证券之星消息，截至2025年11月20日收盘，开立医疗(300633)报收于28.75元，上涨0.38%，换手率 0.79%，成交量3.44万手，成交额9940.25万元。 11月20日的资金流向数据方面，主力资金净流出680.86万元，占总成交额6.85%，游资资金净流入 480.11万元，占总成交额4.83%，散户资金净流入200.75万元，占总成交额2.02%。 近5日资金流向一览见下表： | 指标 | 开立医疗 | 医疗器械行业均值 | 行业排名 | | --- | --- | --- | --- | | 总市值 | 124.4亿元 | 111.44亿元 | 24 124 | | 净资产 | 31.19亿元 | 38.93亿元 | 46 124 | | 净利润 | 3351.11万元 | 2.12亿元 | 74 124 | | 市盈率(动) | 278.43 | 55.37 | 88 124 | | 市净率 | 3.99 | 3.93 | 93 124 | | 毛利率 | 60.36% | 51.22% | 50 124 | | 净利率 | 2.3% | 9.57% | 88 124 | | ROE ...

在2025年11月 国家卫生健康委 发布的 《关于促进和规范"人工智能+医疗卫生"应用发展的实施意见》 中，"2030年基层诊疗智能辅助基本全覆盖、二级以上医 院普遍使用影像智能辅助诊断"等目标，为未来医疗的底层结构奠定了清晰基调：智能化 ， 是医疗体系运转的基础能力。 政策锚定方向，临床提出需求——技术的下一步必须回应这两层现实。 那么，超声 医学 的智能化在这个转折点上，需要怎样的技术路径与系统形态？ 在刚刚结束的中华医学会第二十五次超声医学学术会议（CSUM2025）上，思宇MedTech在开立医疗的超声创新科技发展论坛上，第一次看到了较为完整的 回 答： 这 就是开立 医疗 在会上正式发布的 "声析" 智能超声大模型 给出的答案。 过去十年，超声影像的智能化始终围绕"单点效率提升"展开：自动测量更快、病灶识别更准 。 但随着医疗体系结构性压力加剧——检查量持续攀升、年轻医生培养周期拉长、基层能力建设成为政策重点 ， 一个更关键的问题正浮出水面： 超声智能化，不应 只是一个"更强的工具"，而是一个"贯穿流程、与医生协作的智能伙伴"。 一种从"功能智能"迈向"流程智能"的可能形态 一种真正意义上能成为医生 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5][48]. Core Insights - The pharmaceutical sector has shown stronger performance compared to the overall market, with a 3.29% increase in the biopharmaceutical sector, while the total A-share market declined by 0.09% [1][36]. - The report highlights a significant divergence in performance among different segments of the medical device market, with consumables growing faster than equipment and IVD products [2][19]. - The report emphasizes the long-term growth potential of the Chinese medical device market despite short-term challenges related to pricing and policy [2][20]. Summary by Sections Market Performance - The biopharmaceutical sector outperformed the overall market, with notable increases in various sub-sectors: chemical pharmaceuticals up 4.51%, bioproducts up 2.65%, medical services up 1.81%, medical devices up 1.77%, and traditional Chinese medicine up 4.08% [1][36]. Key Companies and Predictions - Major companies such as Mindray Medical, WuXi AppTec, and Aier Eye Hospital are rated as "Outperform" with projected net profits for 2024 ranging from 1.4 billion to 116.7 billion CNY [4][48]. - Mindray Medical is highlighted for its strong R&D and sales capabilities, benefiting from domestic medical infrastructure and international expansion [48]. - WuXi AppTec is recognized for its comprehensive drug development services, poised to benefit from the rapid growth of the global drug development outsourcing market [48]. Investment Strategy - The report suggests focusing on undervalued stocks in the medical device and pharmacy sectors, which have already reflected risks from policies like centralized procurement [46][47]. - It recommends monitoring the clinical progress of innovative drugs overseas and emphasizes the importance of global clinical data for commercialization [47][48]. Recommended Stocks - The report lists several recommended stocks, including Mindray Medical, WuXi AppTec, Aier Eye Hospital, and others, indicating their strong market positions and growth potential [48][49].

证券之星消息，截至2025年11月17日收盘，开立医疗(300633)报收于29.15元，上涨0.83%，换手率 0.81%，成交量3.52万手，成交额1.03亿元。 11月17日的资金流向数据方面，主力资金净流入326.8万元，占总成交额3.18%，游资资金净流出353.63 万元，占总成交额3.44%，散户资金净流入26.83万元，占总成交额0.26%。 近5日资金流向一览见下表： | 指标 | 开立医疗 | 医疗器械行业均值 | 行业排名 | | --- | --- | --- | --- | | 总市值 | 126.14亿元 | 114.59亿元 | 24 124 | | 净资产 | 31.19亿元 | 38.93亿元 | 46 124 | | 净利润 | 3351.11万元 | 2.12亿元 | 74 124 | | 市盈率(动) | 282.3 | 55.42 | 87 124 | | 市净率 | 4.04 | 4.09 | 92 124 | | 毛利率 | 60.36% | 51.22% | 50 124 | | 净利率 | 2.3% | 9.57% | 88 124 | | ROE | 1.0 ...

证券之星消息，截至2025年11月14日收盘，开立医疗(300633)报收于28.91元，下跌0.82%，换手率 1.18%，成交量5.11万手，成交额1.49亿元。 11月14日的资金流向数据方面，主力资金净流入269.87万元，占总成交额1.81%，游资资金净流入 607.42万元，占总成交额4.07%，散户资金净流出877.3万元，占总成交额5.88%。 资金流向名词解释：指通过价格变化反推资金流向。股价处于上升状态时主动性买单形成的成交额是推 动股价上涨的力量，这部分成交额被定义为资金流入，股价处于下跌状态时主动性卖单产生的的成交额 是推动股价下跌的力量，这部分成交额被定义为资金流出。当天两者的差额即是当天两种力量相抵之后 | | | | | 日期 收盘价 涨跌幅 主力净流入 主力净占比 游资净点比 游资净占比 散户净占比 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-11-14 | 28.91 | -0.82% | 269.87万 | 1.81% | 607.42万 | 4.07% | -877.30 ...

该股主要指标及行业内排名如下： | 指标 | 开立医疗 | 医疗器械行业均值 | 行业排名 | | --- | --- | --- | --- | | 总市值 | 126.96亿元 | 116.69亿元 | 25 124 | | 净资产 | 31.19亿元 | 38.93亿元 | 46 124 | | 净利润 | 3351.11万元 | 2.12亿元 | 74 124 | | 市盈率(动) | 284.14 | 60.71 | 87 124 | | 市净率 | 4.07 | 4.08 | 90 124 | | 毛利率 | 60.36% | 51.22% | 50 124 | | 净利率 | 2.3% | 9.57% | 88 124 | | ROE | 1.07% | 0.15% | 84 124 | 证券之星消息，截至2025年11月12日收盘，开立医疗(300633)报收于29.34元，下跌2.2%，换手率 1.09%，成交量4.71万手，成交额1.39亿元。 11月12日的资金流向数据方面，主力资金净流入1017.89万元，占总成交额7.32%，游资资金净流入 491.59万元，占总成交额3.53%，散 ...

Group 1: Non-Metallic Building Materials - The building materials industry shows signs of structural growth that gradually outweigh environmental impacts, with Q3 2025 reports indicating a recovery in revenue and profitability for several companies [2][25] - The cement sector continues to perform well overseas, particularly in Africa, while domestic demand and prices have weakened, suggesting a potential bottoming out in 2024 [4][26] - In the consumer building materials sector, revenue growth disparities among sub-industries are widening, driven by the impacts of real estate and local debt [5][27] Group 2: Biopharmaceuticals - Huadong Medicine's industrial segment maintains steady growth, with Q3 2025 revenue of 37.28 billion yuan, up 14.95% year-on-year, and net profit of 8.94 billion yuan, up 18.43% [7][8] - The medical aesthetics business faces short-term pressure due to economic factors, with a decline in revenue for both domestic and overseas operations [8] - The company is advancing its innovative pipeline, with several clinical trials ongoing for various cancer treatments [9][33] Group 3: Power Equipment and New Energy - Haibo Sichuang, a leader in energy storage, is expected to benefit from high industry demand, with Q3 2025 revenue reaching 3.39 billion yuan, a year-on-year increase of 124.4% [10][11] - The company's profitability has improved significantly, with a gross margin of 18.64% and a net margin of 9.05% in Q3 2025 [11] - The global energy storage market is projected to grow by 40%-50% in 2026, with significant contributions from both domestic and international markets [13] Group 4: Financial Engineering - The report highlights various asset allocation strategies, with the macro-factor-based strategy yielding a return of 4.23% in 2025, outperforming other strategies [14][15] - The performance of domestic asset strategies shows a positive trend, with October returns indicating a stable investment environment [15][16] - The overall economic outlook remains cautious, with manufacturing PMI indicating a contraction, while service sector activity shows slight improvement [16]

Core Insights - The medical equipment bidding scale has shown significant growth, indicating a new round of equipment updates is expected to emerge in 2025 [1][3] Group 1: Medical Equipment Bidding Growth - In October 2025, the new equipment bidding scale showed substantial year-on-year growth: MR increased by 59.4%, CT by 81.6%, DR by 77.4%, ultrasound by 62.8%, endoscopes by 24.4%, and surgical robots by 42.7% [1] - For October 2025 alone, the month-on-month growth rates were: MR at 2.9%, CT at 49.4%, DR at 54.4%, ultrasound at 59.9%, endoscopes at 11.6%, and surgical robots at 108.9% [1] Group 2: Company Performance - In October 2025, company-specific performance showed varied results: - United Imaging's MR decreased by 5.9%, while CT increased by 74.7% - Mindray's ultrasound grew by 61.8% - Kaili's ultrasound and endoscope grew by 54.5% and 96.6% respectively - Aohua's endoscope increased by 4.8% [2] - Cumulatively for the year, United Imaging's MR grew by 46.6%, CT by 59.4%, Mindray's ultrasound by 74.1%, Kaili's ultrasound by 98.1%, Kaili's endoscope by 96.5%, and Aohua's endoscope by 19.7% [2] Group 3: Policy Impact on Market - The implementation of equipment update policies is expected to drive long-term procurement levels in the medical equipment sector [3] - A joint notice from four ministries in 2024 aims for a 25% increase in medical equipment investment by 2027 compared to 2023, enhancing high-end equipment availability [3] - The domestic market is showing signs of recovery, with increased procurement demand from medical institutions due to supportive macroeconomic policies [4] - United Imaging reported a revenue of 6.866 billion yuan in the domestic market for the first three quarters of 2025, reflecting a year-on-year growth of 23.7% [4]

Core Viewpoint - The stock of Kaili Medical has experienced fluctuations, with a recent decline of 2.00% and a market capitalization of 12.72 billion yuan, indicating mixed investor sentiment and potential challenges in financial performance [1][2]. Financial Performance - For the period from January to September 2025, Kaili Medical reported a revenue of 1.459 billion yuan, reflecting a year-on-year growth of 4.37%. However, the net profit attributable to shareholders decreased significantly by 69.25% to 33.51 million yuan [2]. - The company has distributed a total of 381 million yuan in dividends since its A-share listing, with 258 million yuan distributed over the past three years [3]. Stock Performance and Trading Activity - As of November 12, the stock price of Kaili Medical was 29.40 yuan per share, with a trading volume of 68.17 million yuan and a turnover rate of 0.53%. The stock has seen a slight increase of 0.37% year-to-date, but a decline of 14.14% over the past 20 days [1]. - The net outflow of main funds was 1.90 million yuan, with large orders accounting for 10.58% of purchases and 13.37% of sales, indicating a cautious trading environment [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 12.75% to 16,100, while the average circulating shares per person decreased by 11.31% to 26,824 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 7.40 million shares, an increase of 1.72 million shares from the previous period, while the Hua Bao Zhong Zheng Medical ETF reduced its holdings by 1.07 million shares [3].

Group 1 - The stock of Kaili Medical (300633) closed at 30.0 yuan on November 11, 2025, with an increase of 1.32% and a trading volume of 55,200 hands, resulting in a transaction amount of 165 million yuan [1] - On November 11, the net inflow of main funds was 7.03 million yuan, accounting for 4.27% of the total transaction amount, while retail investors experienced a net outflow of 1.02 million yuan, accounting for 0.62% [1] - Over the past five days, the stock has shown fluctuations in fund flows, with notable changes in net inflows and outflows from different investor categories [1] Group 2 - Kaili Medical's total market value is 12.981 billion yuan, which is higher than the industry average of 11.592 billion yuan, ranking 23rd out of 124 in the medical device industry [2] - The company reported a net profit of 33.51 million yuan for the first three quarters of 2025, a decrease of 69.25% year-on-year, while its main revenue increased by 4.37% to 1.459 billion yuan [2] - The third quarter of 2025 saw a significant increase in main revenue by 28.42% year-on-year, although the net profit was negative at -13.52 million yuan [2] Group 3 - In the last 90 days, 23 institutions have rated the stock, with 14 giving a buy rating and 9 giving an increase rating, while the average target price set by institutions is 40.07 yuan [3] - The concept of fund flow is explained as the difference between the buying and selling pressures, with the net force driving the stock price increase being defined as fund inflow [3][4]