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 ...

据Wind统计，截至1月26日，沪深两市共有133只个股连续5日或5日以上获主力资金净买入。连续获主 力资金净买入天数最多的股票是陕西煤业、伊利股份，均已连续14个交易日获净买入；连续获主力资金 净买入天数较多的还有中金公司、寒武纪-U、联影医疗、热景生物、无锡银行、海天味业、联诚精 密、红塔证券等股。 （文章来源：证券时报网） ...

Group 1 - The core viewpoint is that innovative drugs are expected to show significant excess returns in 2025, driven by continuous BD overseas expansion, excellent clinical data, and policy support [1] - The CXO sector is anticipated to experience substantial growth due to the recovery in demand and improved investment environment in the global pharmaceutical industry [1] - The report emphasizes the importance of focusing on new technologies, particularly bispecific antibodies, small nucleic acid drugs, AI healthcare, and brain-computer interface innovations [3] Group 2 - Domestic supply and demand are relatively stable, with national health expenditure showing a year-on-year growth of 4.7% from January to November 2025, marking a positive turnaround after two years of decline [2] - The medical insurance fund's income and expenditure growth rates continue to decline, with total income of 2.63 trillion yuan (+2.9%) and expenditure of 2.11 trillion yuan (+0.5%) from January to November [2] - The report suggests that the commercialization of new drug forms is entering a critical phase, with significant clinical data supporting the application of B-cell depletion therapies in autoimmune diseases [3] Group 3 - Investment recommendations include focusing on innovative overseas expansion and new technology directions, with suggested stocks such as Mindray Medical, WuXi AppTec, and others [4] - The report highlights the potential for explosive growth in the global market for brain-computer interfaces, supported by policy incentives and technological breakthroughs [3]

1月26日，联影医疗涨0.32%，成交额12.85亿元。两融数据显示，当日联影医疗获融资买入额1.49亿 元，融资偿还1.62亿元，融资净买入-1319.08万元。截至1月26日，联影医疗融资融券余额合计14.70亿 元。 融资方面，联影医疗当日融资买入1.49亿元。当前融资余额14.68亿元，占流通市值的1.33%，融资余额 超过近一年90%分位水平，处于高位。 融券方面，联影医疗1月26日融券偿还3200.00股，融券卖出987.00股，按当日收盘价计算，卖出金额 13.22万元；融券余量1.04万股，融券余额139.46万元，低于近一年10%分位水平，处于低位。 资料显示，上海联影医疗科技股份有限公司位于上海市嘉定区城北路2258号，成立日期2011年3月21 日，上市日期2022年8月22日，公司主营业务涉及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。主营业务收入构成为：销售医学影像诊断设备及放射治疗设备 81.29%，提供维修收入13.56%，其他(补充)4.68%，软件收入0.47%。 截至9月30日，联影医疗股东户数3.24万，较上期增加96.28%；人均流 ...

Group 1 - Baicaowei's "nut gift box" misleads consumers with only 33g of nuts out of 958g total weight, raising concerns about misleading marketing practices [2] - 49 routes between China and Japan have canceled all flights, with a cancellation rate of 47.2% for January 2026, prompting airlines to extend free refund and change policies [2] - KFC has raised delivery prices by an average of 0.8 yuan while keeping dine-in prices unchanged, reflecting operational cost adjustments [3] Group 2 - Li Auto plans to reintroduce humanoid robots, aiming to become a leading AI company by 2028, with a focus on embodied intelligence [4][6] - Tencent is launching a 10 billion yuan cash giveaway for its Yuanbao app during the Spring Festival, aiming to replicate the success of past WeChat red envelope campaigns [6] - Shaw Brothers is set to acquire Noon Sunshine for approximately 45.765 billion yuan, expanding its media and entertainment portfolio [6][7] Group 3 - 360doc announced the free transfer of its personal knowledge library platform due to business adjustments, ensuring users can back up their content [7] - Yu Minhong refuted rumors regarding New Oriental's indirect equity investment relationships, threatening legal action against the spreaders of false information [8] - Porsche China is addressing customer issues related to the "Dong'an incident," ensuring that affected customers receive their vehicle certificates [8] Group 4 - Dangdang's subsidiary was fined for violating labor laws, with 27 employees averaging 149 hours of overtime per month [9] - Miaokelando's founder was removed from key positions due to unfulfilled financial obligations, potentially impacting the company's net profit by approximately 119 to 126.6 million yuan [9] - Big Pizza has reduced its "sanitation worker meal" price from 49.9 yuan to 9.9 yuan, following criticism of its initial pricing strategy [9] Group 5 - Yushun Technology will partner with the Spring Festival Gala for the third time, showcasing its robots [10] - Yonghui Supermarket in Beijing has suspended operations at a location due to property management disputes, affecting store accessibility [10] - Nike is laying off 775 employees to accelerate automation in its distribution centers, following previous job cuts [11] Group 6 - Zijin Mining plans to acquire Allied Gold Corporation for approximately 55 billion Canadian dollars, targeting gold mining assets [13] - Haike New Source has signed a long-term cooperation agreement with BYD Lithium Battery to supply at least 100,000 tons of products annually [14] - Faraday Future's CEO announced the completion of regulatory certification for its EAI robot, aiming for immediate sales upon release [15] Group 7 - The latest news from the stock market indicates a collective rise in major U.S. indices, with Tesla experiencing a decline of over 3% [11] - China Rare Earth expects a net profit of 143 to 185 million yuan for 2025, marking a turnaround from a loss in the previous year [25] - Dongfang Risheng anticipates a net loss of 2.3 to 2.9 billion yuan for 2025, while Duofluo expects a profit of 200 to 280 million yuan [26][27]

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 ...

Core Viewpoint - The National Medical Products Administration (NMPA) has approved two innovative medical devices: a computed tomography (CT) scanner developed by Shanghai United Imaging Healthcare Co., Ltd. and a disposable peripheral vascular thrombectomy catheter developed by Jiangsu Jintai Medical Devices Co., Ltd. [2] Group 1: Innovative Medical Devices - The approved devices include the X-ray computed tomography device and the disposable peripheral vascular thrombectomy catheter, marking significant advancements in medical technology [2][3]. - The total number of innovative medical devices approved in China has reached 395 [3]. Group 2: Shanghai United Imaging Healthcare - United Imaging Healthcare, established in 2011 and headquartered in Shanghai, focuses on high-end medical imaging equipment and related technology development, production, and sales [7]. - The newly approved CT device is the first in China to utilize dual-source dual-wide detector technology, enhancing cardiac scanning capabilities and reducing patient requirements during CT heart examinations [6]. Group 3: Jiangsu Jintai Medical Devices - Jiangsu Jintai Medical Devices, founded in 2016, specializes in high-value consumables and high-end equipment for cardiovascular intervention, aiming to provide comprehensive solutions for thrombectomy [12]. - The TideSpin® thrombectomy system is a domestic innovation that meets international advanced standards, featuring high-speed cutting capabilities and adaptability to various types of thrombosis [10][11].

Core Insights - The MRI equipment market is experiencing significant growth, with the global MRI main magnet market size projected to increase from 2.61 billion in 2020 to 3.08 billion by 2025, reflecting a compound annual growth rate (CAGR) of 3.4% [12] - In China, the MRI main magnet market is expected to reach 3.08 billion by 2025, with a year-on-year growth of 6.9%, surpassing the global growth rate [12] - Major companies like Siemens Healthineers, GE Healthcare, and Philips Healthcare are focusing on in-house production of core components, creating technological barriers and market advantages [12][14] MRI Main Magnet Industry Overview - MRI (Magnetic Resonance Imaging) relies on strong, stable magnetic fields, with the main magnet being a critical component that generates the magnetic field [1][5] - Main magnets can be categorized into permanent magnets and electromagnetic types, with superconducting magnets being the preferred choice for high-field MRI systems [5][6] - The main magnet system accounts for approximately 30%-40% of the cost in 1.5T MRI systems and up to 50% in 3.0T systems [11] Market Dynamics - The demand for MRI equipment is closely linked to the overall development of the MRI industry, which is expanding due to increased healthcare spending and technological advancements [12] - The Chinese MRI equipment market is projected to recover in 2024 after a decline in 2023, with an expected growth to 17.59 billion by 2025, marking a 6% increase [9] Competitive Landscape - The top five companies in the Chinese market for superconducting magnets in 2024 are Siemens Healthineers, GE Healthcare, United Imaging, Philips Healthcare, and the third-party supplier, Jiexin Superconductor, which holds a 7.2% market share [14] - Companies lacking the capability to produce their own magnets often rely on third-party suppliers, leading to a competitive disadvantage [12] Industry Trends - The MRI main magnet industry is evolving towards helium-free, high-field, and digital intelligent technologies, enhancing reliability and reducing maintenance costs [15] - Recent advancements include the development of a domestically produced 5.0T MRI system by United Imaging, indicating progress in breaking foreign technology monopolies [15]

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].