（原标题：瑞银：料内地医疗设备板块本季起复苏 首选威高股份(01066)） 智通财经APP获悉，瑞银发布研报称，预期次季及上半年内地医药器械股份的业绩将继续分化。展望下 半年，料设备企业的国内收入将自第三季起显著增长，因上半年恢复招标逐步转化为收入。体外诊断 (IVD)方面，虽然部分试剂价格或于第三季触底，但用量影响或要到今年末才会消退。耗材方面，各品 类分化的势态将延续至下半年，另外该行关注国家医疗保障局近期强调带量采购"反内卷"后续政策，可 能是中长期催化剂。海外业务方面，该行认为除非中美关税争端再起，各板块应可维持稳定增长。 该行最新较看好联影医疗(688271.SH)及威高股份(01066)，前者2025至27年收入有强劲增长潜力，估值 溢价合理，予目标价192元人民币，评级"买入"。后者今年全年10%至15%的收入增长指引虽然面临下 行风险，但其收入及盈利有所增长，股东回报持续改善，且估值合理，目标价8.2港元，亦予"买入"评 级。 ...

Core Viewpoint - UBS forecasts continued performance divergence among domestic medical device stocks in the second quarter and the first half of the year, with significant revenue growth expected for equipment companies starting in the third quarter as tender recovery translates into income [1] Group 1: Market Trends - Domestic revenue for equipment companies is anticipated to see significant growth from the third quarter due to the gradual conversion of tender recovery into income [1] - In vitro diagnostics (IVD) may see some reagent prices bottoming out in the third quarter, but the impact on usage may not dissipate until the end of the year [1] - The trend of differentiation among various categories of consumables is expected to continue into the second half of the year [1] Group 2: Policy and Regulatory Environment - The National Healthcare Security Administration's recent emphasis on "anti-involution" policies regarding volume-based procurement may serve as a medium to long-term catalyst for the industry [1] Group 3: International Business Outlook - The outlook for overseas business remains stable across various sectors unless the US-China tariff dispute resurfaces [1] Group 4: Company Recommendations - UBS is optimistic about United Imaging Healthcare (688271.SH), projecting strong revenue growth potential from 2025 to 2027, with a target price of 192 RMB and a "Buy" rating [1] - Wego Group (01066) is also rated "Buy," with a revenue growth guidance of 10% to 15% for the year, despite facing downside risks; the company is expected to see revenue and profit growth along with improving shareholder returns, with a target price of 8.2 HKD [1]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index decreased by 1.69% as of August 7, 2025, with mixed performance among constituent stocks [1] - Huada Zhizao led the gains with an increase of 4.42%, while Yuyuan Pharmaceutical and others experienced declines [1][5] - The market for the Sci-Tech Innovation Medical ETF managed by Harvest saw a turnover of 27.9% and a transaction volume of 65.88 million yuan, indicating active trading [3] Group 2 - As of August 6, 2025, the Sci-Tech Innovation Medical ETF reached a new high in scale at 237 million yuan, ranking first among comparable funds [3] - The ETF saw a net inflow of 2.96 million yuan recently, with a total of 17.65 million yuan accumulated over the last five trading days [3] - The ETF's net value increased by 49.39% over the past year, with the highest monthly return recorded at 23.29% since its inception [3] Group 3 - The top ten weighted stocks in the Sci-Tech Innovation Board Biopharmaceutical Index accounted for 49.14% of the index, with leading stocks including United Imaging Healthcare and BeiGene [3] - Minsheng Securities believes that domestic medical insurance policy support and overseas value recognition will sustain the ongoing trend of Chinese innovative drugs [5] - China has become a core procurement area for global trading, with traditional pharmaceutical companies accelerating their innovation and international expansion [5]

瑞银发表研究报告指，预期次季及上半年内地医药器械股份的业绩将继续分化。展望下半年，预计设备 企业的国内收入将自第三季起显著增长，因上半年恢复招标逐步转化为收入。 体外诊断(IVD)方面，虽 然部分试剂价格或于第三季触底，但用量影响或要到今年末才会消退。耗材方面，各品类分化的势态将 延续至下半年，另外该行关注国家医疗保障局近期强调带量采购反内卷后续政策，可能是中长期 催化 剂。海外业务方面，该行认为除非中美关税争端再起，各板块应可维持稳定增长。 该行最新较看好 联 影医疗及威高股份。联影医疗2025至27年收入有强劲增长潜力，估值溢价合理，予目标价192元，评 级"买入"。威高股份今年全年10%至15%的收入增长指引虽然面临下行风险，但其收入及盈利有所增 长，股东回报持续改善，且估值合理，目标价8.2港元，亦予"买入"评级。 ...

Core Viewpoint - The medical device sector is experiencing a rise, with notable increases in stocks such as United Imaging Healthcare, New Industry, BGI Genomics, and Jiuan Medical, all rising over 3% [1] Group 1: Stock Performance - The ETF tracking the CSI All Share Medical Device Index has increased by approximately 3% [1] - Specific ETFs in the medical device sector have shown significant gains, with the Medical Device ETF Fund at 0.830, up 3.23%, and the Medical Device Index ETF at 0.588, up 3.16% [2] Group 2: Future Opportunities - Analysts indicate that increasing internationalization will provide more investment opportunities in the medical device sector, with several companies expected to see high growth in international business by 2025 [2] - The performance of Hong Kong's medical device stocks has been strong this year, which may positively influence the A-share market, suggesting that investment opportunities in both A-shares and Hong Kong's medical device sector will continue to emerge [2]

Group 1 - The National Healthcare Security Administration (NHSA) has announced the optimization of drug procurement measures, including the inclusion of 55 drugs in the upcoming procurement round [4] - The AI healthcare sector is expected to accelerate commercialization due to supportive policies, particularly in areas like AI pathology diagnosis, AI imaging, and AI pharmaceuticals [4][5] - The market for surgical robots in China is projected to exceed 70 billion yuan by 2030, driven by aging population and uneven distribution of medical resources [5] Group 2 - The "Artificial Intelligence +" policy marks a new phase of large-scale, commercial, and ecological development in AI healthcare [6] - AI healthcare applications are expanding into areas such as cancer screening, critical illness management, and chronic disease management, addressing key pain points in the healthcare system [6][7] - Companies are encouraged to focus on various AI healthcare applications, including AI in pharmaceuticals, medical imaging, and genetic sequencing [6][7]

Core Viewpoint - The latest stock price of United Imaging Healthcare is 129.15 yuan, reflecting a slight increase of 0.47% from the previous trading day, with significant developments in their photon-counting spectral CT technology [1] Company Overview - United Imaging Healthcare specializes in the research and manufacturing of high-end medical imaging equipment, including CT, MR, and DR devices [1] - The company has recently launched its self-developed photon-counting spectral CT for clinical testing at Zhongshan Hospital and Ruijin Hospital, which significantly enhances imaging resolution and reduces radiation dosage by up to 90% [1] Technological Advancements - The photon-counting spectral CT project is a key initiative under the "14th Five-Year Plan" by the Ministry of Science and Technology, achieving breakthroughs in semiconductor detectors and overall system design [1] - This technology aims to assist doctors in early detection of small lesions, thereby improving diagnostic capabilities [1] Market Potential - The global market size for photon-counting spectral CT was approximately 75.31 million USD in 2022, with projections to grow to 1.1 billion USD by 2029 [1] Financial Insights - On the trading day, the net inflow of main funds was 17.22 million yuan, accounting for 0.02% of the circulating market value, while the net outflow over the past five days totaled 35.97 million yuan, representing 0.05% of the circulating market value [1]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index increased by 0.85%, with notable stock performances including Boryung Pharmaceutical up by 15.37% and Junshi Biosciences up by 6.49% [1] - The market activity for the Jiashi Sci-Tech Medicine ETF was robust, with a turnover rate of 18.13% and a transaction volume of 42.47 million yuan, leading in comparable funds [3] - As of August 5, the Jiashi Sci-Tech Medicine ETF achieved a net inflow of 11.73 million yuan, totaling 14.69 million yuan over the last five trading days [3] Group 2 - The top ten weighted stocks in the Sci-Tech Innovation Board Biopharmaceutical Index accounted for 49.14% of the index, with leading stocks including United Imaging Healthcare and Boryung Pharmaceutical [3][5] - A significant business development deal was announced by Crystal Technology Holdings, with a total order size of approximately 47 billion HKD (5.99 billion USD), marking it as one of the largest BD transactions in China's AI pharmaceutical sector for 2025 [5] - According to research from Everbright Securities, the mid-year reporting period in July may lead to positive changes in the performance of some innovative drug companies, potentially catalyzing a new market trend [6]

文 | 雷达财经，作者 | 彭程，编辑 | 孟帅 8月3日，联影医疗（688271.SH）发布公告称，公司于8月1日收到员工持股平台关于股份减持计划的告 知函。 不过，据《新财富杂志500创富榜》显示，2023年至2025年，薛敏的身家从353亿元降至249.4亿元，其 财富在短短两年时间内缩水超百亿。 时隔一年再出手减持，最高可套现17.83亿元 对于此次减持，联影医疗在公告中提到，此次员工持股平台拟减持的原因是自身资金需求，因部分员工 提出所持员工持股计划份额所对应的公司股份出售申请，员工持股平台拟进行减持。 据悉，联影医疗员工持股平台持有的公司股份，为首次公开发行前公司实施的员工股权激励。自2013年 至2020年上市前，联影医疗先后通过虚拟股计划和员工持股计划对800余名作出重要贡献的员工实施了 股权激励。而前述五个员工持股平台的执行事务合伙人，均为公司董事长兼联席首席执行官张强。 雷达财经梳理发现，此番并非是联影医疗员工持股平台首次减持公司股份。时间回拨至去年7月，联影 医疗的员工持股平台通过集中竞价方式和大宗交易方式合计减持747.15万股，成功套现8.94亿元。 宁波影聚、宁波影力、宁波影健、宁 ...

Core Insights - The healthcare ETF, Taikang (159760), has shown a slight increase of 0.46%, tracking the National Public Health and Healthcare Index (980016), which rose by 0.48% [1] - A new pricing mechanism for newly launched drugs has been established by the National Healthcare Security Administration, allowing high-level innovative drugs a five-year price stability period, which is expected to reverse the trend of price drops upon market entry [1] - Innovative drugs like Zebutinib from BeiGene and the dual-antibody drug from Baillie Tianheng are anticipated to drive significant revenue growth in the coming years [1][2] Industry Developments - The index constituents are experiencing a technological breakthrough, with companies like Kangfang Bio and Eli Lilly making significant advancements in drug development [2] - The AI+mRNA platform developed by CloudTop has achieved full-chain coverage from antigen design to industrial production, indicating a shift in innovative drug development paradigms [3] - The index includes companies that are directly benefiting from healthcare payment reforms and supportive policies for innovative drugs, with over 80% of the constituents poised to gain from these changes [4] Financial Performance - As of June 30, 2025, the top ten weighted stocks in the National Public Health and Healthcare Index accounted for 51.67% of the index, with companies like WuXi AppTec and Hengrui Medicine leading the way [5] - Hengrui Medicine's R&D investment ratio reached 28% in the first half of 2025, with a 50% year-on-year increase in the number of new drug approvals, indicating strong growth potential [4] Market Outlook - The healthcare ETF is expected to continue leading in the structural market of the healthcare industry, driven by the expansion of commercial insurance innovative drug catalogs and accelerated approvals for AI medical devices [4] - The index reflects the performance of listed companies in the public health and healthcare sector, focusing on prevention, testing, and treatment areas with significant potential for AI technology applications [4]