Investment Rating - The report maintains an "Outperform" rating for the following A-share targets: Jiangsu Heng Rui Medicine, Sichuan Kelun Pharmaceutical, Huadong Medicine, Jiangsu Nhwa Pharmaceutical, Xiamen Amoytop Biotech, Zhejiang Jingxin Pharmaceutical, Innovent Biologics, WuXi AppTec, Hangzhou Tigermed Consulting, Lepu Medical, MicroPort EP MedTech [5][36][8] - The report also maintains an "Outperform" rating for the following H-share targets: Hansoh Pharmaceutical Group, 3SBio, PATEO Biotech, Akeso, and related targets: Innovent Biologics, WuXi AppTec [8][36] Core Insights - The report continues to recommend the innovative drug and device industry and its supply chains, indicating a positive outlook for this sector [1][36] - In December 2025, the pharmaceutical sector underperformed the market, with the SW Pharmaceutical and Biological index falling by 4.1%, while the SHCOMP rose by 2.1%, ranking 26th among Shenwan primary industries [15][37] - The report highlights that the premium level of the pharmaceutical sector relative to all A-shares is currently at a normal level, with a relative premium rate of 63.2% as of the end of December 2025 [25][37] Summary by Sections A-Share Targets - The report includes a monthly portfolio of A-share targets that outperformed the pharmaceutical index, with a monthly average decline of 1.8% compared to the overall pharmaceutical index decline of 3.9% in December 2025 [11][36] - The top three stock gains in December 2025 were Luyan Pharma (+118.8%), CareRay Digital Medical Technology Co., Ltd. (+36.6%), and Hubei Hongyuan Pharmaceutical Technology Co., Ltd. (+34.0%) [24][37] H-Share Targets - The report notes that the Hong Kong stock pharmaceutical sector also underperformed the market, with the Hang Seng Healthcare index falling by 9.5% and the Hong Kong Biological Technology index falling by 10.6% in December 2025 [26][38] U.S. Market Performance - In December 2025, the U.S. pharmaceutical sector underperformed the market, with the S&P 500 Healthcare Select Sector declining by 1.5% while the S&P 500 fell by only 0.1% [26][39]

Core Viewpoint - Microelectrophysiology experienced a decline of 1.49% on December 31, with a trading volume of 71.91 million yuan, indicating a potential shift in investor sentiment and market dynamics [1]. Financing Summary - On December 31, the financing buy amount for Microelectrophysiology was 14.78 million yuan, while the financing repayment was 21.49 million yuan, resulting in a net financing outflow of 6.71 million yuan [1]. - As of December 31, the total financing and securities lending balance for Microelectrophysiology was 312 million yuan, with the financing balance accounting for 10.75% of the circulating market value, indicating a high level compared to the past year [1]. - The company had no shares repaid in securities lending on December 31, with 7,700 shares sold short, amounting to 178,300 yuan at the closing price, and a securities lending balance of 1.05 million yuan, also at a high level compared to the past year [1]. Business Performance - For the period from January to September 2025, Microelectrophysiology achieved an operating income of 336 million yuan, representing a year-on-year growth of 15.65%, while the net profit attributable to shareholders was 41.92 million yuan, showing a slight increase of 0.46% year-on-year [2]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Microelectrophysiology was 9,580, an increase of 9% from the previous period, while the average circulating shares per person decreased by 8.26% to 13,033 shares [2]. - The top circulating shareholders included Huatai-PineBridge Innovation Medical Mixed A as the largest shareholder with 4.73 million shares, an increase of 308,600 shares, while other significant shareholders saw varying changes in their holdings [3].

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected performance that exceeds the market by more than 5% over the next six months [29]. Core Insights - The report highlights that the national government will continue to support the renewal of medical equipment in 2026, which is expected to drive demand in the medical device sector. The focus is on high-end equipment and companies with significant performance improvements and international expansion, such as Mindray Medical, United Imaging, Aohua Endoscopy, and Kaili Medical [3]. - The report emphasizes the optimization of application conditions and review processes for equipment renewal projects, aiming to lower investment thresholds and enhance support for small and medium-sized enterprises [3]. - The ongoing policy for equipment renewal is anticipated to sustain a favorable bidding environment for medical devices, with a gradual improvement in performance as inventory clears [3]. Summary by Sections Industry Overview - The report discusses the government's announcement on December 30, 2025, regarding large-scale equipment renewal and the inclusion of various sectors, including healthcare, in the support framework for 2026 [3]. - It outlines the measures to improve the application process for equipment renewal, including stricter requirements for equipment depreciation and minimum usage periods [3]. Investment Opportunities - The report suggests focusing on companies that are expected to show significant performance improvements and have a leading international presence in the medical device sector [3]. - Specific companies recommended for investment include Mindray Medical, United Imaging, Aohua Endoscopy, and Kaili Medical, which are well-positioned to benefit from the anticipated demand for high-end medical equipment [3]. Market Performance - The medical sector has experienced a decline, with a reported drop of 2.06% in the last week, ranking 25th among 28 industries [8][18]. - The report notes that the medical device market is under pressure in the short term due to policy impacts, but improvements are expected as companies innovate and expand internationally [5].

Investment Rating - The report maintains an "Overweight" rating for the innovative pharmaceutical and medical device industry chain [4][8]. Core Viewpoints - The report continues to recommend the innovative pharmaceutical and medical device industry chain, highlighting a selection of A-share and H-share stocks with an "Overweight" rating [2][8][11]. - The performance of the pharmaceutical sector in December 2025 was weaker than the broader market, with the SW Pharmaceutical Biotechnology index declining by 4.1% compared to a 2.1% increase in the Shanghai Composite Index [18][30]. - The report notes that the premium level of the pharmaceutical sector relative to the entire A-share market is currently at a normal level, with a relative premium rate of 63.2% as of December 31, 2025 [29][32]. Summary by Sections A-Share Recommendations - The report lists the following A-share stocks with an "Overweight" rating: - 恒瑞医药 (Hengrui Medicine) - 科伦药业 (Kelun Pharmaceutical) - 华东医药 (East China Pharmaceutical) - 恩华药业 (Enhua Pharmaceutical) - 特宝生物 (Tebao Biological) - 京新药业 (Jingxin Pharmaceutical) - 益方生物 (Yifang Biological) - 药明康德 (WuXi AppTec) - 泰格医药 (Tigermed) - 乐普医疗 (Lepu Medical) - 联影医疗 (United Imaging) - 微电生理 (Microelectrophysiology) [8][9]. H-Share Recommendations - The report maintains an "Overweight" rating for the following H-share stocks: - 翰森制药 (Hansoh Pharmaceutical) - 三生制药 (3SBio) - 科伦博泰生物 (Kelun-Botai Biological) - 康方生物 (CanSino Biologics) - 映恩生物 (InnoCare Pharma) - 百济神州 (BeiGene) [11][12]. Performance Analysis - The report indicates that the 国泰海通医药 monthly portfolio outperformed the pharmaceutical index in December 2025, with an average decline of 1.8% compared to a 3.9% decline in the overall pharmaceutical index [14][15]. - The report highlights the best-performing stocks in December 2025, with 泰格医药 (Tigermed) increasing by 11.2%, 特宝生物 (Tebao Biological) by 7.5%, and 惠泰医疗 (Huitai Medical) by 3.9% [15][18].

Group 1: Company Announcements - Zhongwei Company plans to acquire 64.69% equity of Hangzhou Zhonggui through a combination of share issuance and cash payment, aiming to enhance its capabilities in CMP equipment and solutions [1] - Lixun Precision intends to repurchase shares worth between 1 billion to 2 billion RMB for employee stock ownership plans or equity incentives, with a maximum repurchase price of 86.96 RMB per share [2] - ZaiJing Pharmaceutical has reached a global strategic cooperation and licensing agreement with AbbVie for the development and commercialization of ZG006, receiving an upfront payment of 100 million USD [3] - Tianci Materials expects a net profit increase of 127% to 231% for 2025, driven by significant growth in lithium-ion battery material sales [4] - Meike Home plans to acquire 100% equity of Shenzhen Wande Technology through share issuance and cash payment, with stock resuming trading on January 5, 2026 [6][7] - ST KeliDa is planning a change in control, with stock suspension starting January 5, 2026, due to the transfer of 100% equity of its controlling shareholder [8] - Xinzhou Bang intends to invest approximately 260 million USD in a lithium-ion battery materials project in Saudi Arabia, enhancing its global capacity and supply chain [9] Group 2: Financial Performance - Kid's King anticipates a net profit increase of 51.72% to 82.06% for 2025 [9] - Guangku Technology expects a net profit growth of 152% to 172% for 2025 [9] Group 3: Mergers and Acquisitions - Xidi Micro plans to acquire 100% equity of Chengxin Micro for 310 million RMB [9] - Haili Biological's subsidiary intends to acquire 51% equity of seven dental chain companies for 61.2 million RMB [9]

格隆汇12月31日丨微电生理(688351.SH)公布，公司将持有上海远心36.3636%股权作价500万元转让给上 海默化，本次交易完成后，公司不再持有上海远心股份。 ...

证券代码：688351 证券简称：微电生理 公告编号：2026-001 上海微创电生理医疗科技股份有限公司 关于转让参股子公司股权暨关联交易的公告 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、准确性和完整性承担法律责任。 重要内容提示： 上海微创电生理医疗科技股份有限公司（以下简称"公司"）拟将持有的 参股公司上海远心医疗科技有限公司（以下简称"上海远心"）36.3636%股权转 让给上海默化人工智能科技有限公司（以下简称"上海默化"），交易对价为人民 币 500 万元。本次交易完成后，公司不再持有上海远心股份。 上海默化为持有公司 5%以上股权的股东微创投资控股有限公司 100% 控股的公司，本次交易构成关联交易。 截至本次关联交易为止（不含本次关联交易），除公司股东会已审议 批准事项外，过去 12 个月内公司与同一关联人（包括上海默化及其下属企业、 受微创投资控股有限公司控制的其他企业，下同）未发生关联交易，也未与 不同关联人发生与本次交易标的类别相关的交易。 本次交易不构成重大资产重组。 本次交易事项已经公司第四届董事会独立董事第一次专门会议、第 ...

每经AI快讯，微电生理12月31日晚间发布公告称，上海微创电生理医疗科技股份有限公司拟将持有的 参股公司上海远心医疗科技有限公司约36.36%股权转让给上海默化人工智能科技有限公司，交易对价 为人民币500万元。本次交易完成后，公司不再持有上海远心股份。 （记者 曾健辉） 每经头条（nbdtoutiao）——最高返现60%！惠民保年末销售乱象调查：业务员"贴钱"冲考核，谁在"赔 本赚吆喝"？ ...

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"或"公司"） 首次公开发行股票并在科创板上市持续督导阶段的保荐人，根据《证券发行上市 保荐业务管理办法》《上海证券交易所科创板股票上市规则（2025 年 4 月修订）》 《上海证券交易所上市公司自律监管指引第 5 号——交易与关联交易（2025 年 3 月修订）》等法律法规的规定，对微电生理转让参股子公司股权暨关联交易的事 项进行了核查，核查情况如下： 核查意见 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 转让参股子公司股权暨关联交易的核查意见 截至本次关联交易为止（不含本次关联交易），除公司股东会已审议批准事 项外，过去 12 个月内公司与同一关联人或与不同关联人之间交易标的类别相关 的关联交易未达到 3,000 万元以上，且未占公司最近一期经审计总资产或市值 1% 以上。本次事项无需提交公司股东会审议。 1 一、关联交易概述 根据公司整体发展战略和经营计划，为进一步聚焦资源，优化公司资产结构， 公司于 2025 年 12 月 31 日召开第四届董事会独立董事第 ...

微电生理公告，公司拟将持有的参股公司上海远心医疗科技有限公司36.3636%股权转让给上海默化人 工智能科技有限公司，交易对价为人民币500万元。本次交易完成后，公司不再持有上海远心股份。上 海默化为持有公司5%以上股权的股东微创投资控股有限公司100%控股的公司，本次交易构成关联交 易。 ...