Group 1 - On January 28, Tianzhihang executed a block trade of 238,600 shares, with a transaction value of 5.0663 million yuan, accounting for 1.44% of the total transaction volume for the day [1] - The transaction price was 21.23 yuan, which represents an 8.61% discount compared to the market closing price of 23.23 yuan [1] - The block trade involved institutional buyers, indicating a potential strategic move by large investors [2]

Core Viewpoint - Tianzhihang (688277) has shown a significant increase in stock price and market performance, indicating strong growth potential in the orthopedic surgical robot market, where it holds a leading position [1]. Group 1: Company Performance - As of January 23, 2026, Tianzhihang's stock closed at 23.99 yuan, up 4.62% from the previous week [1]. - The company reached a market capitalization of 10.939 billion yuan, ranking 36th out of 127 in the medical device sector and 1939th out of 5182 in the A-share market [1]. - On January 21, 2026, Tianzhihang recorded two block trades with a total transaction value of 4.0034 million yuan [3]. Group 2: Market Position and Growth - In 2025, the domestic market for orthopedic surgical robots is expected to see over 100 units awarded in procurement, with a year-on-year growth rate of approximately 35% [1]. - Tianzhihang maintains the largest market share in the domestic orthopedic surgical robot sector, with over 70% of the total surgical volume, translating to more than 35,000 surgeries out of 48,500 performed in the first three quarters of 2025 [1][3]. Group 3: Strategic Initiatives - The company is exploring new models such as "purchasing technology services" to reduce upfront costs for medical institutions and enhance the accessibility of surgical robots [1]. - Tianzhihang is actively pursuing international expansion by participating in overseas exhibitions and developing differentiated market strategies to enhance its global competitiveness [1]. - The company's products have received CE certification from the EU, allowing them to meet the demands of high-end markets in developed countries while also being cost-effective for developing nations [1]. Group 4: Industry Developments - The National Healthcare Security Administration has released a guideline to establish a unified pricing project for surgical and treatment auxiliary services, promoting the adoption of robotic surgical technology [2]. - The guideline aims to incentivize companies to develop high-value technologies and guide the industry towards high-quality, standardized development [2].

Investment Rating - The industry investment rating is "Increase Holding" [2][5] Core Insights - The recent release of the "Guidelines for the Pricing of Surgical and Treatment Auxiliary Medical Services" by the National Medical Insurance Administration aims to standardize pricing for innovative medical technologies, including surgical robots, which is expected to accelerate clinical application [4] - The guidelines introduce a tiered pricing model based on the level of participation and clinical value of surgical robots, allowing for higher fees for more advanced functionalities [4] - The establishment of a new pricing project for "Remote Surgical Assistance" facilitates the practical application of remote surgery, enhancing access to quality medical resources across regions [4] - The guidelines clarify the boundaries between consumable costs and technical service fees, promoting transparency and reducing unreasonable price increases in the industry [4] - The inclusion of medical data storage and device operation records in the pricing structure is expected to support future technological iterations and application expansions [4] Summary by Sections Industry Overview - The industry comprises 133 listed companies with a total market value of 14,628.56 billion and a circulating market value of 13,032.75 billion [2] Policy Impact - The new pricing guidelines are anticipated to break the commercialization bottleneck of surgical robots, emphasizing the need for continuous innovation among companies [4] - Companies with technological accumulation and high product maturity, such as Tianzhihang-U, Jingfeng Medical-B, and others, are expected to benefit from the inclusion of robotic-assisted surgery projects in local medical insurance directories [4]

Group 1 - Tianzhihang's stock price increased by 12.38%, closing at 23.88 yuan on January 21 [1] - Two block trades occurred, totaling 186,200 shares and a transaction amount of 4.0034 million yuan [1] - Both trades were executed at a price of 21.50 yuan per share, with a premium rate of -9.97% [1] Group 2 - The first trade involved 93,100 shares, amounting to 2.0017 million yuan, with the buyer being Huatai Securities Co., Ltd. Beijing branch and the seller being Guotou Securities Co., Ltd. Jiangsu branch [1] - The second trade mirrored the first, also involving 93,100 shares and the same transaction details [1] - Over the past three months, the stock has seen a total of 29 block trades, with a cumulative transaction amount of 130 million yuan [1] Group 3 - In the last five trading days, the stock has declined by 4.29%, with a net outflow of 172 million yuan from main funds [1]

Group 1 - The core transaction involved Tianzhihang, with a total of 186,200 shares traded on January 21, resulting in a transaction amount of 4.0034 million yuan, which accounted for 0.45% of the total trading volume for that day [1] - The transaction price was set at 21.5 yuan, representing a discount of 9.97% compared to the market closing price of 23.88 yuan [1] - The trading details indicate that the buying brokerage was Huaxin Securities, while the selling brokerage was not specified [2]

Core Viewpoint - The medical device sector experienced a rise of 0.54% on January 21, with N Aisheren leading the gains, while the Shanghai Composite Index increased by 0.08% and the Shenzhen Component Index rose by 0.7% [1] Group 1: Stock Performance - N Aisheren (code: 920050) closed at 44.04, with a remarkable increase of 175.59% and a trading volume of 141,600 shares [1] - Tianzhihang (code: 688277) saw a rise of 12.38%, closing at 23.88 with a trading volume of 376,500 shares [1] - Xishan Technology (code: 688576) increased by 11.18%, closing at 76.80 with a trading volume of 34,000 shares [1] - Kangzhong Medical (code: 688607) rose by 10.91%, closing at 59.67 with a trading volume of 76,200 shares [1] - Shuoshi Biological (code: 6658889) increased by 9.74%, closing at 84.84 with a trading volume of 70,300 shares [1] Group 2: Capital Flow - The medical device sector saw a net inflow of 300 million yuan from institutional investors, while retail investors experienced a net outflow of 430 million yuan [2] - Major stocks like Sainuo Medical (code: 688108) had a net inflow of 69.18 million yuan from institutional investors, but a net outflow of 44.76 million yuan from retail investors [3] - LePu Medical (code: 300003) had a net inflow of 48.54 million yuan from institutional investors, with a slight net inflow of 0.52 million yuan from retail investors [3]

Group 1 - The three major indices collectively rose, with the medical equipment sector showing active performance, as evidenced by the CSI All Index Medical Care Equipment and Services Index (H30178) increasing by 0.53% [1] - Notable performers within the index included Tianzhihang, which rose over 14%, Shuoshi Bio, which increased over 9%, and Sanyou Medical, which saw a rise of over 6% [1] - The Medical Equipment ETF (159873) recorded a trading volume exceeding 16 million yuan, with a subscription of 5 million units during the trading session [1] Group 2 - The Medical Equipment ETF has experienced a net inflow of funds for nine consecutive trading days, accumulating a total net inflow of 117 million yuan as of January 20 [1] - The ETF's scale has doubled over the past 20 days, reaching a latest circulating scale of 233 million yuan [1] - The ETF closely tracks the CSI All Index Medical Care Equipment and Services Index, which selects listed companies in the medical care theme to reflect the overall performance of these securities [1] Group 3 - The first human subject implanted with Neuralink's brain-machine interface, Nolan Arbo, reported that the module in his brain can be wirelessly upgraded remotely, similar to Tesla's OTA updates [2] - This marks a historic first where a human brain can be updated without surgery, allowing for performance improvements through software updates [2] - Merge Labs, a Silicon Valley startup, has raised $252 million in seed funding from investors including OpenAI, indicating strong interest in advancements in medical technology [2] Group 4 - Guotai Junan Securities noted that the scale of medical equipment bidding continues to grow, supported by ongoing implementation of equipment upgrade policies, which are expected to drive long-term procurement levels [2] - The report recommends medical equipment companies that are likely to benefit from the performance recovery driven by the implementation of these upgrade policies [2]

Core Viewpoint - The robot industry is experiencing significant growth, with the Robot 50 ETF showing strong performance and increased investment activity in humanoid robots, driven by recent financing and technological advancements [1][2]. Group 1: ETF Performance - As of January 21, 2026, the Robot 50 ETF (159559) increased by 0.80%, with notable gains from constituent stocks such as Tianzhihang (up 16.47%), Boshi Co. (up 6.30%), and Xinjie Electric (up 5.74%) [1]. - The Robot 50 ETF saw a scale increase of 842 million yuan over the past three months, indicating significant growth [1]. - In terms of shares, the ETF experienced a growth of 13.5 million shares in January, reflecting strong investor interest [1]. Group 2: Fund Inflows - The Robot 50 ETF has recorded continuous net inflows over the past three days, with a peak single-day net inflow of 94.01 million yuan, totaling 116 million yuan in net inflows [1]. Group 3: Industry Developments - Recent financing activities, including a 1 billion yuan A++ round for a humanoid robot company, highlight the increasing investment interest in the humanoid robot sector [1]. - Companies such as UBTECH, Zhiyuan Robotics, and Zhujidongli are accelerating their efforts in technology development and ecosystem collaboration, focusing on areas like training data acquisition and the release of embodied intelligent systems [1]. - According to Guoyuan Securities, the collaborative innovation across the robot industry chain is accelerating, supported by clear policy guidance, which is expected to expedite the industrialization process of humanoid robots [1].

Core Insights - The National Healthcare Security Administration (NHSA) has released the "Guidelines for Auxiliary Operation Project Establishment," establishing a unified pricing management framework for surgical robots and precision medical technologies, marking a significant commercial turning point for the industry [1][2] Group 1: Event Overview - The "Guidelines for Auxiliary Operation Project Establishment" will officially take effect on January 20, 2026, focusing on medical technology innovations such as 3D printing, imaging enhancement, energy devices, intraoperative imaging guidance, robotic arms, and remote surgery [1] - The guidelines standardize 37 pricing items, 5 additional charges, and 1 expansion item, aiming to lead the upgrade of medical technologies and transition from traditional treatment to precision medicine [1] Group 2: Industry Impact - The guidelines create a pricing framework for robotic surgeries and remote surgeries, which is expected to drive the industry from quantitative to qualitative development [2] - The pricing model is tiered based on the level of participation and clinical value of surgical robots, encouraging medical institutions to prioritize robotic applications in complex surgeries [2] Group 3: Beneficiary Companies - Tianzhihang is projected to maintain over 40% market share in the domestic orthopedic surgical robot market by 2025, with a significant number of successful bids and a dominant position in the market [3] - The company is expected to optimize its business model further, with rapid increases in surgical volumes leading to growth in consumables and service revenues [3] - MicroPort Robotics is experiencing validation of its globalization strategy, with a significant increase in commercial orders for its core product, the Tumi laparoscopic surgical robot, and is expected to maintain its competitive edge in the domestic market [3]

Summary of Conference Call on Northeast Medical Health Industry Industry Overview - The conference call discusses the Northeast Medical Health industry, specifically focusing on the recent developments in surgical robotics and innovative medical technologies. Key Points and Arguments 1. **National Pricing Guidelines**: On January 20, the National Healthcare Security Administration (NHSA) released the "Guidelines for the Establishment of Pricing Projects for Surgical and Treatment Auxiliary Medical Services (Trial)" which establishes a unified pricing framework for surgical robots, energy equipment consumables, and remote surgery technologies across the country [1][3]. 2. **Provincial Implementation Timeline**: Historical data suggests that it typically takes between six months to a year for provinces to implement specific projects and pricing after the NHSA's announcement [2]. 3. **Benefits of Pricing Directory**: The establishment of a clear pricing directory is expected to facilitate the entry of innovative devices into hospitals and increase the sales volume of consumables [4]. 4. **Impact on Clinical Promotion**: Previously, the need for medical institutions to apply for self-pricing or provincial pricing led to reduced enthusiasm for clinical promotion. The new pricing directory aims to streamline the final pricing model across provinces, enhancing the accessibility of advanced medical technologies and promoting a shift from traditional to precision medicine [5]. 5. **Tiered Pricing System for Surgical Robots**: A tiered pricing system based on the clinical value and participation level of surgical robots has been introduced. Prices will be set in three tiers: navigation, participation in execution, and precise execution. The guidelines also include specific consumables in the pricing structure [5]. 6. **Independent Pricing for Remote Surgery**: Remote surgery has been given independent pricing status, which is expected to benefit leading hospitals and increase surgical volumes [6]. 7. **Clarification on Consumable Charges**: The guidelines clarify the charging logic for disposable and reusable consumables, stating that disposable consumables will be sold at zero markup, while reusable consumables will incur an auxiliary operation fee [7]. Key Beneficiaries 1. **MicroPort Robotics**: A leading domestic surgical robot company with over 160 cumulative orders for laparoscopic robots expected by December 2025. The company is positioned to capitalize on the commercialization of surgical robots and expand market share through innovative procedures [8]. 2. **JinFeng Medical**: Among the top two domestic surgical robot manufacturers, it is rapidly increasing the volume of multi-port and single-port laparoscopic robots, leading in domestic procurement bids [8]. 3. **Tianzhihang**: A leader in orthopedic surgical robots, the company has developed a comprehensive business model that includes equipment, consumables, and technical services [8]. 4. **Sanyou Medical**: Focused on developing three-arm spinal surgical robots and ultrasonic bone knives, benefiting from the new pricing regulations for energy equipment consumables [8]. 5. **Aikang Medical**: Set to launch a second-generation knee joint surgical robot in collaboration with Peking University Third Hospital, aiming to provide a complete digital orthopedic solution [8]. 6. **Chunli Medical**: Innovating with handheld robotic technology, the company plans to establish multiple surgical training centers overseas to accelerate international expansion [9].