本报讯 （记者袁传玺）天眼查工商信息显示，近日，济南迈瑞科技有限公司成立，注册资本2000万元，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。 （编辑 黄力） ...

Core Insights - The flow cytometer industry in China is projected to reach a market size of approximately 3.599 billion yuan in 2024, reflecting a year-on-year growth of 19.21% [1][9] - The industry is achieving systematic breakthroughs along three main paths: expanding detection limits, enhancing analytical dimensions, and integrating functional platforms [1][9] Industry Overview - Flow cytometers utilize lasers to detect scattered light and fluorescence signals from cells or particles in a high-speed flow state, enabling rapid multi-parameter analysis, sorting, and quantitative characterization [2] - The core principle involves hydrodynamic focusing technology that allows cells to pass through the laser detection area in a single file, capturing forward scatter (indicating cell size), side scatter (indicating internal complexity), and fluorescence signals [2] Industry Development History - The flow cytometer industry in China has evolved over 40 years, starting with the introduction of the first FACS III in 1981, leading to significant milestones in domestic production and technology breakthroughs from 2013 onwards [4] - Key advancements include the introduction of the first clinical spectral flow cytometer and the first flow mass spectrometer with IVD registration, marking significant progress in high-end equipment [4] Market Size - The flow cytometer market is experiencing a shift from laboratory to clinical applications, with a notable increase in market size and technological advancements [9] - Noteworthy innovations include the development of nano-flow technology by Fuliu Biotechnology, which extends detection limits to 24nm, and the NL-CLC spectral flow cytometer by Xiatai Biotechnology, the first clinical-approved full-spectrum product in China [9] Key Companies - Major players in the flow cytometer market include Mindray Medical, which has integrated instruments, reagents, and software into a comprehensive platform, and Fuliu Biotechnology, a leader in nano-flow technology [10][11] - Mindray's revenue for the first three quarters of 2025 was 25.834 billion yuan, a decrease of 12.38% year-on-year, with a net profit of 7.570 billion yuan, down 28.83% [11] Industry Trends - The industry is witnessing accelerated technological iteration, with a focus on high-end and intelligent advancements, including the integration of AI for data analysis and high-throughput sorting [12] - Applications are expanding beyond clinical and research fields into broader industrial and public health areas, such as environmental monitoring and food safety [13] - The domestic production process is accelerating, driven by supply chain security and the need for local alternatives, reshaping the competitive landscape [14]

Core Insights - In December 2025, the total amount of shares sold by directors, supervisors, and senior executives of listed companies in the Shanghai and Shenzhen stock markets reached approximately 8.374 billion yuan, involving 318 companies, while the total amount of shares bought was about 624 million yuan, involving 64 companies, resulting in a net reduction of 7.75 billion yuan [2][5]. Group 1: Share Reduction - The mechanical equipment industry had the highest amount of share reductions in December, totaling approximately 1.316 billion yuan [13]. - The top three companies with the highest share reductions were Western Gold, Yingshi Sheng, and Zhiwei Intelligent, with reductions of approximately 307 million yuan, 263 million yuan, and 247 million yuan respectively [5][6]. - The total amount of share reductions in December 2025 increased by 165.29% year-on-year but decreased by 1.21% month-on-month [2]. Group 2: Share Increase - The pharmaceutical and biological industry had the highest share increases in December, totaling approximately 294 million yuan [21]. - The top three companies with the highest share increases were Mindray Medical, Zhejiang Fu Holdings, and Yixin Hall, with increases of approximately 226 million yuan, 208 million yuan, and 66 million yuan respectively [14][17]. - The total amount of share increases in December 2025 increased by 212.29% year-on-year and by 69.58% month-on-month [2].

（编辑 袁冠琳） 证券日报网讯 1月6日，迈瑞医疗在互动平台回答投资者提问时表示，公司预计国内业务2026年全年有 望实现正增长，其中IVD将引领三大产线的增长，新兴业务将实现高速增长。同时，随着客户结构高端 化和产品结构流水化，2027年及之后国内业务的增速有望提高，并维持盈利水平稳定。以上内容不构成 业绩承诺，市场有风险，投资需谨慎。 ...

Core Viewpoint - Mindray Medical anticipates that by the first three quarters of 2025, international business will account for over half of the company's total revenue, with a continuous increase expected in the coming years [1] Group 1: International Business Growth - The company is focusing on localized platform development, which is expected to enhance the proportion of international revenue in overall income [1] - Developing countries are projected to maintain a rapid growth trend in terms of international revenue [1] Group 2: Profitability and Client Structure - The proportion of high-end clients within the revenue structure is expected to continue increasing, which may lead to a steady improvement in the profitability of international business [1] - Detailed financial information will be available in the annual report scheduled for release on March 31, 2026 [1]

证券日报网讯1月6日，迈瑞医疗（300760）在互动平台回答投资者提问时表示，公司市场部门会根据市 场需求的变化并结合公司的销售目标，定期制定销售预测，生产供应部门则根据销售预测、客户订单、 库存数量情况制定出可行的生产计划。此外，公司还会生产一定数量的通用半成品或标准配置的成品作 为库存，以确保在客户订单突然增加时，能快速生产出客户需要的产品，缩短产品交付周期。具体存货 金额，请参考定期报告。 ...

证券日报网讯1月6日，迈瑞医疗（300760）在互动平台回答投资者提问时表示，公司将于2026年3月31 日发布2025年年度报告。 ...

Core Viewpoint - The Medical Health Index (980016) closed at 6354.84 points, up 0.88%, with a trading volume of 29.705 billion yuan and a turnover rate of 1.0% on January 6 [1] Group 1: Index Performance - On the same day, 38 of the index's constituent stocks rose, with BGI Genomics leading with a 6.95% increase, while 11 stocks fell, with Zai Lab leading the decline at 3.72% [1] - The top ten constituent stocks of the Medical Health Index are detailed, with WuXi AppTec holding the highest weight at 10.23% and a latest price of 96.25 yuan, showing a 1.78% increase [1] Group 2: Market Capitalization - The total market capitalization of WuXi AppTec is approximately 287.187 billion yuan, while the highest market cap among the top ten is held by Hengrui Medicine at 418.542 billion yuan [1] - The market capitalization of the top ten stocks ranges from 489 million yuan for Kelun Pharmaceutical to 418.542 billion yuan for Hengrui Medicine [1] Group 3: Capital Flow - The net outflow of main funds from the constituent stocks totaled 471 million yuan, while retail investors saw a net inflow of 200 million yuan [1] - Detailed capital flow shows that WuXi AppTec had a net inflow of 180 million yuan from main funds, while Yeye Eye Care experienced a net outflow of 157 million yuan from retail investors [2]

Core Viewpoint - The establishment of Jinan Mindray Technology Co., Ltd. is a strategic move to enhance Mindray's regional operational capabilities and align with the growing focus on precision medicine and high-end medical equipment in Jinan [2][6][7]. Group 1: Company Structure and Strategy - Mindray Medical has established a wholly-owned subsidiary, Jinan Mindray Technology Co., Ltd., with a registered capital of 20 million yuan, located in the Jinan Precision Medicine Industrial Park [2]. - The subsidiary's business scope includes technical services, manufacturing of instruments and meters, and production and sales of Class I medical devices, along with relevant licenses for Class II and III medical devices [2]. - Jinan Mindray Technology is positioned as a comprehensive regional node within Mindray's global operational framework, contributing to manufacturing, technical services, and import-export activities [5][6]. Group 2: External Environment and Collaboration - Jinan has been actively promoting industrial clustering around precision medicine and high-end medical equipment, creating a favorable policy and resource environment for companies like Mindray [6]. - A strategic cooperation framework agreement was signed between the Jinan municipal government and Mindray Medical in September 2025, focusing on medical industry collaboration and precision medicine development [6]. Group 3: Implications for Future Operations - The establishment of Jinan Mindray Technology does not indicate a clear business shift but reflects Mindray's ongoing efforts to enhance regional nodes within its existing framework [7]. - As leading medical device companies transition from "single product competition" to "systematic operations," the foundational layout of Jinan Mindray Technology is expected to improve collaborative efficiency and execution capabilities in the future [8].

Market Overview - The A-share market performed outstandingly in 2025, with major indices rising across the board, led by growth styles: CSI 300 up 17.66%, CSI 500 up 30.39%, CSI 1000 up 27.49%, ChiNext 50 up 57.45%, and Sci-Tech 50 up 35.92% [1] - The market in 2025 was primarily driven by liquidity easing and thematic rotation, with expectations that 2026 may enter an "earnings verification period" [1] - It is recommended to focus on policy-driven, profit recovery, and economic recovery directions, particularly in technology growth and high-end manufacturing sectors [1] Industry Focus ChiNext 50 Index - The ChiNext 50 Index serves as a direct financing platform for innovative and entrepreneurial companies, focusing on "three innovations (innovation, creation, creativity)" and "four new (new technologies, new industries, new business formats, new models)" [1] - The index emphasizes sectors such as information technology, new energy, financial technology, and pharmaceuticals, showcasing pure technology growth attributes [1] Key Sectors Technology and AI - The ChiNext 50 Index includes 52% of the information technology sector, with 23% weight in optical modules, which were among the best-performing technology tracks in 2025 [4] - The industry is experiencing a "volume and price rise" pattern, with significant growth in 800G optical modules and the commercialization of 1.6T optical modules, leading to revenue growth exceeding 50% for major manufacturers [4][16] - Long-term demand for AI computing power is expected to surge, with optical modules serving as the "transmission foundation" [4] New Energy Photovoltaics - The new energy photovoltaic sector saw significant gains in 2025, with policies stabilizing prices and a recovery in single crystal silicon prices by approximately 40% and lithium carbonate prices by about 60% [6][16] - The midstream industry chain is optimizing, with leading companies like CATL experiencing profit recovery after a price war [6][16] Pharmaceuticals and Biotechnology - The pharmaceutical sector performed well in 2025, driven by the explosive growth of innovative drugs [6] - The license-out transaction value for Chinese innovative drugs is expected to grow at a compound annual growth rate of 125% from 2019 to 2024, with AI applications in medical imaging and diagnostics accelerating revenue growth [6][16] ChiNext 50 ETF - The ChiNext 50 ETF (159949) tracks the ChiNext 50 Index, focusing on high-quality leading companies in five major technology sectors: new energy vehicles, biomedicine, electronics, photovoltaics, and internet finance [7] - The ETF has a robust liquidity profile, with an average daily trading volume of 1.471 billion yuan over the past year, ranking among the top ETFs on the Shenzhen Stock Exchange [7] - The latest fund size is 30.652 billion yuan, making it one of the largest funds tracking the ChiNext-related indices [7]