Tianyi Yan +86(21)2401-8609 | tianyi.yan@goldmansachs.cn Goldman Sachs (China) Securities Company Limited 20 October 2025 | 6:17PM CST Equity Research United Imaging (688271.SS): Quantify China PCCT market potential; TP up to Rmb175; Buy CT scanner is the largest category by bidding value among medical imaging equipment in China. Recently, with the NMPA approval of domestic Photon-Counting CT (PCCT) from United Imaging and Neusoft on the same day (Aug 26, 2025), as well as the strong sales performance of Si ...

介入诊疗凭借精准、微创、高效三大核心优势，已成为与传统内科、外科并列的临床三大支柱性学科之 一。今年2月，全球首台"零噪声"DSA经皮冠状动脉介入手术在中山医院成功完成。葛均波院士借助联 影医疗研发的"零噪声"DSA设备，为一名59岁男性患者做了复杂经皮冠状动脉介入手术。 日前，由国家放射与治疗临床医学研究中心主办的"零噪声"DSA（数字减影血管造影）十大创新技术交 流会在上海举行。联影医疗在会上发布了"零噪声"高清低剂量成像、全景3D、集成式实时FFR和实时 QCA、锥束CT定量灌注、自由呼吸、AI冠脉增强、腹部动态路图、uLingo智慧仿生语音系统、uSpace 数字孪生空间等全球首创的介入诊疗十大创新技术，有望在全国和海外推广。 交流会上，中国科学院院士、东南大学附属中大医院滕皋军教授表示，DSA作为介入诊疗的核心设备， 其技术发展长期滞后于CT、MRI等其他影像设备。联影"零噪声"DSA的推出，标志着国产设备在图像 质量、剂量控制、智能操作等方面已实现国际领先。尤其是AI算法与影像链优化方面的突破，打破 了"图像质量与辐射剂量不可兼得"这一传统认知。 （文章来源：解放日报） ...

摘要 ： 质谱分析技术作为产业关键共性技术，近年来持续保持强劲增长势头。雪迪龙、海康威视、联影等"行业一哥"纷纷布局高端质谱领域，为这一长期由国际 巨头主导的高技术市场注入新活力。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 质谱分析技术作为产业关键共性技术，近年来持续保持强劲增长势头。数据显示， 2024年全球质谱仪市场销售额已达74.6亿美元 ，预计到 2031年将以6.5%的年复合增长率增长至109.1亿美元，行业正步入快速扩张的黄金时期。 中国市场同样表现突出，2024年市场规模达到 192.7亿元，同比增长15.37% ，增速明显高于全球平均水平。整体来看，全球与中国质谱产业均处于高基数与高增速并存的发展阶段，已成 为分析科学领域最具战略潜力的细分赛道之一。 然而，我国高端质谱市场长期被国际品牌垄断，约90%的在用质谱仪依赖进口，国产化率不足5%。 《"十四五"医疗装备产业发展规划》明确 提出，要"重点发展高端质谱分析设备"，推动核心技术自主可控。 在政策与市场的双轮驱动下，国产企业加速崛起。聚光科技等上市公司持 续拓展质谱业 ...

Summary of Key Points from Conference Call Records Industry Overview - **Consumer Industry**: The records focus on various companies within the consumer sector, highlighting their performance and future outlook. Company-Specific Insights 1. Laopu Gold - **Performance Expectations**: Laopu Gold anticipates a revenue of 4.5 to 5 billion RMB for the year, driven by a price increase announced on October 17, which is expected to enhance market activity and sales volume [2][3] - **Price Strategy**: The company has raised its second-hand market buyback prices by at least 10%, indicating strong demand and brand promotion effects [2][3] - **Growth Projections**: Expected performance growth of 30% to 50% in 2026, with a central estimate of around 40%, supported by strong brand growth and pricing power [4] 2. Guming Tea - **Expansion Plans**: Guming Tea plans to open over 3,000 new stores in 2026, maintaining a growth rate of 20% to 25% [6][9] - **Sales Performance**: The company has shown strong same-store sales growth, with a GMV increase of over 20% in July and August, and double-digit growth in September [6][9] - **Marketing Strategy**: Plans to enhance marketing activities in 2026, including collaborations and promotions to drive sales [8] 3. Stone Technology - **Sales Growth**: Stone Technology expects over 60% growth in revenue and profit for Q3, despite recent stock price declines, presenting a buying opportunity [10][11] - **Market Dynamics**: The company is benefiting from a low base in the European market and an increase in new product sales, which supports margin recovery [10] 4. XGIMI Technology - **Product Development**: XGIMI's home projection business is stable, with low-end products benefiting from chip price reductions and high-end products achieving brightness comparable to overseas flagship models [12] - **Profitability Outlook**: Expected gross margins of over 30% for domestic sales and 50%-60% for exports in 2026, with a net profit margin around 12% [12] 5. Xin'ao Co. - **Performance Surge**: Xin'ao Co. expects a 50% increase in Q4 performance, driven by soaring wool prices and low-cost inventory [22] - **Market Conditions**: Anticipates continued high wool prices due to declining production and weak demand, providing support for future earnings [23] 6. Youran Dairy - **Market Position**: Youran Dairy benefits from stable customer channels and significant scale effects, maintaining a high sales-to-production ratio [25][26] - **Cost Control**: The company has achieved superior cost control, with costs per kilogram significantly lower than industry averages [26] 7. Shengmu Company - **Competitive Advantages**: Shengmu Company leverages its unique organic milk scarcity to achieve price premiums of 20%-35% above industry averages [28][29] - **Market Share**: Holds a 35%-40% share of the domestic organic raw milk market, with expectations for further price elasticity as milk prices rise [29] Additional Insights - **Investment Recommendations**: Companies like Laopu Gold, Guming Tea, and Stone Technology are highlighted as having strong growth potential and favorable valuations, making them attractive for investors [4][9][10] - **Market Trends**: The consumer sector is experiencing significant changes, with companies adapting to market dynamics through strategic pricing, expansion, and marketing efforts [2][5][8] This summary encapsulates the key points from the conference call records, providing insights into the performance and outlook of various companies within the consumer industry.

Core Viewpoint - XD Union Medical (688271) experienced a price drop of 8.0% this week, closing at 143.89 yuan, with a market capitalization of 118.588 billion yuan, ranking 2nd in the medical device sector and 143rd in the A-share market [1] Company Announcements Summary - The second meeting of the second board of directors of Union Medical was held on October 14, 2025, where it was approved to grant 528,700 restricted stocks to 36 incentive objects at a price of 94.92 yuan per share [1][3] - Due to the implementation of a semi-annual cash dividend of 1.30 yuan per 10 shares (including tax), the grant price of the restricted stocks was adjusted to 94.79 yuan per share, which complies with relevant regulations [1][3] - The incentive objects include 16 Chinese employees receiving 253,600 shares and 20 foreign employees receiving 275,100 shares, totaling 0.06% of the company's total share capital [2] - The restricted stocks will vest in three phases: 30% after 12 months, 30% after 24 months, and 40% after 36 months [2][3] - The total estimated amortization expense for this incentive plan is 32.2042 million yuan, with annual amortization from 2025 to 2028 being 3.7995 million yuan, 16.3989 million yuan, 8.3993 million yuan, and 3.6065 million yuan respectively [2][3]

Group 1 - The report highlights that national top-level policies are guiding the rapid development of six key areas in "AI+ applications" as outlined in the State Council's opinion released on August 26, 2025 [2][8] - The six key areas include "AI+" in scientific technology, industrial development, consumer quality enhancement, public welfare, governance capabilities, and global cooperation [2][8] - By 2027, it is expected that AI will be widely integrated into these six areas, with the application penetration rate of new intelligent terminals exceeding 70% [9] Group 2 - The report identifies 50 representative stocks across A-shares, Hong Kong stocks, and US-listed Chinese companies that are actively engaged in "AI+ applications" within the six key areas [3] - Key recommended stocks include: - Shuanghuan Transmission (002472.SZ) for AI+ industrialization and intelligent robotics - Orbbec (688322.SH) for AI+ hardware - Shengye (6069.HK) for AI+ supply chain finance [3] - Stocks to watch include: - Xindong Company (2400.HK) for AI+ gaming - Huazhu Gaoke (688433.SH) for AI+ intelligent manufacturing - Guodun Quantum (688027.SH) for AI+ quantum technology [3] Group 3 - The report elaborates on the "AI+" scientific technology direction, which includes accelerating scientific discovery processes, driving innovation in technology research and development models, and innovating social science research methods [12][17][24] - Specific companies mentioned in the "AI+" scientific technology sector include: - iFlytek (002230.SZ) focusing on AI core technology and applications in various fields [13] - Zhongke Shuguang (603019.SH) emphasizing AI-driven digital infrastructure [13] - BGI Genomics (688114.SH) integrating AI into life sciences [13] Group 4 - The "AI+" industrial development direction aims to cultivate new intelligent native models and promote the intelligent transformation of traditional industries [28] - Companies highlighted in this sector include: - Daotong Technology (688208.SH) for AI+ automotive diagnostics [30] - Dingjie Smart (300378.SZ) for AI+ manufacturing digitalization [30] - Huichan Co., Ltd. (688500.SH) for AI+ data intelligence [30] Group 5 - The "AI+" consumer quality enhancement direction focuses on expanding service consumption scenarios and improving the quality of life services [49] - Companies in this area include: - Xindong Company (2400.HK) for AI+ gaming [51] - Giant Network (002558.SZ) integrating AI into core gaming products [51] - Perfect World (002624.SZ) utilizing AI tools in game development [51]

Core Insights - The 2025 Sustainable Global Leaders Conference will be held from October 16 to 18 in Shanghai, focusing on sustainable development and collaboration in various sectors [1] - The conference is co-hosted by the World Green Design Organization and Sina Group, with support from the Shanghai Huangpu District Government [1] - The conference will feature discussions on sustainable development models and industrial upgrades in Shanghai, with participation from key industry leaders [1] Group 1: Technological Innovation - United Imaging Healthcare has nearly 10,000 patent applications, with over 80% being high-value invention patents [2] - The company led a project on the independent research and industrialization of high-field magnetic resonance imaging equipment, which won the National Science and Technology Progress Award in 2020 [2] - United Imaging Healthcare has ranked first in the new market share of molecular imaging for nine consecutive years, breaking the monopoly of foreign brands [2] Group 2: Sustainable Development and Governance - United Imaging Healthcare actively practices ESG principles and has improved its MSCI rating from B to A [3] - The company has established a comprehensive management system covering operations, quality management, and information security, ensuring compliance among distributors and suppliers [3] - The company contributes to the national "Five Centers" initiative by enhancing medical resources in rural areas, having saved over 50 patients' lives through innovative stroke treatment programs [3]

专题：2025可持续全球领导者大会&首届绿色产业与可持续消费博览会 2025可持续全球领导者大会于10月16日-18日在上海市黄浦区世博园区召开。 申能集团作为大会全球合作伙伴，在"申能集团专场分论坛"上，围绕"全球变革中的上海行动与多元协 同"这一核心议题，热议"打造可持续发展的东方样板"、"解码上海产业升级的可持续动力"、"探索上海 五大中心的增长新范式"等话题。 联影医疗董事、董事会秘书、首席投资官蔡涛出席2025可持续全球领导者大会并主旨演讲。 蔡涛表示，联影医疗在ESG方面做了很多的优化和提升，2022年公司上市以后很快便被MSCI纳入了评 级，从最初的评级B，通过公司在环境保护、社会责任及公司治理方面的一系列举措，今年评级跃升至 A级，实现大幅提升。彰显了公司在可持续发展领域的卓越表现，并进一步巩固了我们在全球医疗器械 行业的领先地位。 蔡涛提到，联影医疗将质量视为产品的生命、客户信赖的源泉，更是企业赖以生存的基石。针对 ISO13485体系，联影医疗在上海、常州、武汉、美国都获得了相应认证，体系的建立都已完成，以满 足全球供应的要求。 责任编辑：张恒星 2025可持续全球领导者大会由世界绿色设计 ...

专题：2025可持续全球领导者大会&首届绿色产业与可持续消费博览会 联影医疗董事、董事会秘书、首席投资官蔡涛出席2025可持续全球领导者大会并主旨演讲。 蔡涛表示，目前联影医疗已有累计超140款产品获证并推向市场，其中57款已经拿到欧洲的CE认证，53 款获得美国FDA认证，公司AI赋能设备获FDA批准产品超20款。联影医疗现在的产品已经遍及全球， 覆盖了近90个国家和地区，诸多用户分布在几个重要的市场，包括北美地区的美国、加拿大，以及欧 洲，都有联影医疗的产品，此外也包括了亚太、以及中东、非洲、拉美等地区。 2025可持续全球领导者大会于10月16日-18日在上海市黄浦区世博园区召开。 责任编辑：张恒星 2025可持续全球领导者大会由世界绿色设计组织（WGDO）与新浪集团联合主办，国际财务报告准则 基金会（IFRS Foundation）北京办公室协办，新浪财经与世界绿色设计组织北京代表处承办，上海市黄 浦区人民政府支持。 申能集团作为大会全球合作伙伴，在"申能集团专场分论坛"上，围绕"全球变革中的上海行动与多元协 同"这一核心议题，热议"打造可持续发展的东方样板"、"解码上海产业升级的可持续动力"、"探索 ...

10月17日收盘，医疗器械 ETF（562600）下跌1.70%。盘面上看，该ETF持仓股透景生命、热景生物、 诺唯赞等逆势走强，分别上涨4.45%、2.80%、2.25%。 消息面，据国家药监局网站消息，2025年9月，国家药监局共批准注册医疗器械产品348个。其中，境内 第三类医疗器械产品276个，进口第三类医疗器械产品34个，进口第二类医疗器械产品36个，港澳台医 疗器械产品2个。 关于医疗器械行业，中信建投认为，过去四年医疗器械板块持续下跌，今年迎来反弹；器械集采政策优 化、设备招标数据持续改善、渠道库存逐步下降等趋势下，医疗器械细分板块有望在下半年到明年陆续 迎来业绩拐点。 医疗器械 ETF（562600）为投资者提供一键把握医疗器械行业成长机遇的便捷工具。该ETF追踪中证全 指医疗器械指数，精心选取 100 支覆盖医疗器械、医疗服务、医疗信息化等核心医疗领域的代表性上市 公司证券作为样本。从行业结构看，该指数医疗器械行业占比高达 89.34%，集中度突出，能精准捕捉 医疗器械领域的发展红利。截至10月10日，医疗器械 ETF（562600）前十大持仓股中，迈瑞医疗、联 影医疗占比合计23.81%。 ...