Core Viewpoint - The medical device sector is experiencing significant activity, with notable stock increases following the release of new pricing guidelines by the National Healthcare Security Administration, which includes 37 pricing projects for surgical and treatment auxiliary services [1] Group 1: Market Activity - The medical device sector saw a surge in stock prices, with Tianzhihang rising over 10% [1] - Other companies such as Sanyou Medical, Xishan Technology, Kangzhong Medical, and Tianyi Medical also experienced stock increases [1] Group 2: Regulatory Changes - On January 20, the National Healthcare Security Administration issued guidelines for pricing projects related to surgical and treatment auxiliary services [1] - The guidelines include 37 pricing projects, along with 5 additional charge items and 1 expansion item [1] - The new pricing projects cover important auxiliary technologies and products, including 3D printing, intraoperative guidance, surgical robotic arms, and remote surgery [1]

Group 1 - Tianzhihang experienced a 5% decline on January 20, with a stock price of 21.26 yuan per share, a trading volume of 341 million yuan, a turnover rate of 3.44%, and a total market capitalization of 9.694 billion yuan [1] - Beijing Tianzhihang Medical Technology Co., Ltd. focuses on the research, production, sales, and service of orthopedic surgical navigation robots, with main business revenue composition: 58.31% from orthopedic surgical navigation robots, 23.86% from supporting equipment and consumables, 16.49% from technical services, and 1.31% from other sources [1] Group 2 - E Fund's ETF, E Fund Guozheng Robot Industry ETF (159530), entered the top ten circulating shareholders of Tianzhihang in the third quarter, holding 10.7803 million shares, accounting for 2.38% of circulating shares, with an estimated floating loss of approximately 12.074 million yuan [2] - E Fund Guozheng Robot Industry ETF (159530) was established on January 10, 2024, with a latest scale of 13.315 billion yuan, and has achieved a year-to-date return of 6.39%, ranking 2365 out of 5542 in its category, and a one-year return of 41.12%, ranking 1878 out of 4235 [2] Group 3 - The fund managers of E Fund Guozheng Robot Industry ETF (159530) are Li Shujian and Li Xu, with total fund assets of 19.758 billion yuan and 26.538 billion yuan respectively, achieving best returns of 136.18% and 175.17% during their tenure [3]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry [3] Core Insights - The pharmaceutical and biotechnology index decreased by 0.68% this week, underperforming the CSI 300 index by 0.11 percentage points, ranking 19th in industry performance [12] - The healthcare sector has shown significant growth, with the medical services sub-sector increasing by 16.04% year-to-date, while traditional Chinese medicine has the lowest growth at 1.86% [17][19] - The J.P. Morgan Health Conference highlighted the strategic advancements of top global pharmaceutical companies, with over 20 Chinese firms participating, indicating a trend towards overseas collaboration in innovative drugs [34] Summary by Sections Market Review - The pharmaceutical index has risen by 7.08% from the beginning of 2026 to January 16, outperforming the CSI 300 index by 4.88 percentage points, ranking 8th in industry performance [12] - The medical services sub-sector has the highest year-to-date growth at 16.04%, while the lowest is traditional Chinese medicine at 1.86% [19] Individual Stock Performance - In the A-share market, 206 out of 478 pharmaceutical stocks rose, with the top five performers being Baolait (up 48.76%), Hualan Biological (up 32.72%), and Tianzhihang (up 27.67%) [23] - In the Hong Kong market, 59 out of 116 pharmaceutical stocks increased, with Ark Health leading at 51.66% growth [26] Industry News and Policies - The sixth batch of national high-value medical consumables procurement was opened on January 13, with 202 companies winning bids for 440 products [29] - Medtronic announced a strategic partnership with Precision Neuroscience to develop integrated solutions combining their technologies [29] - Boston Scientific plans to acquire Penumbra for approximately $14.5 billion, enhancing its portfolio in peripheral vascular interventions [30] Weekly Insights - The medical services sector's strong performance is attributed to positive revenue growth, with medical commercial and services sectors showing year-on-year revenue increases of 0.56% and 3.99%, respectively [33] - The J.P. Morgan Health Conference served as a significant platform for discussing trends in drug development and investment strategies, with a focus on AI and international collaborations [34]

Core Viewpoint - Tianzhihang's stock price has shown significant volatility, with a year-to-date increase of 44.37%, but a recent decline of 2.01% on January 20, 2025, indicating potential market fluctuations and investor sentiment shifts [1]. Group 1: Company Overview - Tianzhihang Medical Technology Co., Ltd. is located in Haidian District, Beijing, and was established on October 22, 2010, with its IPO on July 7, 2020 [1]. - The company's main business focuses on the research, production, sales, and service of orthopedic surgical navigation robots, with revenue composition as follows: 58.31% from orthopedic surgical navigation robots, 23.86% from supporting equipment and consumables, 16.49% from technical services, and 1.31% from other sources [1]. Group 2: Financial Performance - For the period from January to September 2025, Tianzhihang achieved operating revenue of 187 million yuan, representing a year-on-year growth of 103.51%, while the net profit attributable to shareholders was -114 million yuan, a decrease of 49.73% year-on-year [2]. - As of September 30, 2025, the number of shareholders increased by 12.31% to 17,300, with an average of 26,094 circulating shares per person, a decrease of 10.96% [2]. Group 3: Market Activity - On January 20, 2025, Tianzhihang's stock experienced a trading volume of 78.62 million yuan, with a turnover rate of 0.77% and a total market capitalization of 10 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent occurrence on January 14, 2025 [1]. - Institutional holdings as of September 30, 2025, show that E Fund's National Robot Industry ETF is the sixth largest circulating shareholder with 10.78 million shares, while Huaxia's CSI Robot ETF is the eighth largest with 8.72 million shares, an increase of 1.63 million shares from the previous period [2].

Summary of the Conference Call for Tianzhihang Industry Overview - The Chinese surgical robot market is expected to grow by 2026, driven by the National Healthcare Security Administration's (NHSA) guidelines on auxiliary diagnostic and treatment fees, which are anticipated to promote industry development [2][3] - The company is optimistic about the domestic market and is adjusting its overseas strategy to focus on mainstream markets in Europe and the United States [2][3] Key Points and Arguments - **Market Growth and Strategy**: - The company expects a 30% to 40% growth rate by 2026, aiming for breakeven, despite challenges from increased overseas investments [2][20] - The domestic surgical robot installation is projected to exceed 100 units in 2025, marking a 40% to 50% increase from approximately 70 units in 2024 [3] - The company has obtained CE certification in Europe and is negotiating multiple contracts, while also conducting clinical trials in the U.S. with plans to achieve FDA certification by 2027 [3][12] - **AI Integration**: - The NHSA's new policy allows for charging for AI surgical planning capabilities, which could enhance the company's revenue model and stimulate further investment in AI development [4][5] - AI applications in spinal surgery are currently focused on the thoracolumbar region, with future plans to expand to full spinal segment planning and more trials in trauma and joint fields [6][7] - **Efficiency Improvements**: - AI significantly enhances the efficiency of orthopedic robotic surgeries, reducing traditional alignment time from 10 minutes to mere seconds, which can lead to substantial overall time savings in joint replacement surgeries [8] - Personalized surgical plans based on patient anatomy may be developed through 3D printing, improving treatment outcomes [8] - **Market Penetration Disparities**: - There is a notable difference in surgical robot penetration rates between domestic and international markets, influenced by technology, physician habits, and regulations [9] - The acceptance of robotic surgery in developed countries has reached a tipping point, while China is still in the early stages of market penetration [9][11] - **Cost and Patient Choice**: - Robotic surgeries typically cost 10,000 to 20,000 yuan more than traditional surgeries, which can affect patient choices despite growing acceptance of robotic advantages [10] - Increased recognition of robotic surgery's benefits is leading to a rapid growth in surgical volumes across the industry [10] Additional Important Insights - **Regulatory Environment**: - The new fee guidelines emphasize pricing based on surgical outcomes rather than fixed equipment costs, encouraging the development of high-quality products and services [17][18] - The implementation of these guidelines may face challenges in evaluating different brands and outcomes, but significant changes are expected by 2027 [19] - **Future Goals**: - The company has set ambitious targets for 2030, aiming for a 7:3 ratio of consumables and service revenue to equipment revenue, and a similar ratio for overseas to domestic revenue [20][21][22] - Continued investment in overseas markets is planned for 2026 to achieve these strategic goals [22]

Core Viewpoint - Tianzhihang (688277) has experienced significant stock price fluctuations, with a recent increase of 27.67% to 22.93 yuan, reaching a near one-year high of 26.26 yuan on January 14, 2026, while facing a delay in its "Smart Medical Center Construction Project" due to industry cyclicality and regulatory adjustments [1][2][4] Trading Information Summary - Tianzhihang's stock price has shown abnormal volatility, with a cumulative price deviation exceeding 30% over three consecutive trading days, leading to its appearance on the "Dragon and Tiger List" twice in the past five trading days [1][4] - The company reported a total market capitalization of 10.456 billion yuan, ranking 38th in the medical device sector and 1967th among all A-shares [1] Company Announcement Summary - The "Smart Medical Center Construction Project" has been postponed from June 2026 to December 2027 due to industry cyclicality, regulatory policy adjustments, and a slowdown in hospital procurement [2][4] - The project’s funding purpose, total investment amount, and implementing entity remain unchanged, and the delay has been approved by the company's board of directors [2][4]

医疗手术机器人观点汇报电话会 20260115 国内政策对医疗机器人工业的发展有何影响？ 摘要 中国手术机器人市场起步较晚，规模不足百亿元，但受益于政策、支付 及医院需求改善，正经历快速增长，多种品牌如微创、天智航等陆续获 批上市，市场潜力巨大。 腔镜手术机器人是主要细分领域，全球市场规模约 102 亿美元，年复合 增长率 17%，国内市场规模约 40 亿元人民币，年复合增长率 15%。达 芬奇机器人渗透率仍有提升空间，国产品牌如微创图迈差距缩小。 骨科手术机器人主要应用于创伤、脊柱、关节等领域，天智航是国内领 军企业，市场份额较高。随着政策和支付体系完善，以及临床需求增加， 骨科机器人领域将迎来快速发展。 手术机器人技术进展显著，硬件和软件系统均有突破，脑机接口与机器 人的结合成为必要环节，推动行业向高动、高速自动化方向发展，效率 显著提升。 国内政策明确了手术服务操作项目及定价机制，促进服务价格合理化， 推动医院采购及使用意愿，加速行业发展。更多省市打通使用服务费收 费项目，提高终端有效收费能力。 Q&A 医疗手术机器人行业的现状和发展前景如何？ 医疗手术机器人行业近年来受到了高度关注，尤其是在马斯克接受 ...

证券之星消息，1月15日医疗器械板块较上一交易日下跌1.8%，天智航领跌。当日上证指数报收于 4112.6，下跌0.33%。深证成指报收于14306.73，上涨0.41%。医疗器械板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301122 | 采纳股份 | 30.26 | 5.07% | 4.89万 | | 1.47亿 | | 301290 | 东星医疗 | 27.91 | 3.79% | 3.85万 | | 1.06亿 | | 688236 | 春立医疗 | 27.36 | 2.63% | 4.03万 | | 1.11亿 | | 300677 | 英科医疗 | 42.41 | 2.41% | 19.32万 | | 8.11亿 | | 300633 | 开立医疗 | 29.74 | 2.02% | 5.91万 | | 1.74亿 | | 600529 | 山东药玻 | 21.39 | 1.86% | 24.39万 | | 5.21亿 | | 688217 ...

证券代码：688277 证券简称：天智航 公告编号：2026-003 北京天智航医疗科技股份有限公司 股票交易异常波动公告 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： 北京天智航医疗科技股份有限公司（以下简称"公司"或"天智航"）股 票交易连续 3 个交易日内（2026 年 1 月 12 日、1 月 13 日、1 月 14 日）日收 盘价涨幅偏离值累计达到 30%以上，根据《上海证券交易所交易规则》的有 关规定，属于股票交易异常波动的情况。 经公司自查并书面询证控股股东、实际控制人，截至本公告披露日，公 司日常经营情况正常，未发生重大变化，不存在应披露而未披露的重大信息。 公司股价短期波动幅度较大，敬请广大投资者理性投资、注意二级市场 交易风险。 一、股票交易异常波动的具体情况 公司股票交易连续 3 个交易日内（2026 年 1 月 12 日、1 月 13 日、1 月 14 日）日收盘价涨幅偏离值累计达到 30%以上，根据《上海证券交易所交易规则》 的有关规定，属于股票交易异常波动的情况。 二、公司关注 ...

21智讯1月14日电，天智航公告，公司股票交易连续3个交易日内（2026年1月12日、1月13日、1月14 日）日收盘价涨幅偏离值累计达到30%以上，根据《上海证券交易所交易规则》的有关规定，属于股票 交易异常波动的情况。经公司自查并书面询证控股股东、实际控制人，截至本公告披露日，公司日常经 营情况正常，未发生重大变化，不存在应披露而未披露的重大信息。公司股价短期波动幅度较大，敬请 广大投资者理性投资、注意二级市场交易风险。 ...