1月26日，微电生理跌5.10%，成交额2.43亿元。两融数据显示，当日微电生理获融资买入额4009.15万 元，融资偿还2481.21万元，融资净买入1527.95万元。截至1月26日，微电生理融资融券余额合计3.66亿 元。 资料显示，上海微创电生理医疗科技股份有限公司位于上海市浦东新区周浦镇天雄路588弄1-28号第28 幢，成立日期2010年8月31日，上市日期2022年8月31日，公司主营业务涉及电生理介入诊疗与消融治疗 领域创新医疗器械研发、生产和销售。主营业务收入构成为：导管类产品71.77%，其他产品20.22%， 设备类产品7.24%，租赁服务0.77%。 截至9月30日，微电生理股东户数9580.00，较上期增加9.00%；人均流通股13033股，较上期减少 8.26%。2025年1月-9月，微电生理实现营业收入3.36亿元，同比增长15.65%；归母净利润4192.06万元， 同比增长0.46%。 机构持仓方面，截止2025年9月30日，微电生理十大流通股东中，汇添富创新医药混合A（006113）位 居第一大流通股东，持股472.84万股，相比上期增加30.86万股。汇添富医疗服务灵活配 ...

1月26日，微电生理跌5.03%，截至发稿，报24.57元/股，成交2.03亿元，换手率6.51%，总市值115.63亿 元。 资料显示，上海微创电生理医疗科技股份有限公司位于上海市浦东新区周浦镇天雄路588弄1-28号第28 幢，成立日期2010年8月31日，上市日期2022年8月31日，公司主营业务涉及电生理介入诊疗与消融治疗 领域创新医疗器械研发、生产和销售。主营业务收入构成为：导管类产品71.77%，其他产品20.22%， 设备类产品7.24%，租赁服务0.77%。 从基金十大重仓股角度 数据显示，鹏华基金旗下1只基金重仓微电生理。鹏华创新医药混合A（021308）四季度持有股数14.87 万股，占基金净值比例为7.17%，位居第十大重仓股。根据测算，今日浮亏损失约19.33万元。 李建国累计任职时间220天，现任基金资产总规模4799.96万元，任职期间最佳基金回报5.09%， 任职期 间最差基金回报4.72%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，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。 ...

Core Viewpoint - As of January 20, a total of 142 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Significant Net Buying - The stock with the longest consecutive net buying days is Fenglong Co., which has seen net buying for 15 consecutive trading days [1] - Other notable stocks with significant net buying days include Anhui Heli, *ST Guohua, Kangchen Pharmaceutical, Jiuding Investment, Shaanxi Coal and Electricity, Yili Co., Microelectrophysiology, and Gansu Expressway [1]

Investment Rating - The report maintains an "Outperform" rating for several companies, including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [6][7]. Core Insights - The annual J.P. Morgan Healthcare Conference concluded successfully, with positive information from global pharmaceutical companies, including new pipeline disclosures and major deals. The report highlights the high prosperity in the innovative drug sector and recommends continuous investment in innovative drugs and the industry chain [25][26]. - The A-Shares pharmaceutical sector underperformed the market in the third week of January 2026, with the Shanghai Composite Index falling by 0.4% and the SW Pharmaceutical and Biological sector declining by 0.7% [8][27]. - The Hong Kong stock pharmaceutical sector performed in line with the market, while the U.S. pharmaceutical sector underperformed. The Hang Seng Healthcare index increased by 2.4%, and the S&P 500 Healthcare Select Sector decreased by 1.1% [28]. Summary by Sections Section 1: Continuous Recommendation of Innovative Drugs and Industry Chain - The report emphasizes the high prosperity of innovative drugs and maintains overweight ratings for key pharmaceutical companies. It also recommends Biopharma/Biotech companies with promising pipelines and volume increases, as well as CXO and upstream companies benefiting from innovation [6][25]. Section 2: A-Shares Pharmaceutical Sector Performance - In the third week of January 2026, the A-Shares pharmaceutical sector's performance was ranked 17th among Shenwan primary industries, with a decline of 0.7%. The medical service sub-sector showed a positive performance of +3.3% [8][12][27]. Section 3: Hong Kong and U.S. Pharmaceutical Sector Performance - The Hong Kong pharmaceutical sector performed similarly to the market, while the U.S. sector underperformed. Notable gainers in the U.S. included MODERNA (+22%) and QUEST DIAGNOSTICS (+9%), while major decliners included BIOGEN (-12%) and BOSTON SCIENTIFIC (-10%) [28].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical sector [6][26]. Core Insights - The report emphasizes the continuous recommendation of innovative pharmaceuticals and medical devices, highlighting the high growth potential in the sector. It maintains "Overweight" ratings for companies such as Heng Rui Medicine, Hansoh Pharmaceutical, Sanofi, Kelun Pharmaceutical, and Enhua Pharmaceutical. It also recommends Biopharma/Biotech companies like Kelun Biotech, BeiGene, and others, as well as CXO and upstream pharmaceutical companies [6][3]. Summary by Sections 1. Continuous Recommendation of Innovative Pharmaceuticals and Medical Devices - The report highlights the high growth potential of innovative drugs and recommends several companies for investment, including Heng Rui Medicine, Hansoh Pharmaceutical, Sanofi, Kelun Pharmaceutical, and Enhua Pharmaceutical. It also suggests Biopharma/Biotech companies like Kelun Biotech, BeiGene, and others, as well as CXO and upstream pharmaceutical companies [6][7]. 2. A-share Pharmaceutical Sector Performance - In the third week of January 2026, the A-share pharmaceutical sector underperformed the broader market, with the Shanghai Composite Index declining by 0.4% and the SW Pharmaceutical and Biotech index falling by 0.7% [8][11]. 3. Hong Kong and US Market Performance - The Hong Kong pharmaceutical sector performed in line with the market, while the US pharmaceutical sector underperformed. In the same week, the Hang Seng Healthcare index rose by 2.4%, and the S&P 500 healthcare sector fell by 1.1% [19][20].

Core Viewpoint - The medical device sector experienced a decline of 1.58% on January 16, with Kangzhong Medical leading the losses, while the Shanghai Composite Index fell by 0.26% and the Shenzhen Component Index decreased by 0.18% [1]. Group 1: Market Performance - The medical device sector's stocks showed mixed performance, with notable gainers including Huakang Clean (20.01% increase) and Yirui Technology (4.60% increase) [1]. - Conversely, Kangzhong Medical saw a significant drop of 8.60%, followed by Huada Zhizao with a decline of 6.61% [2]. - The overall trading volume in the medical device sector was substantial, with Huakang Clean achieving a transaction amount of 707 million yuan [1]. Group 2: Capital Flow - The medical device sector experienced a net outflow of 1.395 billion yuan from major funds, while retail investors contributed a net inflow of 1.42 billion yuan [2]. - Specific stocks like Huakang Clean had a net inflow of 58.17 million yuan from major funds, while retail investors showed a net outflow of 46.88 million yuan [3]. - The capital flow dynamics indicate a shift in investor sentiment, with retail investors actively participating despite the overall sector decline [2][3].

Investment Rating - The report maintains an "Overweight" rating for the medical device industry [5]. Core Insights - The medical device industry in China has a prominent supply chain advantage, with overseas markets expected to maintain rapid growth. The brain-computer interface (BCI) sector is at a critical turning point, likely to see demand release. AI medical applications are gradually becoming operational, poised to reshape the health market [3]. Summary by Relevant Sections Investment Recommendations - For the overseas medical device sector, recommended stocks include: United Imaging Healthcare, Nanwei Medical, Microelectronic Physiology, Guichuang Tongqiao, Yuyue Medical, and New Industry. Stocks to watch include: Jingfeng Medical, MicroPort Scientific, and Chuangli Medical [5]. - In the brain-computer interface sector, recommended stocks are: Lepu Medical, Weisi Medical. Stocks to watch include: Meihao Medical, Xiangyu Medical, Mcland, Xinwei Medical, Aipeng Medical, Chengyitong, Chuangxin Medical, and Botuo Bio [5]. - For the AI + device sector, recommended stocks are: Yuyue Medical, BGI Genomics, KingMed Diagnostics, and United Imaging Healthcare. Stocks to watch include: Dian Diagnostics [5]. Overseas Market Growth - The supply chain advantage of domestic medical devices is significant, with exports expected to grow rapidly. In the first three quarters of 2025, United Imaging Healthcare's overseas revenue increased by 41.97% year-on-year, becoming a crucial growth driver for the company. The company continues to expand its market share in key regions due to superior product performance and localized service capabilities. By December 2025, MicroPort Scientific's global cumulative order volume exceeded 160 units, with core products in endoscopy, orthopedics, and vascular intervention surpassing 230 units in total orders. In 2025, Jingfeng Medical achieved a breakthrough in multiple key global markets, leading to explosive growth in overseas orders [5]. Brain-Computer Interface Market - The brain-computer interface market is at a pivotal turning point, with anticipated demand release. China's "14th Five-Year Plan" explicitly suggests a forward-looking layout for future industries, promoting BCI as a new economic growth point. In December 2025, Elon Musk announced that Neuralink would begin large-scale production of BCI devices in 2026, transitioning to a more streamlined and nearly fully automated surgical process. In January 2026, China's BCI company Strong Brain Technology announced it had completed a new round of financing of approximately 2 billion yuan, setting a record for the second-largest single financing in the field globally, following Neuralink. The funds will be used to accelerate core technology research and development, extreme engineering breakthroughs, and product scaling and mass production [5]. AI Medical Applications - AI medical applications are gradually becoming operational, with the potential to reshape the health market. In June 2025, Ant Group launched the AI Health Manager AQ, which was officially upgraded to "Antifufu" in December 2025. By January 2026, the "Antifufu" app had over 30 million monthly active users, with daily inquiries exceeding 10 million, 55% of which came from third-tier cities and below. In January 2026, Tempus AI reported preliminary revenue of approximately 1.27 billion USD for 2025, representing an 83% year-on-year increase, exceeding initial expectations. OpenAI announced the acquisition of the healthcare tech startup Torch to expand into the healthcare sector, while Google launched the next-generation open-source medical AI model MedGemma1.5 and released the open-source medical speech-to-text model MedASR [5].

Core Viewpoint - Microelectrophysiology has shown a significant increase in stock price and trading activity, indicating positive market sentiment and potential growth in the medical device sector [1][2]. Group 1: Stock Performance - As of January 8, Microelectrophysiology's stock price increased by 2.08%, reaching 25.58 CNY per share, with a trading volume of 89.22 million CNY and a turnover rate of 2.83% [1]. - Year-to-date, the stock price has risen by 10.50%, with notable increases of 8.85% over the last five trading days, 15.02% over the last 20 days, and 22.28% over the last 60 days [2]. Group 2: Company Overview - Shanghai Microelectrophysiology Medical Technology Co., Ltd. was established on August 31, 2010, and went public on August 31, 2022. The company specializes in innovative medical devices for electrophysiological intervention and ablation therapy [2]. - The revenue composition of the company includes catheter products (71.77%), other products (20.22%), equipment (7.24%), and leasing services (0.77%) [2]. Group 3: Financial Performance - For the period from January to September 2025, Microelectrophysiology reported a revenue of 336 million CNY, reflecting a year-on-year growth of 15.65%. The net profit attributable to shareholders was 41.92 million CNY, with a slight increase of 0.46% year-on-year [2]. Group 4: Shareholder Structure - As of September 30, 2025, the largest shareholder is Huatai-PineBridge Innovation Medical Mixed Fund A, holding 4.7284 million shares, an increase of 308,600 shares from the previous period [3]. - Other notable shareholders include Huatai-PineBridge Medical Service Flexible Allocation Mixed Fund A and Hua Bao Zhong Zheng Medical ETF, with changes in their holdings compared to the previous period [3].

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].