证券之星 证券之星消息，迈瑞医疗(300760)02月02日在投资者关系平台上答复投资者关心的问题。 投资者提问：请问公司有在研发中的手术机器人吗？ 迈瑞医疗回复： 您好，谢谢关注。公司通过微创外科业务探索手术机器人业务。微创外科是公司大力培育的种子业务， 2025年第三季度微创外科业务增长超过25%，预计未来还会延续高速增长的趋势，给公司的业绩带来积 极显著的贡献。 随着4K+荧光和4K+3D胸腹腔硬镜系统，以及围绕胸腹腔手术所需要的电刀、超声刀、能量平台、腔镜 吻合器等配套器械和耗材的上市，公司已经基本完成了胸腹腔微创外科手术的产品布局，并且产品竞争 力已经达到了国内领先水平。 硬镜系统在上市几年时间里便已做到了超过10%的市占率，目前仅次于两家进口品牌，未来市占率的提 升速度还将更快。 值得注意的是，在微创外科超过200亿元的可及市场里，大部分的空间来自于高值耗材，其中核心产品 超声刀和腔镜吻合器的市场容量合计就超过了110亿元，同时市场份额高度集中在两家进口品牌手中。 2025年是迈瑞微创外科核心业务超声刀、腔镜吻合器等高值耗材在国内放量的元年。 证券之星 证券之星消息，迈瑞医疗(300760)02月 ...

Core Viewpoint - The China Securities Medical Index (399989) closed at 7161.62 points, up 0.6%, with a trading volume of 19.192 billion yuan and a turnover rate of 1.97% on February 9 [1] Group 1: Index Performance - On the same day, 37 of the index's constituent stocks rose, with Sanbo Brain Science leading with a 5.32% increase, while 12 stocks declined, with Aier Eye Hospital falling by 2.98% [1] - The top ten constituent stocks of the China Securities Medical Index are primarily in the pharmaceutical and medical sectors, with WuXi AppTec holding the highest weight at 10.03% [1] Group 2: Stock Details - The top ten stocks include: - WuXi AppTec: Weight 10.03%, Latest Price 98.70, Market Cap 294.97 billion yuan [1] - Mindray Medical: Weight 9.12%, Latest Price 189.17, Market Cap 229.36 billion yuan [1] - United Imaging Healthcare: Weight 7.49%, Latest Price 128.92, Market Cap 106.25 billion yuan [1] - Aier Medical: Weight 6.04%, Latest Price 10.74, Market Cap 100.16 billion yuan [1] - Other notable stocks include Tigermed, Kanglong Chemical, and Yuyue Medical, all within the medical and pharmaceutical industry [1] Group 3: Capital Flow - The net outflow of main funds from the index's constituent stocks totaled 205 million yuan, while retail investors saw a net inflow of 1.51 billion yuan [1] - Detailed capital flow indicates that major stocks like WuXi AppTec and Mindray Medical experienced varying levels of net inflow and outflow from different investor categories [2]

融合腔镜、能量平台与手术器械三大领域 近日，有投资者向迈瑞医疗提问："请问迈瑞有在研发中的手术机器人吗？"对此迈瑞回应，迈瑞通过微 创外科业务探索手术机器人业务。 迈瑞表示，在切入手术机器人赛道前期，迈瑞优先完成了底层能力布局，在腔镜、能量平台与手术器械 等领域构筑了成功的商业化产品和坚实的技术积累。将融合这三个领域的技术积累，凭借垂直整合的产 业链优势与体系化能力，推出手术机器人产品，与现有的智能化、数字化业务相协同，持续拓展高端手 术场景应用，助力国产手术机器人实现技术突破与规模化发展。 从设备到耗材、从耗材到手术机器人，迈瑞从不打无准备之仗，拓展的业务范围都围绕自身优势展开。 在耗材布局上，迈瑞是以设备为核心带动耗材业务发展。迈瑞曾表示，布局 IVD、微创外科以及电生 理耗材类业务的原因，也因为围绕这些耗材领域的核心是设备。 而对手术机器人的布局，迈瑞虽为后来者，但凭借垂直整合的产业链优势与体系化能力，已具备快速追 赶的先天基础。 作者 | 秦酒 加快跻身全球器械巨头的迈瑞，正在紧锣密鼓补齐手术机器人这块业务版图。 01 迈瑞回应手术机器人进展 微创外科是迈瑞大力培育的种子业务。自2012年收购杭州光典 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the pharmaceutical sector, including Innovent Biologics, Efang Biologics, Tianshili, WuXi AppTec, and Mindray Medical [4][28]. Core Insights - The policy-driven upgrade of traditional Chinese medicine (TCM) industry is expected to enhance industry concentration in the medium to long term, benefiting companies with strong quality control and innovative capabilities [2][24]. - The implementation plan for high-quality development of the TCM industry aims to establish a collaborative development system by 2030, focusing on raw material supply, innovation, production quality control, and internationalization [2][23]. - The investment strategy emphasizes the importance of clinical value in the pharmaceutical sector, recommending a focus on innovative drugs and high-end medical devices [3][26]. Summary by Sections Market Review - The A-share pharmaceutical index rose by 0.14%, outperforming the CSI 300 index by 1.47 percentage points [1][16]. - The Hong Kong Hang Seng Medical Health Index fell by 1.41%, but still outperformed the Hang Seng Index by 1.65 percentage points [1][16]. Policy Insights - The Ministry of Industry and Information Technology and other departments issued a plan to enhance the TCM industry, which includes fostering leading enterprises and establishing high-standard raw material production bases [2][24]. - The plan emphasizes digitalization and sustainability, aiming to raise compliance standards and accelerate the exit of smaller companies from the market [2][25]. Company Updates - Recent clinical progress includes the NDA submission for HRS-9531 by Heng Rui Medicine and the initiation of clinical trials for various drugs by other companies [1][31][32]. - Key companies such as Yunnan Baiyao, Baiyunshan, and Taiji Group are highlighted for their strong positions in raw material supply [2][25]. Financial Forecasts - The report provides earnings per share (EPS) forecasts for key companies, with Innovent Biologics projected to have an EPS of 0.49 in 2025 and WuXi AppTec expected to reach an EPS of 5.07 in the same year [4][28]. - The pharmaceutical manufacturing industry reported a revenue decline of 1.2% year-on-year for 2025, with total revenue reaching 2,487 billion yuan [51].

Core Viewpoint - The ChiNext Medical Index (970082) closed at 3882.75 points, down 0.63%, with a trading volume of 14.157 billion yuan and a turnover rate of 2.13% on February 6 [1] Group 1: Index Performance - Among the index constituents, 22 stocks rose while 28 stocks fell, with Tigermed leading the gainers at 3.06% and Aier Eye Hospital leading the decliners at 3.82% [1] - The top ten constituents of the ChiNext Medical Index include Aier Eye Hospital (9.18% weight, latest price 11.07, -3.82% change) and Tigermed (8.52% weight, latest price 65.65, +3.06% change) [1] Group 2: Market Capitalization - The total market capitalization of Aier Eye Hospital is approximately 103.232 billion yuan, while Tigermed's market capitalization is around 56.526 billion yuan [1] - Other notable companies include Mindray Medical (229.746 billion yuan) and Kanglong Chemical (55.486 billion yuan) [1] Group 3: Capital Flow - The net outflow of main funds from the ChiNext Medical Index constituents totaled 604 million yuan, while retail investors saw a net inflow of 412 million yuan [1] - The detailed capital flow shows that Tigermed had a net inflow of 14.716 million yuan from main funds, while retail investors experienced a net outflow of 1.41 million yuan [2]

Investment Rating - The report maintains a "Market Perform" rating for the pharmaceutical and biotechnology industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [28][37]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, declining by 1.91% from January 23 to February 5, 2026, which is approximately 0.74 percentage points lower than the index [12]. - Most sub-sectors within the industry recorded negative returns during the same period, with offline pharmacies and vaccine sectors showing the best performance, increasing by 3.01% and 0.12% respectively, while other sectors like biological products and chemical preparations saw declines of 3.28% and 3.27% [13]. - Approximately 34% of stocks in the industry recorded positive returns, while 66% experienced negative returns during the reporting period [14]. - The overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry was approximately 51.00 times as of February 5, 2026, indicating a decrease in industry valuation [18]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, with a decline of 1.91% from January 23 to February 5, 2026 [12]. - Most sub-sectors recorded negative returns, with offline pharmacies and vaccines performing relatively well [13]. - About 34% of stocks in the industry had positive returns, with significant variations in individual stock performance [14]. - The industry valuation has decreased, with a PE ratio of approximately 51.00 times [18]. 2. Industry News - The 11th batch of national procurement results is set to be implemented in February, with notifications already released by 17 provinces [26]. - The National Medical Insurance Administration has issued a notice to accelerate the cultivation and opening of application scenarios in the medical insurance field [25]. 3. Company Announcements - Jianyou Co., Ltd. announced that its subsidiary received FDA approval for its product, sodium selenite injection [27]. 4. Industry Outlook - The report suggests a focus on investment opportunities in the brain-computer interface sector as part of the 14th Five-Year Plan, with ongoing policy support [28]. - Recommended sectors for investment include medical devices, pharmaceutical commerce, aesthetic medicine, scientific services, hospital and diagnostic services, traditional Chinese medicine, innovative drugs, biological products, and CXO services [29].

【导读】深圳市上市公司数量达600家，市值超19万亿元！打造创新与高质量发展的"深圳样本" 作为资本市场服务实体经济的核心载体，深圳上市公司群体实现了规模和质量的同步跃升。 "十四五"期间，深圳境内上市公司数量增长35.03%。截至2025年10月末，总市值为12.59万亿元，占A股 上市公司总市值比例超过10%，稳居全国大中城市第二(次于北京)；总市值千亿元以上公司有20家，合 计市值为7.16万亿元。 近五年，深圳市上市公司累计贡献税费超2万亿元，近十年更是突破3.5万亿元，同时以超400万人的员 工规模筑牢区域就业"稳定器"。 2025年前三季度，深圳市上市公司累计实现营业收入5.20万亿元、净利润4577.97亿元，同比分别增长 7.36%和3.98%，营收增幅高于全国平均水平；其中制造业当家特色显著，营业收入贡献率达99.87%。 截至1月31日，深圳市市值超过千亿元的头部公司共20家。其中8家已披露2025年业绩预告信息，均为预 喜，预计2025年度盈利合计2538.97亿元。 2月3日，东鹏饮料（605499）A+H股上市；2月5日，北芯生命科创板首发上市；2月6日，卓正医疗港 股首发上市、大族 ...

Core Insights - The report highlights the contradiction faced during the "14th Five-Year Plan" period, where carbon reduction pressures are increasing while the growth rate of new energy installations is slowing down. The introduction of a national capacity price policy is expected to open up space for new energy installations and support high-yield investment options for power companies during the "14th Five-Year Plan" investment intensity [5][6][9]. Group 1: Energy Storage Industry - The national capacity price policy, issued on January 30, 2026, aims to establish a mechanism that balances power supply stability, green energy transformation, and efficient resource allocation. This policy is expected to support the development of adjustable power sources and enhance the installation of new energy [7][9]. - The report estimates that the demand for energy storage will show a high growth trend, with new energy storage installations expected to reach 66.43 GW and 189.48 GWh in 2025, representing year-on-year increases of 52% and 73% respectively [8][9]. - The capacity price policy is seen as the final piece needed for energy storage development, potentially increasing project returns from approximately 6.5% to over 8% under current subsidy conditions. This is expected to stimulate investment interest from state-owned enterprises in new energy storage projects [8][9]. Group 2: Investment Recommendations - The report suggests prioritizing investments in leading companies involved in energy storage integration and upstream battery cells, recommending firms such as Sungrow Power Supply, Trina Solar, LONGi Green Energy, JinkoSolar, CATL, and Eve Energy. It also advises monitoring companies like Haisum, Sungrow Electric, Canadian Solar, and Penghui Energy [9].

Core Insights - The 2025 Hurun China 500 list shows significant growth in company valuations, with TSMC leading as the highest valued private enterprise in China at 10.5 trillion RMB, followed by Tencent and ByteDance [1][9]. Company Performance - TSMC's value increased by 3.5 trillion RMB, driven by strong demand for artificial intelligence, advanced process technology, and a solid market position [3][11]. - Tencent's valuation rose by 1.9 trillion RMB, attributed to strong performance in gaming, advertising, and fintech [3][11]. - ByteDance's value grew by 1.8 trillion RMB, benefiting from advancements in AI [3][11]. - Alibaba's value increased by 1.2 trillion RMB, due to strategic investments in AI and cloud computing, alongside a recovery in traditional e-commerce [4][12]. - CATL's valuation rose by 690 billion RMB, supported by sustained demand in the electric vehicle market [4][12]. - Xiaomi entered the top ten with a valuation increase of 357 billion RMB, driven by growth in its automotive business and premium smartphone sales [4][12]. - Other notable companies include Cambricon, which saw a valuation increase of 370 billion RMB, and NetEase, which grew by 238 billion RMB due to strong gaming performance [4][12]. Industry Trends - The total value of the Hurun China 500 companies increased by 21 trillion RMB (38%) to reach 77 trillion RMB [2][10]. - The semiconductor industry experienced the most significant growth, surpassing the life sciences sector to become the second-largest industry in the list, while industrial products remained the largest [2][10]. - The real estate sector faced the largest decline, followed by retail [2][10]. - The average age of the top 500 companies is 29 years, indicating a relatively young corporate landscape [11]. Geographic Insights - Beijing, Shanghai, and Shenzhen are the top three cities with the most companies on the list, housing 59, 57, and 49 companies respectively [2][10]. - Suzhou emerged as the preferred manufacturing base with 68 companies, while Shanghai was the leading research and development hub with 101 companies [2][10]. New Entrants and Market Dynamics - A total of 95 companies (19%) made it to the list for the first time, with seven companies valued over 100 billion RMB [2][10]. - The threshold for entry into the 2025 Hurun China 500 increased by 7.5 billion RMB to 34 billion RMB, reflecting a 28% rise [2][10].

Investment Rating - The report assigns an "Overweight" rating to the pharmaceutical industry, indicating a positive outlook based on ongoing technological innovation and demand growth [5][6]. Core Insights - The total market value of pharmaceutical stocks held by public funds decreased from 397.7 billion to 316.1 billion yuan, reflecting a decline of 2.58% from Q3 2025 to Q4 2025. The proportion of pharmaceutical stocks in all public fund holdings fell to 7.95%, down 2.58 percentage points from the previous quarter [6][9]. - The highest proportion of holdings in the pharmaceutical sector is in chemical preparations, other biological products, and medical research outsourcing, which accounted for 37.5%, 20.9%, and 16.4% of the total holdings, respectively [6][13]. - The top five pharmaceutical stocks by market value held by public funds in Q4 2025 were: Heng Rui Medicine (32 billion), WuXi AppTec (30.6 billion), Innovent Biologics (16.7 billion), Mindray Medical (15.2 billion), and CanSino Biologics (10.8 billion) [6][24]. Summary by Sections 1. Pharmaceutical Holdings Proportion - The proportion of pharmaceutical stocks held by public funds decreased to 7.95% in Q4 2025, down from Q3 2025, with a notable decline in non-pharmaceutical public fund holdings [9][10]. 2. Market Value of Pharmaceutical Sub-sectors - In Q4 2025, the market value of pharmaceutical sub-sectors held by public funds was as follows: 1. Chemical preparations: 118.6 billion yuan (37.5%) 2. Other biological products: 66 billion yuan (20.1%) 3. Medical research outsourcing: 51.7 billion yuan (16.4%) 4. Medical devices: 33.3 billion yuan (10.5%) 5. Medical consumables: 9.8 billion yuan (3.1%) [13][12]. 3. Public Fund Heavy Holdings - The number of public funds holding the top five pharmaceutical stocks in Q4 2025 was as follows: Heng Rui Medicine (507 funds), WuXi AppTec (448 funds), Mindray Medical (204 funds), Innovent Biologics (202 funds), and BeiGene (162 funds) [17][21]. - The market value growth of public fund heavy holdings in Q4 2025 saw significant increases for Heng Rui Medicine (+20.1 billion), WuXi AppTec (+5.7 billion), China National Pharmaceutical Group (+5 billion), Yingke Medical (+2.2 billion), and Yuyue Medical (+1.8 billion) [28].