今日热点导览 TOP 3 大新闻 百草味客服回应958克坚果礼盒，实际坚果仅占33克 近日，有网友爆料称在网购平台购买的百草味"坚果大礼盒"存在宣传误导问题——礼盒标称重量958 克，实际真正的坚果仅33克，其余多为饮料和饼干类零食，1月25日，记者在百草味官方旗舰店查询发 现，涉事系列礼盒以"坚果大礼盒"为商品名，主图展示腰果、夏威夷果、核桃等坚果，未提及含饮料及 非坚果类成分。仅点开详情小图，才能看到礼盒具体内容。不少网友质疑，礼盒中非坚果成分占比极 高，却以"坚果大礼盒"命名，明显误导消费者。针对此事，百草味官方旗舰店客服回应称，该系列坚果 大礼盒均含有品牌特色饮品，已记录网友质疑并将向上反馈，暂无进一步解决方案。（现代快报） 49条中日航线取消全部航班，免费退改签延长到10月24日 航班管家数据显示，截至1月26日，2026年2月已有49条航线取消全部航班，比一月进一步增加。2026年 1月，中国大陆赴日本航班取消率达47.2%，较2025年12月增长7.8个百分点。1月26日下午，国航、东 航、南航陆续发布通知称，1月26日前出票，航班起飞日期在2026年3月29日（含）至2026年10月24日 （ ...

Core Insights - The report emphasizes the importance of innovation in the pharmaceutical and biotechnology industry, particularly focusing on the overseas expansion of innovative drugs and the adoption of new technologies [1][4]. - The investment rating for the sector is maintained at "outperform the market" [2]. Group 1: Market Overview and Trends - The overseas market for innovative drugs and the CXO industry is expected to perform exceptionally well in 2025, driven by continuous business development (BD) activities, strong clinical data, and supportive policies [4]. - The domestic supply and demand remain stable, with a shift in payment systems favoring innovation. National health expenditure increased by 4.7% year-on-year in the first 11 months of 2025, marking a recovery after two years of decline [4]. - The report highlights the significant growth potential in new drug forms such as dual antibodies and small nucleic acid drugs, as well as innovations in AI healthcare and brain-machine interfaces [4]. Group 2: Investment Recommendations - The report recommends focusing on companies with global competitiveness and differentiated innovation capabilities, as well as domestic CXO leaders with high barriers in cost control, technology accumulation, and production capacity [4]. - Recommended stocks include Mindray Medical, WuXi AppTec, Kelaiying, Aier Eye Hospital, and several others, with specific mention of H-shares like Kelun-Bio and CanSino Biologics [4][5]. Group 3: Financial Performance and Projections - The report provides a detailed strategy portfolio for 2026, listing companies along with their projected net profits and price-to-earnings (PE) ratios, indicating a generally positive outlook for the sector [5]. - The pharmaceutical sector's overall performance in 2025 was strong, with significant gains in sub-sectors such as medical services and chemical pharmaceuticals, driven by BD collaborations and clinical data releases [12][23]. Group 4: Fund Holdings and Market Sentiment - As of Q4 2025, the net asset value of pharmaceutical funds decreased by 9.0%, with a notable shift where passive funds surpassed active funds for the first time since 2019 [25][32]. - The report indicates a decline in the proportion of pharmaceutical holdings in both active and non-pharmaceutical funds, with a concentration in chemical preparations and other biological products [32][40].

证券之星消息，截至2026年1月26日收盘，联影医疗(688271)报收于133.95元，上涨0.32%，换手率 1.16%，成交量9.58万手，成交额12.85亿元。 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。 1月26日的资金流向数据方面，主力资金净流入1.04亿元，占总成交额8.1%，游资资金净流出2917.1万 元，占总成交额2.27%，散户资金净流出7499.27万元，占总成交额5.84%。 近5日资金流向一览见下表： | | | | | 日期 收盘价 ...

近日， 国家药品监督管理局（NMPA）批准了 上海联影医疗科技股份有限公司 自主研发的 X射线计算机体层摄影设备 （ 国械注准20263060143 ）和 江 苏金泰医疗器械有限公司 自主研发的 一次性使用外周血管血栓旋切导管 （ 国械注准20263010142 ） ， 2项创新医疗器械注册申请。 截至目前，我国上市的创新医疗器械累计达到 3 95 项 。 | 3 તેરી | 一次性使用外周血管血栓旋切导 管 | 江苏金泰医疗器械有 限公司 | 2026-1-23 | 江苏 | 国械注准 | | --- | --- | --- | --- | --- | --- | | 394 | X 射线计算机体层摄影设备 | 上海联影医疗科技股 份有限公司 | 2026-1-23 | 上海 | 国械注准 20263060143 20263010142 | 一、 X 射线计算机体层摄影设备 | 索引号 | XZXK-2026-10012 | 主题分类 | | --- | --- | --- | | 标题 | X射线计算机体层摄影设备获批上市 | | | "拦在口的 | 2026 01 22 | | 该产品由扫描架、两套高 ...

内容概况：磁共振需要在高均匀、高稳定的强磁场中才能实现，主磁体是MRI最基本的构件，是产生磁 场的装置。根据磁场产生的方式可将主磁体分为永磁型和电磁型。电磁型主磁体是利用导线绕成的线 圈，通电后即产生磁场，根据导线材料不同又可将电磁型主磁体分为常导磁体和超导磁体。磁体是MRI 整机中最难攻克和技术最密集的部件之一，也是MRI设备中成本最高的部件。资料显示，1.5T磁共振设 备中磁体系统约占成本的30%-40%，3.0T磁共振设备中，成本占比可达50%。MRI设备主磁体行业景气 度与MRI设备行业发展情况密切相关，MRI设备行业蓬勃发展，对主磁体需求不断增加，带动市场规模 呈明显扩张态势。全球MRI设备主磁体行业市场规模由2020年的26.1亿元增长至2025年的30.8亿元，期 间实现年复合增长率3.4%。近年来，随着我国经济水平的提高及医疗卫生支出的增加，MRI设备需求逐 步释放，MRI设备主磁体也呈现良好发展态势。数据显示，2025年中国MRI设备主磁体行业市场规模达 30.8亿元，同比增长6.9%，增长速度高于全球整体水平，预计未来仍将保持增长态势。主磁体对MRI设 备整机性能和成本具有关键影响，其研发 ...

Investment Rating - The report maintains a "Buy" rating for the pharmaceutical and biotechnology industry, specifically highlighting companies such as Yuyuan Pharmaceutical and CanSino Biologics for potential investment opportunities [1]. Core Insights - The mRNA vaccine sector is experiencing significant advancements, with mRNA technology leading the shift towards efficient and personalized immunotherapy. This technology offers three main competitive advantages: rapid production capabilities, enhanced safety profiles, and flexibility in antigen design, which supports tailored treatments for cancer patients [1][4]. - The report identifies promising sub-sectors within the industry, ranking them as follows: innovative drugs, research services, CXO, traditional Chinese medicine, medical devices, and pharmacies. It suggests a focus on high-growth areas such as innovative drugs, particularly in small nucleic acid therapies, and high-dividend sectors like traditional Chinese medicine and pharmacies [10][11]. Summary by Sections Market Performance - The A-share pharmaceutical index has shown a year-to-date increase of 6.66%, outperforming the CSI 300 index by 5.10%. The Hang Seng Biotechnology Index has also seen a year-to-date rise of 12.40% [4][9]. - Notable performers in the market include *ST Changyao (+70.37%) and Hualan Biological (+32.21%) for the week, while the worst performers include Kain Technology (-13.83%) and Aidi Pharmaceutical (-13.70%) [9]. Clinical Developments - Corcept Therapeutics has reported positive results from its Phase III trial for relacorilant, which shows survival benefits for patients with platinum-resistant ovarian cancer. Additionally, Maiwei Biologics has initiated its first patient dosing in the U.S. for its CDH17-ADC innovative drug targeting advanced colorectal and gastrointestinal tumors [4]. Investment Recommendations - Specific companies to watch include: - From the PD1 PLUS perspective: 3SBio, Kanyin Biologics, Innovent Biologics, and Zai Lab [11]. - From the ADC perspective: InnoCare Pharma, Kelun-Biotech, and Baillie Gifford [11]. - From the small nucleic acid perspective: Frontier Biotechnologies, Fuyuan Pharmaceutical, and Yuyuan Pharmaceutical [11]. - From the self-immune perspective: Kangnuo Pharmaceutical, Yifang Biologics, and Yipinhong [11]. - From the innovative drug leaders: BeiGene and HengRui Medicine [11]. - From the CXO and upstream research services: WuXi AppTec, Haoyuan Pharmaceutical, and Aopumai [11]. - From the medical device sector: United Imaging Healthcare and Yuyue Medical [11].

Core Viewpoint - The strategic importance of medical device logistics and distribution is increasingly recognized as the market for medical devices continues to expand, leading to a strong demand for specialized and efficient logistics services [1][8]. Industry Overview - Medical device logistics and distribution involves the effective transfer of medical device products from suppliers or manufacturers to medical institutions, pharmacies, or other relevant endpoints, ensuring safety, timeliness, and accuracy [2][3]. - The industry has evolved through four stages, from minimal focus during the early marketization phase to a rapid development period from 2010 to 2020, driven by increasing demand and regulatory policies [3]. Industry Policies - Recent government policies have provided strong support for the development of the medical device logistics industry, promoting standardization, efficiency, and scale [4]. - Key policies include the establishment of a risk-sharing alliance for online sales of medical devices and encouragement for wholesale companies to integrate storage and transportation resources [4]. Industry Chain - The upstream of the medical device logistics chain includes suppliers of logistics vehicles, software, medical devices, storage equipment, and packaging materials [4]. - The midstream consists of logistics service providers, which are crucial for the entire supply chain, while the downstream includes medical institutions and patients as the primary demand side [4]. Current Industry Status - The logistics total cost for medical devices in China is projected to reach 26.78 billion yuan in 2024, with a year-on-year growth of 1.88% [8]. - The logistics warehousing area is expected to be 23.58 million square meters in 2024, reflecting a 0.8% increase [8]. Market Trends - The medical device logistics industry is expected to accelerate its digital transformation and integration of intelligent technologies, utilizing IoT for real-time monitoring and big data for demand forecasting [12][14]. - Service models are evolving towards highly specialized and integrated solutions, addressing specific requirements for different categories of medical devices [14]. - The logistics network is anticipated to deepen into lower-tier cities, establishing regional distribution centers to enhance efficiency and reduce costs [15].

■ 张 敏 近日，由国家医疗保障局组织的一场汇聚多方代表的专题座谈会，核心议题直指如何助力中国药械"走 出去"。这向外界释放出清晰的产业信号：中国药械"出海"，已经从单兵突进，正式迈入由国家平台赋 能、企业多维攻坚的"体系化出海"新阶段。 从政策层面看，"体系化出海"正得到前所未有的系统性支持。 2026年1月份，首张"海外版药品价格证明"的颁发，为我国医药产业价格全球化提供有力支撑。同时， 多层次的市场对接网络正在形成。国家医疗保障局推动广西、新疆、天津、浙江宁波等地平台差异化发 展，面向东南亚、中亚、中东欧等共建"一带一路"国家拓展服务，搭建医药产业"出海"桥头堡。此外， 商务部、工业和信息化部、国家药监局等多部门从公共服务、产业合作、国际监管协同等方面发力，形 成了强大的政策合力，旨在降低企业"出海"的制度成本与信息壁垒。 从产业层面看，中国药械"出海"模式正发生转变。 面对历史性机遇，企业如何将体系优势转化为市场胜势？笔者认为，这要求企业完成思维转变，在多条 战线上同时修炼"内功"。 首先，夯实创新根基。"出海"的核心竞争力是不可替代的产品价值。企业需聚焦全球未满足的临床需 求，在ADC（抗体偶联药物 ...

Investment Rating - The report indicates a positive outlook for the medical equipment industry, with an expected year-on-year growth of 25% for the year 2025 [22]. Core Insights - The medical equipment industry is experiencing a slight decline in December data year-on-year, attributed to a high base effect from the previous year. However, there is a significant month-on-month increase of 38% due to accelerated budget spending at year-end [3]. - The report highlights that the current round of medical equipment upgrades is nearing its end, with expectations for a new round of equipment replacement in 2025, which is projected to be no less than the previous round [4]. - The report emphasizes the importance of government policies, including the issuance of long-term special bonds to support large-scale equipment upgrades and consumer replacement programs [15]. Summary by Relevant Sections Medical Imaging - December figures for medical imaging reached 9.8 billion yuan, a decrease of 11%, while the forecast for 2025 is 69.3 billion yuan, reflecting a growth of 37% [5]. Life Information and Support - In December, life information and support equipment generated 2.6 billion yuan, an increase of 8%, with a projected total of 16.7 billion yuan for 2025, marking a 28% growth [5]. Endoscopes - Soft endoscopes reported 1.1 billion yuan in December, down 9%, while hard endoscopes reached 1.2 billion yuan, down 7%. The 2025 projections for both are 7.8 billion yuan for soft endoscopes (+12%) and 7.8 billion yuan for hard endoscopes (+3%) [5]. Radiation Therapy - December figures for radiation therapy stood at 1.6 billion yuan, a slight increase of 1%, with a forecast of 9.6 billion yuan for 2025, indicating a growth of 32% [48]. Surgical Robots - Surgical robots saw a significant decline in December, with figures at 600 million yuan, down 24%, but are expected to reach 5.2 billion yuan in 2025, reflecting a robust growth of 54% [51]. Key Companies - Major companies in the sector include Mindray, which reported 1.9 billion yuan in December (+20%) and is projected to reach 11.2 billion yuan in 2025 (+35%), and United Imaging, with December figures of 2.2 billion yuan (0% change) and a forecast of 12.6 billion yuan (+37%) for 2025 [55][58].

Summary of China Healthcare Industry Conference Call Industry Overview - **Industry**: China Healthcare Industry - **Report Date**: January 21, 2026 - **Sentiment**: Cautiously optimistic outlook for 2026 regarding hospital capital expenditures and market dynamics [1][2] Key Insights Capital Expenditure Trends - **Stable to Moderate Growth**: Hospital capital expenditures are expected to remain stable with moderate growth in 2026 [2] - **Survey Results**: 59% of surveyed hospital managers anticipate capital expenditure growth in 2026, up from 43% in late 2024, but still below 85% in late 2023 [3] - **Projected Growth Rate**: Expected capital expenditure growth of 4.7% in 2026, compared to 3.0% growth anticipated for 2025 [3] - **Actual Growth Expectations**: Respondents expect actual capital expenditure growth of 5.8% for 2025, indicating limited visibility on actual demand [3] Key Drivers of Expenditure - **Primary Drivers**: 1. Hospital Surplus (69%) 2. Patient Demand (50%) 3. Local Fiscal Budgets (44%) [3] - **Service Volume Constraints**: Factors such as Diagnosis-Related Group (DRG) payment limits and medical insurance settlements are seen as major constraints on service volume [3] Equipment and Technology Focus - **Investment Priorities**: Hospitals are prioritizing investments in AI, endoscopy, and imaging equipment, with a focus on surgical and flexible endoscopes, followed by CT and ultrasound [3] - **Weak Demand**: In vitro diagnostics are expected to remain weak [3] Company-Specific Insights Beneficiaries of Capital Expenditure Growth - **Mindray Medical (300760.SZ)**: Expected to benefit from a stable capital expenditure environment, with anticipated single-digit revenue growth in 2026. The company is expected to maintain a 16% share of planned capital expenditures [4][10] - **United Imaging (688271.SS)**: Anticipated to benefit from strong demand in high-end imaging, with projected revenue growth of approximately 21% in 2026 [4][11] - **New Industries (300832.SZ)**: Expected to face continued pricing pressure in in vitro diagnostics but may achieve above-industry growth due to healthy demand for chemical luminescence analyzers [4][12] - **Huatai Medical (688617.SS)**: Positioned to capitalize on the growing adoption of pulse field ablation technology, with projected revenue growth of 30% in 2026 [4][13] - **Guichuang Tongqiao (2190.HK)**: Expected to see revenue growth of around 30% driven by increased demand for neurointerventional and peripheral interventional procedures [4][15] Challenges for Global Players - **GE Healthcare**: Faces mixed impacts from increased capital expenditure and growing preference for local brands, which may offset some growth [4][16] - **Siemens Healthineers (SHL)**: Cautious outlook due to slow recovery in utilization rates and increased pricing pressure from procurement policies [4][17] - **Philips (PHIA)**: Similar cautious outlook with potential declines in market share for CT and ultrasound equipment [4][18] - **Olympus (7733.T)**: Expected to face challenges in maintaining market share in the digestive endoscopy market [4][19] - **Hologic (6869.T)**: Anticipated slowdown in clinical testing volumes and potential market share decline in hematology [4][20] Additional Observations - **Market Dynamics**: The report highlights a complex landscape for global medical technology companies in China, with both opportunities and pressures from local competition and procurement policies [4][16][17][18][19][20] - **Emerging Trends**: The shift towards local brands and the impact of procurement policies are significant trends that may reshape the competitive landscape in the healthcare sector [4][16][17][18][19][20]