2025 年 10 月 20 日 证券研究报告 行业周报 行业评级： | 报告期：2025.10.9-2025.10.19 | | | --- | --- | | 投资评级 | 看好 | | 评级变动 | 维持评级 | 分析师： huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085205 分析师 魏钰琪 weiyuqi@gwgsc.com 执业证书编号：S0200525060001 联系电话：010-68099389 公司地址：北京市丰台区凤凰嘴街 2 号院 1 号楼中国长城资产大厦 16 层 医药生物行业双周报 2025 年第 21 期总第 144 期 政策规范临床研究路径 重磅创新成果集中亮相 2025ESMO 大会 行业回顾 本报告期医药生物行业指数跌幅为 3.65%，在申万 31 个一级行业中 位居第 21，跑输沪深 300 指数（-2.73%）。从子行业来看，中药、 线下药店涨幅居前，涨幅分别为 1.90%、0.88%；医疗研发外包、医 疗设备跌幅居前，跌幅分别为 11.40%、5.54%。 行业走势： 估值方面，截至 2025 年 10 月 ...

10月15日，美亚光电涨1.31%，成交额7942.81万元。两融数据显示，当日美亚光电获融资买入额562.97 万元，融资偿还910.91万元，融资净买入-347.94万元。截至10月15日，美亚光电融资融券余额合计1.76 亿元。 融资方面，美亚光电当日融资买入562.97万元。当前融资余额1.74亿元，占流通市值的0.98%，融资余 额超过近一年80%分位水平，处于高位。 融券方面，美亚光电10月15日融券偿还5800.00股，融券卖出1300.00股，按当日收盘价计算，卖出金额 2.62万元；融券余量6.35万股，融券余额128.08万元，低于近一年40%分位水平，处于较低位。 资料显示，合肥美亚光电技术股份有限公司位于安徽省合肥市高新区望江西路668号，成立日期2000年3 月3日，上市日期2012年7月31日，公司主营业务涉及 从事光电检测与分级专用设备及其应用软件研 发、生产和销售。主营业务收入构成为：色选机72.61%，医疗设备19.97%，X射线工业检测机5.25%， 配件及其他2.17%。 截至10月10日，美亚光电股东户数3.16万，较上期减少0.89%；人均流通股13738股，较上期增 ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [1] Core Insights - The pharmaceutical and biotechnology industry index experienced a decline of 2.72%, ranking 23rd among 31 primary industries, underperforming the CSI 300 index which declined by 2.62% [4][16] - The industry valuation as of September 30, 2025, is a PE (TTM overall method, excluding negative values) of 31.23x, down from 31.79x in the previous period, indicating a downward trend and below the average [21] - The top three sub-industries in terms of PE (TTM overall method, excluding negative values) are vaccines (55.74x), medical devices (41.29x), and hospitals (39.51x), with the median at 33.19x, while pharmaceutical circulation has the lowest valuation at 14.34x [21] Industry Review - The report highlights that during the reporting period, 51 listed companies in the pharmaceutical and biotechnology sector had a net reduction in shareholders amounting to 2.435 billion yuan, with 14 companies increasing their holdings by 681 million yuan and 37 companies reducing their holdings by 3.116 billion yuan [4] - The report emphasizes the importance of upcoming clinical data and the strong fundamentals of companies ahead of the ESMO 2025 conference, which is expected to showcase significant clinical research results from various domestic pharmaceutical companies [7][8] Important Industry News - AstraZeneca plans to list on the New York Stock Exchange [6] - The report mentions the approval of a new oral SERD drug by Eli Lilly, marking it as the second such drug approved globally [8][45] - The approval of the first domestic quadrivalent HPV vaccine in China is expected to expand the coverage population and potentially be priced lower than imported versions [8][50][52]

Core Viewpoint - Meiya Optoelectronics has experienced a decrease in the number of shareholders for the second consecutive period, indicating a potential shift in investor sentiment [2] Shareholder Information - As of September 20, the number of shareholders for Meiya Optoelectronics was 31,321, a decrease of 2,080 from the previous period (September 10), representing a decline of 6.23% [2] - This marks the second consecutive decline in the number of shareholders [2] Stock Performance - The closing price of Meiya Optoelectronics on the reporting date was 21.99 yuan, reflecting an increase of 6.08% [2] - Since the concentration of shares began, the stock price has cumulatively increased by 10.06%, with 4 days of gains and 4 days of losses during this period [2] Financing Data - As of September 19, the margin trading balance for the stock was 181 million yuan, with a financing balance of 180 million yuan [2] - The financing balance has increased by 6.79 million yuan since the concentration of shares began, representing a growth of 3.92% [2] Financial Performance - In the first half of the year, Meiya Optoelectronics achieved operating revenue of 1.023 billion yuan, a year-on-year increase of 9.92% [2] - The net profit for the same period was 303 million yuan, reflecting a year-on-year growth of 11.34% [2] - The basic earnings per share were 0.3430 yuan, with a weighted average return on equity of 11.07% [2] Institutional Ratings - Over the past month, the stock has received buy ratings from 6 institutions [2] - The highest target price forecast is 25.60 yuan, as reported by Huatai Securities on August 26 [2]

Group 1 - The company, Meiya Optoelectronics, confirmed that its color sorting machines and X-ray foreign object detection equipment are key devices for ensuring food safety [2] - These products are widely used in the fields of agricultural product color sorting and packaging food foreign object detection [2]

Company Overview - Meiya Optoelectronics, established on March 3, 2000, is located in Hefei, Anhui Province, and was listed on July 31, 2012. The company specializes in the research, production, and sales of optoelectronic detection and grading equipment and its application software [1]. Business Segmentation - The main revenue sources for Meiya Optoelectronics are as follows: color sorters account for 72.61%, medical equipment 19.97%, X-ray industrial inspection machines 5.25%, and accessories and others 2.17% [1]. Stock Performance - On September 22, Meiya Optoelectronics' stock rose by 5.02%, reaching a price of 21.77 CNY per share, with a trading volume of 251 million CNY and a turnover rate of 2.70%. The total market capitalization is 19.206 billion CNY [1]. Fund Holdings - According to data, Ping An Fund has one fund heavily invested in Meiya Optoelectronics. The Ping An Research Selected Mixed A Fund (021576) increased its holdings by 400 shares in the second quarter, totaling 18,200 shares, which represents 4.62% of the fund's net value, ranking as the tenth largest holding [2]. Fund Performance - The Ping An Research Selected Mixed A Fund (021576) was established on August 20, 2024, with a latest scale of 2.2139 million CNY. Year-to-date returns are 33%, ranking 2454 out of 8244 in its category. Over the past year, returns are 27.92%, ranking 5321 out of 8066, and since inception, returns are 28.27% [2]. Fund Management - The fund manager for Ping An Research Selected Mixed A is Zhang Xiaoqian, who has a tenure of 9 years and 239 days, with a total asset scale of 1.724 billion CNY. The best fund return during his tenure is 262.67%, while the worst is 3.24%. Co-manager Zhang Yinxian has a tenure of 1 year and 335 days, managing assets of 1.425 billion CNY, with a best return of 105.95% and a worst return of 30.04% [3].

（文章来源：证券日报） 证券日报网讯美亚光电9月11日在互动平台回答投资者提问时表示，根据中国登记结算公司下发的文 件，截至9月10日收盘，公司股东数为33，401户。 ...

Group 1 - The 2025 World Dental Congress, hosted by the World Dental Federation (FDI), is taking place in Shanghai from September 9 to 12, attracting over 30,000 experts and industry representatives from more than 100 countries [2] - The theme of the congress is "Building the Future of Oral Health," emphasizing the integration of intelligence in dental practices [4] - Meiya Optoelectronics, a leader in China's dental imaging sector, showcased its first oral imaging smart device "Meiya Imaging" and the intraoral scanning device "MyScan5" at the event, aiming to create a new ecosystem for smart dental diagnosis and treatment [4][7] Group 2 - The dental CT market is predominantly dominated by foreign manufacturers from Europe, America, and Japan, while Meiya Optoelectronics stands out as a domestic leader [5] - Meiya Optoelectronics is deeply engaged in the oral imaging field, presenting AI-assisted diagnosis and intelligent operation maintenance capabilities at the congress [7] - The company's products can automatically analyze multimodal imaging data, providing quick diagnostic suggestions and enhancing communication efficiency between doctors and patients [7] Group 3 - The Meiya Meiya Dental Health Digital Cloud Platform is designed as a one-stop digital management platform for dental institutions, connecting industry ecosystems and offering AI diagnostic assistants and management services [8] - The platform aims to transform clinical diagnosis, management, and operational processes digitally, helping clinics reduce costs and improve patient experiences [9] - The company emphasizes that its products are not just medical devices but intelligent partners that can significantly improve oral health, aligning with the "Healthy China" strategy [9]

Group 1 - The 2025 World Dental Congress, hosted by the FDI, is being held in Shanghai from September 9 to 12, attracting over 30,000 experts and industry representatives from more than 100 countries [1] - The theme of the congress is "Building the Future of Oral Health," emphasizing the integration of intelligence in dental practices [3] - Meiya Optoelectronics, a leader in China's dental imaging sector, showcased its first oral imaging smart device "Meiya Yingqing" and the intraoral scanning smart device "MyScan5" at the event [3][5] Group 2 - Meiya Optoelectronics, listed on the A-share market in 2012, focuses on the research and manufacturing of optoelectronic intelligent recognition equipment, serving global users with efficient solutions [5] - The company is deeply engaged in the oral imaging field, presenting an interactive experience area that highlights AI-assisted diagnosis and intelligent equipment operation [7] - The products are designed to automatically analyze multimodal imaging data, providing rapid diagnostic suggestions and enhancing communication efficiency between doctors and patients [7][10] Group 3 - The intraoral scanning smart device redefines its role from a basic operational tool to a core entry point for empowering the entire diagnostic process [10] - The Meiya Meiya Dental Health Digital Cloud Platform aims to create a one-stop digital management solution for dental institutions, enhancing clinical diagnosis and operational management [12] - The company emphasizes its commitment to improving oral health through innovative technology and aims to contribute to the global oral health sector [12]

本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP,参与本次互动交流，活动时间为2025年9月15日（周一）15:00-17:00。届 时公司高管将在线就公司治理、发展战略、经营状况等投资者关心的问题，与 投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告。 合肥美亚光电技术股份有限公司 关于参加2025年安徽上市公司投资者 网上集体接待日活动的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 为进一步加强与投资者的互动交流，合肥美亚光电技术股份有限公司（以 下简称"公司"）将参加由安徽证监局指导，安徽上市公司协会与深圳市全景 网络有限公司联合举办的"2025年安徽上市公司投资者网上集体接待日"活 动，现将相关事项公告如下： 证券代码：002690 证券简称：美亚光电 公告编号：2025-021 合肥美亚光电技术股份有限公司董事会 2025年9月11日 ...