11月17日迈瑞医疗大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | | | | 2.84 | 483.68 | 170.31 | -17.34 | 中航证券有限公司深圳海 | 华福证券有限责任公 | | | | | | 德三道证券营业部 | 司苏州分公司 | 进一步统计，近3个月内该股累计发生14笔大宗交易，合计成交金额为2.37亿元。 证券时报·数据宝统计显示，迈瑞医疗今日收盘价为206.04元，下跌0.80%，日换手率为0.37%，成交额 为9.34亿元，全天主力资金净流出8166.52万元，近5日该股累计下跌0.94%，近5日资金合计净流出 8280.60万元。 两融数据显示，该股最新融资余额为40.53亿元，近5日减少1.85亿元，降幅为4.37%。 据天眼查APP显示，深圳迈瑞生物医疗电子股份有限公司成立于1999年01月25日，注册资本 121244.1394万人民币。（数据宝） 迈瑞医疗11月17日大 ...

截至2025年11月14日收盘，迈瑞医疗(300760)报收于207.7元，下跌0.24%，换手率0.43%，成交量5.17万 手，成交额10.8亿元。 当日关注点 交易信息汇总资金流向 11月14日主力资金净流出646.51万元；游资资金净流入483.43万元；散户资金净流入163.08万元。 大宗交易 投资者： 联影医疗去年的研发投入占收入比为17%，国外如直觉外科为13.5%，世界排名第十的波士顿 科学为11%，其它友商基本都在10%以上，公司做为医疗高科技领域的追赶者，想要5年内冲进世界前 十，困难重重，不加大研发投入是根本不可能的，目前10%左右的研发投入是否太少了，公司是有进一 步加大研发投入的计划？ 董秘： 您好，谢谢关注。迈瑞是全球领先、创新驱动的世界级医疗器械企业及医疗数智化引领者。我 们始终坚持以研发创新为核心驱动力，持续加大投入，依托深厚的技术实力以及对临床需求的深刻洞 察，不断引领并推出契合市场的前沿产品。公司坚持研发高投入，即使在营收规模快速增长的情况下， 依然坚持将每年营收的约10%投入研发，研发投入比例和规模均在医疗器械企业中处于领先地位。截至 2025年三季度末，公司自2018 ...

Group 1 - The core view of the report indicates that the innovative drug market is expected to drive continuous valuation recovery in the pharmaceutical sector, supported by improving fundamentals and overseas expansion catalysts [2][7][10] - The pharmaceutical sector's overall performance shows a slight revenue growth of 0.2% year-on-year in Q3 2025, while net profit attributable to the parent company decreased by 12.87% [4][3] - The report highlights that the revenue of domestic biotech innovative drug companies reached 52.13 billion yuan in H1 2025, marking a 14% year-on-year increase, indicating that commercialization is entering a rapid growth phase [21][24] Group 2 - The report notes that the total overseas licensing business development (BD) transaction amount in the innovative drug sector exceeded 100 billion USD in 2025, with expectations for continued growth in 2026 [27][30][33] - The report emphasizes that the innovative drug sector's valuation remains at a historically low level, with the median PE ratio for the pharmaceutical sector at 34.21 times, suggesting potential for further recovery [10][57] - Institutional enthusiasm for the biotech innovative drug sector is reflected in the increasing proportion of holdings, with the weight of all funds in the biotech sector rising to 2.66% in Q3 2025 [11][35][38] Group 3 - The report identifies key companies to watch, including Sanofi Biopharma, which has licensed a PD-1/VEGF dual antibody to Pfizer, indicating high certainty for future overseas sales growth [63] - The report also highlights the potential of Union Pharmaceuticals' UBT251, which has shown promising results in weight loss and is licensed to Novo Nordisk [63] - The report suggests that Kolon Biotech's TROP2 ADC, licensed to Merck, has demonstrated excellent data and is expected to have significant market potential [63]

上述评选的申报范围聚焦在2020年1月1日及以后在中国制造的，取得国内医疗器械注册证的产品。截至 9月末，该评选在信息征集阶段共收到来自88家企业、200项产品申报；经多轮评审，专家组共遴选出96 项推荐产品、59项提名产品。 记者注意到，从评选结果及名单来看，医疗设备类中，不乏一些国内头部厂家的先进成像设备，如迈瑞 医疗电子的光声成像超声诊断系统、东软医疗的X射线计算机体层摄影设备（光子计数CT）NeuVizP10 等。医用耗材类中，不乏一些新兴厂家的高值产品，如无锡帕母医疗的一次性使用环形肺动脉射频消融 导管、杭州糖吉医疗科技的胃转流支架系统等。 曹少平称，现阶段，医疗器械正在从"辅助工具"演进成"决策伙伴"，以及从"通用型产品"转向"个性化 服务"。比如，在诊断治疗端，一些能够实现科学、精准定量方法的影像诊断设备，更加受到临床医生 的欢迎。再比如，一些可以进行自适应操作的手术机器人、能够自动生成个性化治疗方案的工具等，也 在更多手术室内落地。此外，也有一些可进行连续监测的穿戴设备能帮助实现患者的居家健康管理。 搭载了AI技术的诊断、监测设备正在逐步成为医疗机构选择和采购的首选。 随着近年来大数据、AI（ ...

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [29]. Core Insights - The pharmaceutical sector saw a weekly increase of 3.3%, outperforming the Shanghai Composite Index, which decreased by 0.2% during the same period [4][6]. - The overall valuation of the pharmaceutical sector is at 30.9 times earnings, ranking it 10th among 31 primary sectors [6][12]. - Key segments within the pharmaceutical industry showed varied performance, with raw materials up by 5.1%, chemical preparations by 4.4%, and traditional Chinese medicine by 4.1% [6][4]. Market Performance - The pharmaceutical index ranked 5th among 31 sub-industries, with notable increases in various segments such as biopharmaceuticals (+2.7%), medical services (+1.8%), and medical devices (+1.8%) [4][6]. - The report highlights the performance of specific companies, recommending a focus on innovative drug sectors and companies with strong earnings growth potential [3][21]. Recent Developments - Roche's BTK inhibitor Fenebrutinib achieved significant milestones in clinical trials for treating relapsing multiple sclerosis, suggesting potential investment opportunities in related companies [3][13]. - The Chinese government has updated regulations on the export of controlled chemicals, impacting companies involved in this sector [3][14]. - The report notes an expected peak in influenza activity in China during late December and early January, prompting recommendations to monitor related vaccine and treatment companies [3][15][16]. Key Company Valuations - The report provides a valuation table for key companies in the pharmaceutical sector, indicating projected earnings per share (EPS) and price-to-earnings (PE) ratios for 2025 and beyond [21]. - Companies highlighted include Mindray Medical, Hengrui Medicine, and WuXi AppTec, with varying market capitalizations and growth forecasts [21]. Investment Recommendations - The report suggests focusing on innovative drug sectors and companies with improving performance in medical devices and upstream segments, listing specific companies to watch [3][21]. - It emphasizes the importance of monitoring flu vaccine manufacturers and antiviral drug producers as flu activity rises [3][15].

联影医疗正在杀入迈瑞医疗的腹地。 11月12日，联影医疗宣布3款彩色多普勒超声诊断系统（超声）获药监局批准上市，分别是uSONIQUE Pulse、uSONIQUE Genesis及uSONIQUE Venus，可全面支持在全身、心脏、心内科、产科等多种科室 和应用场景中的使用。 随着此次uSONIQUE系列超声产品的获批上市，联影医疗正式构建起覆盖CT、MR、X线、MI、超声的 全链条医学影像诊断产品矩阵。 补齐在医学影像板块的最后一块拼图后，联影医疗与迈瑞医疗将在超声同一市场展开厮杀。 2023年，迈瑞医疗就位居国内超声设备第一名，优势地位持续迄今。 作为后发者，联影医疗的超声产品核心优势在于智能化，包括自动工作流可以引导操作者按照标准的步 骤进行检查、智能图像的优化可以精确识别组织、自动标记和智能诊断等。 随着此次多款超声产品的上市，联影医疗有望挑战迈瑞医疗第一的宝座。 卖"智能化" 为了推动超声产品线发展，联影医疗已筹备多年。 联影集团董事长薛敏透露，早在10多年前其便筹划超声产品，但期间由于没有找到适合的团队便迟迟未 能开始，直至2019年才开始真正投入研发。 "我们在刚刚起步的10多年前也想做超声 ...

[Table_Info1] 医药生物 [Table_Date] 发布时间：2025-11-15 [Table_Invest] 优于大势 [Table_Title] 证券研究报告 / 行业深度报告 创新破壁，并购筑基：后集采时代医疗器械的价值重构 ---医药行业 2026 年度医疗器械策略报告设备篇 报告摘要： [Table_Summary] 2026 年有望成为中国医疗器械板块的价值重构年。政策压力并非行业的 终点：外有投资回收期缩短、医院现金流改善促进采购决策，叠加医保 /DRG 政策优化预期；内有倒逼厂商创新+出海双线并行；有望开启创新 技术加速兑现、全球影响力持续提升的新发展阶段。当前，板块基本面 已现拐点，但机构持仓却处于近年历史低位，关注预期差下的投资机遇。 政策支持，创新器械有望迎来"支付-创新"正循环：从"审批优化"走 向"支付优化"，国家药监局优化全生命周期监管，为高端医疗器械的创 新发展"保驾护航"；部分省市已在探索新术式纳入医保范畴，期待 DRG 除外支付、创新器械单独付费等政策大规模落地。 内需恢复，招采全面恢复，"反内卷"已是新基调：集采范围逐步扩大， 国产化率持续提升，"反内卷"改善 ...

Core Viewpoint - The article discusses the surge in IPO applications from pharmaceutical companies in Hong Kong, highlighting the competitive landscape and the challenges faced by these companies in securing investors amid a crowded market [3][5][10]. Group 1: IPO Market Dynamics - As of November 14, 2023, 23 healthcare companies have successfully listed on the Hong Kong stock market this year, compared to only 8 in the same period last year [3]. - Over 40 healthcare companies have applied for IPOs in Hong Kong this year, with 8 applications submitted in just the first half of November [3]. - The increase in IPO applications has led to heightened competition among companies to attract suitable investors, resulting in a more complex negotiation landscape between companies and institutional investors [3][5]. Group 2: Case Study of Baillie Gifford - Baillie Gifford's planned global offering was delayed due to market conditions, with reports suggesting that investor demand did not meet expectations [4][5]. - The company aimed to attract long-term value investors rather than those focused on short-term price fluctuations, indicating a strategic approach to its IPO [5][6]. - The IPO process involves cornerstone placements, book-building, and public offerings, with cornerstone investors playing a crucial role in validating the company's value [6]. Group 3: Market Sentiment and Trends - The pharmaceutical sector has seen significant stock price increases this year, leading investors to focus on new IPOs rather than existing stocks [7]. - The introduction of new IPO pricing mechanisms by the Hong Kong Stock Exchange has increased the participation of cornerstone investors in pharmaceutical IPOs [9]. - Despite a recent cooling in the secondary market, the enthusiasm for IPO applications remains strong, with expectations of multiple companies going public in the first quarter of the following year [10][11]. Group 4: Investment Focus Areas - Certain sectors within the pharmaceutical industry, such as siRNA and ADC drugs, are attracting more attention from investors, indicating a trend towards specialized investment opportunities [11]. - The competition among major pharmaceutical companies for acquisitions, particularly in the GLP-1 drug space, has heightened interest in related IPOs [11]. - The article notes that while many IPOs are being pursued, the quality of the offerings and their pricing will be critical in attracting investor interest [13].

◎记者 柴刘斌 冯心怡 真金白银的分红、豪气的回购增持、灵活的股权激励、高频次的机构调研、包容的并购重组、活跃的海 外投资……这一年，一批民营上市公司通过一系列市场化工具的"组合拳"，积极探索市值管理"最优 解"。 据Wind数据统计，截至2025年11月14日，已有512家民企上市公司披露了市值管理制度，其中约70家公 司市值增幅超50%，电力设备、机械设备、有色金属等行业表现尤为突出。 "民企市值管理行为更为灵活多样，善于利用股权激励、并购重组、投资新兴产业等方式。但受制于资 源与融资环境，产业龙头更注重战略叙事和全球化布局，中小民企则更关注流动性管理和股权再融 资。"近日，上海财经大学滴水湖高级金融学院教授、资本市场研究中心主任陈欣接受上海证券报记者 采访，分析了不同规模民企做好市值管理的差异化打法。 强化价值沟通 提振市场信心 埃斯顿一年40多次接待机构调研，迈瑞医疗年内实施3次大手笔分红，指南针发布涵盖422名员工的股权 激励计划……这一年，民营企业正将市值管理从理念转化为行动。 *ST松发市值管理制度发布以来市值增幅达1546.87%，东山精密1亿欧元收购GMD集团加快欧洲产业布 局，宁德时代匈牙 ...

证券之星消息，11月14日，医疗健康（980016）指数报收于6572.66点，跌0.65%，成交233.97亿元，换 手率0.87%。当日该指数成份股中，上涨的有16家，甘李药业以2.0%的涨幅领涨，下跌的有33家，奕瑞 科技以3.74%的跌幅领跌。 | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603087 | 甘李药业 | 6297.79万 | 6.61% | -2315.28万 | -2.43% | -3982.51万 | -4.18% | | 002422 科伦药业 | | 5081.71万 | 12.92% | -2049.58万 | -5.21% | -3032.13万 | -7.71% | | 000661 | 长春高新 | 4881.38万 | 4.29% | 482.59万 | 4 0.42% | -5363.96万 | -4.71% | | 600535 | 天土力 | 2233.34万 | ...