上市公司回购增持是"市场之手"与"企业之手"的有效联动。 深市上市公司回购增持计划呈现出重点行业聚力的态势。电子、生物医药、机械设备、电力设备领域公 司成为回购主力军，合计占比达40.97%；生物医药、机械设备、基础化工、家用电器领域公司成为增 持先锋队，合计占比达37.78%，充分体现了相关实体产业对发展前景的乐观预期。 其中，宁德时代公告，截至2025年底，公司以集中竞价交易方式累计回购1599.08万股，占公司同日A股 总股本的0.36%，成交总金额43.86亿元；美的集团累计回购2056.46万股，占总股本的0.27%，支付总金 额为15.1亿元；潍柴动力累计回购5025.25万股，占总股本的0.58%，支付总金额为7.61亿元；蓝思科技 公告累计回购740.96万股，占总股本的0.15%，支付总金额为2.15亿元。 第一财经记者获悉，去年，深市上市公司共披露回购增持计划424单。其中回购计划288单，回购金额上 限达827.25亿元；增持计划136单，增持金额上限达315.21亿元。自回购增持专项贷款落地以来，383家 公司及主要股东取得股票回购增持专项贷贷款承诺函，贷款额度共计829.81亿元。 ...

天眼查工商信息显示，近日，济南迈瑞科技有限公司成立，法定代表人为席彬，注册资本2000万人民 币，经营范围含仪器仪表制造、第一类医疗器械生产、仪器仪表销售、货物进出口、技术进出口、进出 口代理等。股东信息显示，该公司由迈瑞医疗（300760）全资持股。 ...

内容概况：健康服务业市场主体的核心使命在于构建优良的组织环境，通过提供安全、有效、便捷且可 负担的基本医疗与公共卫生服务，全面满足居民各类明确及潜在的健康需求。随着社会进步与生活水平 的整体提升，以及人类生活方式的深刻变革，市场对健康相关产品与服务的总需求正在急剧扩大。以生 物技术和生命科学为引领，覆盖医疗卫生、营养保健、健身休闲等多维功能的健康产业，已成为二十一 世纪推动全球经济发展与社会进步的关键力量。近年来，在行业多项促进政策持续出台、标准体系日臻 完善，以及产业自身发展能力不断增强的共同驱动下，中国健康服务业实现了快速发展，展现出规模持 续扩张、结构不断优化、创新产品与服务层出不穷的蓬勃局面。数据显示，中国健康服务行业市场规模 从2018年的6.37万亿元增长至2024年的9.55万亿元，年复合增长率为6.98%。《"健康中国2030"规划纲 要》提出，2030年中国健康服务业总规模将达16万亿元，行业发展空间巨大。 相关上市企业：美年健康（002044）、通策医疗（600763）、瑞慈医疗（01526）、迈瑞医疗 （300760）、鱼跃医疗（002223）、英科医疗（300677）、晶泰控股（022 ...

Core Viewpoint - The A-share pharmaceutical sector in 2025 exhibits structural differentiation, with innovative drugs and CXO sectors thriving due to overseas demand and business development, while traditional Chinese medicine, medical devices, and pharmaceutical commerce face performance pressures [3][20]. Summary by Category Overall Market Performance - The A-share pharmaceutical and biotechnology sector saw an overall increase of 25.64% from January 1 to December 30, 2025, despite a slight decline in revenue and a stabilization in profits, with total revenue of 18,544.52 billion yuan, down 1.42% year-on-year, and net profit of 1,407.32 billion yuan, down 1.65% year-on-year [4][21]. Innovative Drug Sector - The innovative drug sector was a standout performer in 2025, with the chemical pharmaceutical segment rising by 32.58% and the medical services segment by 32.91% [4][21]. - Companies like BeiGene (百济神州) reported significant growth, achieving revenue of 27.595 billion yuan, a 44.2% increase year-on-year, surpassing the total revenue of 27.21 billion yuan for 2024 [4][22]. Business Development (BD) Trends - The business development landscape for innovative drug companies is evolving, with significant partnerships such as the 11.4 billion USD deal between Innovent Biologics and Takeda, and a 12.5 billion USD collaboration between Hengrui Medicine and GlaxoSmithKline [5][22][24]. - The total value of business development transactions reached approximately 94.158 billion USD in the first three quarters of 2025, significantly exceeding the total for 2024 [25]. CXO Sector Performance - The CXO sector, driven by the demand for innovative drug research, achieved a 32.91% increase in 2025, with total revenue of 1,365.72 billion yuan, up 3.63% year-on-year, and net profit of 209.12 billion yuan, up 36.47% year-on-year [10][27]. - Leading companies like WuXi AppTec (药明康德) and Kanglong Chemical (康龙化成) returned to growth, with WuXi AppTec reporting a revenue increase of 18.61% and net profit growth of 84.84% [28][31]. Traditional Chinese Medicine and Medical Devices - The traditional Chinese medicine sector experienced a modest increase of 6.75% in 2025, with total revenue of 2,590.69 billion yuan, down 4.33% year-on-year, and net profit of 294.99 billion yuan, down 1.53% year-on-year [36]. - The medical device sector reported a revenue of 1,792.10 billion yuan, down 2.24% year-on-year, with notable performance differences among sub-sectors, where companies like Mindray Medical (迈瑞医疗) showed strong overseas revenue growth [33][34].

Group 1 - The core investment theme for the pharmaceutical industry in 2025 is the overseas expansion of innovative drugs, which is expected to yield excess returns compared to the broader pharmaceutical sector and the CSI 300 index [2][21] - The innovative drug index has shown a significant increase, outperforming the pharmaceutical biological index by 37.48 percentage points, with a year-to-date increase of 65.99% [21] - Major transactions in the ADC and dual antibody fields are anticipated to continue, while there is a need to avoid repetitive competition in areas like small nucleic acids and focus on unmet clinical needs [3][4] Group 2 - The report emphasizes the importance of overseas markets for both innovative drugs and medical devices, suggesting that companies should seek growth opportunities beyond domestic market saturation [4][5] - The Chinese pharmaceutical industry is gradually becoming a global innovation center, with significant advancements in dual antibodies and ADCs, while also making strides in emerging fields like small nucleic acids and inhalation formulations [5][6] - The report highlights that the overseas authorization revenue has become a crucial funding source for innovative drug development, with a total upfront payment of $4.551 billion in the first three quarters of 2025 [29][32] Group 3 - The medical device sector is experiencing a shift towards overseas expansion, with a focus on high-value consumables and IVD products, as Chinese companies enhance their market share [7][55] - The export growth of high-value consumables is significant, with a recorded increase of 10.75% in the first half of 2025, particularly in the North American and European markets [57][66] - The report notes that the certification and market establishment processes for high-value consumables are long-term investments, requiring compliance with stringent regulations in the EU and the US [60][61] Group 4 - The recovery of financing in the domestic innovative drug sector has been robust, with a total of 324 financing events amounting to $5.51 billion in the first three quarters of 2025, marking a 67.6% increase year-on-year [70][72] - The CXO industry is experiencing varied recovery rhythms across different segments, with some areas like CDMO seeing order growth due to overseas financing recovery [74]

2025年，广东省A股上市公司市值增量为42700亿元，较年初市值增长27.95%。 广东省市值缩量最为严重的企业为迈瑞医疗、海天味业、华利集团、保利发展、传音控股，其中迈瑞医 疗的市值下降程度远高于其他四家，其年内市值缩水783亿元，而其他四家均未超过400亿元。 责任编辑：公司观察 其中，市值增量前五企业的增幅均超千亿，工业富联的市值增量甚至达到8050亿元，增幅188.46%，贡 献了全省市值增量的18.85%。而TOP5的其余四家企业，即中国平安、胜宏科技、立讯精密、生益科 技，市值增量均未超过3000亿元，全省市值增长贡献率未超过7%。 ...

沪指12月31日上涨0.09%，申万所属行业中，今日上涨的有15个，涨幅居前的行业为国防军工、传媒， 涨幅分别为2.13%、1.54%。跌幅居前的行业为通信、农林牧渔，跌幅分别为1.35%、1.10%。医药生物 行业今日下跌0.45%。 688759 必贝特-U 3.64 7.15 1449.59 资金面上看，两市主力资金全天净流出322.70亿元，今日有9个行业主力资金净流入，国防军工行业主 力资金净流入规模居首，该行业今日上涨2.13%，全天净流入资金60.58亿元，其次是传媒行业，日涨幅 为1.54%，净流入资金为44.47亿元。 主力资金净流出的行业有22个，电子行业主力资金净流出规模居首，全天净流出资金111.99亿元，其次 是电力设备行业，净流出资金为72.46亿元，净流出资金较多的还有医药生物、汽车、机械设备等行 业。 医药生物行业今日下跌0.45%，全天主力资金净流出35.42亿元，该行业所属的个股共478只，今日上涨 的有178只；下跌的有276只，跌停的有1只。以资金流向数据进行统计，该行业资金净流入的个股有156 只，其中，净流入资金超5000万元的有5只，净流入资金居首的是美年健康，今 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688656 | 浩欧博 | 153.80 | -8.03% | 2.07万 | 3.29 乙 | | 301122 | 采纳股份 | 26.06 | -3.80% | 1.61万 | 4256.87万 | | 301363 | 美好医疗 | 24.05 | -3.80% | 7.34万 | 1.78亿 | | 688767 | 博拓生物 | 37.78 | -3.08% | 1 2.31万 | 8813.10万 | | 300760 | 迈瑞医疗 | 190.45 | -2.63% | 11.37万 | 21.82亿 | | 600807 | 济高发展 | 3.08 | -2.53% | 36.60万 | 1.13亿 | | 920278 | 鹿得医疗 | 8.91 | -2.41% | 4.04万 | 3626.05万 | | 688805 | 健信超导 | 42.14 | -2.23% | 5.73万 | 2.42 乙 | | 603205 ...

2025年12月31日，迈瑞医疗披露接待调研公告，公司于10月31日至12月31日接待淡水泉（北京）投资管 理有限公司、MY．Alpha Management HK Advisors Limited、Neuberger Berman、Nine Masts Capital Limited、Nordea Investment Management、OLP Capital Management Ltd．等205家机构调研。 调研情况显示，迈瑞医疗表示国内市场受多重因素影响暂时承压，但IVD市场存在进口替代历史性机 遇，计划三年内化学发光、生化、凝血领域市占率翻倍，数智化解决方案可提升赢单率并避免低价竞 争；长期看，微创外科、微创介入等新兴业务市场容量大于IVD，随手术量和渗透率增长潜力显著，预 计2026年国内业务实现正增长，2027年后增速有望提速并维持盈利稳定。 针对超声市场竞争，迈瑞医疗指出该行业具有高专业壁垒和细分特点，公司凭借近30年积累，已建立全 面领先的产品线与专科解决方案、深刻的临床洞察与智能化融合生态、全球化平台与品牌效应三大核心 优势，将持续技术创新巩固领先地位；启元系大模型已在浙大一院、仁济医 ...

深圳迈瑞生物医疗电子股份有限公司 投资者关系活动记录表 证券代码：300760 证券简称：迈瑞医疗 编号：2025-008 深圳迈瑞生物医疗电子股份有限公司 投资者关系活动记录表 | | 特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系 | □新闻发布会 路演活动 | | 活动类别 | 现场参观 | | | 其他 电话会议、券商策略会等 | | 参与单位名 | | | 称及人员姓 | 家机构 名参与人员，详见附件清单。 204 484 | | 名 | | | | 年 月 日、11 月 日、11 月 日、11 月 日、11 月 2025 10 31 4-7 10-14 17-21 | | 时间 | 月 月 月 月 日、 24-28 日、12 1-5 日、12 9-11 日、12 16-19 日、12 22-26 | | | 月 日 12 29-31 | | | 深圳市南山区高新技术产业园区科技南十二路迈瑞大厦 | | 地点 | 投资人办公室、券商策略会会场 | | 上市公司接 | 董事会秘书 李文楣 | | 待人员姓名 | 投资者关系团队 ...