声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 针对上述提问，惠泰医疗回应称："尊敬的投资者，您好！公司在本次集采项目的中标事项不属于公司 应披露的重大事项。目前，公司不存在应披露而未披露信息。感谢您的关注！" 来源：市场资讯 有投资者在互动平台向惠泰医疗提问："请问，贵公司在2025年12月北京医保局电生理类集采中标了为 什么不公告出来，谢谢！！！" ...

（文章来源：证券日报） 证券日报网讯 12月25日，惠泰医疗发布公告称，公司2025年12月25日召开2025年第四次临时股东会， 审议通过《关于2026年度日常关联交易预计的议案》等。 ...

北京市嘉源律师事务所 关于深圳惠泰医疗器械股份有限公司 2025年第四次临时股东会的法律意见书 嘉源(2025)-04-952 北京市嘉源律师事务所(以下简称"本所")接受深圳惠泰医疗器械股份有 限公司(以下简称"公司")的委托,根据《中华人民共和国公司法》(以下简称 "《公司法》")、《上市公司股东会规则》(以下简称"《股东会规则》")等现行有 效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规")以及《深 圳惠泰医疗器械股份有限公司章程》(以下简称"《公司章程》")的有关规定,指 派本所律师对公司 2025年第四次临时股东会(以下简称"本次股东会")进行见 证,并依法出具本法律意见书。 北京市嘉源律师事务所 关于深圳惠泰医疗器械股份有限公司 2025年第四次临时股东会的法律意见书 西城区复兴门内大街158 号远洋大厦 4 楼 中国 · 北京 T CUMERS Pr YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 致:深圳惠泰医疗器械股份有限公司 一、本 ...

证券代码：688617 证券简称：惠泰医疗 公告编号：2025-062 深圳惠泰医疗器械股份有限公司 2025年第四次临时股东会决议公告 本公司董事会及全体董事保证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。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 12 月 25 日 （二） 股东会召开的地点：上海市徐汇区田林路 487 号宝石园 20 栋宝石大厦 22 楼会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 275 | | --- | --- | | 普通股股东人数 | 275 | | 2、出席会议的股东所持有的表决权数量 | 79,112,943 | | 普通股股东所持有表决权数量 | 79,112,943 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例（%） | 62.4022 | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 62.4022 | ...

Core Insights - The report recommends focusing on the CXO sector within the pharmaceutical and biotechnology industry, highlighting its global competitiveness and long-term growth potential [6][4] - The investment strategy maintains an "outperform" rating for the sector, with a specific portfolio of recommended stocks for December 2025 [2][6] Industry Overview - The pharmaceutical manufacturing industry saw a cumulative revenue of 199.55 billion yuan from January to October 2025, reflecting a year-on-year decline of 2.9%, while total profits decreased by 3.5% to 26.98 billion yuan [10][9] - The retail sales of Western and Chinese medicines reached 595.5 billion yuan, with a modest growth of 1.5% year-on-year [10][9] Investment Strategy - The recommended investment portfolio for December 2025 includes notable A-shares such as Mindray Medical (迈瑞医疗), WuXi AppTec (药明康德), and Aier Eye Hospital (爱尔眼科), among others [6][7] - The report emphasizes the importance of monitoring the clinical progress and data readouts of innovative drugs in overseas markets, as these factors can enhance the commercial viability of domestic products [6] Market Performance - The pharmaceutical sector experienced a decline of 3.62% in November 2025, underperforming the CSI 300 index by 1.16% [11] - The medical services sub-sector faced the most significant drop, with a decrease of 7.77%, while the pharmaceutical commercial sector saw a slight increase of 1.27% [17][11] Valuation Insights - The overall valuation of the pharmaceutical sector is relatively high, with a current PE (TTM) of 37.71, placing it at the 79.87 percentile of its historical range over the past five years [19][20] - The premium rates of the pharmaceutical sector compared to the CSI 300 and the entire A-share market remain at historical averages [19][20] Recent Developments - In November 2025, eight innovative drugs or biosimilars were approved for market entry, including products from Pfizer and domestic companies, indicating a robust pipeline for new therapies [25][26] - The report tracks the NDA and IND applications for innovative drugs, highlighting ongoing research and development activities within the industry [27][28]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5] Core Insights - The report highlights the increasing support from policies aimed at enhancing service consumption, particularly in the healthcare sector, indicating potential investment opportunities in medical services [2][11] - The "reward economy" is emerging as a new consumption model, where consumers are more willing to spend on non-essential goods and services, especially in healthcare, after meeting basic needs [13][14] - The medical services market in China is projected to reach approximately 8.74 trillion yuan by 2025, with a year-on-year growth rate exceeding 10% [15] Summary by Sections Market Performance - The overall A-share market declined by 0.07%, with the pharmaceutical and biotechnology sector down by 0.14%, underperforming the broader market [23] - Within the sector, chemical pharmaceuticals fell by 1.74%, while medical services and medical devices saw increases of 0.55% and 1.16%, respectively [23] Policy Support - Recent policies have focused on boosting service consumption, with a clear goal of enhancing service quality and expanding supply in key areas such as healthcare [11][12] - The government aims to stimulate demand through financial tools and support for service industries, which is expected to benefit the healthcare sector significantly [11] Investment Opportunities - Companies such as Aier Eye Hospital and Guosheng Tang are highlighted as leading firms in the medical services sector, benefiting from their innovative capabilities and market positioning [16][19] - The report suggests focusing on companies with strong optionality and innovative business models in the medical services space [16] Company Forecasts and Ratings - Major companies in the sector, including Mindray Medical, WuXi AppTec, and Aier Eye Hospital, are rated as "Outperform" with positive profit forecasts for the coming years [4][32] - For instance, Aier Eye Hospital is expected to see significant growth driven by new refractive surgery techniques [19] Valuation Metrics - The TTM price-to-earnings ratio for the pharmaceutical and biotechnology sector is reported at 37.07x, compared to the overall A-share market at 20.54x [28]

｜2025年12月17日星期三｜ NO.1 公募年内自购规模同比增长超163% 据公募排排网统计数据，截至12月14日，今年以来公募基金净申购金额已达98.76亿元（剔除货币基 金），涉及基金产品1561只，净申购规模同比大幅增长163.08%。 公募业绩比较基准改革第一轮摸排在12月15日截止，基金公司向监管上报了摸排情况。 10月31日，证监会下发了《公开募集证券投资基金业绩比较基准指引》征求意见稿。据悉，征求意见稿 下发后，监管开启了第一轮摸排。此次摸排涵盖：有哪些产品要修改业绩比较基准、变更情况如何、需 要变更标准的产品规模及占比、基准变更是否与原基准差距较大、需要开持有人大会的产品占比等多方 面。 NO.3 QDII密集限购 据不完全统计，12月以来不到半个月时间，已有25只QDII基金宣布暂停申购或下调申购额度，部分产 品溢价率持续走高，溢价风险提示公告数量达到240条。 其中，富国纳斯达克指数ETF、华泰柏瑞纳斯达克100ETF等4只QDII基金，月内已提示风险高达16次。 从全市场来看，截至12月11日，全市场697只QDII基金（份额分开计算）中，共有437只基金处于限购 状态，占比超过六成 ...

会议资料 证券代码：688617 证券简称：惠泰医疗 深圳惠泰医疗器械股份有限公司 2025年第四次临时股东会 2025 年第四次临时股东会会议须知 为了维护全体股东的合法权益，确保公司股东会的正常秩序和议事效率，根 据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券 法》（以下简称《证券法》）、《上市公司股东会规则》以及《深圳惠泰医疗器 械股份有限公司章程》（以下简称《公司章程》）等相关规定，深圳惠泰医疗器 械股份有限公司（以下简称"公司"或"惠泰医疗"）特制订以下会议须知，请 出席股东会的全体人员遵照执行。 一、会议期间，全体出席人员应以维护股东的合法权益、保证股东会的正常 秩序和议事效率为原则，认真履行法定义务，自觉遵守股东会纪律，不得侵犯其 他股东的权益，以确保股东会的正常秩序。 2025 年 12 月 | 2025 | 年第四次临时股东会会议须知 | 2 | | --- | --- | --- | | 2025 | 年第四次临时股东会会议议程 | 4 | | 2025 | 年第四次临时股东会议案 | 6 | | 议案一 | 6 | | | 议案二 | | 20 | | 议案三 | ...

Core Insights - The report emphasizes the continuous improvement of the global competitiveness of Chinese innovative pharmaceutical companies, focusing on innovation from both "therapeutic areas" and "technology platforms" [5][6] - The growth of commercial health insurance premiums is expected to provide new payment sources for medical expenses, as the scale of commercial health insurance is projected to reach 977.4 billion yuan by 2024 [29][30] - The report identifies potential therapeutic areas such as metabolic diseases (e.g., weight loss), chronic diseases (e.g., hypertension, hyperlipidemia), and central nervous system diseases (e.g., Alzheimer's, Parkinson's) as key focus areas for innovation [5][38] - Emerging technology platforms like small nucleic acid drugs, radioactive drugs (RDC), and CAR-T therapies are highlighted as significant areas for investment [5][38] Market Review - As of November 15, 2025, the pharmaceutical sector has outperformed the market, with the pharmaceutical index rising by 22.09% compared to a 17.62% increase in the CSI 300 index, resulting in a 4.47 percentage point outperformance [11] - The chemical preparation sector showed the best performance, increasing by 40.52%, followed by medical services (+36.98%) and chemical raw materials (+25.34%) [20] - The overall PE valuation of the pharmaceutical sector is at 30.89 times, which is relatively low compared to historical averages, indicating potential for future growth [22][23] Innovative Drugs - The report notes that the growth of health expenditures in China, which reached 9.06 trillion yuan in 2023, is outpacing GDP growth, indicating a robust market for innovative drugs [26][27] - The analysis of multinational corporations (MNCs) reveals that innovation is a core competitive advantage, with companies like Eli Lilly and Novartis showing significant growth driven by innovative products in advanced technology fields such as GLP-1 and ADC [31][32] - The report highlights the strong sales performance of GLP-1 drugs, with Eli Lilly's Mounjaro generating $6.515 billion in revenue in Q3 2025, reflecting a 109% year-on-year increase [44] CXO and Upstream - The report indicates a slight increase in pharmaceutical financing, with a recovery in business development transactions and H-share IPOs, which is expected to stimulate innovation [5] - The demand for external CXO services is growing, particularly in emerging fields such as peptides and small nucleic acids, while internal CXO orders are also showing signs of recovery [5][39] Medical Devices - The domestic medical device market is currently under pressure due to policy impacts, but improvements are anticipated as companies continue to innovate and expand internationally [5] - The report suggests that the industry fundamentals are expected to improve, with a focus on companies like Mindray Medical and Microelectrophysiology [5][39]

证券代码：688617 证券简称：惠泰医疗 公告编号：2025-061 深圳惠泰医疗器械股份有限公司 关于回购股份事项的前十名股东及前十名无限售条 件股东持股情况的公告 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、准确性和完整性依法承担法律责任。 | 序号 | 股东名称 | 持股数量（股） | 占公司总股 本比例（%） | | --- | --- | --- | --- | | 1 | 深圳迈瑞科技控股有限责任公司 | 32,508,228 | 23.05 | | 2 | 成正辉 | 23,551,232 | 16.70 | | 3 | 香港中央结算有限公司 | 9,043,884 | 6.41 | | 4 | 珠海彤昇投资合伙企业（有限合伙） | 4,909,960 | 3.48 | | 5 | 招商银行股份有限公司－华夏上证科创板 50 成份交易型开放式指数证券投资基金 | 3,269,546 | 2.32 | | | 中国工商银行股份有限公司－易方达上证科创 | | | | 6 | | 3,065,891 | 2.17 | | 板 | 50 成份 ...