（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。 ...

Investment Rating - The report maintains a "Positive" investment rating for the medical device industry [3]. Core Insights - The medical device industry is expected to return to positive growth in 2025 after two consecutive years of decline in 2023 and 2024, driven by increased demand for hospital equipment due to equipment renewal policies [10]. - Monthly procurement data shows a continuous recovery trend, with November 2025 procurement amounting to 208.76 billion yuan, reflecting a month-on-month increase of 26.93% [18]. - The domestic production rate of medical devices has increased from 19% in 2019 to 48% in November 2025, indicating a significant shift towards local manufacturing [21]. Summary by Sections Equipment Procurement - The medical device procurement is showing a sustained recovery, with a projected annual procurement scale for 2025 estimated between 1,884 billion yuan and 2,422 billion yuan based on the first half's performance [14]. - The procurement amount for November 2025 was 208.76 billion yuan, with a year-on-year decrease of 0.25% but a month-on-month increase of 26.93% [18]. Market Segmentation - The procurement scale for ultrasound devices in November 2025 reached 22.40 billion yuan, showing a year-on-year growth of 17.60% and a month-on-month growth of 41.67% [27]. - CT device procurement in November 2025 was 25.36 billion yuan, with a year-on-year increase of 27.58% and a month-on-month increase of 22.82% [28]. - MRI procurement in November 2025 was 23.94 billion yuan, reflecting a year-on-year growth of 5.68% and a month-on-month growth of 29.94% [31]. - Digestive endoscope procurement in November 2025 was 7.30 billion yuan, with a year-on-year increase of 3.26% and a month-on-month increase of 41% [36]. - Surgical robot procurement in November 2025 was 5.60 billion yuan, showing a year-on-year growth of 8.33% but a month-on-month decrease of 11.53% [37]. Company Performance - Mindray Medical's procurement in November 2025 was 13.18 billion yuan, with a year-on-year increase of 12.16% and a month-on-month increase of 38.34% [44]. - United Imaging's procurement in November 2025 reached 14.33 billion yuan, reflecting a year-on-year growth of 30.40% and a month-on-month growth of 31.15% [46]. - KAILI Medical's procurement in November 2025 was 2.47 billion yuan, with a year-on-year increase of 62.15% and a month-on-month increase of 17.95% [50]. - Aohua Endoscopy's procurement in November 2025 was 1.09 billion yuan, showing a year-on-year growth of 59.95% and a month-on-month growth of 62.14% [54].

Core Viewpoint - The stock of United Imaging Healthcare (688271) has shown a slight increase in price, with significant fluctuations in capital flow, indicating mixed investor sentiment and potential opportunities for analysis [1][2]. Group 1: Stock Performance - As of December 17, 2025, United Imaging Healthcare closed at 127.46 yuan, up 0.21% with a turnover rate of 0.43% and a trading volume of 35,100 hands, resulting in a transaction amount of 445 million yuan [1]. - Over the past five days, the stock has experienced varying price changes, with a notable drop of 2.01% on December 16, 2025, and a significant increase of 75.41% in revenue for the third quarter of 2025 [2][3]. Group 2: Capital Flow Analysis - On December 17, 2025, the net outflow of main funds was 38.97 million yuan, accounting for 8.75% of the total transaction amount, while retail investors saw a net inflow of 43.88 million yuan, representing 9.85% of the total [1][2]. - The five-day capital flow data indicates a trend of fluctuating net inflows and outflows among different investor categories, with retail investors showing resilience in their investment [2]. Group 3: Financial Metrics and Industry Ranking - United Imaging Healthcare has a total market value of 105.05 billion yuan, significantly higher than the industry average of 10.78 billion yuan, ranking 2nd among 125 companies in the medical device sector [3]. - The company reported a net profit of 1.12 billion yuan for the third quarter of 2025, reflecting a year-on-year increase of 143.8%, with a gross margin of 47.02% [3]. - The company's price-to-earnings ratio (P/E) stands at 70.33, which is lower than the industry average of 75.83, indicating a competitive valuation [3].

Core Insights - Shanghai United Imaging Healthcare Co., Ltd. has won a bid for a high-end CT procurement project in Wenshan Zhuang and Miao Autonomous Prefecture, with a contract amount of 10.8 million [1][2]. Company Overview - Shanghai United Imaging Healthcare Co., Ltd. has invested in 21 companies and participated in 8,581 bidding projects [1]. - The company holds 915 trademark registrations, 5,568 patents, and 109 copyrights, along with 457 administrative licenses [1]. Project Details - The procurement was announced by the Wenshan Zhuang and Miao Autonomous Prefecture Health Commission on December 15, 2025 [2]. - The project involves the procurement of a 256-slice ultra-high-end CT system [1].

Core Viewpoint - The recent announcement by Moer Thread to manage idle fundraising of 7.5 billion yuan has attracted significant market attention, highlighting a trend among A-share companies, including those on the Sci-Tech Innovation Board, to utilize idle funds for cash management [1][2]. Group 1: Idle Fund Management in A-Share Market - Over the past three years, more than 110 A-share listed companies have reported annual idle cash management exceeding 5 billion yuan, including 14 companies from the Sci-Tech Innovation Board [1]. - Among the 12 Sci-Tech Innovation Board companies managing idle funds, 6 have amounts exceeding 5 billion yuan, with Moer Thread managing 7.5 billion yuan and Huahong managing 21 billion yuan [2]. Group 2: Regulatory Framework and Recent Changes - The China Securities Regulatory Commission (CSRC) has established regulations for the management of idle fundraising, which were revised and upgraded in June 2025 to enhance oversight [6][10]. - The latest regulations stipulate that idle funds can be managed through dedicated accounts, ensuring that cash management does not interfere with the normal investment plans of the fundraising [10]. Group 3: Industry Practices and Investor Concerns - Companies in the high-end computing sector often face long technical cycles, making the use of idle funds for cash management a common practice [4]. - There is a call from investors and industry insiders for more detailed disclosures regarding the management of idle funds to enhance transparency and protect investor interests [1][12].

Group 1 - The core announcement is that Shanghai United Imaging Healthcare Co., Ltd. has won the bid for the advanced medical equipment update project in Guangdong Province, specifically for the medical vascular angiography X-ray machine (DSA) [1][2] - The contract amount for the project is 8,560,000.0 [2] - The procurement is initiated by the Guangdong Provincial Health Commission [2] Group 2 - Shanghai United Imaging Healthcare Co., Ltd. has invested in 21 enterprises and participated in 8,581 bidding projects [1] - The company holds 915 trademark registrations, 5,568 patents, and 109 copyright registrations [1] - Additionally, the company possesses 457 administrative licenses [1]

记者 吴越 去年11月，嘉定工业区牵头成立"嘉定区医疗健康产业链联盟"，构建覆盖项目招引、技术转化、市 场拓展、资金支持、政策对接的全流程服务体系。据介绍，通过产业链联盟整合链主企业、科研机构、 金融资本等多方资源，嘉定工业区打造"医企悦动"特色服务品牌，将分散的产业资源转化为集群优势， 既解决了中小企业单打独斗的资源瓶颈，又加速了产业链上下游的供需匹配，实现"招一个、带一串、 兴一片"的集聚效应。 "联影作为链主企业，将持续开放创新平台、共享产业资源，深化与嘉定及各方的合作联动，共同 推动国产高端医疗器械产业突破升级。"联影医疗总经理兼联席首席执行官谭国陞说，希望以大会为契 机，携手更多优质伙伴扎根联影小镇，聚力技术攻坚与产业协同，助力集聚区建设提质增效。 现场还公布了联影小镇医疗器械产业集聚区建设工作推进方案，聚焦"五个一"关键举措，全力推动 联影小镇"快出形象、早出功能"。构建一个产业生态体系，引育一批全链条服务平台，筹建一组双轨制 产业基金，拓展一个高能级品牌宣传矩阵，招引一批高质量的储备项目。 昨天，"医企悦动·聚势'链'影"联影产业链大会暨嘉定工业区医疗健康产业生态交流会举行。大会旨 在依托联影集 ...

新华财经上海12月15日电（记者李荣）依托联影集团链主资源，搭建高效对接平台，推动产业链补链强 链延链，构建协同共生的生物医药产业生态。在15日举行的联影产业链大会暨嘉定工业区医疗健康产业 生态交流会上，发布了上海联影小镇医疗器械产业集聚区建设推进方案。 去年11月，嘉定工业区牵头成立"嘉定区医疗健康产业链联盟"，以"要素互通、资源共享"为核心，构建 覆盖项目招引、技术转化、市场拓展、资金支持、政策对接的全流程服务体系，整合链主企业、科研机 构、金融资本等多方资源，将分散的产业资源转化为集群优势，既解决了中小企业单打独斗的资源瓶 颈，又加速了产业链上下游的供需匹配。 联影医疗相关负责人表示，联影作为链主企业，将持续开放创新平台、共享产业资源，深化与上海嘉定 及各方的合作联动，共同推动国产高端医疗器械产业的突破升级。 （文章来源：新华财经） ——引育一批全链条服务平台。通过招引、培育纳入一批具备全链条服务能力的重点平台，以"做好服 务端"为核心定位，依托"产业组织者"的优势资源，聚焦医疗企业需求搭建专业化服务生态。 ——筹建一组双轨制产业基金。发挥龙头企业在赛道研判、项目挖掘和投后赋能等方面的核心作用，共 同组 ...

Group 1 - The core viewpoint of the article highlights the performance and financial metrics of United Imaging Healthcare (688271) as of December 15, 2025, showing a stock price increase of 0.91% to 129.8 yuan with a trading volume of 46,200 hands and a total transaction amount of 600 million yuan [1] - The company reported a main revenue of 8.859 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 27.39%, and a net profit attributable to shareholders of 1.12 billion yuan, up 66.91% year-on-year [2] - In Q3 2025, the company achieved a single-quarter main revenue of 2.843 billion yuan, a 75.41% increase year-on-year, and a net profit attributable to shareholders of 122 million yuan, reflecting a 143.8% year-on-year growth [2] Group 2 - The company has a debt ratio of 30.08% and reported investment income of 606.847 million yuan, with financial expenses of -438.233 million yuan and a gross profit margin of 47.02% [2] - Over the past 90 days, 25 institutions have rated the stock, with 18 buy ratings and 7 hold ratings, and the average target price set by institutions is 173.12 yuan [2]

Investment Rating - The report maintains an "Outperform" rating for several companies in the innovative drug and medical device industry, including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [5][6][25]. Core Insights - The report emphasizes the high prosperity in innovative drugs and continues to recommend companies with innovative pipelines that are entering a volume increase phase, maintaining "Outperform" ratings for various Biopharma/Biotech companies [5][25]. - The National Healthcare Security Administration announced the 2025 insurance drug list, which added 114 drugs, including 50 innovative drugs, further validating insurance support for innovation and indicating promising domestic demand [26][27]. Summary by Sections 1. Continuous Recommendation of Innovative Drugs and Industry Chain - The report highlights the ongoing recommendation of innovative drugs and the industry chain, with a focus on companies expected to see a revaluation due to their innovative pipelines [5][25]. - Specific companies mentioned include WuXi AppTec, WuXi XDC Cayman, Hangzhou Tigermed Consulting, and leading medical equipment companies like Beijing Chunlizhengda Medical Instruments and Lepu Medical, all rated "Outperform" [5][25]. 2. Performance of A-Shares Pharmaceutical Sector - In the second week of December 2025, the A-Shares pharmaceutical sector underperformed the market, with the SW Pharma and Biotech index falling by 1.0% compared to a 0.3% decline in the SHCOMP [8][27]. - The report notes that the premium level of the pharmaceutical sector relative to all A-Shares is at a normal level, with a current relative premium rate of 69.8% [16][27]. 3. Performance of Hong Kong and U.S. Pharmaceutical Sectors - The Hong Kong stock pharmaceutical sector underperformed the market, with the Hang Seng Healthcare index falling by 2.3%, while the U.S. stock pharmaceutical sector outperformed, with the S&P 500 Healthcare Select Sector Index rising by 0.4% [28][27].