。 "我们更希望在海外建立自己的能力，通过在目标市场引入并整合专业能力与网络，包括医疗机构与学 术合作网络、渠道与销售体系等，并将公司的自有产品有序嫁接其中，凭借优秀的产品提升我们的海外 口碑，更高效地拓展海外业务。"赵中进一步指出，这种能力不仅仅是商业化能力，而是包括产品研 发、注册、临床等综合能力，这与简单将产品BD出去的模式有很大区别。 虽然医疗器械不太适合当前创新药的BD模式，但从广义来说，医疗器械行业也一直有BD交易，如2023 年2月，国药集团国药控股旗下中国 ...

Core Viewpoint - The medical sector is experiencing significant activity, with the largest medical ETF in A-shares (512170) showing a 2% increase, nearing last year's peak, indicating strong investor confidence in the medical market [1][3]. Group 1: ETF Performance - The medical ETF (512170) reached a peak increase of 2%, with a trading volume exceeding 700 million yuan on the morning of August 25 [1]. - The latest scale of the ETF is 27.94 billion yuan, maintaining a leading position among similar ETFs [1]. - On the previous trading day, the ETF saw a net subscription of 98.54 million yuan, reflecting positive market sentiment towards the medical sector [1]. Group 2: Market Dynamics - Major stocks within the ETF, such as Meihua Medical and Lepu Medical, surged over 15%, while Wu Electric Physiology and other companies experienced declines [1][3]. - The ETF passively tracks the CSI Medical Index, with top-weighted stocks including Mindray Medical, United Imaging Healthcare, and Aier Eye Hospital [3]. Group 3: Policy and Innovation - The National Medical Products Administration announced support for companies to conduct global clinical trials simultaneously, aiming to shorten the drug approval process [3]. - A recent investment cooperation exchange meeting in Shenzhen focused on supporting the development of pharmaceuticals and medical devices [4]. - The establishment of a domestic medical technology innovation zone at the Medical Expo highlighted breakthroughs in domestic technology, with companies like Mindray and Weigao showcasing advanced diagnostic equipment [5]. Group 4: Industry Outlook - CITIC Securities noted that the performance and valuation of the medical device sector are gradually recovering, with recent procurement policies being optimized [5]. - The medical device industry is expected to benefit from policy easing, procurement clearance, and strategic transformations, with internationalization, technological innovation, and mergers and acquisitions becoming key growth paths [5].

截至2025年8月25日 10:55，科创综指ETF鹏华(589680)上涨2.95%，成分股开普云(688228)上涨20.00%， 航天宏图(688066)上涨20.00%，德科立(688205)上涨14.57%，云天励飞(688343)，海光信息(688041)等个 股跟涨。 浙商证券指出，自2024年9月24日以来，本轮AI主线引领的牛市中，科创板是引领板块。类似于，2013 年至2015年互联网主线引领的牛市中，创业板是引领板块。在这长达2年半的牛市运行中，主要划分为 三阶段，分别是，预期反转驱动、产业景气驱动、资金情绪驱动。其中，产业基本面驱动是主升段，是 牛市主要上涨阶段。 数据显示，截至2025年7月31日，上证科创板综合指数(000680)前十大权重股分别为海光信息(688041)、 寒武纪(688256)、中芯国际(688981)、金山办公(688111)、中微公司(688012)、百利天恒(688506)、联影 医疗(688271)、澜起科技(688008)、传音控股(688036)、华润微(688396)，前十大权重股合计占比 20.97%。 科创综指ETF(589680)，场外联接A ...

来源：新浪基金∞工作室 8月25日，科创ETF（588050）开盘涨1.01%，报1.304元。科创ETF（588050）重仓股方面，中芯国际开 盘涨1.95%，海光信息涨5.34%，寒武纪涨6.26%，澜起科技涨3.79%，中微公司涨1.95%，金山办公涨 1.34%，联影医疗涨0.10%，传音控股涨1.00%，九号公司涨2.16%，芯原股份涨5.53%。 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-10.59%，近一个月回报为22.73%。 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。 ...

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。 8月25日，科创50ETF增强（588450）开盘涨1.82%，报1.620元。科创50ETF增强（588450）重仓股方 面，中芯国际开盘涨1.95%，海光信息涨5.34%，澜起科技涨3.79%，中微公司涨1.95%，金山办公涨 1.34%，寒武纪涨6.26%，传音控股涨1.00%，中控技术涨1.62%，石头科技涨1.23%，联影医疗涨 0.10%。 来源：新浪基金∞工作室 科创50ETF增强（588450）业绩比较基准为上证科创板50成份指数收益率，管理人为招商基金管理有限 公司，基金经理为邓童，成立（2024-05-06）以来回报为57.78%，近一个月回报为20.93%。 ...

Investment Rating - The report maintains an "Increase" rating for the medical device sector, with specific recommendations for companies like 恒瑞医药 (Hengrui Medicine), 鱼跃医疗 (Yuyue Medical), 迈瑞医疗 (Mindray), and 联影医疗 (United Imaging) [4][5]. Core Viewpoints - The report emphasizes structural investment opportunities in the medical device sector due to policy optimization and recovering demand. It suggests that supportive policies from the National Medical Products Administration (NMPA) will drive rapid development in high-end imaging equipment, surgical robots, brain-computer interfaces, and AI+medical fields. Companies with strong R&D capabilities and high brand recognition in these segments are expected to benefit [2][23]. - Since the second half of 2024, there has been a significant improvement in demand for medical devices, particularly in the equipment sector. The report anticipates a gradual recovery in the industry, with growth rates being revised upwards as procurement demand translates into financial results for listed companies [2][24]. Summary by Sections Market Review - The A-share medical biotechnology index rose by 1.05%, underperforming the CSI 300 index by 3.13 percentage points and the ChiNext index by 3.47 percentage points, ranking 29th among 31 sub-industries. The H-share Hang Seng Medical Health Index increased by 0.93%, outperforming the Hang Seng Index by 0.48 percentage points [1][16]. Company Updates - Recent clinical application updates include 康诺亚's AZD0901 injection and 科伦博泰's HBM9378 injection, both of which have new clinical applications. 恒瑞医药's HRS-7058 capsule has a new IND application, while 恩华药业's NH600001 emulsion injection has a new NDA application [30][31]. Recommendations - The report recommends increasing exposure to the medical device sector, highlighting undervalued companies in Hong Kong such as 微创医疗 (MicroPort), 微创机器人-B (MicroPort Robotics), and 威高股份 (Weigao Group). It also suggests focusing on stable growth consumer medical device companies like 鱼跃医疗, 三诺生物 (Sinocare), and 美好医疗 (Meihua Medical) [2][24]. Financial Forecasts - The report provides earnings per share (EPS) forecasts for key companies, with 恒瑞医药 projected at 1.36 CNY for 2025, 鱼跃医疗 at 2.32 CNY, 迈瑞医疗 at 10.62 CNY, and 联影医疗 at 2.39 CNY. The price-to-earnings (PE) ratios for these companies are also provided, indicating potential investment value [4]. Industry Demand - The report notes a significant recovery in demand for medical devices, with the market size for publicly tendered medical equipment showing a year-on-year increase of 58.33% in the first half of 2025, following a decline of 38.10% in the first half of 2024 [24]. Policy Environment - The report highlights recent policy changes aimed at supporting high-end medical device innovation, which are expected to lead to a more rational competitive environment and gradual price recovery in the sector [23][24]. Conclusion - Overall, the report presents a positive outlook for the medical device sector, driven by policy support and recovering demand, with specific investment recommendations for leading companies in the field [2][4].

融券方面，当日融券卖出0.30万股，净买入0.43万股。 来源：金融界 8月22日，沪深两融数据显示，联影医疗获融资买入额1.03亿元，居两市第309位，当日融资偿还额1.05 亿元，净卖出110.95万元。 最近三个交易日，20日-22日，联影医疗分别获融资买入0.85亿元、1.03亿元、1.03亿元。 ...