（来源：中华工商时报） 10余年前，以GE、飞利浦、西门子为代表的国际巨头，凭借核心技术与完整产业链，垄断了国内绝大 部分高端影像设备市场。那时，国产企业多沦为"组装代工"的配角，核心零部件被海外厂商牢牢掌控， 随时面临"卡脖子"困境。 而近几年来，这种情况正在经历颠覆性改变。如果仔细观察，不少人会发现，医院影像科正迎来高端设 备国产替代高峰，而联影则是出现频率最高的国产替代高端医疗设备品牌之一。 联影的破局之道，首先在于对自主掌握核心技术的坚持。自创立之初，联影提出"三个必须"原则， 即"必须全线覆盖、自主研发；必须掌握全部核心技术；必须对标国际顶尖标准"。在随后的10余年里， 这一原则持续指引着联影人攻克一项项技术难题，啃下一个个"硬骨头"，筑起坚实的品牌护城河。 在技术突围的基础上，"高举高打"的全球化布局也是联影从破局者走向引领者的重要基础。与普通的设 备出口不同，联影的目标是实现全球范围内的本土化建设，成为一家真正的全球化企业。为此，联影在 世界范围内推进研发中心、生产基地和营销团队的本土化建设，截至目前，已在全球建立超40个区域总 部、销售平台和分/子公司，全球布局的产业地图已然形成。 在全球科技 ...

证券之星消息，截至2026年2月4日收盘，联影医疗(688271)报收于129.95元，上涨1.82%，换手率 0.66%，成交量5.41万手，成交额6.95亿元。 2月4日的资金流向数据方面，主力资金净流入4432.49万元，占总成交额6.38%，游资资金净流入 3253.71万元，占总成交额4.68%，散户资金净流出7686.19万元，占总成交额11.06%。 近5日资金流向一览见下表： 注：主力资金为特大单成交，游资为大单成交，散户为中小单成交 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。 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-4 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology industry [1] Core Insights - The medical device bidding market is expected to maintain high prosperity in 2025, driven by policy and demand resonance, with a projected market size of CNY 193.76 billion, representing a year-on-year growth of 24% [3][11] - The upward trend for medical device companies is clear for 2026, with multiple policies expected to support the continuous development of medical innovation [4][29] - The report emphasizes the importance of high-end product localization and innovation in driving growth for leading domestic companies [33][41] Summary by Sections Bidding Review - The medical device bidding market in 2025 is projected to reach CNY 193.76 billion, with a year-on-year increase of 24%, second only to the peak in 2022 [3][11] - Monthly bidding trends show sustained high levels, with procurement amounts from July to December ranging from CNY 134 billion to CNY 285 billion [3][11] - Key segments such as medical imaging equipment and radiation therapy devices are expected to see significant growth, with year-on-year increases of 35.37% and 36.34% respectively [3][16] 2026 Outlook - The report anticipates a clear upward turning point for medical device companies in 2026, supported by policies aimed at promoting medical innovation and equipment updates [4][29] - The implementation of large-scale equipment updates and consumer replacement policies is expected to further stimulate market demand [4][29] - The report highlights the potential for domestic companies to benefit from high-end product upgrades and the commercialization of brain-computer interface technologies [4][50] Investment Recommendations - The report suggests focusing on leading domestic companies that are enhancing their high-end and intelligent medical device offerings, such as Mindray, United Imaging, and KaiLi Medical [4][33] - It also recommends monitoring companies involved in brain-computer interfaces and domestic robotics, which are expected to see significant growth in the coming years [4][50]

产业策略 [table_Header]2026.02.03 医药产业运行数据专题：减速提质，创新渐入 佳境 产业研究中心 摘要： | [Table_Authors] | | | --- | --- | | | 丁丹(分析师) | | | 0755-23976735 | | | dingdan@gtht.com | | 登记编号 | S0880514030001 | | | 贺文斌(分析师) | | | 010-68067998 | | | hewenbin@gtht.com | | 登记编号 | S0880525040034 | | | 张拓(分析师) | | | 0755-23976170 | | | zhangtuo@gtht.com | | 登记编号 | S0880523090003 | [Table_Report] 往期回顾 走向积极所有权：治理觉醒与价值重塑——2026 年全球可持续投资趋势展望 2026.01.12 国企竞争力提升与上海国资实践 2025.12.22 呼吸系统专题（一）：慢阻肺治疗缺口突出， PDE3/4 及多疗法共破局 2025.09.26 医药上市公司 2025 中报专题：创新 ...

Group 1 - The core viewpoint of the article highlights the performance of the Kexin 50 ETF Enhanced (588450), which opened down by 0.75% at 1.975 yuan on February 2 [1] - Major holdings in the Kexin 50 ETF Enhanced experienced declines, including SMIC down 1.28%, Haiguang Information down 1.68%, and others such as Zhongwei Company, Lanke Technology, and Cambrian down by varying percentages [1] - The performance benchmark for the Kexin 50 ETF Enhanced is the Shanghai Stock Exchange Science and Technology Innovation Board 50 Index return rate, managed by China Merchants Fund Management Co., Ltd. [1] Group 2 - Since its establishment on May 6, 2024, the Kexin 50 ETF Enhanced has achieved a return of 99.29%, with a one-month return of 14.31% [1]

1月29日的资金流向数据方面，主力资金净流入4102.25万元，占总成交额3.38%，游资资金净流出 3975.89万元，占总成交额3.28%，散户资金净流出126.36万元，占总成交额0.1%。 证券之星消息，截至2026年1月29日收盘，联影医疗(688271)报收于131.1元，上涨2.41%，换手率 1.12%，成交量9.27万手，成交额12.12亿元。 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。 该股最近90天内共有21家机构给出评级，买入评级15家，增 ...

证券日报网讯1月29日，中邮科技发布公告称，公司预计2025年年度实现归属于母公司所有者的净利润 与上年同期(法定披露数据)相比，将实现扭亏为盈，实现归属于母公司所有者的净利润54000万元至 64000万元。 ...

Group 1 - The medical device sector increased by 0.19% on January 29, with Sanyou Medical leading the gains [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] - Key stocks in the medical device sector showed varied performance, with Sanyou Medical rising by 5.12% to a closing price of 22.60 [1] Group 2 - Major stocks that declined included Daan Gene, which fell by 9.96% to a closing price of 6.87, and Cap Bio, down 9.88% to 7.94 [2] - The medical device sector experienced a net outflow of 376 million yuan from institutional investors, while retail investors saw a net inflow of 201 million yuan [2][3] - Notable net inflows from retail investors were observed in stocks like Lepu Medical, which had a net inflow of 42.29 million yuan [3]

中邮科技公告称，预计2025年年度归属于母公司所有者的净利润为5.4亿元到6.4亿元，上年同期为-1.48 亿元，实现扭亏为盈；扣除非经常性损益后的净利润为-1.5亿元到-1.3亿元。业绩预盈主要系主营业务 盈利能力改善以及非经常性损益共同影响，公司新增订单额大幅增加，营收较快增长，严控成本费用； 全资子公司完成土地移交，确认资产处置收益约8.82亿元。预告数据未经审计，具体以年报为准。 ...

该股最近90天内共有24家机构给出评级，买入评级17家，增持评级7家；过去90天内机构目标均价为 176.35。 资金流向名词解释：指通过价格变化反推资金流向。股价处于上升状态时主动性买单形成的成交额是推 动股价上涨的力量，这部分成交额被定义为资金流入，股价处于下跌状态时主动性卖单产生的的成交额 是推动股价下跌的力量，这部分成交额被定义为资金流出。当天两者的差额即是当天两种力量相抵之后 剩下的推动股价上升的净力。通过逐笔交易单成交金额计算主力资金流向、游资资金流向和散户资金流 向。 注：主力资金为特大单成交，游资为大单成交，散户为中小单成交 该股主要指标及行业内排名如下： 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-43 ...