Core Viewpoint - The acquisition of Shenzhen Huatai Medical Instrument Co., Ltd. by Mindray Medical International Limited marks a significant milestone in the consolidation of China's medical device industry, being the first "A-controlled A" merger on the Sci-Tech Innovation Board, completed efficiently within three months [1] Group 1: Integration and Collaboration - Since the merger, both companies have engaged in collaborative efforts across R&D, marketing, business expansion, and operations, with a particular focus on the electrophysiology sector [1] - Mindray Medical's investment and acquisition department has executed nearly 20 investment and acquisition projects prior to the Huatai acquisition, with a total transaction amount exceeding 10 billion yuan, laying a solid foundation for core technology independence and global business expansion [2] - The integration process adheres to the principle of "five independents," ensuring that both companies maintain their decision-making autonomy while leveraging their respective strengths for mutual benefit [3] Group 2: R&D and Growth - The medical device industry is increasingly relying on external acquisitions for growth, driven by the need for scale and innovation, with a dual demand for both large enterprises and innovative SMEs to collaborate [4] - Huatai Medical's R&D investment reached 98 million yuan in the third quarter of 2025, with a research expense ratio of 14.98%, reflecting a year-on-year increase of 1.8 percentage points [4] - The electrophysiology segment is identified as Huatai Medical's key growth driver, with over 2,000 pulse field ablation surgeries completed by the third quarter of 2025, and an expected annual total exceeding 5,000 surgeries, indicating increasing clinical acceptance [5] Group 3: Global Expansion Strategy - Medical device companies are accelerating their international business layout through acquisitions, overseas factories, and industry funds, with external acquisitions being a core path for "going global" [6] - Successful international expansion requires thorough pre-acquisition research on local regulations, industry characteristics, and potential synergies, as well as collaboration with experienced third-party firms to mitigate compliance and operational risks [6] - Huatai Medical is focused on building a systematic "going out" framework, emphasizing the importance of governance, compliance, IT capabilities, and ESG performance to gain trust from international investors and markets [7]

据了解，迈瑞医疗与惠泰医疗的整合工作中，双方在业务、资产、人员、财务、机构等维度全面落 实"五独立"要求，这一安排从制度层面有效保障了两家上市公司的自主经营决策权。在此基础上，整合 需秉持互补协同原则而非全盘吸收合并的思路：让双方在各自擅长的领域充分发挥专业优势，在尊重惠 泰医疗现有业务格局的前提下，合力共赢，实现产业层面的价值协同。 研发突破引领增长 整体来看，医疗器械行业通过外延式并购实现发展已成为趋势。从行业底层逻辑来看，医疗器械领域具 有细分赛道多、技术壁垒高、注册监管严、产品周期长等显著特征。 深圳迈瑞生物医疗电子股份有限公司（以下简称"迈瑞医疗"）并购深圳惠泰医疗器械股份有限公司（以 下简称"惠泰医疗"）是科创板首单"A控A"并购交易，对中国医疗器械行业产业整合具有标志性意义。 从公告至完成过户仅历时3个月，成为大型医疗并购的高效范例。 近日，惠泰医疗董事长葛昊在接受《证券日报》记者专访时表示："并购落地后近19个月以来，双方在 研发、营销、业务拓展、运营等多个方面都开展了协同工作，其中电生理领域中的技术和产品协同更是 重中之重。对于公司未来的发展，可以说并购是起点，创新与全球化是未来。" 加快整 ...

资金流向方面，深港通医疗(港币)（983036）指数成份股当日主力资金净流出合计2.3亿元，游资资金净 流出合计3883.43万元，散户资金净流入合计2.68亿元。成份股资金流向详情见下表： | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 300049 | 福瑞股份 | | 873.23万 | 2.82% | -535.97万 | -1.73% | -337.26万 | -1.09% | | 300633 开立医疗 | | | 665.36万 | 9.27% | -657.32万 | -9.16% | -8.04万 | -0.11% | | 002044 | 美年健康 | | 542.62万 | 2.25% | -187.12万 | -0.78% | -355.50万 | -1.48% | | 301367 | 瑞迈特 | | 377.16万 | 4.70% | -304.43万 | -3.79% ...

2025Q3持仓分析 医药持仓环比略降低， 医药主动基金加仓其他生物制品、减仓化学制剂 www.swsc.com.cn 西南证券研究院 2025年12月 分析师：杜向阳 执业证号：S1250520030002 电话：021-68416017 邮箱：duxy@swsc.com.cn 分析师：汪翌雯 执业证号：S1250522120002 邮箱：wangyw@swsc.com.cn 从公募基金持仓来看 数据来源：Wind，西南证券整理 1 2025Q3医药总持仓变化情况：25Q3全部公募基金占比9.67%，环比-0.21pp；剔除主动医药基金占比 6.74%，环比-0.74pp；再剔除指数基金医药持仓占比5.13%，环比+0.73pp；申万医药板块市值占比 为7.83%，环比+1.52pp。 从公募基金持仓家数来看，公募基金数量前五的分别是恒瑞医药(745家)、药明康德(608家)、信达生物 （297家）、迈瑞医疗(249家) 、三生制药(206家) 。 从公募基金持仓占比情况来看，1）持仓占流通股比例前五分别为：百利天恒(26.3%)、海思科(21.7%) 、热景生物(20.9%)、泽璟制药-U(19.2%)、 ...

Investment Rating - The report maintains a positive outlook on the innovative drug sector and recommends focusing on companies with strong performance in medical devices, CXO, and upstream sectors [3][4]. Core Insights - The report highlights a 0.7% decline in the Shenwan Pharmaceutical Bio Index, while the Shanghai Composite Index rose by 0.4% during the same period [3][4]. - The new National Medical Insurance Drug List added 114 drugs, including 50 innovative drugs, with an overall success rate of 88%, significantly up from 76% in 2024 [3][13]. - The launch of the Chinese Drug Price Registration System allows companies to self-declare innovative drug prices, enhancing the global pricing strategy for these drugs [19][21]. - Recent clinical trial successes and milestone payments indicate a robust pipeline for several companies, including a $250 million milestone payment received by BaiLi Tianheng [26][29]. Market Performance - The Shenwan Pharmaceutical Bio Index ranked 21st among 31 Shenwan first-level sub-industries, with a current overall valuation of 29.3 times earnings, placing it 10th among all first-level industries [3][4][6]. - Various sub-sectors showed mixed performance, with medical circulation and offline pharmacies seeing increases of 6.5% and 1.8%, respectively, while raw materials and chemical preparations declined by 2.5% and 0.9% [3][6]. Recent Key Events - The report notes the release of the first Commercial Health Insurance Innovative Drug Directory, which includes 19 drugs aimed at enhancing coverage for critical diseases and rare conditions [13][18]. - The FDA's drug review center director's resignation adds uncertainty to the regulatory environment, which may impact drug approvals and market dynamics [19][21]. - The report emphasizes the importance of monitoring flu vaccine stocks and related pharmaceutical companies as flu activity rises [22]. Company Dynamics - BaiLi Tianheng received a significant milestone payment, indicating strong progress in its global drug development efforts [26]. - Junsheng Pharmaceutical announced positive results from a head-to-head clinical trial, showcasing the advantages of its new drug HTD1801 over existing treatments [29]. - Heng Rui Pharmaceutical appointed a new senior vice president from Eli Lilly, enhancing its research and development capabilities [30]. - Kelong Botai entered a strategic partnership to develop and commercialize new cancer therapies, indicating a focus on innovative treatment options [31]. IPO Dynamics - Lingke Pharmaceutical has initiated its IPO process in Hong Kong, focusing on innovative small molecule drugs for autoimmune and inflammatory diseases [34]. - Hansi Aitai's IPO application has passed the hearing process, indicating strong market interest in its dual-function antibody therapies [36].

"创新药、新能源汽车和人工智能电子产品，已成为我国出口的新三大件。"在光明科学城论坛・2025的 演讲台上，深圳普瑞金生物药业股份有限公司董事长栗红建的话语掷地有声。2025年前三季度，中国创 新药许可输出（License-out）总金额达937亿美元，占全球比重近40%，这组数据不仅反映了中国药企 的科研实力，更折射出中国高质量发展的强劲动能。 12月4日，这场以"开放、智创、领航"为年度主题的科技盛会在深圳科学技术馆启幕。在"十四五"收官 与"十五五"即将启幕的关键节点，为期两天的论坛通过"1+1+7"（1场开幕式、1场全体会议和7场平行论 坛）的架构，集中发布五大重大科技成果，汇聚全球顶尖智慧，全面展现了光明科学城七年来从"一张 白纸"到"科学高地"的华丽蝶变，更勾勒出中国科技创新的未来图景。 五大成果齐发撑起光明"科创雨林" 12月4日上午举行的光明科学城论坛·2025开幕式上，集中发布了一批具有里程碑意义的重大科技成果， 勾勒出光明科学城从0—1—N的完整创新图景。 其中，在光明科学城论坛·2025上宣布启动试运行的国家生物制造产业创新中心由中国科学院深圳先进 技术研究院牵头组建，是我国生物制造领域 ...

近日，第111届北美放射学会年会（RSNA 2025）在美国芝加哥举办。在这场全球医学影像盛会上，国产医疗器械龙头 迈瑞医疗携超高端全身应用超声Resona A20等超声创新产品及解决方案重磅亮相，向世界展示了中国医疗器械企业在 超高端影像领域的的创新实力。 值得注意的是，这是迈瑞医疗的超高端超声产品首次在北美地区亮相。依托自主研发的核心技术与全球化的市场布 局，迈瑞医疗的此次亮相不仅彰显了中国医疗科技的硬核实力，还标志着其超声业务在北美市场进入新阶段，为后续 的海外市场发展带来更多可能。 超高端产品跻身全球技术第一梯队 资料显示，迈瑞医疗的超高端全身应用超声Resona A20是业内首款在临床环境下实现超分辨率血流成像的超声设备。 凭借完全自主研发的探头与创新技术，Resona A20将传统超声的毫米级成像能力提升至微米级。而这一技术突破可帮 助医生发现直径小于5毫米的肝脏肿瘤，对肿瘤早期诊断及良恶性鉴别具有重大临床价值。 自2023年国内上市后，Resona A20已陆续获得欧盟CE、美国FDA等认证，其搭载的核心创新技术与突破性性能也获得 全球核心市场的认可，产品在欧洲、中东的高端客户群体中均迅速实现突 ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 有投资者在互动平台向迈瑞医疗提问："预计未来可能出现全球经济衰退，特别是欧洲经济衰落不可避 免，而且贸易摩擦已经常态化，请问，公司业务市场在欧洲占比多大？怎样应对贸易摩擦长期不确定性 的影响？" 针对上述提问，迈瑞医疗回应称："您好，谢谢关注。今年前三季度，公司国际市场业务，局部仍然面 临着宏观环境变化和地缘政治冲突带来的挑战，但得益于海外高端客户群的持续突破、本地化平台能力 建设的逐步完善，以及全球各主要地区收入的均衡分布，第三季度公司国际业务同比增长12%，相较上 半年增长有所提速，其中欧洲市场表现亮眼，同比增长超过20%。未来长期国际市场都将引领迈瑞的增 长。最核心的原因是国际市场容量是中国的4-5倍，公司国际业务的平均市占率还不到3%，其中体外诊 断的市占率甚至只有 1%，未来仍有巨大的成长空间。尤其是发展中国家，市场本身具备很高的成长 性，同时销售模式和中国相似，国内营销的成功经验同样适用于发展中国家。我们对欧美市场的定位侧 重在提升迈瑞品牌力和打磨产品力。 面对当前的国际环境，迈瑞已经有了清 ...

证券之星消息，12月5日，中证医疗（399989）指数报收于6861.88点，涨0.97%，成交126.93亿元，换手 率0.95%。当日该指数成份股中，上涨的有41家，福瑞股份以7.09%的涨幅领涨，下跌的有9家，海尔生 物以1.56%的跌幅领跌。 中证医疗（399989）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) | | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | --- | | sh603259 | 药明康德 | 13.57% | 90.40 | 0.90% | | 2697.32 | r 医药生物 | | sz300760 | 迈瑞医疗 | 8.35% | 202.39 | 1.20% | | 2453.86 | 医药生物 | | sh688271 | 联影医疗 | 8.07% | 130.61 | 1.35% | | 1076.43 | 医药生物 | | sz300015 | 爰尔眼科 | 6.58% | 11.30 | 0.62% | | 1053.77 | 医药生物 | | ...

医药生物行业 0% 5% 10% 医药生物 沪深300 超配（维持） 医药生物行业双周报（2025/11/21-2025/12/4） 超大耗材联盟集采结果公布 投资要点： 研 究 证 券 研 究 报 -20% -15% -10% -5% 0% -30% -25% -20% -25% -20% -15% 2025 年 12 月 5 日 -35% -30% -35% -35% -30% -40% -20% 0% 20% 22-03 22-05 22-07 22-09 22-11 23-01 23-03 医药生物 沪深300 -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 医药生物 沪深300 分析师：谢雄雄 SAC 执业证书编号： S0340523110002 电话：0769-22110925 邮箱： xiexiongxiong@dgzq.com.cn 医药生物（申万）指数走势 资料来源：iFind，东莞证券研究所 相关报告 -25% 5% 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必 ...