Core Viewpoint - The stock of United Imaging Healthcare (688271) has shown a slight decline, with a closing price of 131.93 yuan on January 20, 2026, down by 1.81% [1] Financial Performance - For the first three quarters of 2025, United Imaging Healthcare reported a main revenue of 8.859 billion yuan, an increase of 27.39% year-on-year [2] - The net profit attributable to shareholders reached 1.12 billion yuan, up by 66.91% year-on-year [2] - The non-recurring net profit was 1.053 billion yuan, reflecting a significant increase of 126.94% year-on-year [2] - In Q3 2025 alone, the company achieved a main revenue of 2.843 billion yuan, a remarkable rise of 75.41% year-on-year [2] - The net profit for Q3 2025 was 122 million yuan, showing an increase of 143.8% year-on-year [2] - The non-recurring net profit for Q3 2025 was 87.6141 million yuan, up by 126.24% year-on-year [2] - The company's debt ratio stands at 30.08%, with investment income of 606.847 million yuan and financial expenses of -438.233 million yuan [2] - The gross profit margin is reported at 47.02% [2] Market Activity - On January 20, 2026, the net inflow of main funds was 18.2237 million yuan, accounting for 1.53% of the total transaction amount [1] - Retail investors experienced a net outflow of 1.5584 million yuan, representing 0.13% of the total transaction amount [1] - Over the past 90 days, 25 institutions have rated the stock, with 18 buy ratings and 7 hold ratings [2] - The average target price set by institutions over the past 90 days is 17.635 billion yuan [2]

Group 1 - The core viewpoint of the news is that the Medical ETF (512170) has experienced a decline of 1.61%, with the latest price at 0.366 yuan and a turnover rate of 2.25% [1] - The Medical ETF closely tracks the CSI Medical Index, which includes companies involved in medical devices, medical services, and medical information technology [1] - The latest scale of the Medical ETF is 26.117 billion yuan, with a total of 70.245 billion shares, indicating an increase of 524 million yuan in fund size over the past month [1] Group 2 - As of the previous trading day, the Medical ETF (512170) saw a net inflow of 26.1418 million yuan [2] - The top ten weighted stocks in the CSI Medical Index include WuXi AppTec, Mindray Medical, United Imaging Healthcare, Aier Eye Hospital, Kanglong Chemical, Tigermed, Lepu Medical, Yuyue Medical, New Industry, and Meinian Onehealth [2]

Summary of China Healthcare Conference Call Industry Overview - **Industry**: China Healthcare - **Survey**: AlphaWise survey conducted with 80 hospital executives in November 2025, focusing on hospital capital expenditures (capex), procedure volumes, and brand preferences for 2026 [1][26] Key Findings Hospital Capex Outlook - **Cautiously Optimistic**: 59% of hospital executives expect higher capex in 2026, up from 43% in 2025, but still below 85% in 2024 [3][51] - **Expected Growth**: Average capex growth projected at 4.7% YoY for 2026, compared to 3.0% for 2025 [3][51] - **Actual Growth in 2025**: Estimated capex growth for 2025 was 5.8% YoY, indicating better-than-expected performance [3][51] - **Key Drivers**: Hospital surplus (69%), patient demand (50%), and local fiscal budgets (44%) are primary factors influencing capex decisions [31] Equipment Spending Trends - **Top Equipment Categories**: Surgical and soft endoscopes expected to see the highest unit growth at 26% and 16% respectively, followed by CT, ultrasound, and CLIA analyzers with high-teens growth [32][93] - **AI and Digitization**: AI, digitization, and cloud capabilities are the top investment priorities, with 84% of executives planning to increase spending in these areas [33][78] Brand Preferences and Market Dynamics - **Domestic Brands**: Mindray and United Imaging maintain strong positions in brand preference, with Mindray expected to gain share in surgical endoscopes and ultrasound [36][38] - **Foreign Brands**: Siemens Healthineers, GE Healthcare, and Philips show mixed performance, with potential share losses due to domestic competition [17][19][20] - **Market Shifts**: United Imaging is expected to gain significant share in CT and MR equipment, while Mindray is anticipated to strengthen its position in various categories [38] Pricing and Procurement - **Pricing Pressures**: Continuous pricing pressure expected in clinical testing, negatively impacting the IVD segment [10][42] - **Procurement Changes**: Increased expectations for centralized procurement and shorter tender cycles, which could lead to downward pricing pressures [30][61][62] Procedure Volume Expectations - **Moderating Growth**: Only 17% of executives expect growth in procedure volumes, down from 31% in the previous year, primarily due to budget constraints [39] - **Specialty Procedures**: Expected growth across major specialties is clustered in the mid-single-digit range, indicating stable demand [40] Stock Implications - **Positive Outlook for Certain Companies**: - **Mindray**: Expected to recover to positive revenue growth in 2026 due to stable capex environment [11] - **United Imaging**: Positioned to benefit from high-end imaging demand [12] - **APT Medical**: Anticipated to capture growth in cardiac ablation procedures [14][15] - **Zylox-Tonbridge**: Expected to see growth in neuro and peripheral intervention procedures [16] Risks and Challenges - **Market Uncertainty**: Hospital executives express caution regarding capex decisions, with procurement timing expected to be back-loaded into the second half of 2026 [68] - **Regulatory Pressures**: Ongoing regulatory scrutiny and tighter budgets continue to pose challenges for lower-tier hospitals [56] Conclusion The 2026 outlook for the China healthcare sector is cautiously optimistic, with expected growth in hospital capex and a focus on advanced medical technologies. However, challenges such as pricing pressures and market competition from domestic players remain significant factors influencing the landscape.

Core Insights - The article discusses the recent meeting held by the National Healthcare Security Administration (NHSA) in Beijing, focusing on how to better utilize the medical insurance drug and device procurement platform to support the international expansion of Chinese pharmaceuticals and medical devices [1] - Chinese innovative pharmaceuticals and medical devices are gaining recognition in developed markets like Europe and the US, establishing a strong "China Creation" label in the global healthcare sector [1] Regulatory Support - The rapid development of China's pharmaceutical and medical device industry is attributed to the support from regulatory bodies, which have optimized approval processes and established quality standards aligned with international norms [2] - NHSA's Director Wang Xiaoning emphasized the importance of improving mechanisms, innovating methods, and promoting system collaboration to support the internationalization of Chinese pharmaceuticals [2] Pricing and Evaluation Systems - NHSA is working on a unified medical service pricing system to facilitate patient reimbursement and remove barriers for innovative medical technologies [3] - The establishment of the China Drug Price Registration System aims to provide a transparent pricing framework for Chinese drugs in international markets, enhancing their competitiveness [3][8] International Collaboration - Various government departments, including the Ministry of Industry and Information Technology and the Ministry of Commerce, are implementing policies to enhance the international competitiveness of the pharmaceutical industry [5][6] - The National Medical Products Administration is reforming drug lifecycle supervision to stimulate innovation and facilitate international market entry for Chinese drugs [7] Company Strategies - Companies like Heng Rui Medicine and United Imaging Healthcare are exploring diverse paths for international expansion, focusing on core technology development and strategic partnerships [10][11] - Heng Rui Medicine has established a significant presence in over 40 countries, leveraging a collaborative model to enhance its international footprint [10] - United Imaging Healthcare emphasizes a comprehensive approach to internationalization, integrating R&D, production, and service to adapt to local markets [11] Future Directions - NHSA plans to enhance the international procurement model for medical devices and pharmaceuticals, focusing on regional advantages and tailored development strategies [8] - The China Drug Price Registration System is expected to play a crucial role in providing a "price passport" for innovative drugs, facilitating their entry into global markets [9]

Investment Rating - The report maintains an "Outperform" rating for several companies, including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [6][7]. Core Insights - The annual J.P. Morgan Healthcare Conference concluded successfully, with positive information from global pharmaceutical companies, including new pipeline disclosures and major deals. The report highlights the high prosperity in the innovative drug sector and recommends continuous investment in innovative drugs and the industry chain [25][26]. - The A-Shares pharmaceutical sector underperformed the market in the third week of January 2026, with the Shanghai Composite Index falling by 0.4% and the SW Pharmaceutical and Biological sector declining by 0.7% [8][27]. - The Hong Kong stock pharmaceutical sector performed in line with the market, while the U.S. pharmaceutical sector underperformed. The Hang Seng Healthcare index increased by 2.4%, and the S&P 500 Healthcare Select Sector decreased by 1.1% [28]. Summary by Sections Section 1: Continuous Recommendation of Innovative Drugs and Industry Chain - The report emphasizes the high prosperity of innovative drugs and maintains overweight ratings for key pharmaceutical companies. It also recommends Biopharma/Biotech companies with promising pipelines and volume increases, as well as CXO and upstream companies benefiting from innovation [6][25]. Section 2: A-Shares Pharmaceutical Sector Performance - In the third week of January 2026, the A-Shares pharmaceutical sector's performance was ranked 17th among Shenwan primary industries, with a decline of 0.7%. The medical service sub-sector showed a positive performance of +3.3% [8][12][27]. Section 3: Hong Kong and U.S. Pharmaceutical Sector Performance - The Hong Kong pharmaceutical sector performed similarly to the market, while the U.S. sector underperformed. Notable gainers in the U.S. included MODERNA (+22%) and QUEST DIAGNOSTICS (+9%), while major decliners included BIOGEN (-12%) and BOSTON SCIENTIFIC (-10%) [28].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical sector [6][26]. Core Insights - The report emphasizes the continuous recommendation of innovative pharmaceuticals and medical devices, highlighting the high growth potential in the sector. It maintains "Overweight" ratings for companies such as Heng Rui Medicine, Hansoh Pharmaceutical, Sanofi, Kelun Pharmaceutical, and Enhua Pharmaceutical. It also recommends Biopharma/Biotech companies like Kelun Biotech, BeiGene, and others, as well as CXO and upstream pharmaceutical companies [6][3]. Summary by Sections 1. Continuous Recommendation of Innovative Pharmaceuticals and Medical Devices - The report highlights the high growth potential of innovative drugs and recommends several companies for investment, including Heng Rui Medicine, Hansoh Pharmaceutical, Sanofi, Kelun Pharmaceutical, and Enhua Pharmaceutical. It also suggests Biopharma/Biotech companies like Kelun Biotech, BeiGene, and others, as well as CXO and upstream pharmaceutical companies [6][7]. 2. A-share Pharmaceutical Sector Performance - In the third week of January 2026, the A-share pharmaceutical sector underperformed the broader market, with the Shanghai Composite Index declining by 0.4% and the SW Pharmaceutical and Biotech index falling by 0.7% [8][11]. 3. Hong Kong and US Market Performance - The Hong Kong pharmaceutical sector performed in line with the market, while the US pharmaceutical sector underperformed. In the same week, the Hang Seng Healthcare index rose by 2.4%, and the S&P 500 healthcare sector fell by 1.1% [19][20].

摘要 ： 在资本"降温"的大背景下，质谱赛道依然能够持续获得资本关注。本篇将对2025年质谱圈的融 资、投资、收购事件进行盘点。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我 们的推送。 在资本"降温"的大背景下，质谱赛道依然能够持续获得资本关注。一方面，政策端通过科研项 目 、 应 用 示 范 和 产 业 扶 持 ， 为 质 谱 企 业 营 造 了 相 对 稳 定 的 发 展 预 期 ； 另 一 方 面 ， 其 技 术 壁 垒 高、研发周期长、应用场景多元，使其更符合长期资金对于"确定性技术路线"的偏好，也在一 定程度上增强了资本对该领域的信心。 注 ： 本 篇 根 据 仪 器 信 息 网 发 布 的 相 关 信 息 整 理 ， 为 不 完 全 统 计 ， 如 有 遗 漏 ， 欢 迎 联 系 邮 箱 补 充 ： wugq@instrument.com.cn 融资图谱：早期投资占主流 根 据 仪 器 信 息 网 不 完 全 统 计 ， 2025 年 国 内 质 谱 圈 公 开 披 露 的 投 融 资 事 件 共 8 起 ， 整 体 规 模 与 20 ...

Group 1 - The core point of the article highlights the performance of the Sci-Tech ETF (588050), which opened with a gain of 0.85% at 1.548 yuan [1] - Major holdings in the Sci-Tech ETF include companies like SMIC, which rose by 2.46%, and other firms such as Haiguang Information, Cambrian, and Langqi Technology, which also saw positive gains [1] - The ETF's performance benchmark is the Shanghai Stock Exchange Sci-Tech Innovation Board 50 Index, managed by ICBC Credit Suisse Asset Management, with a return of 7.04% since its inception on September 28, 2020, and a recent one-month return of 13.25% [1]

Investment Rating - The report maintains an "Overweight" rating for the medical device industry [5]. Core Insights - The medical device industry in China has a prominent supply chain advantage, with overseas markets expected to maintain rapid growth. The brain-computer interface (BCI) sector is at a critical turning point, likely to see demand release. AI medical applications are gradually becoming operational, poised to reshape the health market [3]. Summary by Relevant Sections Investment Recommendations - For the overseas medical device sector, recommended stocks include: United Imaging Healthcare, Nanwei Medical, Microelectronic Physiology, Guichuang Tongqiao, Yuyue Medical, and New Industry. Stocks to watch include: Jingfeng Medical, MicroPort Scientific, and Chuangli Medical [5]. - In the brain-computer interface sector, recommended stocks are: Lepu Medical, Weisi Medical. Stocks to watch include: Meihao Medical, Xiangyu Medical, Mcland, Xinwei Medical, Aipeng Medical, Chengyitong, Chuangxin Medical, and Botuo Bio [5]. - For the AI + device sector, recommended stocks are: Yuyue Medical, BGI Genomics, KingMed Diagnostics, and United Imaging Healthcare. Stocks to watch include: Dian Diagnostics [5]. Overseas Market Growth - The supply chain advantage of domestic medical devices is significant, with exports expected to grow rapidly. In the first three quarters of 2025, United Imaging Healthcare's overseas revenue increased by 41.97% year-on-year, becoming a crucial growth driver for the company. The company continues to expand its market share in key regions due to superior product performance and localized service capabilities. By December 2025, MicroPort Scientific's global cumulative order volume exceeded 160 units, with core products in endoscopy, orthopedics, and vascular intervention surpassing 230 units in total orders. In 2025, Jingfeng Medical achieved a breakthrough in multiple key global markets, leading to explosive growth in overseas orders [5]. Brain-Computer Interface Market - The brain-computer interface market is at a pivotal turning point, with anticipated demand release. China's "14th Five-Year Plan" explicitly suggests a forward-looking layout for future industries, promoting BCI as a new economic growth point. In December 2025, Elon Musk announced that Neuralink would begin large-scale production of BCI devices in 2026, transitioning to a more streamlined and nearly fully automated surgical process. In January 2026, China's BCI company Strong Brain Technology announced it had completed a new round of financing of approximately 2 billion yuan, setting a record for the second-largest single financing in the field globally, following Neuralink. The funds will be used to accelerate core technology research and development, extreme engineering breakthroughs, and product scaling and mass production [5]. AI Medical Applications - AI medical applications are gradually becoming operational, with the potential to reshape the health market. In June 2025, Ant Group launched the AI Health Manager AQ, which was officially upgraded to "Antifufu" in December 2025. By January 2026, the "Antifufu" app had over 30 million monthly active users, with daily inquiries exceeding 10 million, 55% of which came from third-tier cities and below. In January 2026, Tempus AI reported preliminary revenue of approximately 1.27 billion USD for 2025, representing an 83% year-on-year increase, exceeding initial expectations. OpenAI announced the acquisition of the healthcare tech startup Torch to expand into the healthcare sector, while Google launched the next-generation open-source medical AI model MedGemma1.5 and released the open-source medical speech-to-text model MedASR [5].

Core Viewpoint - The company has announced a significant stock price fluctuation, with a cumulative increase of over 30% in closing prices over three consecutive trading days, indicating abnormal trading activity [1] Group 1: AI Business Development - The company's AI application business in the financial sector has not yet generated revenue, indicating it is still in the early stages of market expansion [1] - The AI technology landscape is rapidly evolving, leading to intense market competition for the company's existing AI products, which may affect their contribution to overall performance [1] Group 2: Acquisition Announcement - The company has announced the acquisition of Cloud Edge Cloud Technology (Shanghai) Co., Ltd., which is currently in the delivery phase, and formal business cooperation has not yet commenced [1] - The integrated solution of "cloud network + AI + security" that is planned post-acquisition is still in the planning stages, with no significant impact on the company's performance at this time [1] Group 3: Business Stability - The company's main business has not undergone any changes, and the ongoing initiatives are still in the exploratory phase, with uncertainties surrounding the related technical solutions, application scenarios, and market benefits [1] - Investors are advised to approach the situation with rationality, as the current developments have not yet had a major impact on the company's financial performance [1]