证券代码：300677 证券简称：英科医疗 公告编号：2026-001 英科医疗科技股份有限公司 关于为子公司提供担保事项的进展公告 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、误导性陈述或重大遗漏。 英科医疗科技股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日、2025 年 5 月 26 日分别召开的第四届董事会第二次（定期） 会议、第四届监事会第二次（定期）会议以及 2024 年度股东大会， 审议通过了《关于公司及子公司向银行申请授信额度及担保事项的议 案》。为满足公司及子公司的生产经营需要，公司及子公司拟向银行 等金融机构申请综合授信的额度以及金融衍生品交易风险限额的总 额（以下简称"授信额度"）不超过 360 亿元人民币，对其担保总额 不超过 360 亿元人民币，授权期限自公司 2024 年度股东大会审议通 过之日起至下一年度股东大会召开时止。具体内容详见刊登于巨潮资 讯网（www.cninfo.com.cn）的《关于公司及子公司向银行申请授信额 度及担保事项的公告》《2024 年度股东大会决议公告》（公告编号： 2025-046、2025-072）。 一、担 ...

Core Viewpoint - The medical sector is experiencing significant activity, particularly driven by advancements in brain-computer interface (BCI) technology, which is attracting investor interest and leading to substantial market movements in related stocks and ETFs [3][10][11]. Market Performance - On January 6, 2026, the largest medical ETF (512170) saw a recovery, closing up 1.12% with a total trading volume of 1.017 billion yuan, marking two consecutive days of trading over 1 billion yuan [1][8]. - The ETF's index, which includes 12 related concept stocks, has a combined weight exceeding 36%, indicating strong sector representation [11][13]. Stock Highlights - Brain-computer interface stocks, such as Sanbo Brain Science and Meihua Medical, reached their daily limit up, while stocks like Yingke Medical and Hejing Biological experienced declines [1][8]. - The BCI sector is expected to see increased valuations for related listed companies, potentially boosting market financing and capital development [3][10]. Technological Advancements - A recent breakthrough in BCI technology was reported by Fudan University Huashan Hospital, which successfully completed the first clinical trial of a fully implanted, wireless, and functional BCI product [3][10]. - The BCI technology is positioned as a key area of investment, with potential applications in disease treatment and long-term enhancements for humans, opening up a market space worth trillions [10][11]. Investment Insights - According to CITIC Construction Investment, the current valuation of the medical index is 34.28 times, which is below the 70% threshold of the past decade, suggesting a favorable investment opportunity [4][11]. - The medical ETF (512170) is recognized as an efficient tool for accessing core medical assets, with a total size exceeding 26.4 billion yuan, making it the largest medical ETF in the market [6][13].

Core Insights - The 2026 Bloomberg Green Finance Awards ceremony was successfully held at the MGM Hotel in Shanghai, emphasizing the importance of aligning with China's "dual carbon" goals and the evolving global business landscape [2] - The event introduced two new evaluation systems: the "Green Finance List" and the "ESG Potential Enterprises" list, alongside existing categories for "ESG Leading Enterprises" and "Outstanding ESG Projects" [2] Green Finance List - The Green Finance List focuses on the green development and innovation within China's financial sector, developed in collaboration with the Central University of Finance and Economics [3] - It aims to respond to national green finance policies and promote the green transformation of financial institutions and enterprises [3] ESG Potential Enterprises - The ESG Potential Enterprises list is based on Bloomberg's proprietary analysis of corporate data, utilizing a comprehensive ESG matrix covering four dimensions, 16 core issues, and 41 sub-issues [4] - The matrix addresses nine major themes, including climate action, energy and ecological management, product safety, employee health, and social responsibility, to identify companies with long-term value and industry leadership potential [4] Complete Lists Released - The ESG Leading Enterprises include CHINT Group Co., Ltd., Tingyi Holding Corp. (Master Kong), Trina Solar Co., Ltd., and several others [5][6][7] - Outstanding ESG Projects feature initiatives from Beijing Fuping Social Venture Capital Co., Ltd., Envision Energy, LONGi Green Energy Technology Co., Ltd., and others [7][8] Green Financial Institutions - The Green Financial Institutions recognized include Bank of China (Hong Kong) Limited, Guotai Junan International Holdings Limited, Industrial Bank Co., Ltd., and others [9][10] Innovation Drivers - The ESG Innovation Drivers include organizations such as the Alliance for Water Stewardship, Climate Bonds Initiative, and Shanghai Advanced Institute of Finance [10] ESG Advocates - The ESG Advocates list features companies like Hydrowell (Taicang) Energy Technologies Co., Ltd., Ningbo Joyson Electronics Corp., and Skyworth Group Limited [11] Future Outlook - Bloomberg Green Finance aims to collaborate with more practitioners to explore core trends and future pathways for sustainable development, accumulating cross-disciplinary wisdom and solutions [13]

Group 1: Market Performance - The medical device ETF fund (159797) surged over 5% after four consecutive days of decline, indicating a significant rebound in the market [1] - The fund saw a net subscription of 6 million shares during the trading session, with a total inflow of over 30 million yuan in the past 10 days, including 7 days of net inflow [1] - Most component stocks of the medical device ETF fund performed positively, with notable gains including Lepu Medical reaching a 20% limit up, and other companies like United Imaging and Huatai Medical rising over 4% [1] Group 2: Neuralink and Brain-Computer Interface Developments - Neuralink is expected to enter large-scale production by January 1, 2026, with nearly automated surgical operations, enhancing safety by allowing guide wires to pass through the dura mater without opening it [4] - The advancement of Neuralink's technology is anticipated to facilitate collaboration with Tesla's Optimus humanoid robot, aiming to create a "human brain + robot" ecosystem [5] - The technology is transitioning from clinical trials to commercial viability, marking a significant step in making brain-computer interfaces widely accessible [3] Group 3: Policy and Industry Trends - The National Medical Products Administration (NMPA) emphasized the strategic importance of brain-computer interfaces in a meeting held on December 18, 2025, focusing on safety, innovation in regulatory methods, and collaboration across sectors [6] - Recent clinical trials have shown promising results for brain-computer interface systems, with successful implantations and significant improvements in patients' hand functions [6] - The rapid iteration and upgrade of brain-computer interface technology are driven by advancements in signal acquisition, materials science, and multi-modal integration, paving the way for broader applications beyond medical use [7]

Core Insights - The health service industry aims to create a favorable organizational environment by providing safe, effective, convenient, and affordable basic medical and public health services to meet various health needs of residents. The demand for health-related products and services is rapidly increasing due to social progress and changes in lifestyle [1][7]. Industry Overview - The health service industry encompasses medical services, health management, health insurance, and related services, involving pharmaceuticals, medical devices, health products, and fitness products [4]. - The industry has experienced rapid growth in China, with the market size increasing from 6.37 trillion yuan in 2018 to an expected 9.55 trillion yuan by 2024, representing a compound annual growth rate of 6.98%. The "Healthy China 2030" plan projects the total market size to reach 16 trillion yuan by 2030, indicating significant growth potential [1][8]. Development History - The development of China's health service industry can be divided into four stages: 1. 1949-1990: Health check-ups were primarily hospital services focused on disease detection rather than prevention. 2. 1991-2000: Independent health check-up service institutions began to emerge in cities like Beijing. 3. 2001-2010: The introduction of Western health service concepts and rapid market demand growth led to the fast development of health service institutions. 4. 2011-present: Increased focus on medical information technology and service upgrades has improved the capabilities of health service institutions [4][5]. Relevant Policies - Recent government policies aim to optimize resource allocation, enhance preventive interventions, and improve service accessibility, which helps control the rapid growth of medical costs and reduce the disease burden on families and society. For instance, the National Health Commission issued a notice in February 2025 to address public health concerns and improve service efficiency [6]. Industry Structure and Key Companies - The operational models of health service institutions in China are diverse, including: 1. Hospital-based models leveraging brand and client resources. 2. Independent medical models with self-owned brands and facilities. 3. Health management models centered on health check-ups. 4. Comprehensive information platform models connecting online and offline services [8]. - Major companies in the health service industry include: - Meinian Health Industry Holdings Co., Ltd. - Tongce Medical Co., Ltd. - Ruici Medical Service Holdings Co., Ltd. - Ciming Health Checkup Management Group Co., Ltd. - Aikang Guobin Health Checkup Management Group Co., Ltd. [2][3][9]. Trends in Health Services - The future of health services will focus on personalized and precise care, moving from a "one-size-fits-all" approach to individualized health management based on personal data [11]. - Service delivery will become decentralized, extending beyond traditional healthcare facilities to community and home settings, enhancing accessibility and convenience [12]. - Payment models will evolve from fee-for-service to value-based care, with insurance companies and service providers collaborating to create innovative health products [13].

Group 1 - The core investment theme for the pharmaceutical industry in 2025 is the overseas expansion of innovative drugs, which is expected to yield excess returns compared to the broader pharmaceutical sector and the CSI 300 index [2][21] - The innovative drug index has shown a significant increase, outperforming the pharmaceutical biological index by 37.48 percentage points, with a year-to-date increase of 65.99% [21] - Major transactions in the ADC and dual antibody fields are anticipated to continue, while there is a need to avoid repetitive competition in areas like small nucleic acids and focus on unmet clinical needs [3][4] Group 2 - The report emphasizes the importance of overseas markets for both innovative drugs and medical devices, suggesting that companies should seek growth opportunities beyond domestic market saturation [4][5] - The Chinese pharmaceutical industry is gradually becoming a global innovation center, with significant advancements in dual antibodies and ADCs, while also making strides in emerging fields like small nucleic acids and inhalation formulations [5][6] - The report highlights that the overseas authorization revenue has become a crucial funding source for innovative drug development, with a total upfront payment of $4.551 billion in the first three quarters of 2025 [29][32] Group 3 - The medical device sector is experiencing a shift towards overseas expansion, with a focus on high-value consumables and IVD products, as Chinese companies enhance their market share [7][55] - The export growth of high-value consumables is significant, with a recorded increase of 10.75% in the first half of 2025, particularly in the North American and European markets [57][66] - The report notes that the certification and market establishment processes for high-value consumables are long-term investments, requiring compliance with stringent regulations in the EU and the US [60][61] Group 4 - The recovery of financing in the domestic innovative drug sector has been robust, with a total of 324 financing events amounting to $5.51 billion in the first three quarters of 2025, marking a 67.6% increase year-on-year [70][72] - The CXO industry is experiencing varied recovery rhythms across different segments, with some areas like CDMO seeing order growth due to overseas financing recovery [74]

以小见大，汇兑损益已影响公司前三季度业绩。 作者 | 观韬 编辑 | 小白 近期，人民币对美元汇率在年末展现出强劲的升值势头，接连突破关键点位，最终重返备受关注 的"7"元心理关口。 具体来看，本轮升值行情启动于2025年11月下旬，随后进入加速通道。在岸与离岸人民币汇率从11月 21日7.11附近开始持续攀升，进入12月下旬后，升值步伐进一步加快。 截止12月29日盘后，离岸人民币对美元汇率收复7.0整数关口，为2024年9月以来首次；在岸人民币对 美元汇率则升破7.01关口，距离"破7"一步之遥。 人民币的持续升值以及美联储接下来的降息预期，让风云君想起本轮牛市启动前关于英科医疗 （300677.SZ）的研报。 在美联储加息背景下，英科医疗通过境外美元存款获取高利息和汇兑收益，同时在境内借入人民币满 足经营需求并购买理财产品赚取息差，以至于呈现出大存大贷的财务特征。 那么，随着人民币的持续升值以及美联储的扩表及降息预期，英科医疗的资产负债表现在是什么情况 呢？ 咱们先来说答案："大存大贷"有增无减，还在加速。 截止2025年三季末，英科医疗短期借款增长至167.03亿，相比2024年二季度增长了近60亿。 ...

Group 1 - The company, Yingke Medical, announced that it will hold its first extraordinary general meeting of shareholders for 2026 on January 16, 2026, at 14:00 [2] - The agenda includes the proposal to purchase liability insurance for directors and senior management [2] - The meeting will utilize a combination of on-site and online voting, with the record date for shareholders set for January 12 [2]

Core Viewpoint - The company plans to purchase liability insurance for its directors and senior management, pending approval from the shareholders' meeting [2]. Group 1 - The company announced that it will hold the 13th meeting of the fourth board of directors on December 30, 2025 [2]. - The proposal to purchase liability insurance for directors and senior management has been approved by the board [2]. - The decision is subject to approval by the company's shareholders [2].

每经AI快讯，英科医疗12月30日晚间发布公告称，公司第四届第十三次董事会会议于2025年12月30日 在公司会议室以通讯方式召开。会议审议了《关于召开公司2026年第一次临时股东会的议案》等文件。 每经头条（nbdtoutiao）——绕开光刻机"卡脖子"，中国新型芯片问世！专访北大孙仲：支撑AI训练和 具身智能，可在28纳米及以上成熟工艺量产 （记者 王晓波） ...