Core Viewpoint - The third Youth Academic Conference on Ultrasound Medicine organized by the Chinese Medical Association focuses on innovation and vitality in the field of ultrasound medicine, addressing clinical issues, basic research, scientific innovation, and the transformation of research results [1][6]. Group 1: Conference Highlights - The conference covers hot topics in ultrasound medicine, including clinical problems, basic research, and new technologies [1]. - The theme of the conference is "Innovation and Vitality," emphasizing the need for collaboration and new methodologies in ultrasound medicine [1]. Group 2: Company Initiatives - Mindray Medical organized the "瑞影·超声数智影像生态发展大会" during the conference, showcasing the "瑞影生态" (Ruiying Ecosystem) which integrates "equipment + IT + AI" [6][15]. - The Ruiying Ecosystem focuses on four key highlights: precise diagnosis, homogeneous medical care, open management, and research innovation [6][15]. Group 3: Challenges in Ultrasound Imaging - The ultrasound imaging field faces challenges such as inefficient diagnosis and treatment, uneven resource distribution, and obstacles in scientific research [8]. - There is a need to transition from "ultrasound imaging" to a comprehensive "ultrasound imaging ecosystem" to address these challenges [8]. Group 4: Technological Advancements - Mindray Medical's AI technology enhances various aspects of ultrasound applications, including imaging, workflow, quantitative analysis, and auxiliary diagnosis, thereby improving efficiency and accuracy [12]. - The Ruiying Ecosystem's remote ultrasound system has reached over 47,000 professional users and facilitated more than 10,000 online teaching and real-time consultation sessions in 2024 [13]. Group 5: Future Outlook - The Ruiying Ecosystem aims to promote personalized and universal ultrasound imaging technology in the medical field, focusing on precise medical care and resource flow [16]. - Mindray Medical plans to enhance its AI applications in the medical imaging sector, with the launch of the Nuewa A20 solution expected to drive growth in the domestic ultrasound market [15].

金十图示：2025年07月30日（周三）富时中国A50指数成分股午盘收盘行情一览：银行板块、电力股、周期股走强 光大银行 2422.51亿市值 3.94亿成交额 4.10 +0.05(+1.23%) 保险 中国太保 中国人保 中国平安 4 3781.15亿市值 3748.09亿市值 11122.81亿市值 10.91亿成交额 37.49亿成交额 5.18亿成交额 8.55 38.96 61.08 +0.68(+1.78%) +1.59(+2.67%) -0.01(-0.12%) 酿酒行业 贵州茅台 山西汾酒 五粮液 18230.57亿市值 2262.55亿市值 4840.75亿市值 29.38亿成交额 9.14亿成交额 14.87亿成交额 1451.25 185.46 124.71 +12.25(+0.85%) +2.43(+1.33%) +1.19(+0.96%) 米含体 北方华创 寒武纪-U HACO 2918.16亿市值 3291.96亿市值 2546.76亿市值 19.92亿成交额 12.06亿成交额 25.70亿成交额 352.93 697.54 141.63 +8.14(+2.36%) -13.2 ...

医疗板块器械、CXO齐发力，迈瑞医疗大涨超4%，药明康德续涨逾2%。A股最大医疗ETF（512170） 盘中涨逾1%，价格创2024年11月13日以来新高，实时成交超5亿元。今日有望实现日线11连阳，续创上 市6年来最长连阳纪录！ 近期制药、医疗板块利好频发，催化密集。 药明康德交出"史上最强"半年报。上半年营业收入、净利润、在手订单均创下历史新高，第二季度单季 营收首次站上百亿元台阶。公司启动首次中期分红10亿元，并上调全年收入增速预期至13%-17%。 A股"吃药"行情继续！7月30日早盘，创新药、中药联袂拉涨，全市场首只也是目前唯一跟踪制药指数 的药ETF（562050）盘中摸高1.37%，成份股华润双鹤一度涨停，科伦药业、达仁堂涨超5%居前。 把握中国龙头药企价值重估机遇，配置工具关注国内首只药ETF（562050）。聚焦A股50大龙头药企， 重仓创新药，兼顾高壁垒仿制药及中药，且完全不含医疗和CXO。 把握CXO、医疗器械拐点向上机遇，可以关注A股最大医疗ETF（512170）。聚焦"医疗器械+医疗服 务"，与AI医疗高相关，覆盖6只CXO龙头股。场外联接基金（A类 162412 / C类 0123 ...

Group 1 - The medical device sector is active, with the Medical Innovation ETF (516820.SH) rising by 0.51% and key stocks like Baillie Tianheng (688506) up by 3.01%, Mindray Medical (300760) up by 2.50%, and WuXi AppTec (603259) up by 2.41% [1] - The National Healthcare Security Administration held a seminar to support the high-quality development of innovative drugs and medical devices, indicating strong government backing for the sector [1] - The securities firm Guotai Junan noted that while the industry faces tightening internal environments and external uncertainties, growth rates are expected to rebound as external disturbances diminish [1] Group 2 - Market funds are shifting from high-valued sectors to reasonably valued tracks, with core assets in medical innovation gradually rebounding [2] - The Medical Innovation ETF (516820) is highlighted as a potential entry point for investors looking to capitalize on the recovery of the medical sector [2] - Many of the top ten component stocks are currently valued below the historical 20th percentile, indicating a significant margin of safety for investors [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - In 2025Q2, the proportion of pharmaceutical stocks held by public - offering funds increased, while the proportion of foreign - owned shares remained basically flat. Different pharmaceutical sub - industries showed varying trends in the proportion of heavy - position market value held by funds [2][8] 3. Summary by Relevant Catalogs 3.1 Pharmaceutical Industry Public - Offering Fund Holdings and Foreign - Owned Share Proportions - **Public - Offering Fund Holdings**: In 2025Q2, the proportion of all A - share public - offering funds in the pharmaceutical industry was 10.05%, a quarter - on - quarter increase of 0.82pp; after excluding active pharmaceutical funds, the proportion was 7.25%, a quarter - on - quarter increase of 0.90pp; after further excluding index funds, the proportion of pharmaceutical holdings was 7.38%, a quarter - on - quarter increase of 1.95pp. The proportion of the total market value of Shenwan pharmaceutical stocks was 6.32%, a quarter - on - quarter increase of 0.06pp [2][11] - **Foreign - Owned Shares**: In 2025Q2, the total market value of the pharmaceutical and biological sector held by Shanghai - Hong Kong and Shenzhen - Hong Kong Stock Connect accounted for 2.3%, a quarter - on - quarter decrease of 0.14pp, and the total market value of shares held was 149.11 billion yuan, a decrease of 0.3 billion yuan from the beginning of the period [8][12] 3.2 Pharmaceutical Sub - Industry Public - Offering Fund Holdings 3.2.1 Pharmaceutical Funds - **Top Three in Quarter - on - Quarter Increase**: Chemical preparations accounted for 42.3%, with the largest quarter - on - quarter increase of 17.5pp; other biological products accounted for 16.99%, a quarter - on - quarter increase of 9.9pp; medical R & D outsourcing accounted for 16.5%, a quarter - on - quarter increase of 5.5pp [5][18] - **Bottom Three in Quarter - on - Quarter Change**: Medical consumables accounted for 2.34%, a quarter - on - quarter change of - 0.36pp; offline pharmacies accounted for 0.4%, a quarter - on - quarter decrease of 0.11pp; pharmaceutical circulation accounted for 0.2%, a quarter - on - quarter increase of 0.02pp [5][18] 3.2.2 Non - Pharmaceutical Funds - **Top Three in Quarter - on - Quarter Increase**: Other biological products accounted for 0.54%, with the largest quarter - on - quarter increase of 0.23pp; chemical preparations accounted for 0.74%, a quarter - on - quarter increase of 0.11pp; traditional Chinese medicine accounted for 0.17%, a quarter - on - quarter increase of 0.02pp [6][24] - **Bottom Three in Quarter - on - Quarter Decrease**: Medical equipment accounted for 0.54%, a quarter - on - quarter decrease of 0.04pp; medical R & D outsourcing accounted for 0.23%, a quarter - on - quarter decrease of 0.04pp; medical consumables accounted for 0.15%, a quarter - on - quarter decrease of 0.04pp [6][24] 3.3 Pharmaceutical Companies by Public - Offering Fund Holdings 3.3.1 By Number of Holding Funds - **Top Five in Number of Holding Funds**: Hengrui Medicine (552 funds), WuXi AppTec (403 funds), Innovent Biologics (298 funds), Mindray Medical (274 funds), and 3SBio (208 funds) [4] - **Top Five in Increase of Number of Holding Funds in 2025Q2**: Yifang Biotech - U (increase of 84), Xintiandi (increase of 41), Baili Tianheng (increase of 36), Tigermed (increase of 32), and Rejing Bio (increase of 28) [33] - **Top Five in Decrease of Number of Holding Funds in 2025Q2**: Dong'e E - Jiao (decrease of 77), Aier Eye Hospital (decrease of 51), Aibo Medical (decrease of 43), Kanglong化成 (decrease of 33), and Changchun High - tech (decrease of 24) [35] 3.3.2 By Total Market Value of Holdings - **Top Five in Total Market Value of Holdings**: Hengrui Medicine (29.5 billion yuan), WuXi AppTec (27.7 billion yuan), Innovent Biologics (22.7 billion yuan), Mindray Medical (15.5 billion yuan), and Baili Tianheng (11.9 billion yuan) [4] - **Top Five in Increase of Total Market Value of Holdings in 2025Q2**: Huatai Medical (+9.78 billion yuan), Renfu Medicine (+9.38 billion yuan), Yunnan Baiyao (+6.7 billion yuan), New Industry (+5.08 billion yuan), and Fosun Pharma (+4.24 billion yuan) [4] - **Top Five in Decrease of Total Market Value of Holdings in 2025Q2**: Kanghong Pharmaceutical (-2.36 billion yuan), Alis ( - 2.03 billion yuan), BGI Genomics (-1.61 billion yuan), Xingqi Eye Drops (-1.45 billion yuan), and Aotai Biotech (-1.38 billion yuan) [41] 3.3.3 By Proportion of Circulating Shares Held - **Top Five in Proportion of Circulating Shares Held**: BeiGene - U (24.9%), Huatai Medical (22.9%), Zai Lab - U (22.6%), Haisco (22.4%), and 3SBio (21.0%) [4] - **Top Five in Increase of Proportion of Circulating Shares Held in 2025Q2**: BeiGene - U (+21.9pp), Yunnan Baiyao (+15.4pp), Zai Lab - U (+20.7pp), Haooubo (+12.3pp), and Shenzhou Cell (+12.0pp) [45] - **Top Five in Decrease of Proportion of Circulating Shares Held in 2025Q2**: Meihua Medical (-15.8pp), Kangwei Century (-14.5pp), San诺生物 (-12.1pp), Hitae Shinco (-11.7pp), and Dizal Pharma - U (-11.6pp) [47] 3.3.4 By Proportion of Total Shares Held - **Top Five in Proportion of Total Shares Held**: BeiGene - U (24.9%), Haisco (22.4%), 3SBio (17.1%), Zai Lab - U (15.7%), and United Imaging Healthcare (15.0%) [4] - **Top Five in Increase of Proportion of Total Shares Held in 2025Q2**: BeiGene - U (+21.9pp), Zai Lab - U (+15.0pp), United Imaging Healthcare (+12.0pp), Haisco (+14.3pp), and WuXi AppTec (+10.5pp) [51] - **Top Five in Decrease of Proportion of Total Shares Held in 2025Q2**: Hitae Shinco (-11.8pp), Aibo Medical (-10.5pp), Linuo Pharmaceutical Packaging (-10.3pp), San诺生物 (-9.6pp), and Huatai Medical (-9.5pp) [53]

Investment Rating - The report indicates a positive trend in the pharmaceutical sector, with public fund holdings increasing, suggesting a favorable investment outlook for the industry [3][10]. Core Insights - The pharmaceutical sector's public fund holdings reached 10.05% in Q2 2025, an increase of 0.82 percentage points (pp) from the previous quarter. Excluding active pharmaceutical funds, the holding percentage was 7.25%, up by 0.90 pp [3][10]. - The chemical preparation sub-sector saw the largest increase in public fund holdings, rising to 42.3%, an increase of 17.5 pp. Other biological products and medical research outsourcing also showed significant increases [4][19]. - The total market capitalization of the pharmaceutical sector was reported at 66,196 billion, with a market share of 6.32% in the overall A-share market [10][14]. Summary by Sections Public Fund Holdings - The total public fund holdings in the pharmaceutical sector increased to 10.05%, with a notable rise in the chemical preparation sector [3][10]. - The top five companies by public fund holdings include 恒瑞医药 (Hengrui Medicine) with 295 billion, 药明康德 (WuXi AppTec) with 277 billion, and 信达生物 (Innovent Biologics) with 227 billion [9][27]. Sub-sector Performance - The top three sub-sectors with increased market capitalization in public funds are: 1. Chemical preparations: 42.3%, +17.5 pp 2. Other biological products: 16.99%, +9.9 pp 3. Medical research outsourcing: 16.5%, +5.5 pp [4][19]. - The medical consumables sector saw a decrease to 2.34%, down by 0.36 pp, indicating a shift in investment focus [4][19]. Foreign Investment - Foreign investment in the pharmaceutical sector remained stable, with a total market value of 1491.1 billion, representing 2.3% of the sector [7][11]. Changes in Holdings - The report highlights significant changes in holdings, with 惠泰医疗 (Huitai Medical) seeing an increase of 97.8 billion in fund holdings, followed by 人福医药 (Renfu Pharmaceutical) with 93.8 billion [9][27].

Group 1 - The A-share market showed strength on July 29, with the ChiNext Index rising by 1.28% and the Tianhong ChiNext ETF (159977) increasing by 1.18%, with a trading volume exceeding 31 million yuan [1] - Over the past 30 trading days, the Tianhong ChiNext ETF has accumulated a gain of over 15% [1] - As of July 28, the latest circulating scale of the Tianhong ChiNext ETF is 8.724 billion yuan, closely tracking the ChiNext Index, which consists of 100 representative companies in the ChiNext market [3] Group 2 - Notable stocks within the ChiNext Index include Tianfu Communication, which rose over 12%, along with other stocks like Zhongji Xuchuang, Taige Pharmaceutical, and Xinyisheng [2] - The current market structure is shifting from a "barbell strategy" to "middle assets," with the technology and innovation sectors, represented by the ChiNext Index and the Sci-Tech 50, experiencing a cyclical turning point [3] - The first quarter profit growth rate of the ChiNext Index reached 19%, highlighting its profitability advantage among broad-based indices [3] Group 3 - The 2025 World Artificial Intelligence Conference is expected to catalyze new products and demands in the domestic AI industry chain, focusing on ten major sectors including AI infrastructure and intelligent terminals [4] - The AI industry chain in China is entering a phase of large-scale demonstration applications, with intelligent computing power expected to double by 2026, reaching a market size of approximately 33.7 billion USD [4] - Benefiting from the trends of inclusivity and intelligent equality, sectors such as scientific research, intelligent driving, and fintech are anticipated to gain from the widespread adoption of AI applications [4]

Core Insights - The ChiNext ETF Ping An (159964) has shown a significant increase in value, with a recent rise of 0.72% and a weekly increase of 3.16% as of July 28, 2025 [1] - The ETF has achieved a net value increase of 15.66% over the past six months, with a maximum monthly return of 37.37% since its inception [2] - The ETF's management fee is 0.15%, and its tracking error over the past two months is 0.016%, indicating strong performance in tracking the ChiNext Index [4][5] Performance Metrics - As of July 28, 2025, the ChiNext ETF Ping An has a year-to-date relative drawdown of 0.13%, with a recovery period of 101 days, which is relatively quick compared to similar funds [3] - The ETF's average monthly return is 6.56%, with an annualized profit percentage of 60.00% [2] - The Sharpe ratio for the past month is 1.96, placing it in the top 3 out of 16 comparable funds, indicating higher returns for the same level of risk [2] Fund Composition - The ChiNext Index, which the ETF closely tracks, consists of 100 stocks with high market capitalization and liquidity, reflecting the performance of the ChiNext market [6] - As of June 30, 2025, the top ten weighted stocks in the ChiNext Index account for 51.16% of the index, with Ningde Times (300750) holding the highest weight at 18.77% [6][8]

Summary of Key Points from the Medical Device Industry Conference Call Industry Overview - The medical device industry is benefiting from policy support such as procurement optimization, innovation encouragement from health insurance, and accelerated review processes by the National Medical Products Administration, which is expected to restore sector valuations and attract more investments, particularly in companies that have not participated in procurement or benefit from it, such as Xinmai Medical and Nanwei Medical [1][4] Core Insights and Arguments - The medical device sector is anticipated to reach an inflection point in Q3 2025, with leading companies like United Imaging, Mindray, Kaili, and Aohua beginning to show performance improvements. United Imaging is expected to achieve over 50% revenue growth in the second half of the year, although some companies are still in a destocking phase, indicating a clear overall recovery trend [1][5] - The high-value consumables segment's long-term outlook depends on the clearance of procurement processes. Companies like Chunli Medical have cleared procurement, while others like Huitai Medical, Guichuang Tongqiao, and Aibao Medical are benefiting from accelerated procurement entry. Companies such as Xinmai Medical, Nanwei Medical, and Anjies are also noteworthy [1][6][7] - Internationalization capabilities are crucial for the medical device industry. Companies like United Imaging and Mindray have validated their internationalization capabilities, with United Imaging expected to see over 50% revenue growth in the second half of the year, highlighting the vast overseas market potential [1][8] Performance and Future Expectations - The medical device sector is currently experiencing a recovery phase following improved bidding conditions in Q4 2024. Companies like United Imaging, Mindray, Kaili, and Aohua are beginning to show performance improvements, with United Imaging expected to achieve double-digit revenue growth in Q2 and over 50% growth in the second half of the year [1][5] - The IVD (in vitro diagnostics) segment is optimistic about the overseas growth potential of Huayao's new industry, with overseas revenue accounting for 40%. However, domestic policies may impact volume and pricing in the short term, while the long-term international outlook remains positive [3][11] Investment Opportunities - Companies to watch in the high-value consumables segment include Xinmai Medical and Chunli Medical, with the latter's overseas revenue expected to exceed 50% in the future. Additionally, MicroPort is recommended due to its recent governance improvements and investment potential [1][10] - In the low-value consumables segment, Yingke Medical is highlighted for its potential explosive growth in U.S. orders following production in Southeast Asia, with overseas revenue accounting for approximately 85% [3][12] - The investment selection for different segments should focus on internationalization progress and performance recovery in the medical device and equipment sector, while high-value consumables should consider procurement recovery, valuation restoration, new product launches, and internationalization progress [1][13] Company-Specific Insights - MicroPort is expected to gradually turn profitable from 2024 to 2026, with projected profits reaching 630 million RMB in 2026. The company is also seeing an increase in state-owned capital share to 15.5%, which is expected to enhance its strategic support and industrial synergy [1][14][16] - New businesses within MicroPort, such as robotics and new product lines, are maintaining high growth rates, contributing significantly to overall performance [1][17] - MicroPort's self-owned products are expected to see a revenue growth rate of over 70% in 2025, establishing a third growth curve for the company [1][18] Valuation and Market Outlook - The company anticipates profits of over 1.4 billion, 1.8 billion, and around 2.1 billion RMB from 2025 to 2027, reflecting an optimistic outlook for profitability in the coming years [1][24] - The company's price-to-earnings (PE) ratio is expected to decline gradually, indicating a more attractive valuation as profitability improves [1][25] Conclusion - The medical device industry is poised for recovery and growth, driven by supportive policies and internationalization efforts. Companies like United Imaging, Mindray, and Yingke Medical are positioned well for future performance, while MicroPort's strategic developments and new business growth present significant investment opportunities [1][26][27]

Group 1 - The core viewpoint of the news is the performance and holdings of the Industrial and Commercial Bank of China Medical Healthcare Stock Fund, which has shown significant growth in recent months and has a diversified portfolio in the healthcare sector [1][3] - The latest net value of the fund is 2.9160 yuan, reflecting a growth of 2.50%. The fund's return over the past month is 12.94%, ranking 280 out of 1035 in its category. Over the past six months, the return is 29.37%, ranking 125 out of 1001, and since the beginning of the year, the return is 27.95%, ranking 148 out of 991 [1] - The top ten holdings of the fund account for a total of 44.59%, with significant investments in companies such as Heng Rui Pharmaceutical (7.52%), Kelun Pharmaceutical (6.50%), and BeiGene (5.08%) [1] Group 2 - The fund was established on November 18, 2014, and as of June 30, 2025, it has a total scale of 2.797 billion yuan. The fund managers are Zhao Bei and Ding Yang [1] - Zhao Bei has extensive experience in the healthcare sector, having served as the fund manager for various healthcare-related funds since 2014, while Ding Yang joined the company in December 2017 and has been involved in managing healthcare investment funds [2]