本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 8月份A股市场交易活跃，两市成交额稳定在2.5万亿以上，融资余额站上两万亿创十年新高，上证指数月度收涨7.97%，整体慢牛格局凸显。在 这种火热行情下，8月份私募调研频次明显提升， 私募排排网统计数据显示， 8月份1152家私募在8月份调研了A股642家公司(7月份为306家)。 （ 点此查看完整调研名单 ） 分行业来看， 医药生物成为私募密集研究方向， 404家私募8月份调研了88家医药生物公司。 医药板块在8月份涨幅仅为3.30%，但7月份表现在 所有板块中领先，涨幅高达11.56%。此外，私募调研的电子设备行业成分股，在8月份涨幅均值高达27.52%，表现亮眼。 | 排序 | 公司名称 | 调研的私募数 | 最新调研日期 | 8月份涨跌(%) | 所属行亦 | | --- | --- | --- | --- | --- | --- | | 1 | 迈瑞医疗 | 117 | 8月29日 | 5.01 | 医药生物 | | 2 | 水晶光电 | 75 | 8月29日 | 33.11 | 电子设备 | | 3 | | 72 | 8月6日 | 4. ...

创业50ETF（159682）业绩比较基准为创业板50指数收益率，管理人为景顺长城基金管理有限公司，基 金经理为汪洋、张晓南，成立（2022-12-23）以来回报为33.64%，近一个月回报为31.39%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 来源：新浪基金∞工作室 9月2日，创业50ETF（159682）开盘涨0.37%，报1.340元。创业50ETF（159682）重仓股方面，宁德时 代开盘涨0.01%，东方财富跌0.45%，汇川技术跌0.03%，中际旭创跌1.00%，迈瑞医疗跌0.09%，新易盛 跌0.13%，阳光电源涨0.49%，胜宏科技涨3.34%，亿纬锂能跌0.11%，同花顺跌0.83%。 ...

Core Viewpoint - The long-term value metrics of the medical device industry are shifting, emphasizing financial health, global layout, innovation strength, and shareholder returns alongside growth rates [1] Financial Performance - In the first half of 2025, the company reported revenue of 16.743 billion yuan, with international business growing by 5.39% year-on-year [1] - The net profit attributable to shareholders was 5.069 billion yuan, with a basic earnings per share of 4.1840 yuan [1] - The total cash dividends for the first half of 2025 will reach 3.298 billion yuan, accounting for 65.06% of the net profit [1] International Business Growth - International business accounted for 50% of total revenue in the first half of 2025, with significant growth in the international in vitro diagnostics sector [2] - The international revenue share for the life information and support, and medical imaging business lines reached 67% and 62% respectively [2] - The company achieved a breakthrough with over 160 new high-end customers in the international in vitro diagnostics business [2] Domestic Market Dynamics - The domestic in vitro diagnostics market faced short-term pressure due to healthcare reforms and price competition, but is expected to recover in the third quarter of 2025 [4][8] - The company reported a significant increase in bidding amounts for ultrasound equipment, with a 116% year-on-year increase in the first five months of 2025 [5] Innovation and R&D - The company invested 1.777 billion yuan in R&D in the first half of 2025, representing 10.61% of revenue, and holds over 12,240 patents [9] - The establishment of a comprehensive digital healthcare ecosystem is underway, integrating devices, IT, and AI [9][11] Market Opportunities - The company is positioned to benefit from the ongoing shift towards domestic high-end product replacements and the growth of minimally invasive surgical products [7][12] - The average market share for core in vitro diagnostics products in China is only 10%, indicating significant room for growth [7] Strategic Outlook - The company aims to transition from a device supplier to a smart healthcare ecosystem builder, leveraging high-value consumables and AI medical products [13][14] - The company has established a strong presence in international markets, with local production projects in 11 countries [14]

Global Market Overview - Major global stock markets showed varied performance, with the Hang Seng Index rising by 2.15% and the Shenzhen Component Index increasing by 0.87% year-to-date [1][2] - The US stock market remained stable, with the Dow Jones and S&P 500 showing no change, while the Nasdaq saw a year-to-date increase of 11.11% [1] - European markets rebounded, with the DAX and CAC showing increases of 0.57% and 0.05% respectively, supported by better-than-expected economic data [3] Company Analysis Kuaishou (1024 HK) - Kuaishou's 2025 conference highlighted positive advancements in AI, e-commerce, and advertising, with a projected global video production market size of approximately $140 billion by 2024 [4] - The company maintains a "Buy" rating with a target price of HKD 84.0, driven by a projected net profit CAGR of 14% from 2025 to 2027 [4] OmniVision Technologies (603501 CH) - OmniVision reported a 15% year-on-year revenue increase to RMB 14 billion for the first half of 2025, with a net profit surge of 48% to RMB 2 billion [4] - The company maintains a "Buy" rating with a target price of RMB 173, supported by strong growth in automotive and medical CIS sectors [4] China Resources Beverage (2460 HK) - China Resources Beverage experienced an 18.5% revenue decline in the first half of 2025, primarily due to a 23% drop in water business revenue [5][6] - The company is undergoing channel reforms and capacity expansion, with expectations for improved performance in 2026, maintaining a "Buy" rating with a target price of HKD 12.85 [5][6] New Hope Service (3658 HK) - New Hope Service reported a 4.3% revenue increase in the first half of 2025, driven by strong performance in property management [8][9] - The company maintains a "Buy" rating with a target price of HKD 2.50, reflecting a slight adjustment in earnings expectations [8][9] China Pacific Insurance (2328 HK) - China Pacific Insurance's net profit for the first half of 2025 increased by 32.3% to RMB 24.5 billion, driven by underwriting profit and investment income [10] - The company maintains a "Buy" rating with a target price of HKD 21.6, supported by a robust combined ratio of 94.8% [10][11] Alibaba (BABA US) - Alibaba's revenue for the first quarter of FY26 was RMB 247.7 billion, a 1.8% year-on-year increase, with cloud business revenue growth of 26% [12][13] - The company maintains a "Buy" rating with a target price of USD 158.80, reflecting positive developments in cloud and instant retail businesses [12][13] Mindray Medical (300760 CH) - Mindray Medical reported a revenue decline of 18.4% in the first half of 2025, with domestic revenue down 33.4% due to pricing pressures [14][15] - The company maintains a "Buy" rating with a target price of RMB 279.70, anticipating recovery in the second half of 2025 [14][15] Haier Smart Home (6690 HK) - Haier Smart Home expects strong sales growth in the second half of 2025, driven by brand expansion and digital inventory initiatives [16][17] - The company maintains a "Buy" rating with a target price of HKD 31.57, reflecting positive adjustments in profit forecasts [16][17] BYD Electronics (285 HK) - BYD Electronics reported a 4% revenue increase in Q2 2025, driven by growth in the new energy vehicle sector [18] - The company maintains a "Buy" rating with a target price of HKD 47.37, supported by multiple growth drivers including Apple foldable devices [18]

近5日机构合计调研525家公司，迈瑞医疗、天孚通信、爱博医疗等被多家机构扎堆调研。 证券时报·数据宝统计，近5个交易日（8月26日至9月1日）两市约525家公司被机构调研，调研机构类型 显示，证券公司共对510家公司进行调研，即97.14%的上市公司调研活动有证券公司参与；基金公司调 研437家，位列其后；阳光私募机构调研343家，排名第三。 机构调研榜单中，共有301家公司获20家以上机构扎堆调研。迈瑞医疗最受关注，参与调研的机构达到 398家；天孚通信被306家机构调研，榜单中排名第二；爱博医疗、银轮股份等分别被262家、251家机构 调研。 机构调研次数来看，弘景光电机构调研最为密集，共获机构4次调研。国航远洋、安利股份等机构调研 也较为密集，均被机构调研3次。 数据宝统计，20家以上机构扎堆调研股中，近5日资金净流入的有87只，兴森科技近5日净流入资金8.85 亿元，主力资金净流入最多；净流入资金较多的还有麦格米特、中微公司等，净流入资金分别为7.05亿 元、5.37亿元。 市场表现上，机构扎堆调研股中，近5日上涨的有132只，涨幅居前的有天孚通信、豪恩汽电、东田微 等，涨幅为71.75%、47.08 ...

Group 1 - Since August, the A-share market has seen a significant increase in public fund research activity, with 163 public institutions participating in company research, covering 771 companies across 30 industries, and a total of 8,338 research instances, representing a month-on-month increase of 144.73% [1] Group 2 - The pharmaceutical and biotechnology sector was the most researched, with a total of 1,373 research instances covering 100 stocks, making it the highest focus area for public institutions in August; the electronics sector followed with 1,312 research instances covering 108 stocks [2] - Key companies in the pharmaceutical sector, such as Mindray Medical (300760), BeiGene, and Aibo Medical, were frequently researched, with a focus on innovative drug development, medical equipment updates, and the impact of centralized procurement policies [2] Group 3 - In the electronics sector, companies like Crystal Optoelectronics (002273), Unisoc (002049), and Industrial Fulian (601138) were core focuses due to their advancements in optical components and smart terminal manufacturing [2] - In the telecommunications sector, Tianfu Communication (300394) was the most researched company with 87 instances, focusing on the expansion of high-speed optical module capacity and the commercialization of silicon photonics technology [3] Group 4 - Public fund research activities showed a significant head effect, with 134 out of 163 participating institutions conducting more than 10 research instances, indicating a concentration of interest among top institutions [4] - Notable institutions included Bosera Fund with 200 research instances, followed by Harvest Fund (177 instances), Huaxia Fund (149 instances), and Guotai Fund (147 instances) [4] Group 5 - Research in August indicated a clear policy direction, with the pharmaceutical sector's rising interest linked to policy implementation, focusing on equipment updates and accelerated approval of innovative drugs [4] - The electronics sector maintained interest in cutting-edge fields such as optical technology and AI chips, despite a slight decrease in total research instances [4] - Increased research frequency in the machinery and power equipment sectors suggests institutional attention on inventory cycles bottoming out and a recovery in capital expenditure [4]

Core Insights - The medical device industry is facing challenges due to global trade tensions, tariff disputes, and delays in revenue recognition from equipment updates, leading to a normalization of industry growth [2] - Mindray Medical's 2025 semi-annual report shows international business revenue reached 8.332 billion yuan, accounting for 50% of total revenue, indicating a balanced domestic and international market presence [2] - The company's in vitro diagnostic (IVD) business generated revenue of 6.424 billion yuan, with international IVD business experiencing double-digit growth and international chemiluminescence business growing over 20% [2] Group 1: International Expansion and Market Performance - Mindray Medical has made significant strides in international markets, achieving over 210 high-end customer breakthroughs in the IVD field, including 160 new high-end clients and 50 existing clients expanding their product lines [3] - The company has successfully established partnerships with major healthcare institutions in various countries, such as Spain, Italy, South Korea, and Turkey, showcasing its ability to compete effectively in local markets [3][4] - In Romania, Mindray's technology has improved clinical efficiency by reducing sample testing time by 30%, further establishing its competitive edge in the international laboratory automation sector [5] Group 2: Market Potential and Growth Drivers - The global medical device market is projected to grow from $623 billion in 2024 to over $869 billion by 2030, with the IVD sector expected to grow faster than the industry average due to factors like aging populations and rising chronic disease rates [6] - Developing markets, particularly in Southeast Asia and Latin America, present significant opportunities for Mindray, as these regions are experiencing rapid improvements in healthcare infrastructure and demand for mid-to-high-end IVD equipment is growing over 10% annually [6] - Mindray's current global market share is less than 5%, indicating substantial room for growth, especially in developing countries where it could achieve annual growth rates of 15% to 20% in the next 3 to 5 years [6] Group 3: Policy Support and Domestic Market Dynamics - The National Medical Products Administration has introduced measures to support high-end medical device companies in expanding internationally, aligning with the government's goal of increasing medical device investment by 25% by 2027 [7] - In the domestic market, Mindray's ultrasound equipment has seen explosive growth, with cumulative winning bids reaching 1.742 billion yuan in the first five months of 2025, a 116% year-on-year increase [7] - Mindray's average market share in core IVD sectors remains low at 10%, while international brands dominate the high-end market with over 70% share, indicating significant potential for domestic expansion [7] Group 4: Strategic Acquisitions and Innovation - Mindray's global strategy relies on both independent innovation and strategic acquisitions, with acquisitions serving as a key accelerator for entering high-end markets and overcoming technological barriers [8] - The acquisition of HyTest Ltd. has enabled Mindray to gain control over critical raw materials for chemiluminescence, significantly enhancing the performance of its diagnostic reagents [9] - The acquisition of DiaSys has facilitated Mindray's localization efforts in Europe, with 40% of its European IVD revenue coming from locally produced products, driving growth in the region [10][11] Group 5: Future Outlook and Strategic Direction - Mindray aims to leverage its platform advantages and continue focusing on independent research and development while exploring external acquisition opportunities to enhance its core technology and supply chain stability [12] - The company's development trajectory reflects the broader trend of Chinese enterprises expanding globally, contributing to the global medical device landscape with innovative solutions [12]

Investment Rating - The report suggests a positive outlook for the medical device industry, indicating that the adjustment period is nearing its end and a recovery is expected in the second half of 2025 [2][4]. Core Insights - The medical device sector is experiencing a recovery trend, with domestic bidding demand showing signs of restoration in the second half of 2025 after a significant decline due to policy delays [2]. - The medical consumables segment is steadily growing, with a slight increase in gross margin, indicating resilience in demand related to patient treatment needs [2]. - The in-vitro diagnostics sector is under pressure, but there is potential for increased domestic market share for local manufacturers in the long term [2]. - Leading medical device companies are accelerating their overseas market expansion, with many reporting higher growth rates in international markets compared to domestic ones [2]. Summary by Sections Medical Equipment - Revenue for Q2 2025 showed a year-on-year decline of 5.26%, with net profit down 27.93% and gross margin decreasing from 53.07% in Q2 2024 to 49.00% in Q2 2025 [16]. - The industry is expected to reach a turning point as domestic bidding demand recovers [2][18]. Medical Consumables - Q2 2025 revenue increased by 1.33% year-on-year, with net profit down 6.28% and a slight improvement in gross margin from 42.13% to 42.24% [23]. - The segment is characterized by stable growth, with companies focusing more on R&D and innovative products [2]. In-Vitro Diagnostics - Revenue for Q2 2025 decreased by 16.53% year-on-year, with net profit down 37.58% and gross margin declining from 62.43% to 59.66% [29]. - The sector faces short-term demand pressure but may benefit from increased domestic production rates in the long run [2]. Investment Recommendations - The report recommends focusing on three key areas: companies leading in international market product and channel expansion, domestic medical device industry leaders, and high-value consumables firms with strong innovation capabilities [34]. - Specific companies to watch include Nanwei Medical, Mindray Medical, Sanofi, and Xinjiang Technology [34].

Core Insights - Mindray Medical's international business revenue reached 8.332 billion yuan, marking a significant milestone as it accounted for 50% of total revenue, indicating a balanced market presence between domestic and international markets [1] - The company's in vitro diagnostic (IVD) business generated revenue of 6.424 billion yuan, with international IVD business experiencing double-digit growth and international chemiluminescence business growing over 20% [1] - The National Medical Products Administration (NMPA) has introduced measures to support high-end medical device innovation and international expansion, which aligns with Mindray's strategic goals [1][7] In Vitro Diagnostic Business Expansion - Mindray has successfully established over 210 high-end clients in the IVD sector, including 160 new clients and 50 existing clients expanding their product lines [2] - The company has made significant inroads in Spain, collaborating with HM Hospitales to overcome market challenges and secure its first large project [2] - In Thailand, Mindray has achieved comprehensive breakthroughs in its blood cell product line and made notable progress in the biochemical and immunological mid-to-low-end markets [3] Clinical Value and Product Innovation - Mindray's focus on solving clinical problems has led to significant improvements in patient care, such as reducing sample testing time by 30% at a major hospital in Romania [4] - The company emphasizes product innovation, exemplified by its high-sensitivity cardiac marker testing reagents that enhance early detection of myocardial infarction risks [4] Market Potential and Growth Drivers - The global medical device market is projected to grow from $623 billion in 2024 to over $869 billion by 2030, with the IVD sector expected to grow faster than the industry average due to demographic trends and increasing healthcare demands [6] - Developing markets, particularly in Southeast Asia and Latin America, present significant opportunities for Mindray, as these regions show over 10% annual growth in demand for mid-to-high-end IVD equipment [6] Policy Support and Domestic Market Dynamics - The NMPA's initiatives to support high-end medical device exports and the government's goal to increase medical equipment investment by 25% by 2027 create a favorable environment for Mindray's growth [7] - In the domestic market, Mindray's ultrasound equipment has seen a cumulative bid amount of 1.742 billion yuan in the first five months of 2025, reflecting a 116% year-on-year increase [7] Strategic Acquisitions and Global Integration - Mindray's strategy includes both independent innovation and global acquisitions, with the acquisition of HyTest Ltd. enhancing its capabilities in the chemiluminescence sector [8][9] - The acquisition of DiaSys has facilitated local production and market penetration in Europe, contributing to an 18% year-on-year revenue growth in the region [10] - Mindray aims to leverage its acquisitions to create a synergistic ecosystem that enhances its R&D, production, and market capabilities [11][12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has successfully expanded its overseas market and is expected to see a performance turning point in the second half of the year [8] - The company's revenue for the first half of 2025 was 16.743 billion (down 18.45% year-on-year), with a net profit attributable to shareholders of 5.069 billion (down 32.96%) [8] - The international business revenue reached 8.332 billion (up 5.39%), accounting for 49.77% of total revenue, with significant growth in international diagnostic and chemiluminescence businesses [8] Financial Forecasts and Valuation - Revenue projections for 2025-2027 have been adjusted to 11.36 billion, 12.39 billion, and 14.41 billion respectively, with corresponding P/E ratios of 26, 24, and 21 times [8] - The company’s gross margin remains stable across various product lines, with in-vitro diagnostics at 59.50%, life information and support at 60.56%, and medical imaging at 65.07% [8] - The company’s earnings per share (EPS) for 2025 is projected at 9.37 yuan, with a slight decrease from previous estimates [1][8]