截至2026年1月30日收盘，惠泰医疗（688617）报收于232.0元，较上周的242.5元下跌4.33%。本周，惠 泰医疗1月26日盘中最高价报245.45元。1月26日盘中最低价报231.0元。惠泰医疗当前最新总市值327.19 亿元，在医疗器械板块市值排名6/127，在两市A股市值排名647/5184。 本周关注点 深圳惠泰医疗器械股份有限公司于2025年12月9日至2026年1月28日期间，通过集中竞价交易方式累计回 购股份1,015,738股，占公司总股本的0.7202%，回购价格区间为231.00元/股至264.27元/股，支付资金总 额24,995.13万元。本次回购股份用于员工持股计划或股权激励，资金来源为公司自有资金，回购方案已 实施完毕。回购后公司股权分布仍符合上市条件，未导致控制权变更。已回购股份将在三年内按规定转 让，若未完成转让将依法注销。 公司公告汇总：惠泰医疗回购股份1,015,738股，占总股本0.7202%。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 公司公告汇总 ...

证券日报网讯1月29日，惠泰医疗在互动平台回答投资者提问时表示，公司目前通过经销模式向欧盟市 场销售血管介入及部分电生理标测耗材产品，相关产品已获CE认证，该市场收入占公司整体营收比例 较低。 ...

Key Highlights - Tianqi Co., Ltd. participated in financing for Galaxy General Robotics, acquiring up to 0.38% equity [1] - Hualan Vaccine has no vaccine products available for the prevention of Nipah virus [1] - Aisen Co., Ltd. plans to invest 2 billion yuan to build an integrated circuit materials manufacturing base in East China [1] - Beixin Road and Bridge won a contract for a project worth 1.221 billion yuan [1] - Yongding Co., Ltd. expects a net profit increase of 225.66% to 388.48% in 2025 [1] - Puxin Co., Ltd. intends to acquire a 5% stake in Liyuan Fluororesin for 240 million yuan [1] - Huatai Medical has repurchased 0.7202% of its shares [1] - Dayi Long plans to reduce its stake by no more than 3% [1] - Dongcai Technology's actual controller and vice chairman, Xiong Haitao, has been detained [1] - Yichang Technology's actual controller, Xiong Haitao, is under investigation and has been detained [1] Project Investments - Nord Co., Ltd. plans to invest 168 million yuan to upgrade production line equipment for Qinghai Electronics [1] - Aisen Co., Ltd. is set to invest 2 billion yuan in a manufacturing base for integrated circuit materials [1] Contract Awards - Jintanglang Co., Ltd. won a contract for the interior decoration and weak current intelligent engineering of a new hotel project [1] - Beixin Road and Bridge secured a contract worth 1.221 billion yuan [1] - Huakang Clean won a project worth 54.88 million yuan [1] Earnings Forecasts - New Meixing Co., Ltd. expects a net profit growth of 160.76% to 204.96% in 2025 [1] - Hongxin Electronics anticipates a net profit of 110 million to 150 million yuan in 2025, a year-on-year increase of 93.61% to 164.01% [1] - Yongding Co., Ltd. forecasts a net profit increase of 225.66% to 388.48% in 2025 [1] - Zhenlei Technology expects a net profit increase of 529.64% to 642.26% in 2025 [1] - Ningbo Fubang anticipates a net profit growth of 3099.59% to 4379.43% in 2025 [1] Share Acquisitions - Puxin Co., Ltd. plans to acquire a 5% stake in Liyuan Fluororesin for 240 million yuan [1] - Yingxin Development intends to acquire 60% equity in Changxing Semiconductor [1] Share Buybacks - Jingji Zhino has repurchased 5.438 million shares [2] - Huatai Medical has repurchased 0.7202% of its shares [2] Share Reductions - Baida Precision plans to reduce its stake by no more than 2% [2] - Dayi Long intends to reduce its stake by no more than 3% [2] - Zhishang Technology's Liu Dongsheng and Liu Dongli plan to reduce their stakes by no more than 3% [2] - Shichuang Securities' City Power plans to reduce its holdings by no more than 27.245 million A-shares [2] - Pianzaihuang's Jiulongjiang Group plans to increase its holdings by 300 million to 500 million yuan [2] Other News - Dongcai Technology's actual controller and vice chairman, Xiong Haitao, has been detained [2] - Jingpin Special Equipment has been banned from participating in procurement activities for military supplies for three years [2] - Yichang Technology's actual controller, Xiong Haitao, is under investigation and has been detained [2]

从回购实施进展来看，恒瑞医药、京基智农、兴发集团回购金额最高，分别回购6.05亿元、9446.39万 元、6554.25万元。 从已完成回购来看，惠泰医疗、锡业股份、奥普科技已完成回购金额最高，分别回购2.5亿元、700.53万 元、85.0万元。 （文章来源：每日经济新闻） 每经AI快讯，Wind数据显示，1月28日，14家公司共发布15个股票回购相关进展。其中，2家公司首次 披露股票回购预案，4家公司回购方案获股东大会通过，4家公司披露股票回购实施进展，4家公司回购 方案已实施完毕。 从首次披露回购预案来看，格林美、达威股份分别拟回购不超303.26万元、23.21万元。 从股东大会通过回购预案来看，新开源、广东鸿图、广济药业回购金额最高，分别拟回购不超5000.0万 元、1809.51万元、42.13万元。 ...

每经AI快讯，惠泰医疗1月27日晚间发布公告称，截至本公告披露日，公司已通过上海证券交易所系统 以集中竞价交易方式累计回购公司股份约102万股，占公司总股本约1.41亿股的比例为0.7202%，回购成 交的最高价为264.27元/股，最低价为231元/股，支付的资金总额为人民币约2.5亿元，本次回购方案实 施完毕。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经头条（nbdtoutiao）——国际金价冲破5000美元！7年涨了280%，什么时候才见顶？专家：关键还 看美元，重点关注国际货币体系、降息和科技革命 （记者 王晓波） ...

证券代码：688617 证券简称：惠泰医疗 公告编号：2026-002 深圳惠泰医疗器械股份有限公司 关于股份回购实施结果暨股份变动的公告 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： | 回购方案首次披露日 | 2025/12/10，由公司董事会提议 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 日~2026 月 2025 9 | 12 | 月 | 年 | 10 | 日 8 | | 预计回购金额 | 2亿元~2.5亿元 | | | | | | | 回购价格上限 | 315元/股 | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | | □用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 实际回购股数 | 1,015,738股 | | | | | | | 实际回购股数占总股本比例 | 0.7202 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5] Core Views - The pharmaceutical sector underperformed the overall market, with a 0.39% decline in the biopharmaceutical sector compared to a 1.17% increase in the total A-share market [32] - The TTM price-to-earnings ratio for the pharmaceutical sector is 38.51x, which is at the 84.35th percentile of the historical valuation over the past five years [32][37] - The report highlights a shift in fund holdings, with a decrease in the proportion of pharmaceutical holdings in both pharmaceutical and non-pharmaceutical funds [11][16] Summary by Sections Market Performance - The overall A-share market increased by 1.17%, while the Shanghai and Shenzhen 300 index decreased by 0.62% [32] - The biopharmaceutical sector's performance was weaker than the overall market, with specific declines in chemical pharmaceuticals (-1.11%) and medical services (-2.17%) [32] Fund Holdings Analysis - As of Q4 2025, the net asset value of pharmaceutical funds reached 358.4 billion, a decrease of 9.0% from the previous quarter [11] - The proportion of pharmaceutical holdings in all funds was 7.97%, down 1.71 percentage points [16] - The largest sub-sectors by holdings were chemical preparations (37.5%) and other biological products (20.8%) [19] Company Earnings Forecasts and Ratings - Key companies such as Mindray Medical (237 billion market cap, "Outperform" rating) and WuXi AppTec (293.6 billion market cap, "Outperform" rating) are highlighted for their strong earnings forecasts [4] - The report lists several companies with projected earnings growth, including Aier Eye Hospital and New Industry, both rated "Outperform" [4] Investment Strategy - The report recommends focusing on innovative drugs and the CXO sector, emphasizing the competitive advantages of Chinese companies in the chemical CDMO space [41] - A portfolio of recommended stocks includes Mindray Medical, WuXi AppTec, and Aier Eye Hospital, among others [42][43]

内容概要：冠脉通路器械是经皮冠状动脉介入手术的必备耗材，其性能直接影响手术成效与并发症控制 水平。政策端，我国出台集采、创新审批、基层医疗建设等系列政策，从多维度为行业高质量发展筑牢 基础。需求端，全球及中国冠状动脉疾病患病人数稳步增长，2024年全球患者达2.2亿人、中国达2787.9 万人，且中国PCI手术渗透率与发达国家差距显著，为行业提供广阔增量空间。市场规模方面，全球冠 脉球囊扩张导管市场持续扩容，功能性球囊增速领先；中国市场呈"结构调整与高速增长并存"特征，通 用球囊受集采影响经历阶段性调整后有望回升，功能性球囊作为国产替代核心赛道增长迅猛，2024- 2028年复合年均增长率高达19.28%。竞争格局上，行业呈梯队化分布，外资主导高端市场，国产头部 企业加速突围，2024年国产冠脉球囊市场份额已达54.9%。未来，行业将沿着技术升级、国产替代深 化、基层市场扩容三大方向演进，形成"器械+服务+数据"的协同生态，驱动行业向创新普惠方向发 展。 上市企业：微创医疗（00853）、业聚医疗（06929）、乐普医疗（300003）、赛诺医疗（688108）、惠 泰医疗（688617）、蓝帆医疗（0023 ...

Summary of China Healthcare Industry Conference Call Industry Overview - **Industry**: China Healthcare Industry - **Report Date**: January 21, 2026 - **Sentiment**: Cautiously optimistic outlook for 2026 regarding hospital capital expenditures and market dynamics [1][2] Key Insights Capital Expenditure Trends - **Stable to Moderate Growth**: Hospital capital expenditures are expected to remain stable with moderate growth in 2026 [2] - **Survey Results**: 59% of surveyed hospital managers anticipate capital expenditure growth in 2026, up from 43% in late 2024, but still below 85% in late 2023 [3] - **Projected Growth Rate**: Expected capital expenditure growth of 4.7% in 2026, compared to 3.0% growth anticipated for 2025 [3] - **Actual Growth Expectations**: Respondents expect actual capital expenditure growth of 5.8% for 2025, indicating limited visibility on actual demand [3] Key Drivers of Expenditure - **Primary Drivers**: 1. Hospital Surplus (69%) 2. Patient Demand (50%) 3. Local Fiscal Budgets (44%) [3] - **Service Volume Constraints**: Factors such as Diagnosis-Related Group (DRG) payment limits and medical insurance settlements are seen as major constraints on service volume [3] Equipment and Technology Focus - **Investment Priorities**: Hospitals are prioritizing investments in AI, endoscopy, and imaging equipment, with a focus on surgical and flexible endoscopes, followed by CT and ultrasound [3] - **Weak Demand**: In vitro diagnostics are expected to remain weak [3] Company-Specific Insights Beneficiaries of Capital Expenditure Growth - **Mindray Medical (300760.SZ)**: Expected to benefit from a stable capital expenditure environment, with anticipated single-digit revenue growth in 2026. The company is expected to maintain a 16% share of planned capital expenditures [4][10] - **United Imaging (688271.SS)**: Anticipated to benefit from strong demand in high-end imaging, with projected revenue growth of approximately 21% in 2026 [4][11] - **New Industries (300832.SZ)**: Expected to face continued pricing pressure in in vitro diagnostics but may achieve above-industry growth due to healthy demand for chemical luminescence analyzers [4][12] - **Huatai Medical (688617.SS)**: Positioned to capitalize on the growing adoption of pulse field ablation technology, with projected revenue growth of 30% in 2026 [4][13] - **Guichuang Tongqiao (2190.HK)**: Expected to see revenue growth of around 30% driven by increased demand for neurointerventional and peripheral interventional procedures [4][15] Challenges for Global Players - **GE Healthcare**: Faces mixed impacts from increased capital expenditure and growing preference for local brands, which may offset some growth [4][16] - **Siemens Healthineers (SHL)**: Cautious outlook due to slow recovery in utilization rates and increased pricing pressure from procurement policies [4][17] - **Philips (PHIA)**: Similar cautious outlook with potential declines in market share for CT and ultrasound equipment [4][18] - **Olympus (7733.T)**: Expected to face challenges in maintaining market share in the digestive endoscopy market [4][19] - **Hologic (6869.T)**: Anticipated slowdown in clinical testing volumes and potential market share decline in hematology [4][20] Additional Observations - **Market Dynamics**: The report highlights a complex landscape for global medical technology companies in China, with both opportunities and pressures from local competition and procurement policies [4][16][17][18][19][20] - **Emerging Trends**: The shift towards local brands and the impact of procurement policies are significant trends that may reshape the competitive landscape in the healthcare sector [4][16][17][18][19][20]

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]