产业链来看，医疗器械是指直接或间接用于人体的仪器、设备、器具、体外诊断试剂及校准物、材料等，其上游涵盖原材料供应、核心零部件制造与研发设 计服务等基础保障，中游是产业链的核心引擎，涵盖产品研发、生产制造、注册认证、流通分销等环节，均具有高壁垒特征。 目前医疗器械指数ETF（159898）跟踪中证全指医疗器械，标的指数细分行业主要分布在医疗设备、医疗耗材、体外诊断等板块，重仓迈瑞、联影、奕瑞科 技等细分龙头，百分之百聚焦A股医疗器械，β质地纯粹，或可更好把握板块整体机遇。 从市值占比上来看，该指数创业板+科创板合计占比超80%，科技成长特性亦较为突出。 | 医疗器械指数ETF159898 2 | | | +1.10% 20日 +0.00% | | --- | --- | --- | --- | | | | | 60日 -7.24% 120日 +5.15% | | 0. 551 +0.008 +1.473% | | | 年初至今+5.76% 250日 +1.47% 52周島高 0 551 52周島任 0 542 | | 委比 +41.06% 94567 | | ੜ੍ਹ ਸਿ | 甲阿 15-0 | | 5 | 0 ...

Core Viewpoint - The stock of United Imaging Healthcare has shown a slight increase of 2.01% on December 25, with a current price of 128.89 yuan per share and a total market capitalization of 106.23 billion yuan, despite a net outflow of funds [1] Financial Performance - For the period from January to September 2025, United Imaging Healthcare achieved a revenue of 8.859 billion yuan, representing a year-on-year growth of 27.39%, and a net profit attributable to shareholders of 1.12 billion yuan, which is a 66.91% increase compared to the previous year [2] Shareholder Information - As of September 30, 2025, the number of shareholders of United Imaging Healthcare increased to 32,400, up by 96.28%, while the average circulating shares per person decreased by 29.23% to 25,444 shares [2] - The company has distributed a total of 641 million yuan in dividends since its A-share listing [3] Institutional Holdings - Among the top ten circulating shareholders as of September 30, 2025, Hong Kong Central Clearing Limited holds 19.0356 million shares, a decrease of 2.9809 million shares from the previous period [3] - E Fund's SSE STAR 50 ETF and Huaxia's SSE STAR 50 Component ETF also saw reductions in their holdings, with decreases of 2.5956 million shares and 9.0862 million shares, respectively [3]

Core Viewpoint - The company collaborates with Suiyuan Technology to develop an intelligent service all-in-one machine, primarily targeting the financial sector for smart customer service, replacing human agents with digital employees [1] Group 1: Market Expansion - Customer expansion will leverage UnionPay's channel advantages to penetrate over a hundred banks, gradually extending to insurance, brokerage, and large-scale outbound calling sectors [1] - The technology and ecosystem expansion involves continuous iteration of the all-in-one machine and models through a joint laboratory, focusing on computational power investments in intelligent computing switches and optical switches to ensure service performance and cost advantages [1] - The company is also advancing terminal chip layouts to support future consumer-oriented intelligent terminal scenarios [1]

Group 1 - The core viewpoint of the news is that 联影医疗 (United Imaging Healthcare) has shown significant financial growth in the first three quarters of 2025, with a notable increase in both revenue and net profit compared to the previous year [2] - As of December 24, 2025, the stock price of 联影医疗 closed at 126.35 yuan, reflecting a 0.79% increase, with a trading volume of 34,400 hands and a total transaction amount of 433 million yuan [1] - The company reported a main revenue of 8.859 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 27.39%, and a net profit attributable to shareholders of 1.12 billion yuan, up 66.91% year-on-year [2] Group 2 - In the third quarter of 2025, the company achieved a single-quarter main revenue of 2.843 billion yuan, which is a 75.41% increase year-on-year, and a single-quarter net profit of 122 million yuan, up 143.8% year-on-year [2] - The company has a debt ratio of 30.08% and reported investment income of 606.847 million yuan, with financial expenses of -438.233 million yuan, and a gross profit margin of 47.02% [2] - Over the past 90 days, 25 institutions have rated the stock, with 18 buy ratings and 7 hold ratings, and the average target price set by institutions is 173.12 yuan [2]

Core Viewpoint - The company has transitioned from collaborative development with the Chinese Academy of Sciences to primarily independent research and development of its Morning Star large model, while also incorporating some open-source models based on user needs [2] Group 1 - The Morning Star large model was initially developed in collaboration with the Chinese Academy of Sciences [2] - The company is now focusing on independent development of the Morning Star large model [2] - The company is utilizing some open-source large models according to user requirements [2]

Core Viewpoint - The stock of United Imaging Healthcare (688271) experienced a decline of 2.37% on December 23, 2025, closing at 125.36 yuan, with significant trading activity and mixed capital flow trends [1]. Group 1: Stock Performance - On December 23, 2025, the stock had a turnover rate of 0.63%, with a trading volume of 51,800 lots and a total transaction value of 655 million yuan [1]. - The net outflow of main funds was 89.13 million yuan, accounting for 13.61% of the total transaction value, while retail investors saw a net inflow of 46.66 million yuan, representing 7.12% of the total [1]. Group 2: Financing and Margin Trading - On the same day, the financing buy amounted to 80.85 million yuan, with financing repayment at 56.38 million yuan, resulting in a net financing increase of 24.47 million yuan [2]. - The margin trading balance stood at 1.099 billion yuan, with no shares sold short and a short balance of 3.03 million yuan [2]. Group 3: Financial Performance - For the first three quarters of 2025, United Imaging Healthcare reported a main revenue of 8.859 billion yuan, a year-on-year increase of 27.39%, and a net profit attributable to shareholders of 1.12 billion yuan, up 66.91% [3]. - In Q3 2025, the company achieved a single-quarter main revenue of 2.843 billion yuan, reflecting a 75.41% year-on-year growth, and a net profit of 122 million yuan, which is a 143.8% increase compared to the previous year [3]. - The company’s gross profit margin was reported at 47.02%, with a debt ratio of 30.08% and investment income of 60.68 million yuan [3]. Group 4: Analyst Ratings - Over the past 90 days, 25 institutions have rated the stock, with 18 buy ratings and 7 hold ratings, while the average target price set by analysts is 173.12 yuan [3].

Core Viewpoint - The medical device sector is experiencing significant growth and investment opportunities, driven by recent regulatory approvals and technological advancements in brain-computer interface (BCI) technology [3][4][5]. Group 1: Market Performance - The medical device index ETF (159898) saw a 1.11% increase, with approximately 20 million yuan net inflow during trading [1]. - Key stocks in the medical device sector, such as Yirui Technology and Furu Medical, reported gains of 4.58% and 6.44% respectively, indicating strong market performance [1]. Group 2: Regulatory Developments - The National Medical Products Administration (NMPA) approved two high-value medical devices, enhancing clinical applications and technological development in the industry [3]. - Recent policies from major cities like Shanghai and Beijing aim to support the medical device industry, focusing on regulatory reforms and innovation [5]. Group 3: Technological Advancements - China has made significant progress in invasive brain-computer interface technology, becoming the second country after the U.S. to enter clinical trials [3]. - The global brain-computer interface market is projected to grow from approximately $2.62 billion in 2024 to $12.4 billion by 2034, with a compound annual growth rate of 17.35% [4]. Group 4: Investment Opportunities - Analysts suggest that the medical device sector may replicate the successful path of innovative pharmaceuticals, with a focus on innovation driving industry growth and global competitiveness [5]. - The medical device index ETF (159898) tracks a diverse range of leading companies in the sector, primarily focusing on A-share medical devices [7].

中泰证券指出，医疗器械行业政策扰动逐步出清，国内需求恢复、出海逻辑兑现，高值耗材、医疗设备率先走出拐点，IVD、低值耗材有望边际改 善。 招商证券也表示，医疗器械板块2026年关注院内需求改善带来的库存优化、出口放量等趋势，设备端招投标数据持续转好，有望推动渠道库存改善。 高值耗材集采持续扩面，进口高市占率赛道有望受益借助集采实现国产放量，品牌出海空间大。IVD集采加速国产头部公司提高市占率。 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、泰格医药、康龙化成、新产业、爱美客、鱼跃医疗、乐普医疗。 12月23日，医疗板块不振，全市场最大医疗ETF（512170）持续水下震荡，盘中再失年线！场内高频溢价，或有资金继续在年线附近吸筹，昨日， 512170单日获超9888万元净申购。 成分股方面，AI医疗概念股卫宁健康跌逾2%居首，龙头股齐跌，联影医疗、爱尔眼科、爱美客等均跌逾1%。 | 分时 多日 1分 5分 15分 30分 ▼ 综合屏 F9 前复权 超级香加 画线 工具 Q (2 > | ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 12月23日，医疗板块不振，全市场最大医疗ETF（512170）持续水下震荡，盘中再失年线！场内高频溢 价，或有资金继续在年线附近吸筹，昨日，512170单日获超9888万元净申购。 成份股方面，AI医疗概念股卫宁健康跌逾2%居首，龙头股齐跌，联影医疗、爱尔眼科、爱美客等均跌 逾1%。 招商证券也表示，医疗器械板块2026年关注院内需求改善带来的库存优化、出口放量等趋势，设备端招 投标数据持续转好，有望推动渠道库存改善。高值耗材集采持续扩面，进口高市占率赛道有望受益借助 集采实现国产放量，品牌出海空间大。IVD集采加速国产头部公司提高市占率。 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、泰格医药、康龙化成、新产业、爱 美客、鱼跃医疗、乐普医疗。 | | | 医药板块怎么投? ETF"全家桶"请查收! | | | | --- | --- | --- | --- | --- | | | 投港股医药 | | 投A股医 ...

Investment Rating - The report maintains a focus on the innovative drug and medical device industry chain, indicating a high level of interest in this sector [1][6]. Core Insights - The innovative drug sector is experiencing high prosperity, with a recommendation to pay attention to pharmaceutical companies that are likely to see a revaluation of their value, such as Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [6][25]. - The report highlights the Biopharma/Biotech sector, which is expected to see performance improvements as innovative pipelines are realized, with companies like Innovent Biologics, BeiGene, and others being of particular interest [6][25]. - Attention is also drawn to CXO and upstream companies benefiting from innovation, including WuXi AppTec and WuXi Biologics [6][25]. - The report emphasizes the potential recovery of leading medical device companies such as United Imaging Healthcare and Lepu Medical [6][25]. Summary by Sections A-Shares Performance - In the third week of December 2025, the A-share pharmaceutical sector performed similarly to the overall market, with the Shanghai Composite Index rising by 0.03% and the SW Pharma and Biotech index falling by 0.1%, ranking 19th among Shenwan primary industries [8][10]. - Sub-sectors that performed relatively well included pharmaceutical commerce (+4.9%), medical equipment (+1.2%), and medical services (+0.5%) [10][25]. - Notable individual stock performances included Anhui Huaren Health Pharmaceutical Co., Ltd. (+55.9%), Luyan Pharma (+36.8%), and ShuYu Civilian (+35.7%) [13][25]. Hong Kong and U.S. Market Performance - The Hong Kong pharmaceutical sector underperformed the market, with the Hang Seng Healthcare index down by 1.8% and the Hang Seng Index down by 1.1% [19][25]. - In contrast, the U.S. pharmaceutical sector outperformed the market, with the S&P Healthcare Select Sector rising by 0.6% compared to the S&P 500's 0.1% increase [19][25].