[Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 江珅(分析师) | 021-23185638 | jiangshen@gtht.com | S0880525090001 | | 赵峻峰(分析师) | 0755-23976629 | zhaojunfeng@gtht.com | S0880519080017 | | 余文心(分析师) | 021-38676666 | yuwenxin@gtht.com | S0880525040111 | 本报告导读： 请务必阅读正文之后的免责条款部分 股 票 研 究 政策拉动国内市场有效复苏，医疗设备招 采保持快速增长 投资要点： [Table_Report] 相关报告 医疗器械《政策拉动国内市场有效复苏，设备类 企业迎来业绩拐点》2025.11.11 医疗器械《政策资本多重共振，脑机商业化有望 加速》2025.10.22 医疗器械《医疗设备招投标规模保持增长，25 年 新一轮医疗设备更新有望来临》2025.10.13 医疗器械《设备更新政策持续落 ...

证券之星消息，截至2025年12月10日收盘，联影医疗(688271)报收于129.79元，上涨0.63%，换手率 0.35%，成交量2.91万手，成交额3.76亿元。 12月10日的资金流向数据方面，主力资金净流出925.4万元，占总成交额2.46%，游资资金净流出 1558.56万元，占总成交额4.14%，散户资金净流入2483.96万元，占总成交额6.6%。 近5日资金流向一览见下表： | 指标 | 联影医疗 | 医疗器械行业均值 | 行业排名 | | --- | --- | --- | --- | | 总市值 | 1069.67亿元 | 108.96亿元 | 2 124 | | 净资产 | 208.05亿元 | 39.1亿元 | 3 124 | | 净利润 | 11.2亿元 | 2.12亿元 | 5 124 | | 市盈率(动) | 71.62 | 62.74 | 66 124 | | 市净率 | 5.14 | 3.79 | 105 124 | | 毛利率 | 47.02% | 51.22% | 77 124 | | 净利率 | 12.44% | 9.57% | 56 124 | | ROE | 5. ...

Group 1 - The core point of the article is that Shanghai United Imaging Healthcare Co., Ltd. has won a bid for the maintenance service procurement of large medical equipment at Shouxian People's Hospital, with a bid amount of 685,000.00 [1][2] - The procurement was officially announced on December 7, 2025, indicating the ongoing investment in healthcare infrastructure in Anhui Province [2] - Shanghai United Imaging Healthcare Co., Ltd. has a significant presence in the market, having participated in 8,516 bidding projects and invested in 21 companies [1] Group 2 - The company holds a substantial amount of intellectual property, including 894 trademark registrations, 5,562 patents, and 109 copyrights, which reflects its innovation capabilities [1] - Additionally, the company has obtained 457 administrative licenses, indicating compliance with regulatory requirements in the healthcare sector [1]

该股主要指标及行业内排名如下： 近5日资金流向一览见下表： 证券之星消息，截至2025年12月8日收盘，联影医疗(688271)报收于129.72元，下跌0.68%，换手率 0.42%，成交量3.43万手，成交额4.45亿元。 | | | | 日期 收盘价 涨跌幅 主力净流入 主力净占比 游资净流入 游资净占比 散户净占比 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-12-08 129.72 -0.68% | | -2699.02万 | -6.06% | 1602.06万 | 3.60% | 1096.96万 | 2.46% | | 2025-12-05 130.61 | 1.35% | -3578.99万 | -7.61% | -961.41万 | -2.05% | 4540.40万 | 9.66% | | 2025-12-04 128.87 | -0.01% | -955.20万 | -3.32% | -366.31万 | -1.27% | 1321.52万 | 4.59% | | 2025-12-03 128.88 ...

近日，全球放射学界规模最大的会议——北美放射学年会（RSNA）在芝加哥召开。 在本届RSNA上，联影集团携一批高端医疗装备及十余款医疗智能体集体亮相。其中，由联影集团子公 司联影医疗自主研发的原生智能超声家族uSONIQUE系列、世界首台"摄像"磁共振uMR Ultra、全球首 创双宽体双源CT成像系统uCT SiriuX、业界首款智慧仿生空中机器人血管造影系uAngio AVIVA、uMI Panvivo PET/CT家族等一系列AI赋能下的高端影像设备悉数亮相，并有多款产品为首次亮相RSNA。 具体来看，联影uSONIQUE超声家族继11月在中国首次亮相后，本次登陆RSNA意味着正式的全球发 布。uSONIQUE超声家族包括了从超高端到高端、中端再到经济型全系列超声产品矩阵，涵盖台式、便 携、掌上等多种形态产品。据介绍，联影通过为超声量身打造uEDGETEC技术平台，以"原生AI"赋能全 超声产品线，推动超声诊疗从"依赖人工"向"智能自主"、从"个体经验"向"标准均质"、从"特定场 景"向"全域覆盖"的跃迁。以智能工作流中的切面识别为例，单切面扫查时间仅需要10s，相较传统的一 分钟以上，效率提升88%。 ...

证券之星消息，截至2025年12月5日收盘，联影医疗(688271)报收于130.61元，上涨1.35%，换手率 0.44%，成交量3.64万手，成交额4.7亿元。 | 指标 | 联影医疗 | 医疗器械行业均值 | 行业排名 | | --- | --- | --- | --- | | 总市值 | 1076.43亿元 | 110.35亿元 | 2 124 | | 净资产 | 208.05亿元 | 39.1亿元 | 3 124 | | 净利润 | 11.2亿元 | 2.12亿元 | 5 124 | | 市盈率(动) | 72.07 | 64.34 | 66 124 | | 市净率 | 5.17 | 3.85 | 105 124 | | 毛利率 | 47.02% | 51.22% | 77 124 | | 净利率 | 12.44% | 9.57% | 56 124 | | ROE | 5.5% | 0.15% | 46 124 | 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%； ...

医药生物行业 0% 5% 10% 医药生物 沪深300 超配（维持） 医药生物行业双周报（2025/11/21-2025/12/4） 超大耗材联盟集采结果公布 投资要点： 研 究 证 券 研 究 报 -20% -15% -10% -5% 0% -30% -25% -20% -25% -20% -15% 2025 年 12 月 5 日 -35% -30% -35% -35% -30% -40% -20% 0% 20% 22-03 22-05 22-07 22-09 22-11 23-01 23-03 医药生物 沪深300 -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 医药生物 沪深300 分析师：谢雄雄 SAC 执业证书编号： S0340523110002 电话：0769-22110925 邮箱： xiexiongxiong@dgzq.com.cn 医药生物（申万）指数走势 资料来源：iFind，东莞证券研究所 相关报告 -25% 5% 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必 ...

证券之星消息，截至2025年12月4日收盘，联影医疗(688271)报收于128.87元，下跌0.01%，换手率 0.27%，成交量2.23万手，成交额2.88亿元。 12月4日的资金流向数据方面，主力资金净流出955.2万元，占总成交额3.32%，游资资金净流出366.31 万元，占总成交额1.27%，散户资金净流入1321.52万元，占总成交额4.59%。 近5日资金流向一览见下表： 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 | 指标 | 联影医疗 | 医疗器械行业均值 | 行业排名 | | --- | --- | --- | --- | | 总市值 | 1062.09亿元 | 109.58亿元 | 2 124 | | 净资产 | 208.05亿元 | 38.93亿元 | 3 124 | | 净利润 | 11.2亿元 | 2.12亿元 | 5 124 | | 市盈率(动) | 71.11 | 60.57 | 65 124 | | 市净率 | 5.1 | 3.81 | ...

Core Insights - The pharmaceutical sector is experiencing a rise, with the Shanghai Stock Exchange Sci-Tech Innovation Board Biomedicine Index increasing by 1.03% as of December 4, 2025, with notable gains from companies like Zai Lab (up 4.47%) and Rongchang Bio (up 4.14%) [1] Industry Overview - The pharmaceutical industry has undergone eleven rounds of national drug centralized procurement and multiple rounds of medical insurance negotiations, leading to an inevitable decline in the generic drug sector, which impacts the overall pharmaceutical industry [1] - From January to September 2025, the pharmaceutical manufacturing industry's revenue remained relatively stable, but the outlook for generic drugs is bleak, indicating a need for innovative drugs to drive future growth [1] Investment Perspective - According to Everbright Securities, future investments in the pharmaceutical sector should focus on the clinical value of drugs, addressing clinical needs of patients, as both domestic medical insurance policies and global expansion strategies increasingly emphasize clinical value [1] - The innovative drug industry chain and innovative medical devices are viewed positively based on the clinical value framework [1] Market Data - As of November 28, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Biomedicine Index include companies like United Imaging Healthcare and BeiGene, collectively accounting for 49.75% of the index [1]

Core Viewpoint - The article discusses the ongoing price war in the medical equipment industry due to centralized procurement, leading to significant price drops and market share losses for some multinational companies [1][2][3]. Group 1: Market Dynamics - The centralized procurement of medical devices began in 2020 in provinces like Anhui and Fujian, but has recently expanded nationwide, affecting market dynamics significantly [2][13]. - Prices for various medical devices have plummeted, with examples including digital X-ray (DR) prices dropping from over 1 million to 200,000, and CT prices falling to historical lows of 600,000 [3][11]. - The procurement process has become more competitive, with many projects being canceled or re-tendered due to complaints from companies, indicating a turbulent market environment [9][10]. Group 2: Impact on Distributors - Medical equipment distributors are facing severe challenges, with many considering transitioning to other business areas due to shrinking profit margins from centralized procurement [4][5]. - The profit margins for distributors have drastically decreased, with potential earnings from projects dropping from millions to tens of thousands [5][6]. - It is estimated that only about 10% of medical equipment distributors will remain in the industry post-procurement, primarily focusing on after-sales services [6][7]. Group 3: Competitive Landscape - Domestic companies are gaining market share at the expense of smaller multinational firms, with companies like Wandong Medical achieving high bid rates in centralized procurement [10][11]. - The article highlights that while domestic companies are performing well, the overall profit margins in the industry are under pressure due to the aggressive pricing strategies adopted during centralized procurement [11][12]. Group 4: Future Trends - The trend of centralized procurement is expected to continue expanding across provinces, with most regions likely to implement such measures in the next 3 to 5 years [15][16]. - The article suggests that centralized procurement for medical devices is simpler to implement compared to pharmaceuticals due to fewer product categories and more straightforward technical specifications [15][16].