证券研究报告 | 2025年11月26日 2025年11月27日 医药生物周报（25 年第 46 周） 优于大市 化脓性汗腺炎治疗药物梳理 本周医药板块表现弱于整体市场，医药商业板块领跌。本周全部 A 股下跌 4.32%（总市值加权平均），沪深 300 下跌 3.77%，中小板指下跌 5.10%， 创业板指下跌 6.15%，生物医药板块整体下跌 6.88%，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 7.02%，生物制品下跌 7.46%，医疗服务下跌 6.90%，医疗器械下跌 6.38%，医药商业下跌 7.67%，中药下跌 6.46%。医药生物市盈率（TTM）36.69x，处于近 5 年历史估值的 78.22%分位数。 化脓性汗腺炎治疗药物梳理。化脓性汗腺炎（HS）是一种慢性、复发性、 毁容性、炎症性皮肤病。一般认为西方人群的真实患病率~1%，美国确诊 HS 患者~32 万人（其中~20 万为中重度患者）；中国 HS 患病率~0.03%（~40 万人，已被列入第二批罕见病目录），其中中重度患者~30 万人。HS 一线 疗法以抗菌为主，二线生物制剂疗法主要为阿达木单抗（TNFα）、司库奇 尤单抗 ...

Company Overview - Mindray Medical is a leading company in the medical device industry, focusing on the research, manufacturing, marketing, and service of medical instruments [1][2] - The company was established on January 25, 1999, and went public on October 16, 2018 [1] Financial Performance - For the period from January to September 2025, Mindray Medical reported a revenue of 25.834 billion yuan, a year-on-year decrease of 12.38% [2] - The net profit attributable to the parent company for the same period was 7.570 billion yuan, down 28.83% year-on-year [2] - Since its A-share listing, the company has distributed a total of 35.336 billion yuan in dividends, with 25.025 billion yuan distributed over the past three years [3] Stock Performance - As of November 27, Mindray Medical's stock price increased by 2.02% to 197.31 yuan per share, with a total market capitalization of 239.227 billion yuan [1] - The stock has experienced a decline of 21.19% year-to-date, with a 0.77% drop over the last five trading days and an 8.37% decrease over the last 20 days [1] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 18.86% to 108,800, while the average number of circulating shares per person decreased by 15.87% to 11,139 shares [2] - The top ten circulating shareholders include significant institutional investors, with notable reductions in holdings among several ETFs [3]

（文章来源：证券日报） 证券日报网讯迈瑞医疗11月26日在互动平台回答投资者提问时表示，截至2025年9月30日，公司股东总 数为108835户。 ...

摘要 ： IVD相关的自动化临床实验室分别有6家公司入围。其中有两家国产流式细胞仪生产企业入围，分别为深圳迈瑞生物医疗电子 股份有限公司和桂林优利特医疗电子有限公司。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 11月25日，中华人民共和国工业和信息化部装备工业一司发布了2025年高端医疗装备推广应用项目公示，共遴选出 57个高端医疗装备推广应用项目。 其中有两家国产流式细胞仪生产企业入围 ，分别为 桂林优利特医疗电子有限公司 和 深圳迈瑞生物医疗电子股份有限公司 。 | 46 | | 应用项目。 | 流式细胞分析仪推广深圳迈瑞生物医疗电子。 子股份有限公司。 | | 上海交通大学医学院附属第九人民医院、哈尔滨医科大 学附属第一医院、首都医科大学附属北京佑安医院、天 | | --- | --- | --- | --- | --- | --- | | | 流式细胞分析仪。 | | | | 市南山区人民医院、长沙市中心医院、南阳市中心医院、 新疆维吾尔自治区人民医院 | | 478 | | | 高性能流式细胞仪推桂林优利特医疗电子广州医科大 ...

Group 1 - The core viewpoint of the articles highlights the Chinese government's initiatives to promote the high-quality development of the medical device industry through various supportive measures and regulatory reforms [1][2]. - Beijing's measures include 15 supportive actions aimed at enhancing clinical research, registration, production, application, and international expansion of innovative medical devices [1]. - Shanghai's measures focus on expediting the registration process for innovative Class II medical devices, aiming to reduce the average registration cycle to within six months [1][2]. Group 2 - The "14th Five-Year Plan" emphasizes support for the development of innovative drugs and medical devices, indicating a robust growth trajectory for China's medical industry [2]. - The medical device market in China is projected to grow from 729.8 billion RMB in 2020 to 941.7 billion RMB by 2024, with a compound annual growth rate (CAGR) of 6.6%, and is expected to reach 1.81 trillion RMB by 2035 [2]. - The A-share market for medical devices has a total market capitalization of 1.38 trillion RMB, with major companies like Mindray Medical and United Imaging Healthcare leading the sector [3]. Group 3 - There are 45 medical device stocks with a rolling price-to-earnings (P/E) ratio below 40, including 12 stocks with a P/E ratio below 20, indicating potential undervaluation in the sector [4]. - As of November 25, 20 stocks have seen a price decline of over 20% from their yearly highs, with five stocks experiencing declines exceeding 30% [4]. - Aibo Medical, a leading manufacturer of high-end artificial lenses, reported a net profit of 290 million RMB for the first three quarters, a year-on-year decrease of 8.64%, but anticipates steady growth in sales by 2026 [4].

深港通医疗(港币)（983036）指数十大成份股详情如下： 证券之星消息，11月25日，深港通医疗(港币)（983036）指数报收于4375.4点，涨0.52%，成交84.59亿 元，换手率0.84%。当日该指数成份股中，上涨的有40家，平安好医生以4.27%的涨幅领涨，下跌的有16 家，瑞迈特以1.98%的跌幅领跌。 近10日内深港通医疗(港币)（983036）指数成份股做了调整，新纳入了1只股票。 | 调整日期 | 股票代码 | 股票简称 | 行业 | 总市值 | 来 | | --- | --- | --- | --- | --- | --- | | 2025-11-24 | 301584 | 建发致新 | 医药生物 | 138.86 7 | 纳入 | | 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 | | --- | --- | --- | --- | --- | --- | --- | | sz300760 | 迈瑞医疗 | 14.56% | 193.88 | 0.46% | 2350.68 | 医药生物 | | sz300015 | 爰尔眼科 | 11 ...

证券之星消息，11月25日，深港通医疗（983035）指数报收于4488.12点，涨0.45%，成交77.19亿元，换 手率0.84%。当日该指数成份股中，上涨的有40家，平安好医生以4.27%的涨幅领涨，下跌的有16家，瑞 迈特以1.98%的跌幅领跌。 深港通医疗（983035）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 | | --- | --- | --- | --- | --- | --- | --- | | sz300760 | 迈瑞医疗 | 14.56% | 193.88 | 0.46% | 2350.68 | 医药 | | sz300015 | 爰尔眼科 | 11.62% | 11.59 | 0.35% | 1080.81 | 医药 | | sz300003 | 乐晋医疗 | 4.85% | 15.80 | 0.45% | 291.26 | 医药 | | sz300896 | 爱美客 | 4.80% | 145.54 | -0.31% | 440.39 | 美容 | | sz002223 | 鱼跃医疗 | 4.66% | ...

（原标题：首次！创业板50ETF泰国上市 中国核心科技资产"出海"东南亚） 中国核心科技资产成功开拓东南亚市场！ 11月25日，以景顺长城创业板50ETF为底层资产的存托凭证（Depository Receipt）（创业板50ETF-DR）在泰国证券交易所敲钟上市，为泰国投资 者提供投资创业板50指数的上市产品。 这是中国A股上市ETF首次以存托凭证的形式在泰国上市交易，也是泰国首只创业板50指数的上市产品，标志中国核心科技资产走进东南亚市场， 为中泰金融合作增添新的实践案例。 一直以来，创业板50指数出海进程蹄疾步稳，去年6月成功登陆爱尔兰、英国、德国、瑞士、意大利等欧洲五大主流交易所。 对中国核心资产投资需求快速增加 2025年是中国与泰国建交的五十周年，两国经济和金融合作日益深化。随着中国经济高质量发展以及资本市场的制度型开放，泰国投资者对中国 核心资产的投资需求快速增加，近年来当地市场不断涌现出投资中国的相关产品，中国投资成为热门话题。 记者获悉，景顺集团发挥自身在全球客户网络的优势，与当地发行商InnovestX合作在泰国证券交易所发行上市底层为景顺长城创业50ETF的存托 凭证，为泰国投资者提供直 ...

Core Viewpoint - The company, Yingte Group, confirmed its collaboration with several medical device suppliers, including Mindray Medical, in response to an investor inquiry on an interactive platform [1]. Group 1 - Yingte Group is primarily engaged in the wholesale and retail business of pharmaceuticals and medical devices [1]. - The company has business cooperation with multiple suppliers in the medical device sector, indicating a diversified supplier network [1].

Core Viewpoint - The successful listing of the Invesco Great Wall ChiNext 50 ETF Depository Receipts on the Thailand Stock Exchange marks a significant step for Chinese core technology assets entering the Southeast Asian market, enhancing Sino-Thai financial cooperation [2][4]. Group 1: Market Expansion - This is the first time a Chinese A-share listed ETF has been launched in Thailand via depository receipts, representing a new product for the Thai market [2]. - The ChiNext 50 Index has been expanding internationally, having previously listed in major European exchanges [2]. - The Shenzhen Stock Exchange is committed to internationalizing ChiNext products, aiming to create a cross-border trading ecosystem for these ETFs [2][4]. Group 2: Investment Demand - There is a rapidly increasing demand from Thai investors for Chinese core assets, driven by China's high-quality economic development and capital market reforms [4]. - The collaboration between Invesco and local issuer InnovestX aims to provide Thai investors with direct access to the ChiNext 50 Index [4]. Group 3: Index Characteristics - The ChiNext 50 Index focuses on high-tech sectors such as new energy, advanced manufacturing, and biomedicine, making it an attractive investment for capturing China's technological growth [6]. - The index has shown strong liquidity and market performance, with a year-to-date increase of 51.58% and a cumulative increase of 56.49% as of November 18 [7][8]. Group 4: Performance Metrics - The average revenue growth rate for the ChiNext 50 Index constituents was 21.07% in the mid-2025 reporting season, with a net profit growth rate of 16.63% [9]. - The top ten weighted stocks in the index demonstrated significant growth, with an average revenue growth of 48.93% and a net profit growth of 82.03% [9]. - The index excludes traditional cyclical industries, focusing instead on high-tech sectors, which enhances its technological concentration [10]. Group 5: Industry Insights - The ChiNext 50 Index is positioned to support innovative enterprises in sectors like power batteries and photovoltaic inverters, which have international competitiveness [11]. - The overseas revenue proportion for the ChiNext 50 Index is 35.17%, indicating strong global market integration [11].