10月17日，医疗板块震荡走低。A股最大医疗ETF（512170）午后一度下探逾2%，实时成交超4.9亿 元。该基金最新规模257.30亿元，同类ETF中排名首位。 成份股方面，三博脑科跌逾6%居首，英科医疗、南微医学跌超4%，权重股药明康德跌超3%。 医疗ETF（512170）及其联接基金（联接A：162412，联接C：012323）被动跟踪中证医疗指数，该指 数前十大权重股分别为药明康德、迈瑞医疗、联影医疗、爱尔眼科、康龙化成、泰格医药、爱美客、新 产业、惠泰医疗、鱼跃医疗。 数据来源于沪深交易所、公开资料等。 风险提示：以上产品由基金管理人发行与管理，代销机构不承担产品的投资、兑付和风险管理责任。投 资人应当认真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基金法律文件，了解基金 的风险收益特征，选择与自身风险承受能力相适应的产品。基金过往业绩并不预示其未来表现，基金投 资须谨慎！销售机构（包括基金管理人直销机构和其他销售机构）根据相关法律法规对本基金进行风险 评价，投资者应及时关注基金管理人出具的适当性意见，各销售机构关于适当性的意见不必然一致，且 基金销售机构所出具的基金产品风险等级评价结 ...

截至2025年10月16日收盘，联影医疗(688271)报收于147.66元，下跌0.47%，换手率0.51%，成交量4.21 万手，成交额6.25亿元。 上海市通力律师事务所关于联影医疗2025年限制性股票激励计划预留授予及授予价格调整事项的法律意 见书 当日关注点 交易信息汇总 资金流向 10月16日主力资金净流出2092.74万元，占总成交额3.35%；游资资金净流入1219.02万元，占总成交额 1.95%；散户资金净流入873.73万元，占总成交额1.4%。 公司公告汇总 联影医疗第二届董事会第二十四次会议决议公告 上海联影医疗科技股份有限公司于2025年10月14日召开第二届董事会第二十四次会议，审议通过《关于 向公司2025年限制性股票激励计划激励对象授予预留部分限制性股票的议案》，确定预留授予日为2025 年10月14日，向36名激励对象授予52.87万股限制性股票，授予价格为94.92元/股。会议同时审议通过 《关于调整公司2025年限制性股票激励计划授予价格的议案》，因公司实施2025年半年度权益分派，每 10股派发现金红利1.30元（含税），董事会同意将限制性股票激励计划授予价格由94. ...

Core Viewpoint - The stock of United Imaging Healthcare (688271) has shown a slight decline, with significant net outflows from major funds, indicating potential investor caution in the short term [1][2]. Group 1: Stock Performance - As of October 16, 2025, United Imaging Healthcare closed at 147.66 yuan, down 0.47% with a turnover rate of 0.51% and a trading volume of 42,100 hands, resulting in a transaction value of 625 million yuan [1]. - Over the past five days, the stock has experienced fluctuations, with a notable drop of 3.42% on October 14, 2025, and a total net outflow of 209.27 million yuan on October 16, 2025 [2]. Group 2: Fund Flow Analysis - On October 16, 2025, major funds saw a net outflow of 20.93 million yuan, accounting for 3.35% of the total transaction value, while retail investors had a net inflow of 8.74 million yuan, representing 1.4% of the total [1][2]. - The recent trend shows that major funds have been withdrawing, with a cumulative net outflow of 186 million yuan over the past five days [2]. Group 3: Company Financials - United Imaging Healthcare reported a total market capitalization of 121.695 billion yuan, with a net asset value of 20.787 billion yuan and a net profit of 999.8 million yuan for the first half of 2025, reflecting a year-on-year increase of 12.79% in revenue [3]. - The company’s gross margin stands at 47.93%, while the net profit margin is 16.42%, indicating a strong profitability position compared to industry averages [3]. Group 4: Industry Position - In the medical device industry, United Imaging Healthcare ranks second in total market capitalization and third in net profit among 123 companies, showcasing its competitive strength [3]. - The average target price set by 24 institutions over the past 90 days is 171.35 yuan, with 19 buy ratings and 5 hold ratings, suggesting a generally positive outlook from analysts [4].

东北证券研报指出，联影医疗经过十余年快速发展，已成为中国高端医学影像设备领域的领军企业，形 成了覆盖计算机断层成像（CT）、磁共振（MR）、分子影像（MI）、X 射线（XR）、放射治疗 （RT）五大产品线的核医学设备布局，积极推动人工智能技术融合与智能化转型。各省市大型医用设 备集采政策陆续落地，国产替代显著提速。CT、MR、MI 产品线出海放量，在北美市场、欧洲市场渗 透高端医疗装备市场，在印度新装机市场位列前位。公司是中国医疗影像设备行业龙头，构筑"高端突 破+基盘稳固"的双轮驱动格局，国内市占率梯度突破，海外实现高端突破和新兴区域渗透。给予公 司"买入"评级。 ...

Investment Rating - Industry investment rating is "Outperform the Market" (expected to outperform the CSI 300 index by more than 5% in the next 6 months) [2][24] Core Insights - The bidding environment for medical equipment remains robust, with strong demand for procurement in county-level medical communities driven by ongoing equipment update policies since 2025 [4][22] - The procurement scale for medical devices has maintained a high level, with notable monthly figures in July, August, and September 2025 being 12.8 billion, 13.1 billion, and 12.7 billion respectively, showing year-on-year growth rates of +21%, +18%, and -21% [4][13] - Major companies are benefiting significantly from the recovery in equipment update bidding, with procurement figures for September showing ultrasound at 1.646 billion (yoy +30%), CT at 1.717 billion (yoy +29%), and MRI at 1.512 billion (yoy +6%) [5][14] Summary by Sections Equipment Bidding Trends - The bidding environment for medical equipment has been consistently high, with a diverse range of procurement preferences emerging, particularly in county-level medical communities [4][9] - The procurement scale for September 2025 indicates a strong recovery, with various equipment categories showing significant year-on-year growth [5][14] Company Performance - Leading domestic companies are aligned with industry trends, with procurement figures for September showing Mindray at 0.924 billion (yoy +6%), United Imaging at 0.804 billion (yoy +18%), and Kaili at 0.163 billion (yoy +67%) [19][22] - The focus on high-end and intelligent medical devices is expected to drive performance for leading domestic enterprises such as Mindray, United Imaging, and Kaili [6][22] Future Outlook - The ongoing equipment update policies are anticipated to positively impact the bidding market, with expectations for a new round of equipment updates to stimulate demand [22] - The approval of the "Implementation Plan for Strengthening Basic Medical and Health Services" by the State Council is expected to enhance the capabilities of grassroots medical institutions, further opening up the market [22]

Core Points - The stock of United Imaging Healthcare (688271) closed at 148.36 yuan on October 15, 2025, with a market capitalization of 122.27 billion yuan, reflecting a 0.38% increase from the previous trading day [1] - The company announced an adjustment to the grant price of its 2025 restricted stock incentive plan due to a cash dividend distribution of 1.30 yuan per 10 shares [1] - The adjusted grant price decreased from 94.92 yuan per share to 94.79 yuan per share, which remains above the par value of the stock [1] - The board's remuneration and assessment committee confirmed that the adjustment process was legal and compliant, ensuring no harm to the company or shareholders [1] - Legal opinions indicated that the necessary procedures for the adjustment were fulfilled and complied with relevant regulations [1]

Core Viewpoint - The company has approved a stock incentive plan to grant restricted stocks to selected employees at a price of 94.92 yuan per share, indicating a strategic move to motivate and retain key talent [1] Group 1 - The company will hold its second board meeting on October 14, 2025, to discuss the stock incentive plan [1] - A total of 528,700 restricted stocks will be reserved for 36 selected incentive targets [1] - The reserved grant date is set for October 14, 2025 [1]

证券代码：688271 证券简称：联影医疗 公告编号：2025-042 上海联影医疗科技股份有限公司 关于向公司 2025 年限制性股票激励计划激励对象 授予预留部分限制性股票的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 限制性股票预留授予日：2025 年 10 月 14 日； 限制性股票预留授予数量：52.87 万股，约占目前公司股本总额 82,415.80 万股的 0.06%； 限制性股票预留授予价格：94.92 元/股 股权激励方式：第二类限制性股票 《上海联影医疗科技股份有限公司 2025 年限制性股票激励计划》（以下简称 "《激励计划》"或"本激励计划"）规定的限制性股票授予条件已经成就，根据 上海联影医疗科技股份有限公司（以下简称"公司"）2024 年年度股东会的授权， 公司于 2025 年 10 月 14 日召开第二届董事会第二十四次会议，审议通过了《关 于向公司 2025 年限制性股票激励计划激励对象授予预留部分限制性股票的议 案》，同意以 2025 年 10 月 14 日为预留授 ...

证券代码：688271 证券简称：联影医疗 公告编号：2025-043 上海联影医疗科技股份有限公司关于调整 公司 2025 年限制性股票激励计划授予价格的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 限制性股票授予价格由 94.92 元/股调整为 94.79 元/股。 上海联影医疗科技股份有限公司（以下简称"公司"或"联影医疗"）于 2025 年 10 月 14 日召开第二届董事会第二十四次会议，会议审议通过了《关于 调整公司 2025 年限制性股票激励计划授予价格的议案》，同意董事会根据《上 市公司股权激励管理办法》（以下简称"《管理办法》"）、《上海证券交易所 科创板股票上市规则》、公司《2025 年限制性股票激励计划》（以下简称"《激 励计划》"或"本激励计划"）的有关规定，以及公司 2024 年年度股东会的授 权，对公司 2025 年限制性股票激励计划授予价格进行调整，具体情况如下： 一、本激励计划已履行的决策程序和信息披露情况 1、2025 年 6 月 13 日，公司召开第二届董事会第二 ...

上海联影医疗科技股份有限公司 2025 年限制性股票激励计划预留授予激励对象名单 （预留授予日） 一、激励对象获授的限制性股票分配情况 | | 姓名 国籍 | | 职务 | 获授的限制 性股票数量 | 占授予限制 性股票总数 | 占本激励计 划预留授予 | | --- | --- | --- | --- | --- | --- | --- | | | 序号 | | | （万股） | 的比例 | 时公司股本 | | | | | | | | 总额的比例 | | | 一、预留授予部分 | | | | | | | | 1、董事、高级管理人员、核心技术人员 | | | | | | | | / / | | / | / | / | / | | | 2、其他激励对象 | | | | | | | 中层管理人员及董事会认为需要激励的其他人员 | | | | 25.36 | 5.07% | 0.03% | | 人） | ——中国籍员工（16 | | | | | | | 中层管理人员及董事会认为需要激励的其他人员 | | | | 27.51 | 5.50% | 0.03% | | | ——外籍员工（20 人） | | | | | | ...