截至发稿，胡洁累计任职时间13年10天，现任基金资产总规模843.4亿元，任职期间最佳基金回报 177.47%， 任职期间最差基金回报-98.01%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，华宝基金旗下1只基金位居微电生理十大流通股东。华宝中证医疗ETF（512170）二季度增 持15.92万股，持有股数461.24万股，占流通股的比例为3.69%。根据测算，今日浮盈赚取约511.97万 元。 华宝中证医疗ETF（512170）成立日期2019年5月20日，最新规模261.47亿。今年以来收益14.17%，同 类排名3282/4218；近一年收益9.8%，同类排名3287/3869；成立以来收益11.88%。 华宝中证医疗ETF（512170）基金经理为胡洁。 10月22日，微电生理涨5.22%，截至发稿，报22.36元/股，成交8928.75万元，换手率3.25%，总市值 105.23亿元。 资料显示，上海微创电生理医疗科技股份有 ...

截至6月30日，微电生理股东户数8789.00，较上期增加13.20%；人均流通股14206股，较上期减少 11.66%。2025年1月-6月，微电生理实现营业收入2.24亿元，同比增长12.80%；归母净利润3266.81万 元，同比增长92.02%。 机构持仓方面，截止2025年6月30日，微电生理十大流通股东中，汇添富医疗服务灵活配置混合A （001417）位居第一大流通股东，持股724.45万股，相比上期减少119.04万股。华宝中证医疗ETF （512170）位居第三大流通股东，持股461.24万股，相比上期增加15.92万股。汇添富创新医药混合A （006113）位居第四大流通股东，持股441.98万股，为新进股东。汇添富达欣混合A（001801）位居第 五大流通股东，持股315.15万股，相比上期减少245.23万股。南方医药保健灵活配置混合A（000452） 位居第八大流通股东，持股203.32万股，相比上期减少8.44万股。汇添富医药保健混合（470006）位居 第九大流通股东，持股191.02万股，持股数量较上期不变。中欧科创主题混合(LOF)A（501081）位居 第十大流通股东，持股1 ...

10月10日，微电生理跌2.14%，成交额7726.35万元。两融数据显示，当日微电生理获融资买入额811.11 万元，融资偿还455.07万元，融资净买入356.04万元。截至10月10日，微电生理融资融券余额合计2.26 亿元。 机构持仓方面，截止2025年6月30日，微电生理十大流通股东中，汇添富医疗服务灵活配置混合A （001417）位居第一大流通股东，持股724.45万股，相比上期减少119.04万股。华宝中证医疗ETF （512170）位居第三大流通股东，持股461.24万股，相比上期增加15.92万股。汇添富创新医药混合A （006113）位居第四大流通股东，持股441.98万股，为新进股东。汇添富达欣混合A（001801）位居第 五大流通股东，持股315.15万股，相比上期减少245.23万股。南方医药保健灵活配置混合A（000452） 位居第八大流通股东，持股203.32万股，相比上期减少8.44万股。汇添富医药保健混合（470006）位居 第九大流通股东，持股191.02万股，持股数量较上期不变。中欧科创主题混合(LOF)A（501081）位居 第十大流通股东，持股189.15万股，为新进 ...

行业深度研究 | 医疗器械 心血管行业空间广阔，集采助力国产替代 心血管疾病相关医疗器械行业报告 心率不齐相关医疗器械市场规模大。根据弗若斯特沙利文研究报告，心 血管疾病中，心律不齐患病率相对较高，中国和全球范围的心脏电生理手术、 心律管理器械及心脏起搏器的市场规模不断增加。2021 年中国心脏电生理 器械市场规模达到65.80亿元，2025年预计将增至157.26亿元，预计到2032 年，中国心脏电生理器械市场规模进一步达到 419.73 亿元，全球范围达到 324.50 亿美元。 根据弗若斯特沙利文数据，全球心律管理器械市场的规模自 2016 年的 97 亿美元增加至 2021 年的 106 亿美元，复合年增长率为 1.8%，并预期于 2030 年将增加至 128 亿美元。根据弗若斯特沙利文数据，全球心脏起搏器市场预 期将由 2021 年的 3,597.4 百万美元增加至 2030 年的 4,224.9 百万美元，复 合年增长率为 1.8%。 冠状动脉和主动脉相关医疗器械市场规模较大。根据弗若斯特沙利文数据， 中国冠状动脉疾病患病人数不断增加，预计在 2026-2030 年的复合年均增长 率约 2.0%， ...

微电生理 688351.SH 公司研究 | 中报点评 业绩符合预期，海外市场加速拓展 ——微电生理 2025 年中报点评 核心观点 盈利预测与投资建议 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 329 | 413 | 532 | 687 | 888 | | 同比增长 (%) | 26.5% | 25.5% | 28.7% | 29.2% | 29.1% | | 营业利润(百万元) | 8 | 55 | 84 | 129 | 179 | | 同比增长 (%) | 152.7% | 613.1% | 53.6% | 54.1% | 39.0% | | 归属母公司净利润(百万元) | 6 | 52 | 70 | 108 | 151 | | 同比增长 (%) | 85.2% | 815.4% | 34.3% | 54.5% | 39.6% | | 每股收益（元） | 0.01 | 0.11 | 0.15 | 0.23 | 0.32 | | 毛利率(%) | 63.5% ...

Investment Rating - The report recommends focusing on leading companies in various segments of the high-value consumables and medical device sectors, indicating a positive outlook for recovery and growth in these areas [4][30]. Core Insights - High-value consumables have begun to recover from the impacts of centralized procurement, with leading companies regaining profitability levels seen before the procurement initiatives [4][32]. - The medical device and IVD sectors are expected to show signs of recovery, with significant improvements anticipated in financial performance by Q3 2025 for device companies and by Q4 2025 for IVD companies [4][30]. - The report highlights specific high-growth segments, including vascular intervention, orthopedics, and IVD, suggesting that these areas will continue to attract investment due to their growth potential and market dynamics [4][30]. Summary by Sections Medical Devices - The medical device sector is projected to experience a revenue decline in 2024, with a further drop of -5.18% expected in the first half of 2025, but recovery is anticipated thereafter [9][12]. - Despite revenue challenges, the overall gross margin and net profit margin have remained stable, with R&D expenses increasing from approximately 7% pre-pandemic to around 10% currently [10][12]. - Companies in the imaging equipment segment are expected to see improved performance in Q3 2025 as inventory issues are resolved and new procurement projects are executed [13][18]. High-Value Consumables - The high-value consumables sector has shown revenue growth in the first half of 2025, indicating a recovery from previous declines, with profit margins returning to levels seen in 2021 [32][33]. - Specific segments such as vascular intervention and orthopedics are highlighted for their resilience and growth potential, with companies like Huatai Medical and Weigao Orthopedics showing significant revenue increases [38][43]. IVD and Other Segments - The IVD sector is expected to see improvements by Q4 2025, with overall industry recovery projected for the first half of 2026 [4][30]. - The report emphasizes the importance of innovation and market expansion for companies in the rehabilitation and home medical device sectors, with firms like Sanofi and Kefu Medical showing strong growth despite market challenges [24][26].

Investment Rating - The report maintains an "Outperform" rating for the biopharmaceutical industry [1] Core Viewpoints - The growth of healthcare expenses, which reached 9.06 trillion yuan in 2023, is outpacing GDP growth, indicating that commercial health insurance may provide a solution to the pressures faced by the medical insurance system [3][15] - The commercial health insurance sector is expected to grow significantly, with premiums projected to reach 97.74 billion yuan by 2024, driven by low penetration rates and the need for additional funding sources [20][24] - Policies are increasingly supportive of commercial health insurance, particularly in relation to innovative drugs, which are now being included in the commercial health insurance directory [71][76] Summary by Sections Part 1: Healthcare Financing System - The healthcare financing system in China consists of government, social, and personal contributions, with social contributions being the main driver for future growth [10][15] Part 2: Growth of Health Insurance - The commercial health insurance market is expected to fill a significant funding gap, with an estimated shortfall of over 1.7 trillion yuan by 2030 [21][22] - Medical insurance is the primary source of compensation within commercial health insurance, with a compensation rate of approximately 68.79% in 2022 [27][31] Part 3: Core Products of Medical Insurance - The report highlights the importance of medical insurance as a key focus area, noting that it directly compensates for medical expenses, unlike critical illness insurance [31][35] Part 4: Policy Support for Health Insurance Development - A series of policies since 2009 have aimed to promote the development of commercial health insurance, with specific targets for market size and coverage [71][72] Part 5: Investment Recommendations - The report suggests focusing on innovative drug companies with rich pipelines, DTP pharmacies, and companies in the TPA industry, as well as innovative medical devices and high-end medical service providers [77]

持续督导跟踪报告 一、保荐人和保荐代表人发现的问题及整改情况 华泰联合证券有限责任公司 关于上海微创电生理医疗科技股份有限公司 2025 年半年度持续督导跟踪报告 | 保荐人名称：华泰联合证券有限责任公司 | 被保荐公司简称：上海微创电生理医疗科技 | | --- | --- | | | 股份有限公司 | | 保荐代表人姓名：肖斯峻 | 联系电话：021-38966545 | | 保荐代表人姓名：任雅静 | 联系电话：021-38966545 | 根据《证券法》《证券发行上市保荐业务管理办法》和《上海证券交易所科 创板股票上市规则（2025 年 4 月修订）》等有关法律、法规的规定，华泰联合证 券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作为上海微创电生 理医疗科技股份有限公司（以下简称"微电生理"、"公司"或"发行人"）首 次公开发行股票的保荐人，对微电生理进行持续督导，并出具本持续督导跟踪报 告： 二、重大风险事项 截至本跟踪报告出具日，公司目前面临的风险因素主要如下： （一）创新技术与产品的研发风险 创新技术的发展及产品的迭代均会带来市场格局的变化，公司只有通过持续 准确把握行业发展的技术趋势 ...

Core Viewpoint - The article discusses the termination of the concerted action relationship between MicroPort Investment and Shanghai Shenghui, which does not affect their respective shareholdings in the company [1][2]. Group 1 - MicroPort Investment and Shanghai Shenghui signed a share transfer agreement on December 16, 2018, where Shanghai Shenghui acquired 3.5 million shares for 20.755 million yuan, with a commitment to act in concert with MicroPort Investment during shareholder meetings [1]. - The concerted action relationship was automatically terminated after Shanghai Shenghui fully paid the share transfer amount, and both parties signed a termination agreement on September 10, 2025 [1]. - Following the termination, MicroPort Investment holds 153,940,915 shares, representing 32.71% of the total share capital, while Shanghai Shenghui holds 15,171,799 shares, representing 3.22% of the total share capital [2]. Group 2 - The termination of the concerted action relationship does not change the number of shares or the shareholding percentages held by either MicroPort Investment or Shanghai Shenghui [2]. - The company remains without a controlling shareholder or actual controller, as no single shareholder or their concerted parties can exert control over the company [2].

格隆汇9月11日丨微电生理(688351.SH)公布，2018年12月16日，微创投资控股有限公司（简称"微创投 资"）与上海生晖企业管理咨询中心（有限合伙）（简称"上海生晖"）签署了《股权转让协议》及《股 权转让协议之补充协议》，约定上海生晖以2,075.5万元受让微创投资持有的350万股上海微创电生理医 疗科技股份有限公司股份，同时，上海生晖承诺在对依据公司章程规定的股东大会决议事项进行表决 时，将在依据《股权转让协议》受让的全部公司股份范围内与微创投资保持一致行动，做出一致决定； 上海生晖在根据《股权转让协议》将50%的公司股份转让款向微创投资支付完毕时，前述微创投资与上 海生晖的一致行动关系自动解除。 本次一致行动关系解除后，微创投资与上海生晖直接持有的公司股份数量和持股比例均保持不变，微创 投资仍持有公司股份153,940,915股，占公司总股本的32.71%；上海生晖仍持有公司股份15,171,799股， 占公司总股本的3.22%。本次一致行动关系解除后，公司任意单一股东及其一致行动人仍无法对公司实 施控制，公司仍无控股股东、无实际控制人。 近日，上海生晖向微创投资全额支付了前述《股权转让协议》中 ...