（原标题：突然大爆发，601606股价创新高！这一领域迎利好，主力资金抢筹股出炉） 我国脑机接口正处于由基础研究向临床应用转化的重要阶段。 7月31日，市场全天震荡调整，三大股指午后均跌超1%。算力概念股活跃，英维克、川润股份等多股涨 停。创新药概念延续强势，钢铁、煤炭等周期股集体调整，油气、有色金属等板块跌幅居前。 军工股尾盘爆发，长城军工(601606)涨停再创新高，北方长龙涨17.22%，捷强装备、内蒙一机等个股尾 盘快速上涨。 国家医保局支持脑机接口等新技术进入临床并收费 据央视新闻报道，为支持药品和医疗器械创新发展，国家医保局制定新上市药品首发价格机制，新增了 100多项与医疗新技术相关的价格项目。国家医保局从立项、定价等方面入手，畅通新技术的收费通 道，助力满足临床急需的新技术新产品加快收益回报。 | | | 主力资金净流入额居前的脑机接口概念股一览 | | | | --- | --- | --- | --- | --- | | 代码 | 简称 | 总市值 (亿元) | 年内涨跌幅 (%) | 7月31日丰力 净流入额 | | 300418 | 昆仑万维 | 450.67 | -6.70 | (亿 ...

金融界消息 截至2025年7月31日收盘，乐普医疗（300003）报收于15.56元，上涨0.84%，换手率 4.43%，成交量71.61万手，成交金额11.35亿元。 资金流向方面，今日主力资金净流入6230.96万元，占比成交额5.49%。其中，超大单净流入4500.46万 元、占成交额3.97%，大单净流入1730.50万元、占成交额1.53%，中单净流出流出1220.74万元、占成交 额1.08%，小单净流出5010.22万元、占成交额4.42%。 乐普医疗最新一期业绩显示，截至2025一季报，公司营业总收入17.36亿元、同比减少9.67%，归属净利 润3.79亿元，同比减少21.44%，扣非净利润3.37亿元，同比减少26.08%，流动比率1.817、速动比率 1.418、资产负债率32.00%。 天眼查商业履历信息显示，乐普(北京)医疗器械股份有限公司，成立于1999年，位于北京市，是一家以 从事医药制造业为主的企业。企业注册资本188061.0488万人民币，实缴资本69970.7万人民币。公司法 定代表人为蒲忠杰。 通过天眼查大数据分析，乐普(北京)医疗器械股份有限公司共对外投资了81家企业 ...

7月31日，医疗美容概念上涨0.43%，今日主力资金流入2.44亿元，概念股24只上涨，46只下跌。 主力资金净流入居前的分别为安科生物（4.03亿元）、常山药业（2.5亿元）、汉商集团（1.1亿元）、 乐普医疗（6230.96万元）、振东制药（4677.6万元）。 序号代码名称最新价涨跌幅主力净流入主力净占比1300009安科生物12.1120.024.03亿元10.5%2300255常 山药业42.33.172.50亿元9.44%3600774汉商集团11.3310.01.10亿元40.97%4300003乐普医疗 15.560.846230.96万元5.49%5300158振东制药8.6216.644677.60万元2.15%6300238冠昊生物 17.41.163491.91万元8.34%7300753爱朋医疗31.397.283162.54万元5.27%8000725京东方Ａ4.04- 0.982808.99万元1.6%9000935四川双马19.550.572758.18万元9.8%10300244迪安诊断16.11.582710.14万元 4.4% 来源：金融界 ...

7月31日，人脑工程概念上涨0.27%，今日主力资金流入7729.22万元，概念股14只上涨，19只下跌。 主力资金净流入居前的分别为科大讯飞（2.28亿元）、创新医疗（9399.58万元）、乐普医疗（6230.96 万元）、熵基科技（6031.32万元）、爱朋医疗（3162.54万元）。 来源：金融界 序号代码名称最新价涨跌幅主力净流入主力净占比1002230科大讯飞48.780.762.28亿元8.28%2002173创 新医疗15.347.729399.58万元8.27%3300003乐普医疗15.560.846230.96万元5.49%4301330熵基科技 29.213.86031.32万元12.2%5300753爱朋医疗31.397.283162.54万元5.27%6002195岩山科技5.741.232957.49 万元1.87%7301293三博脑科50.083.582790.86万元3.88%8603610麒盛科技12.662.592028.90万元 9.16%9300678中科信息33.980.651515.56万元3.66%10688273麦澜德33.76-0.591193.99万元9. ...

数据来源：天眼查APP 证券之星消息，根据天眼查APP数据整理，近日，华夏致远创业投资基金(北京)合伙企业(有限合伙)成 立，法定代表人为华夏股权投资基金管理(北京)有限公司，注册资本3500万元，经营范围包含：一般项 目：创业投资(限投资未上市企业)；以私募基金从事股权投资、投资管理、资产管理等活动(须在中国证 券投资基金业协会完成登记备案后方可从事经营活动)。(除依法须经批准的项目外，凭营业执照依法自 主开展经营活动)(不得从事国家和本市产业政策禁止和限制类项目的经营活动。)。天眼查APP股权穿透 显示，该公司由昭衍新药、华夏股权投资基金管理(北京)有限公司、乐普(北京)医疗器械股份有限公司 共同持股。 ...

证券之星消息，根据天眼查APP数据整理，近日，华夏致远创业投资基金(北京)合伙企业(有限合伙)成 立，法定代表人为华夏股权投资基金管理(北京)有限公司，注册资本3500万元，经营范围包含：一般项 目：创业投资(限投资未上市企业)；以私募基金从事股权投资、投资管理、资产管理等活动(须在中国证 券投资基金业协会完成登记备案后方可从事经营活动)。(除依法须经批准的项目外，凭营业执照依法自 主开展经营活动)(不得从事国家和本市产业政策禁止和限制类项目的经营活动。)。天眼查APP股权穿透 显示，该公司由乐普医疗、华夏股权投资基金管理(北京)有限公司、北京昭衍新药研究中心股份有限公 司共同持股。 数据来源：天眼查APP ...

Core Insights - Lepu Medical (300003) reported a closing price of 15.61 yuan as of July 29, 2025, with a 1.1% increase and a turnover rate of 3.05% [1] - The company experienced a net outflow of main funds amounting to 44.29 million yuan, representing 5.81% of the total transaction amount [1] Financial Performance - For Q1 2025, Lepu Medical's total operating revenue was 1.736 billion yuan, a year-on-year decrease of 9.67% [1] - The net profit attributable to shareholders was 379 million yuan, down 21.44% year-on-year [1] - The non-recurring net profit was 337 million yuan, reflecting a 26.08% decrease compared to the previous year [1] - The current ratio stood at 1.817, the quick ratio at 1.418, and the debt-to-asset ratio was 32.00% [1] Company Overview - Lepu Medical (Beijing) Co., Ltd. was established in 1999 and is primarily engaged in the pharmaceutical manufacturing industry [2] - The company has a registered capital of 1.88061 billion yuan and a paid-in capital of 699.707 million yuan [1] - The legal representative of the company is Pu Zhongjie [1] Investment and Intellectual Property - Lepu Medical has made investments in 81 companies and participated in 832 bidding projects [2] - The company holds 1,310 trademark registrations and 394 patents, along with 110 administrative licenses [2]

Core Viewpoint - Lepu Medical's stock closed at 15.61 yuan, with a PE ratio of 204.42 times, significantly higher than the industry average of 55.46 times [1][2] Group 1: Company Performance - For Q1 2025, Lepu Medical reported revenue of 1.736 billion yuan, a year-on-year decrease of 9.67% [1] - The net profit for the same period was 379 million yuan, down 21.44% year-on-year [1] - The company's gross profit margin stood at 64.03% [1] Group 2: Market Position - Lepu Medical's total market capitalization is 29.356 billion yuan [1][2] - The company ranks 113th in terms of PE ratio within the medical device industry [1] - As of Q1 2025, 29 institutions hold shares in Lepu Medical, with a total of 19.8485 million shares valued at 274 million yuan [1]

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: The conference call primarily discusses the healthcare sector in China, particularly the medical technology (Medtech), in vitro diagnostics (IVD), retail pharmacies, hospitals, vaccines, and insulin markets [1][2]. Core Insights and Arguments Medtech - **Key Areas of Focus**: 1. Progress of capital equipment value-based procurement (VBP) and the trade-in policy [1] 2. Channel destocking trends [1] 3. Import substitution trends post-VBP, including intraocular lenses (IOLs) and IVD [1] - **VBP Impact**: The June bidding value data showed a year-on-year growth rate of 49%, but a month-on-month decline of 3%, indicating lower unit prices due to VBP [10]. IVD Market - **Weak Demand**: The IVD sector continues to face challenges, with a projected 20% year-on-year decline in the CLIA reagent market size for 2025 [19]. - **AmoyDx Performance**: AmoyDx is expected to grow against the trend due to its strong presence in compliant in-hospital sales channels, benefiting from the anti-corruption campaign [21]. Insulin Market - **Domestic Substitution**: The insulin industry has seen significant growth, particularly for insulin analogs from companies like Gan & Lee and THDB, which reported rapid revenue growth in 1Q25 [22]. Retail Pharmacies - **Market Pressure**: Retail pharmacies are under pressure due to strict reimbursement policies and weak consumer spending. However, there is a potential market-clearing trend expected by year-end [31]. Hospitals - **New Product Feedback**: Hospitals are seeing new product introductions, such as the new version of SMILE surgery and new PIOL products, which are expected to drive consumption recovery [1]. Vaccine Market - **Anti-Corruption Campaign**: The ongoing anti-corruption campaign within the CDC system is impacting vaccine demand and distribution channels [1]. Financial Performance and Estimates Earnings Revisions - **Mindray**: Annual earnings estimates revised down by 2.1% to 5.0% for 2025E-27E due to industry headwinds in medical equipment and IVD [2][37]. - **United Imaging**: Revenue and earnings forecasts adjusted down to reflect lower-than-expected bidding data [39]. - **SNIBE**: Earnings estimates revised down by 1.4% to 7.1% for 2025E-27E due to policy headwinds in the IVD sector [40]. Revenue Growth Expectations - **High Growth Companies**: THDB and Gan & Lee are expected to achieve the highest revenue growth due to a low base from VBP renewal in 2Q24 [6]. - **Mindray's Decline**: Mindray's China business is expected to decline by 26% year-on-year in 2Q25 due to IVD weakness [9]. Other Important Insights - **Trade-in Policy Concerns**: The trade-in stimulus fund is expected to run out, leading to a decline in applications and a reduced stimulus effect in the second half of 2025 [10]. - **Market Dynamics**: The healthcare market is experiencing a shift with increasing government support for procurement and a focus on innovative products [47][48]. Conclusion - The healthcare sector in China is facing various challenges, including policy headwinds, weak demand in certain segments, and the impact of ongoing reforms. However, there are also opportunities for growth, particularly in innovative products and domestic substitution trends. Companies like AmoyDx, Gan & Lee, and THDB are positioned to benefit from these trends, while others like Mindray and SNIBE are facing headwinds that may impact their performance in the near term.

Core Viewpoint - The medical device sector is experiencing significant growth, with the medical device ETF (159797) showing strong performance and attracting substantial investment, indicating a positive outlook for the industry [1][4]. Group 1: Market Performance - As of July 25, 2025, the CSI All Medical Device Index (H30217) rose by 1.07%, with notable increases in individual stocks such as Kangtai Medical (300869) up 20.03% and Tianzhihang (688277) up 13.81% [1]. - The medical device ETF (159797) saw a peak increase of over 2% during the trading session, currently up 1.13%, marking its eighth consecutive day of gains [1]. - Over the past week, the medical device ETF has accumulated a rise of 4.61% [1]. Group 2: Trading Activity - The medical device ETF recorded a turnover rate of 10.77% during the trading session, with a transaction volume of 11.3369 million yuan, indicating active market participation [1]. - The average daily trading volume for the ETF over the past week was 7.7187 million yuan [1]. Group 3: Fund Inflows and Size - The medical device ETF has seen a net subscription of 7 million shares, marking a continuous inflow of funds for seven days [1][2]. - The latest fund size of the medical device ETF reached 103 million yuan, a new high for the past year [2]. - The total shares of the medical device ETF have reached 130 million, also a new high for the past year [2]. Group 4: Policy and Industry Outlook - The National Healthcare Security Administration recently held a meeting to discuss support for innovative medical devices, highlighting new pricing policies aimed at accelerating the clinical application of high-level technological innovations [4]. - According to CITIC Construction Investment Securities, the medical device sector is expected to see a recovery in valuations and performance, with several companies anticipated to experience high growth in Q3 due to product innovation and international expansion opportunities [4][5]. - The medical device ETF covers core areas such as medical equipment, in vitro diagnostics, and high-value consumables, with the top ten weighted stocks accounting for nearly 46% of the ETF [5].