Core Viewpoint - The thoracoscope market is experiencing significant growth due to the rising incidence of respiratory diseases such as lung cancer and COPD, alongside increasing health awareness and advancements in thoracoscopic technology. The global thoracoscope market is projected to reach approximately $2.22 billion in 2024, with a year-on-year growth of 4.2%, and is expected to grow to $3.1 billion by 2031 [1][6][19]. Industry Overview - The thoracoscope is a modern medical device that utilizes high-definition imaging technology for direct observation and operation within the thoracic cavity through small incisions. It is primarily used for diagnosing and treating thoracic diseases, including lung, mediastinal, and pleural diseases [1][2]. - The demand for thoracoscopic procedures is increasing due to the rising prevalence of respiratory diseases and the benefits of minimally invasive surgery, which include reduced surgical trauma and shorter recovery times [6][19]. Market Dynamics - In 2024, the thoracoscope market in China is expected to see 404 public bidding events with a total bid amount of 509 million yuan, involving the sale of 685 units at an average procurement price of 743,100 yuan per unit [10][12]. - The top ten brands in the Chinese thoracoscope market by bidding quantity include Olympus, Mindray, Karl Storz, and others, indicating a competitive landscape with increasing domestic participation [14][17]. Competitive Landscape - Historically, the thoracoscope market in China has been dominated by foreign companies such as Karl Storz and Olympus. However, domestic companies like Mindray and OPMED have been gaining market share due to improved R&D and manufacturing capabilities [14][17]. - The market concentration is high, with the top three companies—Olympus, Mindray, and Karl Storz—holding significant market shares of 21.53%, 21.02%, and 20.68%, respectively [17]. Future Trends - The trend towards minimally invasive surgery is expected to continue, with the thoracoscope market projected to grow as more advanced technologies such as CMOS, 4K, 3D, and AI are integrated into thoracoscopic procedures [19]. - The performance of domestic thoracoscopes is anticipated to improve further, enhancing the level of domestic substitution in the industry [19].

深圳开立生物医疗科技股份有限公司的主营业务是医疗诊断及治疗设备的自主研发、生产与销售。公司 的主要产品是医用超声诊断设备、消化与呼吸内镜、微创外科产品、心血管介入产品。公司在超声行业 内深耕20多年，是国内首批研发并掌握彩超主机、探头核心技术的高新技术企业，多项彩超核心技术在 国内同行业中处于领先地位，公司不同档次的超声产品在整个市场表现突出，在国产厂家中市场占有率 位居第二，在全球市场位居第十，充分体现出公司在行业中具有较强的品牌影响力和竞争力。 最新一期业绩显示，2025年一季报，公司实现营业收入4.30亿元，同比-10.29%；净利润807.46万元，同 比-91.94%，销售毛利率63.19%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13开立医疗261.1092.204.20131.28亿行业平均 53.4748.944.65111.37亿行业中值37.0037.172.5551.30亿1九安医疗10.9711.100.86185.21亿2英科医疗 13.1414.171.17207.60亿3新华医疗15.4114.281.2698.77亿4振德医疗15.6614.761.0056.8 ...

AI基金富国医疗产业混合发起式A（021450）披露2025年二季报，第二季度基金利润15.75万元，加权平均基金份额本期利润0.0147元。报告期内，基金净值 增长率为1.46%，截至二季度末，基金规模为1101.36万元。 该基金属于偏股混合型基金，长期投资于医药医疗股票。截至7月21日，单位净值为1.068元。基金经理是孙笑悦，目前管理3只基金近一年均为正收益。其 中，截至7月21日，富国医药成长30股票近一年复权单位净值增长率最高，达81.88%；富国医疗产业混合发起式A最低，为8.42%。 基金管理人在二季报中表示，本基金旨在差异化深耕医疗器械和医疗服务板块，尤其是医疗器械板块。我们看好国内医疗器械产业的长期发展，虽然其短期 受到医院合规运动的影响、DRGS/DIP 等政策影响，业绩短期承压，但国内医工结合蓬勃发展、制造业和供应链的优势明显，皆有利于国内医疗器械行业的 长足发展。因此我们将继续深挖医疗器械股票标的，继续对该板块保持关注。 通过所选区间该基金净值增长率分位图，可以观察该基金与同类基金业绩比较情况。图为坐标原点到区间内某时点的净值增长率在同类基金中的分位数。 截至6月27日，基金成立以来 ...

Investment Rating - The report initiates coverage with a "Strong Buy" rating for the company [4][5]. Core Viewpoints - The company is a leading domestic player in ultrasound and endoscopy, with a comprehensive product matrix and strong technological accumulation, driving rapid growth through R&D breakthroughs and import substitution [1][13]. - The company is well-positioned to benefit from the recovery of terminal procurement, which is expected to release performance elasticity in the short term [1][25]. Summary by Sections 1. Dual-Engine Growth of Ultrasound and Endoscopy - The company has established a strong competitive advantage in the medical device market, with a product line covering ultrasound imaging, endoscopy, minimally invasive surgery, and cardiovascular intervention [13]. - The ultrasound business is expected to generate revenue of 1.183 billion yuan in 2024, while the endoscopy business is projected to reach 795 million yuan, with a five-year CAGR of 22.18% [2][29]. 2. Product Line Highlights - The company is a pioneer in developing core technologies for color Doppler ultrasound equipment, with plans to launch an AI detection technology for obstetric ultrasound in 2025 [2][15]. - The endoscopy market is experiencing rapid growth, with the company enhancing its product offerings and achieving clinical recognition [3][16]. 3. Financial Performance and Forecast - The company’s revenue is projected to reach 2.412 billion yuan in 2025, with a year-on-year growth rate of 20%, and net profit is expected to be 359 million yuan, reflecting a significant increase of 152% [4][9]. - The company has maintained a stable revenue growth trajectory, with a CAGR of 11.58% from 2018 to 2023 [25]. 4. Management and Ownership Structure - The company has a concentrated ownership structure, with the founders holding a combined 44.24% of shares, ensuring stability in management [19][23]. - The management team possesses extensive experience in the medical device industry, contributing to the company's strategic direction [23][24]. 5. Market Position and Competitive Landscape - The company ranks second among domestic manufacturers in the ultrasound market and third in the domestic endoscopy market, with significant growth potential in high-end segments [29][46]. - The report highlights the ongoing shift towards domestic high-end product replacement, indicating a favorable competitive landscape for the company [46].

Core Viewpoint - The report highlights a positive performance in the pharmaceutical sector, particularly in the innovative drug industry, driven by ongoing licensing agreements and supportive domestic policies [3]. Fund Performance - The fund reported a profit of 26.97 million yuan in Q2 2025, with a weighted average profit per fund share of 0.0627 yuan [2]. - The fund's net asset value (NAV) growth rate for Q2 was 7.62%, and the fund size reached 375 million yuan by the end of Q2 [2][16]. - As of July 18, the fund's unit NAV was 0.96 yuan [2]. - The fund's performance over the past three months showed a NAV growth rate of 14.74%, ranking 112 out of 138 comparable funds [4]. - Over the past six months, the fund's NAV growth rate was 25.40%, ranking 100 out of 138 [4]. - The one-year NAV growth rate was 24.99%, also ranking 100 out of 133 [4]. - The three-year NAV growth rate was 4.99%, ranking 46 out of 107 [4]. Investment Strategy - The fund manager expressed optimism about the innovative drug sector, indicating a shift from a general revaluation phase to a stage where actual performance and partnerships will be tested [3]. - The strategy includes a "barbell" approach, focusing on high-probability or high-return innovative drug companies [3]. - The fund is also looking at sectors with strong performance, such as orthopedics and upstream innovative drugs, while making early allocations in improving sectors like medical devices [3]. - New technologies like AI and brain-computer interfaces are expected to transform the healthcare system, although short-term financial impacts on related companies may be limited [3]. Risk and Return Metrics - The fund's three-year Sharpe ratio was 0.1406, ranking 41 out of 105 comparable funds [9]. - The maximum drawdown over the past three years was 29.8%, ranking 97 out of 106 [11]. - The fund's average stock position over the past three years was 85.43%, slightly below the comparable average of 86.95% [14].

Group 1 - The core viewpoint is that the investment enthusiasm for medical AI products is increasing overseas, with significant financing events related to medical AI electronic medical record products [1] - In June 2025, the global healthcare sector saw 144 financing events, with disclosed amounts reaching approximately $2.2 billion, highlighting innovative drugs as a hot financing area in China's healthcare sector [1] - The largest disclosed financing amounts in June 2025 for innovative drugs were $2 million each for Tianchen Biotech, Sipure, and Baiquan Biotech, focusing on allergy and cancer drug development [1] Group 2 - There is a notable difference in financing preferences between overseas and Chinese medical device sectors, with overseas favoring cutting-edge innovations like medical AI electronic medical records, while China focuses on cardiovascular interventions [2] - The top three disclosed financing amounts in China's medical device sector were for companies involved in vascular intervention devices and high-end interventional medical devices [2] Group 3 - The bidding data for medical devices continues to show growth, with significant increases in sales for CT, MRI, and ultrasound devices in June 2025 [3] - Specific sales figures include CT at $1.9 billion (yoy +63%), MRI at $1.5 billion (yoy +65%), and ultrasound at $1.4 billion (yoy +50%) [3] - The sales figures for blood/purification dialysis devices and gene sequencing instruments also show strong recovery, with $324 million (yoy +54%) and $65 million (yoy +50%) respectively [3]

Core Viewpoint - The article discusses the performance and management of the Rongtong Health Industry Flexible Allocation Mixed Fund A/B, highlighting its net asset growth and the background of its fund manager, Wan Minyuan [1][2]. Fund Performance - As of June 30, 2025, the net assets of the Rongtong Health Industry Flexible Allocation Mixed Fund A/B reached 2.074 billion yuan, reflecting a 1.92% increase from the previous period [1]. - The fund's recent performance includes a 15.0% return over the last three months and a 19.86% return over the past year, with a cumulative return of 166.1% since inception [2]. Fund Manager Background - Wan Minyuan, the fund manager, holds a PhD in Biomedical Science from Sichuan University and has extensive experience in the investment sector, having worked at various securities firms and investment management companies since 2011 [1]. Fund Holdings - The top ten stock holdings of the fund include Yixin Tang, Aibo Medical, Sanyou Medical, Jianzhijia, Kaili Medical, Yangguang Nuohuo, Dongfang Biological, Puri Eye Care, Meihua Medical, and Meinian Health, with a combined holding percentage of 57.00% [2]. Company Overview - Rongtong Fund Management Co., Ltd. was established in May 2001 and is based in Shenzhen, focusing on capital market services, with a registered capital of 125 million yuan [2].

Core Viewpoint - The 2025 Global MedTech Conference showcased advancements in medical technology innovation and clinical application, highlighting the achievements of Chinese medical technology companies and teams in key areas such as equipment, service systems, and research transformation [2][23]. Summary by Categories 2025 Global Medical Technology Innovation Awards - The awards included three categories: Technology Innovation Award, Innovation Service Award, and Innovation Transformation Award, recognizing significant contributions from Chinese medical technology enterprises [2][23]. Technology Innovation Award Winners - **Kaili Medical**: Recognized for breakthroughs in ultrasound endoscopy, including the EG-UR5 ultrasound endoscope, which received EU CE certification in 2019 and NMPA approval in 2021, making China the second country with independent intellectual property rights in this technology [8]. - **SinoVision**: Awarded for the OmegaCT One, the world's first ultra-large aperture whole-body spiral CT system, which provides new 3D spatial anatomical information for various medical disciplines [10]. - **Karl Storz**: Lauded for the IMAGE1 S Rubina imaging system, which integrates 4K/3D/NIR fluorescence imaging technology, enhancing surgical precision and anatomical recognition [11]. - **Zhongke Ruiyi**: Acknowledged for developing an intelligent platform for brain health diagnosis and intervention, with over 10 products and 7 NMPA registrations [12]. - **Hua Rui Bo Shi**: Recognized for the Infivision 1900, the world's first commercial 3D electrical impedance imaging device for non-invasive lung monitoring [14]. Innovation Service Award Winners - **Tonghe Litai**: Provided comprehensive preclinical research services, assisting in the successful market registration of innovative medical products [16]. - **Xiyi Medical**: Offered one-stop services for medical device internationalization, helping over 80 projects achieve successful overseas market entry [18]. - **Tsinghua Innovation Star**: Supported medical technology enterprises through a full-process ecosystem service, fostering innovation and commercialization [19]. Innovation Transformation Award Winners - **Lu Hongzhou**: Recognized for developing non-contact health monitoring technologies, including the P20i device for multi-parameter monitoring [20]. - **Wang Yu**: Awarded for creating the world's first intelligent fracture reduction robot, enhancing surgical precision and efficiency [21]. - **Xu Boling**: Acknowledged for leading the development of the MoyoAssist® artificial heart, the first of its kind approved in China, addressing critical care needs [22]. Conclusion - The awarded companies and individuals demonstrated significant advancements in medical technology, showcasing China's progress towards a more systematic, pragmatic, and globally aware development phase in the industry [23].

Investment Rating - Industry investment rating: Stronger than the market (maintained) [1][23] Core Viewpoints - The demand for medical equipment bidding continues to be strong, with a significant recovery in procurement activities expected to improve company financial performance [3][5] - The overall market size for medical device bidding in China exceeded 80 billion yuan in the first half of 2025, showing a year-on-year growth of over 60% [3][11] - Major provinces driving the procurement include Liaoning, Hainan, Ningxia, Fujian, and Shanxi, with imaging equipment being the core focus of upgrades [3][5] Summary by Sections Market Trends - The procurement scale for medical devices has remained high since 2025, with June procurement figures showing significant year-on-year increases across various categories, such as ultrasound (1.391 billion yuan, +49%), CT (1.938 billion yuan, +59%), and MRI (1.531 billion yuan, +64%) [4][12][15] - The bidding recovery is evident, with monthly procurement figures for 2025 showing consistent growth, despite a slight slowdown in June [3][11] Company Performance - Leading companies are expected to benefit significantly from the recovery in equipment bidding, with firms like Mindray Medical projecting a noticeable recovery in overall performance starting from Q3 2025 [3][5][21] - In June 2025, the bidding amounts for major domestic companies were as follows: Mindray (623 million yuan, +15%), United Imaging (769 million yuan, +35%), and Kaili Medical (102 million yuan, +73%) [4][18] Investment Recommendations - The report suggests focusing on domestic leading enterprises that are enhancing their high-end and intelligent medical equipment layouts, such as Mindray Medical, United Imaging, Kaili Medical, and Aohua Endoscopy [5][21] - The continuous support for equipment updates from government policies is expected to positively impact the industry, with a projected increase in procurement activities [21]

Investment Rating - The industry investment rating is "Outperform the Market" [2][45] Core Insights - The total bidding amount for medical devices in June 2025 reached 12.618 billion yuan, representing a year-on-year growth of 30% and a total of 83.817 billion yuan for the first half of 2025, with an overall year-on-year increase of 64% [3][9][10] Summary by Sections Medical Device Bidding Overview - The medical device bidding amount in June 2025 was 12.618 billion yuan, showing a year-on-year increase of 30% and a quarter-on-quarter decrease of 6% [9] - The cumulative bidding amount for the first half of 2025 was 83.817 billion yuan, with a year-on-year growth of 64% [10] Domestic Brands - Mindray Medical's bidding amount in June 2025 was 623 million yuan, up 15% year-on-year, with a total of 4.258 billion yuan for the first half of 2025, reflecting a 64% increase [16][18] - United Imaging's June 2025 bidding amount was 769 million yuan, a 35% year-on-year increase, totaling 4.841 billion yuan for the first half of 2025, up 53% [13][14] - Aohua Endoscopy's June 2025 bidding amount was 27 million yuan, down 46% year-on-year, with a total of 235 million yuan for the first half of 2025, up 57% [19][20] - Kaili Medical's June 2025 bidding amount was 102 million yuan, a 73% year-on-year increase, totaling 642 million yuan for the first half of 2025, up 115% [22][23] - Shanwaishan's June 2025 bidding amount was 30 million yuan, a 222% year-on-year increase, totaling 186 million yuan for the first half of 2025, up 211% [25][26] - Wandong Medical's June 2025 bidding amount was 222 million yuan, a 416% year-on-year increase, totaling 728 million yuan for the first half of 2025, up 107% [28][29] Imported Brands - Philips' June 2025 bidding amount was 658 million yuan, down 4% year-on-year, with a total of 4.570 billion yuan for the first half of 2025, up 61% [31][32] - Siemens' June 2025 bidding amount was 978 million yuan, a 48% year-on-year increase, totaling 6.074 billion yuan for the first half of 2025, up 60% [34][35] - GE's June 2025 bidding amount was 1.447 billion yuan, a 49% year-on-year increase, totaling 6.736 billion yuan for the first half of 2025, up 56% [37][38]