证券研究报告 | 2026年03月12日 医药生物周报（26 年第 11 周） 优于大市 政府工作报告明确将生物医药打造为新兴支柱产业 本周医药板块表现弱于整体市场，医疗服务跌幅居前。本周全部 A 股下 跌 1.26%（总市值加权平均），沪深 300 下跌 1.07%，创业板指下跌 2.45%， 生物医药板块整体下跌 2.78%，生物医药板块表现弱于整体市场。分子 板块来看，化学制药下跌 1.98%，生物制品下跌 3.07%，医疗服务下跌 4.71%，医疗器械下跌 2.94%，医药商业下跌 1.93%，中药下跌 2.04%。 医药生物市盈率（TTM）36.18x，处于近 5 年历史估值的 78.6%分位数。 生物医药在政府工作报告中首次被定位为新兴支柱产业。在 2025 年工 作回顾总结中，政府工作报告提出"新质生产力稳步发展，科技创新成 果丰硕，人工智能、生物医药、机器人、量子科技等研发应用走在世界 前列"，肯定了中国生物医药产业在过往所取得的成绩，同时明确"十 五五"期间要实施产业创新工程，鼓励央企国企带头开放应用场景，"打 造生物医药等新兴支柱产业"，这是继"十四五"将生物医药列为战略 性新兴产业之后， ...

证券研究报告 | 2026年03月12日 医药生物周报（26 年第 11 周） 优于大市 政府工作报告明确将生物医药打造为新兴支柱产业 本周医药板块表现弱于整体市场，医疗服务跌幅居前。本周全部 A 股下 跌 1.26%（总市值加权平均），沪深 300 下跌 1.07%，创业板指下跌 2.45%， 生物医药板块整体下跌 2.78%，生物医药板块表现弱于整体市场。分子 板块来看，化学制药下跌 1.98%，生物制品下跌 3.07%，医疗服务下跌 4.71%，医疗器械下跌 2.94%，医药商业下跌 1.93%，中药下跌 2.04%。 医药生物市盈率（TTM）36.18x，处于近 5 年历史估值的 78.6%分位数。 生物医药在政府工作报告中首次被定位为新兴支柱产业。在 2025 年工 作回顾总结中，政府工作报告提出"新质生产力稳步发展，科技创新成 果丰硕，人工智能、生物医药、机器人、量子科技等研发应用走在世界 前列"，肯定了中国生物医药产业在过往所取得的成绩，同时明确"十 五五"期间要实施产业创新工程，鼓励央企国企带头开放应用场景，"打 造生物医药等新兴支柱产业"，这是继"十四五"将生物医药列为战略 性新兴产业之后， ...

证券代码：300760 证券简称：迈瑞医疗 公告编号：2026-001 深圳迈瑞生物医疗电子股份有限公司 关于控股股东部分股份质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 深圳迈瑞生物医疗电子股份有限公司（以下简称"公司"）于近日接到公司控股股东 Magnifice（HK）Limited（以下简称"Magnifice（HK）"）的通知，获悉其对所持有的公 司部分股份办理了质押业务，现将具体内容公告如下： 1、本次股份质押基本情况 注：本次质押股份不存在负担重大资产重组等业绩补偿义务。 2、股东股份累计质押情况 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： | | | | | | | | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 持股 | 持股 | 本次质 押前质 | 本次质 押后质 | 占其所 | 占公 司总 | 已质押 股份限 | 占已 | 未质押股 | 占未 | | 股东名称 | ...

证券研究报告——晨会聚焦 2026 年 3 月 10 日 | 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 | | 市场指数 | | | | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌% | | 上证综指 | 4096.60 | (0.67) | | 深证成指 | 14067.50 | (0.74) | | 沪深 300 | 4615.46 | (0.97) | | 中小 100 | 8622.47 | (0.66) | | 创业板指 | 3208.5 ...

Core Insights - The report emphasizes the importance of expanding domestic demand and enhancing quality in economic development, with a GDP growth target set at 4.5%-5% for 2026, down from around 5% in 2025 [7][35] - The government aims to implement more proactive fiscal policies, including a deficit target of 4% and an increase in special bonds to support infrastructure and investment projects [20][36] - The focus on new industries and future industries is highlighted, with specific mention of sectors such as integrated circuits, aerospace, biomedicine, and future energy [19][24] Industry Performance - The report indicates that the basic chemical industry is expected to benefit from government support for traditional industry upgrades and new material development, with a focus on enhancing competitiveness [12][16] - The machinery and equipment sector is projected to see increased demand due to ongoing large-scale equipment updates and infrastructure investments [18][20] - The electric power equipment industry is highlighted for its potential in future energy investments, particularly in hydrogen and fusion energy, marking a strategic shift towards green fuels [24][25] Investment Recommendations - The report suggests investing in traditional chemical leaders that are enhancing their competitiveness and exploring new materials, as well as sectors benefiting from the "anti-involution" trend, such as refining and pesticides [16][22] - For the machinery sector, companies involved in core components for humanoid robots and commercial aerospace are recommended, as these areas are expected to see significant growth [22][19] - In the green energy sector, companies involved in hydrogen and green fuel production are highlighted as key investment opportunities, especially with the anticipated acceleration of industrialization in 2026 [27][25]

Core Insights - The report highlights the importance of promoting reasonable price recovery as a key task for economic development in 2026, with fiscal spending expected to maintain a considerable scale [5][6] - The GDP growth target for 2026 is set at 4.5-5%, with a focus on achieving better results in practice [5] - The report emphasizes the need for investment expansion, with a planned central budget investment of 755 billion yuan, an increase of 20 billion yuan from 2025 [7] Macroeconomic Overview - The government work report indicates that consumer price index (CPI) growth is targeted at around 2.0% for 2026, with efforts to improve the overall supply-demand relationship [6] - The fiscal deficit target for 2026 is set at approximately 5.89 trillion yuan, with a deficit rate of around 4%, consistent with 2025 [6][7] - The manufacturing PMI for February is reported at 49.0%, indicating a continued contraction in manufacturing activity [9][10] Industry Performance - The report notes that the communication sector saw a rise of 2.84%, while the agriculture, forestry, animal husbandry, and fishery sector declined by 2.02% [4] - The electric equipment and machinery sectors also experienced positive growth, with increases of 2.18% and 2.05% respectively [4] - The manufacturing price index remains in an expansion zone, with the main raw material purchase price index at 54.8% [10][11] Investment Opportunities - The report suggests that traditional industries will be prioritized for quality upgrades, with 200 billion yuan allocated for large-scale equipment updates [7] - There is a strong emphasis on nurturing emerging and future industries, with a target for R&D expenditure to grow by over 7% annually [7] - The report indicates that high-tech manufacturing investment remains robust, with a cumulative year-on-year growth of 16.9% in aerospace and equipment manufacturing fixed asset investment [7]

Core Viewpoint - BD Medical and Mindray Medical have officially established a significant partnership focused on the clinical flow cytometry field, aiming for comprehensive and in-depth channel cooperation to lay a solid foundation for future brand collaboration [1][2]. Group 1 - The collaboration represents a strong alliance, leveraging BD's technical expertise, professional talent, and solution advantages in flow cytometry, combined with Mindray's core competencies in intelligent platforms, local major projects, and channel resources [2]. - Both companies will deeply collaborate in areas such as product and digital innovation, channel empowerment and expansion, academic and brand promotion, and technical support to jointly advance the high-quality development of flow cytometry business and smart testing overall solutions [2].

Core Insights - The year 2025 marks a "watershed" moment for China's flow cytometry market, driven by geopolitical uncertainties and a shift towards "deep localization" as a survival necessity for companies [1][2] Market Overview - The total bid amount for flow cytometers in 2025 reached 641,297,934 yuan, with a total of 486 units awarded [3] - BD retained the top position in bid amounts, while Beckman Coulter surpassed BD in bid quantity, indicating a significant market reshuffle influenced by geopolitical factors and localization strategies [2][5] Competitive Landscape - Beckman Coulter emerged as the top bidder in terms of quantity, while BD maintained the highest bid amount, with the gap in bid amounts between the two companies narrowing from nearly 20% in 2024 to less than 3% in 2025 [10] - The top three companies accounted for over 60% of the total bid amount, while the top ten accounted for over 90% [3][5] Product Performance - Beckman Coulter dominated the top ten bid models, securing the first, second, fifth, and sixth positions with models such as DxFLEX and CytoFLEX [7][9] - The highest bid price for a flow cytometer was 11,486,000 yuan for Standard BioTool's Hyperion XTi, while the lowest was under 50,000 yuan for a model from Rescale [11] User Demand and Market Trends - Hospitals accounted for approximately 48.83% of the bid amount and 48.03% of the bid quantity, with a notable increase in demand from disease control centers, particularly due to a large order from the Xinjiang CDC [15] - The market is witnessing a shift towards lower-tier cities, with significant growth expected in the southwest and central regions of China [20] Regional Insights - The top regions for flow cytometer bids in 2025 included Guangdong (11.9%), Beijing (10.8%), and Shanghai (9.9%), with increasing demand in the southwest and central regions [17][19]

Summary of Mindray's Conference Call Company Overview - **Company**: Mindray (300760.SZ) - **Industry**: Medical Equipment and Technology - **Key Focus Areas**: Patient monitoring systems, medical imaging, and in-vitro diagnostics (IVD) [8][9] Key Takeaways Domestic Medical Equipment Market - The market concentration for ultrasound equipment is high, limiting opportunities for new entrants [2] - Mindray expects its domestic growth rate to align with the overall market growth, influenced by the central government's new five-year plan [2] - Channel inventory has been reduced to a comfortable level by the end of 2025, with potential for further reduction in 2026 [2] - Launch of an endoscopic surgical robot is anticipated in 2027 [2] IVD Business Outlook - The Chinese IVD market is projected to decline by mid-to-high single digits in 2026 due to volume decreases from VBP price reductions and DRG/DIP implementation [3] - Mindray aims to increase its market share in immunology, biochemistry, and hemostasis from 10% in 2025 to 20% within three years [3] - The hematology business holds a 50% market share, having become the number one in the Chinese market in 2020 [3] - Confidence in replicating the domestic substitution trend in hemostasis testing if VBP is implemented [3] Overseas Market Strategy - Mindray's monitoring business has achieved the number one market share in patient monitors in the UK, with goals to replicate this in Germany, Italy, and Spain [4] - Over 50% of European business revenue comes from monitoring and life support, indicating strong growth potential [4] - The global monitoring business has significant room for market share improvement, focusing on technological innovation rather than low pricing [4] - The IVD business is concentrated in emerging markets, with lower priority for the US market due to high investment needs [4] Financial Projections and Investment Thesis - Mindray's revenue from China is projected to be 55% of total revenue in 2024 [8] - The company is trading below its five-year average forward P/E due to policy risks [8] - Key catalysts for growth include recovery in procurement activities, updates on medical device trade-in programs, and new product launches [8] - The 12-month target price is set at Rmb285, indicating a potential upside of 53.3% from the current price of Rmb185.92 [10] Risks and Challenges - Key downside risks include further impacts from VBP on product pricing, slower penetration into top-tier hospitals in China, challenges in entering North American and European markets, patent-related lawsuits, and unexpected changes in trade policies [9] Additional Insights - Mindray's market cap is Rmb225.3 billion (approximately $32.9 billion) with an enterprise value of Rmb206.1 billion (approximately $30.1 billion) [10] - The company has a strong financial return profile, with a CROCI of 48.4% projected for 2025 [10] - The company is rated as a "Buy" by Goldman Sachs, reflecting confidence in its market leadership and growth potential [8][9]

Core Insights - The report highlights a focus on various sectors, including real estate, transportation, and renewable energy, with specific stock recommendations for March 2026 [1][4][5][10][13]. Stock Recommendations - The report lists a selection of stocks for March 2026, including Poly Real Estate Group (0119.HK), CITIC Hainan Airlines (000099.SZ), and Mindray Medical (300760.SZ) among others [1]. Market Performance - The Shanghai Composite Index closed at 4182.59, up by 0.47%, while the Shenzhen Component Index decreased by 0.20% to 14465.79 [1]. - The performance of various industry indices shows significant gains in sectors like oil and petrochemicals (up 7.95%) and coal (up 3.77%), while sectors like media and computer saw declines [1]. Renewable Energy Sector Insights - The report anticipates a robust growth in global electric vehicle sales in 2026, which will drive demand for batteries and materials [4][9]. - The report notes a significant price increase in lithium carbonate due to Zimbabwe's ban on lithium ore exports, emphasizing the importance of monitoring the supply chain [4][9]. - The solar energy sector is expected to see increased investment driven by trends like "anti-involution" and "space solar power," with a focus on domestic manufacturers [4][9]. Transportation Sector Insights - The report discusses the impact of geopolitical tensions, particularly the U.S. military actions against Iran, on global oil transportation, predicting increased shipping costs due to supply chain disruptions [5][13][14]. - The introduction of Tesla's Cybercab is noted as a significant advancement in autonomous vehicle technology, marking a shift towards dedicated Robotaxi services [5][13][14]. Investment Recommendations - The report suggests focusing on opportunities in the shipping sector due to geopolitical tensions, recommending stocks like China Merchants Energy (601872.SH) and COSCO Shipping (601919.SH) [16]. - It also highlights potential investments in the low-altitude economy and autonomous driving sectors, recommending companies like CITIC Hainan Airlines and others in the logistics space [16][17].