格隆汇11月13日｜中信建投证券研报指出，迈瑞医疗Q3业绩符合预期，收入增速如期转正，利润端受 毛利率下降、费用率提升影响有所承压。Q4收入增速预计较Q3进一步提升，Q4利润预计在低基数下实 现增长，但考虑到前三季度利润下滑幅度较大，且今年整体利润率承压，预计全年公司归母净利润将有 双位数下滑。展望明年，预计公司将走出行业外部压力带来的影响，回归收入、利润稳健增长轨道。中 长期来看，公司重视研发创新和国际化，拥有高效的研发体系和优秀的渠道管理能力，外延并购有望进 一步拓展布局，加上公司国际化进度持续推进，该行看好公司未来加快迈向全球医疗器械Top10 公司的 步伐。维持"买入"评级。 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector, indicating a positive outlook for investment opportunities in this industry [4]. Core Insights - The pharmaceutical sector is experiencing performance divergence, with the medical device segment showing signs of a turning point [1]. - For the first three quarters of 2025, the total revenue of 461 A-share pharmaceutical companies was CNY 17,876.4 billion, a year-on-year decrease of 2%, while net profit attributable to shareholders was CNY 1,435.7 billion, down 6.43% year-on-year [10][29]. - In Q3 2025, the industry showed signs of improvement, with total revenue reaching CNY 5,936.9 billion, a year-on-year increase of 0.51%, and net profit of CNY 419.4 billion, down only 0.95% year-on-year [33]. Summary by Sections 1. Market Review - The pharmaceutical and biotechnology index increased by 21.1% year-to-date, outperforming the CSI 300 index by 3.17 percentage points, with the medical services sub-sector showing the highest growth at 40.25% [17]. 2. Industry Performance - The medical commercial and medical service sectors are the only segments showing positive revenue growth in the first three quarters of 2025, with revenues of CNY 7,723.1 billion and CNY 1,374.9 billion, respectively [29]. - The chemical preparation and medical service sectors demonstrated significant profit growth in Q3, with net profits increasing by 10.43% and 25.80%, respectively [33]. 2.1 Raw Materials and Auxiliary Drugs - The raw materials sector reported total revenue of CNY 670.65 billion, down 7.56% year-on-year, with net profit of CNY 61.01 billion, down 11.18% year-on-year [35]. - The report suggests focusing on high-quality raw material companies such as Shanhe Pharmaceutical and Weier Pharmaceutical [42]. 2.2 Chemical Preparations & Innovative Drugs - The chemical preparations sector achieved total revenue of CNY 3,050.25 billion, down 3.79% year-on-year, with net profit of CNY 320.73 billion, down 15.09% year-on-year [43]. - The report highlights the significant growth of innovative drugs, with 43 new drugs approved in the first half of 2025, a 59% increase year-on-year [47]. 2.3 Traditional Chinese Medicine - The traditional Chinese medicine sector reported total revenue of CNY 2,512.22 billion, down 3.84% year-on-year, with net profit of CNY 292.63 billion, down 1.16% year-on-year [49]. - The sector is transitioning towards quality-oriented development, with a focus on improving the quality of raw materials [57]. 2.4 Biological Products - The biological products sector reported total revenue of CNY 802.59 billion, down 15.34% year-on-year, with net profit of CNY 123.48 billion, down 28.73% year-on-year [58]. - The report suggests monitoring companies with strong internationalization efforts, such as Kangtai Biological [62]. 2.5 Medical Commerce - The medical commerce sector achieved total revenue of CNY 7,723.15 billion, up 0.56% year-on-year, with net profit of CNY 160.9 billion, up 4.94% year-on-year [63]. - The report emphasizes the importance of diversified development in pharmacies, supported by national policies promoting health consumption [68].

11月10日，国产医疗器械行业龙头迈瑞医疗（300760）递交港股上市申请书。 2025年前三季度，公司的研发投入达26.86亿元，超过10%的营收占比。据统计，自A股上市以来，公司 累计的研发投入超过200亿元，研发人员占比常年保持在30%左右，远高于行业平均水平。 而在外延并购方面，公司登陆A股以来并购动作不断。2021年，迈瑞医疗收购芬兰HyTest，解决耗材上 游核心原材料"卡脖子"的问题，提升IVD耗材质量；2023年，收购德国DiaSys，继续深化IVD相关业务 布局，完善海外供应链、丰富产品类别；2024年收购科创板上市医疗企业惠泰医疗，进入电生理与心血 管器械及相关耗材领域，为公司未来发展带来了新的增长点。 根据招股书披露，本次港股发行采用香港公开发售与国际配售相结合的方式，具体发行规模将结合市场 情况综合确定，而公司的募资用途主要有：加码全球研发投入，加强产品及数智化解决方案的创新；探 索潜在的全球并购和合作，加速核心业务增长，拓展升级流水型业务；进一步提升全球销售网络及供应 链能力等。 多年来，迈瑞医疗依托"自主研发"与"外延并购"不断强化核心竞争力。当前，公司现已跻身全球Top30 医疗 ...

创业50ETF（159682）业绩比较基准为创业板50指数收益率，管理人为景顺长城基金管理有限公司，基 金经理为汪洋、张晓南，成立（2022-12-23）以来回报为43.51%，近一个月回报为0.91%。 来源：新浪基金∞工作室 11月13日，截止午间收盘，创业50ETF（159682）涨2.44%，报1.472元，成交额2.03亿元。创业50ETF （159682）重仓股方面，宁德时代截止午盘涨8.18%，中际旭创跌2.19%，东方财富涨0.57%，新易盛跌 1.85%，阳光电源涨2.72%，胜宏科技涨0.00%，汇川技术涨1.44%，迈瑞医疗涨0.13%，亿纬锂能涨 10.71%，同花顺涨1.73%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 ...

Group 1: Lithium Battery Industry - The lithium battery industry has shown significant performance recovery in the first three quarters of 2025, with total revenue reaching 636.19 billion yuan, a year-on-year increase of 16.12% [1] - The net profit attributable to shareholders reached 62.62 billion yuan, marking a year-on-year growth of 40.37% [1] - The battery and cathode material segments performed particularly well, with Q3 net profit for the battery segment increasing by 53.61% year-on-year and 26.62% quarter-on-quarter [1] - Cathode materials transitioned from loss to profit, with substantial recovery in both year-on-year and quarter-on-quarter net profit in Q3 [1] - The stabilization of lithium carbonate prices and sustained terminal demand are expected to continue the performance recovery trend for midstream material manufacturers [1] Group 2: Communication Industry - The communication industry is experiencing strong growth driven by AI, with the Shenwan Communication Index showing a year-to-date increase of 63.37% as of November 7, 2025 [1] - Major North American cloud service providers, including Microsoft, Google, Meta, and Amazon, reported a combined capital expenditure growth of over 60% year-on-year in the first three quarters of 2025 [1] - The demand for high-speed optical modules is expected to increase, with NVIDIA's next-generation Vera Rubin architecture increasing the demand ratio for 1.6T optical modules from 1:2.5 to 1:5 [1] - The AI industry is entering a phase of explosive growth, with mobile phones and PCs undergoing comprehensive AI integration, propelling the industry into a high-growth trajectory [1] Group 3: ChiNext ETF Performance - As of November 13, 2025, the ChiNext Index (399006) rose by 1.88%, with constituent stocks such as Xinzhou Bang (300037) and Tianhua New Energy (300390) seeing increases of 18.38% and 12.95%, respectively [2] - The ChiNext ETF Ping An (159964) has seen a nearly 30% increase over the past three months, with a current price of 2.07 yuan [2] - The ETF has a one-year average daily trading volume of 8.12 million yuan, indicating strong liquidity [2] Group 4: ChiNext ETF Risk and Fee Structure - The ChiNext ETF Ping An has a management fee rate of 0.15% and a custody fee rate of 0.05%, which are among the lowest in comparable funds [3] - The ETF closely tracks the ChiNext Index, which consists of 100 stocks with high market capitalization and liquidity, reflecting the performance of the ChiNext market [3] - As of October 31, 2025, the top ten weighted stocks in the ChiNext Index accounted for 58.2% of the index [4]

此外，迈瑞医疗的研发实力进一步筑牢业务发展护城河。根据港股招股书，于往绩记录期间，截至2025 年6月30日，迈瑞医疗总研发投入约128亿元，拥有5200名专业研发人员，全球共布局12大研发中心，公 司累计申请专利12240件，授权专利6126件，多项发明专利获中国专利金奖、国家技术发明等荣誉。目 前，迈瑞医疗的研发投入仍在不断攀升。数据统计，截至2025年三季度末，公司自2018年登陆A股以来 累计研发投入已达到215.56亿元，为公司的未来发展筑牢核心研发支撑。 正如迈瑞医疗在招股书中提到的，"三十余年来，我们始终坚定'自主创新'的初心。在中国普遍仍以贸 易为主的年代，我们便持续加大研发投入，对标国际一流技术和质量标准，追求卓越，舍易求难。持续 的创新是我们区别于同行的重要基因，也是我们在医疗器械这一'钻石赛道'上始终保持奋进姿态的核心 动力。" 11月10日，港交所最新披露显示，国产医疗器械行业龙头迈瑞医疗（300760）递交港股上市申请书，正 式开启港股IPO之路，未来有望实现"A+H"两地上市，联席保荐人为华泰国际、摩根大通。 根据招股书披露，本次港股发行采用香港公开发售与国际配售相结合的方式，具体 ...

内容概要：便携式肺功能仪作为肺功能仪的重要组成部分，近几年需求也不断增长。与传统台式肺功能 仪相比，便携式肺功能仪体积小巧、携带方便、操作简便，能够覆盖多种应用场景。如在基层医疗场景 中，便携式肺功能仪适用于社区卫生服务中心、乡镇卫生院等机构，可快速完成肺功能初步筛查，助力 慢阻肺等疾病的早期发现；在家庭居家场景中，便携式肺功能仪可使患者在家就能进行监测，无需频繁 往返医院复查，极大地便利了患者。数据显示，2024年中国便携式肺功能仪行业市场规模达到4.44亿 元，同比上涨9%。预计未来在政策和需求的带动下，便携式肺功能仪行业市场规模将保持增长趋势。 相关上市企业：迈瑞医疗（300760）、鱼跃医疗（002223）、康泰医学（300869）等。 相关企业：橙意家人科技(天津)有限公司、北京豪斯胜达技贸有限公司、赛客(厦门)医疗器械有限公 司、上海贝仪生物信息科技有限公司、广州红象医疗科技有限公司、北京麦邦光电仪器有限公司、浙江 亿联康医疗科技有限公司、浙江柯洛德健康科技有限公司、南京科进实业有限公司等。 关键词：便携式肺功能仪行业产业链、便携式肺功能仪行业市场规模、便携式肺功能仪行业竞争格局、 便携式肺功能仪 ...

(本文来自第一财经) 好当家：控股股东拟减持公司不超2.7%股份； 亨迪药业：股东宁康企管、倍康企管及雷小艳拟合计减持不超2.33%股份； 合兴包装：控股股东新疆兴汇聚拟减持不超1.91%股份； 瑞迈特：股东陈蓓拟减持不超过1.76%股份； 泰祥股份：众远投资拟减持不超过1%股份； 香农芯创：无锡高新区新动能产业发展基金减持54.92万股； 中国联通：结构调整基金11月10日-11月12日减持4070.03万股股份； 方正电机：股东张敏减持163.24万股公司股份； 畅联股份：董事徐峰、陈文晔拟分别减持0.57%和0.20%股份； 中兰环保：王广庆、曹丽、李泉拟分别减持0.0375%、0.2798%、0.0275%股份； 聚胶股份：董事沃金业拟减持0.01%股份； 浙江众成：高管黄旭生、潘德祥拟分别减持0.0140%股份； 东方中科：股东王戈拟减持0.51%股份； 海南瑞泽：副总经理于清池拟减持不超过0.02%。 康缘药业：实际控制人的一致行动人增持8万股公司股份； ...

证券时报·数据宝统计显示，迈瑞医疗今日收盘价为208.20元，上涨0.41%，日换手率为0.62%，成交额 为15.72亿元，全天主力资金净流入397.67万元，近5日该股累计上涨1.59%，近5日资金合计净流入2.47 亿元。 两融数据显示，该股最新融资余额为42.11亿元，近5日减少2134.59万元，降幅为0.50%。 迈瑞医疗11月12日大宗交易平台出现一笔成交，成交量1.83万股，成交金额324.28万元，大宗交易成交 价为177.20元，相对今日收盘价折价14.89%。该笔交易的买方营业部为招商证券股份有限公司深圳蛇口 工业三路证券营业部，卖方营业部为申万宏源证券有限公司安徽分公司。 进一步统计，近3个月内该股累计发生12笔大宗交易，合计成交金额为2.26亿元。 11月12日迈瑞医疗大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 1.83 | 324.28 | ...

证券之星消息，11月12日，医疗健康R（480016）指数报收于7616.59点，涨0.5%，成交259.43亿元，换手率0.88%。当日该指数成份股中，上涨的 有27家，百济神州以5.62%的涨幅领涨，下跌的有21家，泰格医药以1.68%的跌幅领跌。 医疗健康R（480016）指数十大成份股详情如下： | 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | --- | | sh603259 | 药明康德 | 13.66% | 92.35 | -0.16% | | 2755.50 | 医药生物 | | sh600276 | 恒瑞医药 | 11.00% | 62.10 | 1.70% | | 4121.70 | 医药生物 | | sz300760 | 迈瑞医疗 | 7.57% | 208.20 | 0.41% | | 2524.30 | 医药生物 | | sh688271 | 联影医疗 | 4.27% | 139.88 | -1.14% | | 1152.83 | 医药生物 | ...