Group 1 - On February 10, brokerages set target prices for listed companies with notable increases for Kehua Data, Nanwei Medical, and Fulete, with target price increases of 19.70%, 18.54%, and 14.09% respectively, belonging to the other power equipment, medical devices, and photovoltaic equipment industries [1][3] - A total of 21 listed companies received brokerage recommendations on February 10, with companies like Bailong Oriental, Chiplink Integration, and Tianrun Industrial each receiving one recommendation [3] - One company, Haomai Technology, had its rating upgraded from "Hold" to "Buy" by Guotou Securities on February 10 [4][5] Group 2 - Three companies received initial coverage on February 10, including Xin'ao Co., which was rated "Buy" by Shenda Securities, Bichu Electronics rated "Increase" by Jianghai Securities, and Huitai Medical rated "Buy" by Huayuan Securities [5][6] - The companies receiving initial coverage are in the textile manufacturing, computer equipment, and medical device industries [6]

Core Viewpoint - The China Securities Medical Index (399989) closed at 7197.66 points on February 10, with a 0.5% increase and a trading volume of 19.639 billion yuan, indicating a stable performance in the medical sector [1]. Group 1: Index Performance - The index saw 25 constituent stocks rise, with Huitai Medical leading the gains at 5.15%, while 24 stocks declined, with Huaxi Biological leading the losses at 3.36% [1]. - The turnover rate for the index was 1.82%, reflecting moderate trading activity [1]. Group 2: Capital Flow - The net inflow of main funds into the constituent stocks of the index totaled 554 million yuan, indicating positive institutional interest [2]. - Retail investors experienced a net outflow of 416 million yuan, suggesting a cautious sentiment among individual investors [2]. - Speculative funds saw a net outflow of 159 million yuan, indicating reduced trading activity from this segment [2].

证券研究报告 晨会 hyzqdatemark 2026 年 02 月 10 日 投资要点： 资料来源：聚源，华源证券研究所，截至2026年02月10日 华源晨会精粹 20260210 汽车 矿山无人驾驶专题 1:矿山无人驾驶商业模式&市场规模——汽车行业周报：为 什么看好无人矿卡赛道：1）自动驾驶大规模商业化落地进展最快的下游之一且市场 天花板较高；2）技术较为成熟，经济性突出；3）政策鼓励危险场景无人化；4）出 海逻辑清晰；5）格局初定且有较高行业壁垒；以上因素共同决定了行业龙头厂商或 具备长期成长性&投资价值。矿山无人驾驶致力于解决诸多行业痛点问题："矿区通 常地处偏远+作业环境恶劣+健康风险大+劳动强度大"引致招工难、用工贵；"装备 自动化程度低+生产系统碎片化"引致生产效率低。而这其中运输环节用工占比接近 全矿劳动员工的 50%，属于核心降本增效环节。产品模式下无人矿卡赛道市场规模： 产品模式下，下游一次性买断无人矿卡全生命周期服务（车+智驾套件/单独套件）； 该模式对于无人矿卡服务提供商的优点是"轻资产+回款快"；我们测算这种商业模 式下，中长期的国内市场规模区间预计超 200 亿元。 风险提示：1 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on the rapid growth of its PFA products and increasing competitiveness in the electrophysiology and vascular intervention sectors [5][9]. Core Insights - The company is expected to achieve total revenues of RMB 25.78 billion, RMB 32.40 billion, and RMB 40.60 billion for the years 2025 to 2027, with growth rates of 24.78%, 25.70%, and 25.31% respectively. The net profit attributable to shareholders is projected to be RMB 8.34 billion, RMB 10.57 billion, and RMB 13.40 billion for the same years, with growth rates of 23.95%, 26.73%, and 26.70% respectively [6][9]. - The company has a strong position in the cardiovascular intervention field, with a comprehensive product layout that includes electrophysiology and vascular intervention devices. The introduction of new PFA products is expected to drive significant revenue growth [11][15]. Summary by Sections Market Performance - The closing price of the company's stock is RMB 229.38, with a market capitalization of RMB 32,349.47 million. The stock has seen a yearly high of RMB 466.07 and a low of RMB 223.48 [3]. Financial Forecasts - The company anticipates revenue growth from RMB 1,650 million in 2023 to RMB 4,060 million in 2027, with a compound annual growth rate (CAGR) of 35.71% from 2023 to 2024 and 25.31% from 2025 to 2027. Net profit is expected to grow from RMB 534 million in 2023 to RMB 1,340 million in 2027, with a CAGR of 49.13% from 2023 to 2024 and 26.70% from 2025 to 2027 [7][9]. Business Overview - The company has established itself as a leading manufacturer in the domestic electrophysiology and vascular intervention market, focusing on coronary access and cardiac electrophysiology. The introduction of PFA products is expected to enhance its competitive edge [8][15]. - The company has successfully participated in domestic alliance procurement, securing a significant market share in coronary access products, which now account for nearly 90% of its offerings [8][11]. Growth Drivers - The increasing prevalence of atrial fibrillation due to an aging population is expected to drive demand for PFA devices, with the market projected to reach RMB 163.15 billion by 2032, growing at a CAGR of 43.73% from 2025 to 2032 [8][59]. - The company has completed over 2,000 PFA procedures by August 2025, indicating strong market acceptance and growth potential for its new products [78]. Competitive Landscape - The domestic electrophysiology market is currently dominated by foreign brands, but the company is positioned to capture market share through competitive pricing and product quality improvements following recent procurement agreements [63][70].

中证智能财讯 惠泰医疗（688617）2月10日公告，基于对公司未来发展前景的信心及长期投资价值的认 可，为增强投资者信心并建立健全长效激励机制，公司计划以自有资金通过集中竞价交易方式回购部分 股份，回购资金总额不低于1.5亿元且不超过2亿元，回购价格上限为315元/股，回购期限为董事会审议 通过之日起10个月内。本次回购股份将在未来适宜时机用于员工持股计划或股权激励。公司股票2月9日 收盘价为229.38元/股。 2025年前三季度，公司实现营业总收入18.67亿元，同比增长22.47%；归母净利润6.23亿元，同比增长 18.02%。 核校：孙萍 按回购价格上限测算，预计回购股份数量为47.62万股至63.49万股，占公司总股本的0.34%至0.45%。公 司表示，本次回购不会对公司的日常经营、财务、研发和未来发展产生重大影响，公司有能力支付回购 价款。若回购股份未能在三年内转让完毕，将依法予以注销。 惠泰医疗是一家专注于电生理和介入类医疗器械的研发、生产和销售的高新技术企业，已形成了以完整 冠脉通路和心脏电生理医疗器械为主导，外周血管和非血管介入医疗器械为重点发展方向的业务布局。 ...

近5日资金流向一览见下表： 证券之星消息，截至2026年2月9日收盘，惠泰医疗(688617)报收于229.38元，下跌0.27%，换手率 0.52%，成交量7315.0手，成交额1.67亿元。 2月9日的资金流向数据方面，主力资金净流入1289.18万元，占总成交额7.71%，游资资金净流出 1122.48万元，占总成交额6.71%，散户资金净流出166.7万元，占总成交额1.0%。 惠泰医疗2025年三季报显示，前三季度公司主营收入18.67亿元，同比上升22.47%；归母净利润6.23亿 元，同比上升18.02%；扣非净利润6.02亿元，同比上升18.5%；其中2025年第三季度，公司单季度主营 收入6.54亿元，同比上升24.77%；单季度归母净利润1.98亿元，同比上升6.77%；单季度扣非净利润1.91 亿元，同比上升6.1%；负债率12.24%，投资收益1390.22万元，财务费用-811.65万元，毛利率73.19%。 惠泰医疗（688617）主营业务：公司是一家专注于电生理和血管介入医疗器械的研发、生产和销售的高 新技术企业,已形成了以完整冠脉通路和电生理医疗器械为主导,外周血管和神经介入医 ...

证券代码：688617 证券简称：惠泰医疗 公告编号：2026-003 深圳惠泰医疗器械股份有限公司 第三届董事会第三次会议决议公告 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。 深圳惠泰医疗器械股份有限公司（以下简称"公司"）第三届董事会第三次会议通知于2026年2月9日发出 并送达全体董事，全体董事同意豁免本次会议的提前通知时限要求。本次会议于2026年2月9日以现场结 合通讯方式召开，会议应到董事9人，实到董事9人，出席董事占应出席人数的100%。本次会议的召 集、召开及表决程序符合《中华人民共和国公司法》等有关法律、行政法规、规范性文件和《深圳惠泰 医疗器械股份有限公司章程》的规定，会议决议合法有效。经与会董事审议和表决，会议形成决议如 下： 一、审议通过《关于以集中竞价交易方式回购股份方案的议案》 董事会认为，本次回购公司股份方案设计合理，有利于维护广大投资者利益，增强投资者对公司的投资 信心，建立健全公司长效激励机制，促进公司健康可持续发展，全体董事一致同意该事项。 具体内容详见公司同日在上海证券交易所网站（ ...

Core Viewpoint - Shenzhen Huitai Medical Equipment Co., Ltd. has approved a share repurchase plan to enhance investor confidence and establish a long-term incentive mechanism [1] Group 1: Share Repurchase Plan - The company plans to use its own funds to repurchase part of its A-shares through centralized bidding, with a total repurchase amount not less than RMB 150 million and not exceeding RMB 200 million [1] - The maximum repurchase price is set at RMB 315 per share, and the repurchase period is within 10 months from the board's approval date [1] - The repurchased shares will be used for employee stock ownership plans or equity incentives, and if not fully transferred within three years, they will be legally canceled [1] Group 2: Financial Position - As of September 30, 2025, the company's total assets are approximately RMB 3.461 billion, and the net assets attributable to shareholders are about RMB 2.989 billion [1] - Based on the upper limit of the repurchase funds, the repurchase amount accounts for approximately 6.69% of the net assets [1] Group 3: Impact and Confidence - The company believes that the repurchase will not significantly impact its daily operations, finances, or future development, nor will it lead to a change in control or affect its listing status [1] - The decision is based on confidence in the industry outlook and the company's future development [1]

Group 1 - Jinwei Co., Ltd. plans to acquire 100% equity of Fusheng Mining for 210 million yuan, which will become a wholly-owned subsidiary and included in the consolidated financial statements [2] - Mengguli intends to invest 929 million yuan to build a project with an annual production capacity of 30,000 tons of lithium-ion battery cathode materials, expected to produce 5,000 tons of high-voltage cobalt acid lithium, 10,000 tons of NCA materials, and 15,000 tons of ultra-high nickel ternary materials [2] - Xiamen Tungsten plans to acquire 39% equity of Jiujiang Dadi Mining, which will help increase mineral resource reserves and improve raw material self-sufficiency [3] Group 2 - Andavil's subsidiary received EASA certification for its aviation kitchen plug-in products, marking compliance with European aviation safety standards [2] - CIMC Vehicles disclosed that the US ITC made a preliminary ruling on anti-subsidy and anti-dumping investigations regarding Van-Type Trailers, indicating potential damage to the US domestic industry [4] - Source Technology plans to invest approximately 1.251 billion yuan to build a second phase project for the R&D and production of optoelectronic communication semiconductor chips and devices [9] Group 3 - Zhongmin Energy intends to acquire 51% equity of Mintou Pumped Storage for 864 million yuan, with the transaction price based on asset evaluation [10] - Ningbo Yunsheng plans to publicly issue H-shares and apply for listing on the Hong Kong Stock Exchange [11] - Wenkai Co., Ltd. won a bid for a landscape project worth 50.8162 million yuan [12] Group 4 - China Merchants Shekou achieved a signed sales amount of 7.674 billion yuan in January 2026 [16] - AVIC Optoelectronics reported a net profit of 2.124 billion yuan for 2025, a year-on-year decrease of 36.69% [17] - Tiankang Bio reported a sales revenue of 392 million yuan from pig sales in January 2026, with a month-on-month increase of 6.23% [18] Group 5 - Poly Developments reported a signed amount of 15.617 billion yuan in January 2026, a year-on-year decrease of 13.31% [19] - Chengtou Holdings reported a net profit of 290 million yuan for 2025, a year-on-year increase of 19.67% [20] - Qianjin Pharmaceutical reported a net profit of 288 million yuan for 2025, a year-on-year increase of 24.74% [21]

Group 1 - Huatai Medical plans to repurchase shares worth between 150 million to 200 million yuan for employee stock ownership plans or equity incentives, with a repurchase price not exceeding 315 yuan per share [1][3] - Aopt plans to raise no more than 1.38 billion yuan for projects related to AI intelligent vision solutions and industrial 3D vision sensors [1][4] - Weimais reported a net profit of 557 million yuan for 2025, a year-on-year increase of 39.22%, despite a slight decline in total revenue [1][6] Group 2 - Jiaokong Technology signed a contract for the Sydney Metro West Line TSMO signal system subcontract project, with a contract value of approximately 93.53 million Australian dollars [1][5] - Microelectrophysiology received EU MDR certification for its magnetic navigation ablation catheter and star-shaped high-density mapping catheter, facilitating entry into the European market [1][4] - Firmus Technologies, an Australian AI infrastructure company, secured 10 billion USD in debt financing led by Blackstone for data center expansion [8][9]