Asia Pacific Equity Research 19 March 2026 J P M O R G A N This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Mindray - A New IVD policy on standardization could drive value- based competition, benefiting Mindray in the LT The NHSA released a draft policy "Guid ...

Szczyt dystrybutorów i partnerów Deye 2026 we Frankfurcie zakoczy si sukcesem Accessibility StatementSkip Navigation NINGBO (Chiny), 23 marca 2026 r. /PRNewswire/ -- W marcu 2026 r. firma Deye zorganizowaa wydarzenie "Zielony przemys, jasna przyszo - szczyt we Frankfurcie" które zgromadzio ponad 100 europejskich dystrybutorów i partnerów w celu zaprezentowania dotychczasowych osigni, omówienia moliwoci zwizanych z transformacj energetyczn i wzmocnienia wspópracy na rzecz bardziej ekologicznej przyszoci. Con ...

Core Insights - The report highlights a focus on investment opportunities in the AI sector, particularly following the Nvidia GTC conference, which is expected to initiate a new AI market cycle [5] - The report emphasizes the potential for price increases in the disposable glove industry due to rising raw material costs, suggesting a recovery in profits for leading companies in this sector [10][12] Investment Opportunities - The report identifies a selection of stocks for March, including Poly Real Estate Group (0119.HK), CITIC Hainan Airlines (000099.SZ), and Mindray Medical (300760.SZ), among others [1] - It suggests monitoring the disposable glove industry, particularly companies like YK Medical and Blue Sail Medical, as they may benefit from the current pricing cycle [12][13] Industry Performance - The report notes that the pharmaceutical and biotechnology sector has underperformed, with the Shenwan Pharmaceutical Index dropping 3.21% from March 16 to March 20, 2026, lagging behind the CSI 300 Index by 0.97 percentage points [10][11] - In the electric equipment and new energy sector, global sales of new energy vehicles are expected to grow rapidly in 2026, driving demand for batteries and materials [15] Market Trends - The report indicates a general decline in the A-share market, with various sectors experiencing downturns, particularly in the materials and energy sectors [19][21] - It highlights the performance of the electric equipment and new energy sectors, noting a 3.06% decline in the week, with specific indices like the lithium battery index showing a 2.99% increase [16] Raw Material Insights - The report discusses the impact of geopolitical tensions on the prices of key raw materials for disposable gloves, such as butadiene and acrylonitrile, which are expected to rise, leading to a price increase in the gloves themselves [12][10] - It also mentions that the cost structure of disposable gloves is heavily influenced by raw material prices, which account for approximately 39% of total costs [12]

ab 17 March 2026 Global Research China Medtech Marketing book Equities China Healthcare Jun Deng Analyst jun.deng@ubs.com +852-3712 2103 Chen Chen, PhD Analyst S1460520100001 chen-zb.chen@ubs.com +86-10-5832 8201 Henry Liu, CFA Analyst S1460520110002 henry-za.liu@ubs.com +86-105-832 8509 Liz Han, CFA Analyst liz.han@ubs.com +852-2971 6106 David Guo, PhD Analyst S1460524040001 david-za.guo@ubs.com +86-10-5832 8010 Emma Ma, CFA Associate S1460124070003 emma-mc.ma@ubs.com +86-21-3866 8981 This report has been ...

文 章来源 ： 思 宇Me dTec h 转载要求：可以直接转载，请在文首注明来源 2026年3月18日， 迈瑞Mindray 宣布正式进入美国呼吸机市场，推出 SV900与SV700两款重症呼吸机产 品。 这一动作意味着，这家中国最大医疗器械企业之一，开始在全球最高门槛市场，与GE医疗、飞利浦等传 统巨头展开正面竞争。 值得注意的是，迈瑞强调其"重症产品组合"，这表明其并非以单一呼吸机切入，而是希望通过监护仪、输 注、呼吸等产品形成组合优势，提高医院端的整体采购黏性。 # 产品背后的策略：用"一体化设备"重构ICU工作流 SV900与SV700的核心卖点在于"一机多用"，即在同一设备上整合： 从疫情期间的"应急出海"，到如今以完整产品体系进入美国主流市场，迈瑞此次动作更接近一次体系化能力 的验证，而非单一产品突破。 # 从国内龙头到全球竞争者：迈瑞的出海路径正在升级 迈瑞的国际化并非新近开始。过去十余年，其已在监护仪、麻醉机、超声等领域建立全球销售网络，并在发展 中国家市场取得显著份额。 但美国市场始终是一个关键分水岭： 此次进入美国呼吸机市场，意味着迈瑞的出海逻辑发生了变化： 监管体系严格（FDA体系成熟 ...

龙头还是那家龙头。 | 作者 木盒 | | --- | | 编辑 小白 | 股价的周期 摆动 ，实则是人心的变化。 迈瑞医疗（300760.SZ）是我国医疗器械行业的绝对龙头，为什么股价走了一个过山车行情呢？ （市值风云App） 究竟前后哪些观点发生了变化？迈瑞医疗现在低估了吗？ 人心思变，世易时移 2021年中旬是迈瑞医疗股价的转折点，之前是一路向上，此后是一路向下。 即使站在2024年底的时间点，会认为2021-2024年营业收入、扣非净利润都是不断增长的，市场是不是误 杀了？ | 财务数据 | | 2020年 | 2021年 | 2022年 | 2023年 | 2024年 | | --- | --- | --- | --- | --- | --- | --- | | 营业收入(亿) | | 210.3 | 252.7 | 303.7 | 349.3 | 367.3 | | 同比(%) | | 27.0 | 20.2 | 20.2 | 15.0 | 5.1 | | 扣非净利润 | (1Z) | 65.4 | 78.5 | 95.3 | 114.3 | 114.4 | | 同比(%) | | 41.7 | ...

Investment Strategy - The multi-level payment system supports the development of innovation in the pharmaceutical industry, with China's innovation beginning to shine [11][12][14] - The approval of innovative drugs and medical devices by the National Medical Products Administration has reached 204 and 265 respectively since the 14th Five-Year Plan, with 50 innovative drugs approved in the first seven months of 2025 [11][12] - The total amount of license-out transactions in China's pharmaceutical industry reached $92.03 billion in the first three quarters of 2025, indicating rapid growth and increased international competitiveness of Chinese innovative drugs [11][12] Medical Insurance and Payment Mechanisms - The commercial health insurance market is expected to grow, with a premium scale of CNY 977.3 billion in 2024, supporting the development of innovative drugs and devices [12][43] - The introduction of a commercial health insurance directory for innovative drugs in 2025 marks a shift towards a multi-payment model, enhancing the payment structure for innovative drugs [36][37] - The basic medical insurance system focuses on essential coverage, while commercial insurance emphasizes innovation and advanced treatments, facilitating the commercialization of leading-edge medical technologies [14][36] Pharmaceutical Industry Trends - Chinese innovative drugs are making significant strides in international markets, with a notable increase in license-out transactions, particularly in the oncology sector [48][49] - The global oncology drug expenditure is projected to grow from $144 billion in 2019 to $441 billion by 2029, driven by innovative therapies such as ADCs and bispecific antibodies [48][58] - The commercialization of biosimilars is steadily progressing, with opportunities arising from the expiration of original patents in the global market [48][49] Medical Devices and Services - The medical device sector is experiencing growth due to policy support and demand release, with a focus on high-end medical equipment and innovative medical consumables [15][23] - The trend of high-end customized medical consumables is gaining traction, with Chinese manufacturers increasingly integrated into the global supply chain [15][23] - The development of brain-computer interface technology and AI medical applications presents significant investment opportunities [15][23] CXO and Life Sciences - Chinese CXO companies are enhancing their global competitiveness through superior technology and cost efficiency, with a recovery in order volumes expected in 2026 [4][15] - The investment environment for innovative drugs is improving, leading to a resurgence in orders for CXO companies since 2025 [4][15]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5] Core Views - The overall performance of the pharmaceutical sector has been weaker than the broader market, with the medical services sector experiencing significant declines [1] - The U.S. medical device market in 2025 is expected to be driven by high-end innovative devices, while traditional mature businesses are showing mixed results [2] - The outlook for the Chinese market is cautious in the short term but optimistic in the long term, with specific segments like electrophysiology and diabetes management expected to perform well [2] Summary by Sections Market Performance - The overall A-share market declined by 0.24%, while the biotechnology sector fell by 0.22%, indicating a stronger performance relative to the overall market [1] - The medical device sector showed a slight increase of 0.60% [1] Key Company Earnings Forecasts and Investment Ratings - Major companies such as Mindray Medical, United Imaging, and WuXi AppTec are rated as "Outperform" with projected earnings growth for 2024 to 2027 [4] - For instance, Mindray Medical is expected to have a net profit of 116.7 billion CNY in 2024, with a PE ratio of 19.3x [4] Recommended Stocks - Mindray Medical is highlighted for its strong R&D and sales capabilities, benefiting from domestic medical infrastructure and international expansion [43] - WuXi AppTec is noted for its comprehensive drug development services, poised to benefit from the global outsourcing market [43] - Aier Eye Hospital is recognized as the largest eye care institution in China, leveraging its expertise for growth [43]

证券研究报告——晨会聚焦 2026 年 3 月 18 日 中银晨会聚焦-20260318 | 3 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 0119.HK | 保利置业集团 | | 000099.SZ | 中信海直 | | 601872.SH | 招商轮船 | | 600352.SH | 浙江龙盛 | | 002409.SZ | 雅克科技 | | 002709.SZ | 天赐材料 | | 300760.SZ | 迈瑞医疗 | | 605338.SH | 巴比食品 | | 1579.HK | 颐海国际 | | 601888.SH | 中国中免 | | 689009.SH | 九号公司-WD | | 688630.SH | 芯碁微装 | 证券分析师：王军 【社会服务】社服与消费视角点评 1-2 月国内宏观数据*李小民 纠泰民。国 家统计局等部门公布了部分 2026 年 1-2 月国内宏观数据。其中，1-2 月社零 总额同比增长 2.8%，较 25 年 12 月的 0.9%增速环比有所提升；1-2 月餐饮收 入同比增长 4.8%，增速表现好于商品零售额。1、2 月服务业 P ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5] Core Insights - The overall performance of the pharmaceutical sector has been weaker than the broader market, with a slight decline in the biopharmaceutical sector [1] - The U.S. medical device market is expected to see continued growth driven by high-end innovative devices, while traditional segments are experiencing mixed results [2] - The report expresses a cautious short-term outlook for the Chinese market but remains optimistic about long-term growth potential [2] Summary by Sections Market Performance - The overall A-share market declined by 0.24%, while the biopharmaceutical sector saw a smaller decline of 0.22% [1] - The medical device sector showed a positive performance with a 0.60% increase [1] Company Earnings Forecasts and Investment Ratings - Major companies such as Mindray Medical, United Imaging, and WuXi AppTec are rated as "Outperform" with projected earnings growth for 2024 to 2027 [4] - Mindray Medical is expected to achieve a net profit of 116.7 billion CNY in 2024, with a PE ratio of 19.3x [4] - United Imaging is projected to have a net profit of 12.6 billion CNY in 2024, with a significantly higher PE ratio of 85.4x [4] Key Company Recommendations - Mindray Medical is highlighted for its strong R&D and sales capabilities, benefiting from domestic medical infrastructure and international expansion [43] - WuXi AppTec is noted for its comprehensive service capabilities in drug development, poised to benefit from the global outsourcing market [43] - Aier Eye Hospital is recognized as the largest eye care institution in China, leveraging its scale and expertise for growth [43]