Core Points - The Bioeconomy Index (970038) closed at 2262.82 points, up 0.08%, with a trading volume of 19.253 billion yuan and a turnover rate of 1.3% [1] - Among the index constituents, 27 stocks rose, with Iwubio leading at a 10.07% increase, while 22 stocks fell, with Yifan Pharmaceutical leading the decline at 4.45% [1] Index Constituents Summary - The top ten constituents of the Bioeconomy Index include: - Mindray Medical (sz300760) with a weight of 13.81%, latest price at 223.47, down 0.90%, and a market cap of 270.944 billion yuan [1] - Changchun High-tech (sz000661) with a weight of 5.41%, latest price at 121.12, down 0.12%, and a market cap of 49.409 billion yuan [1] - Kanglong Chemical (sz300759) with a weight of 4.66%, latest price at 30.56, up 1.76%, and a market cap of 54.342 billion yuan [1] - Shizhu Aoshi (sz002252) with a weight of 4.52%, latest price at 6.67, up 0.15%, and a market cap of 44.275 billion yuan [1] - Biao Ge Shi Medicine (sz300347) with a weight of 4.23%, latest price at 54.08, up 0.95%, and a market cap of 46.564 billion yuan [1] - Shenzhen Technology (sz000021) with a weight of 4.08%, latest price at 27.24, down 0.58%, and a market cap of 42.693 billion yuan [1] - Muyuan Foods (sz002714) with a weight of 3.66%, latest price at 49.48, down 2.25%, and a market cap of 270.298 billion yuan [1] - Aimeike (sz300896) with a weight of 3.44%, latest price at 167.03, down 1.49%, and a market cap of 50.542 billion yuan [1] - Kailai Ying (sz002821) with a weight of 3.23%, latest price at 105.80, up 2.72%, and a market cap of 38.151 billion yuan [1] - Color Egg Therapy (sz002223) with a weight of 3.19%, latest price at 36.65, down 1.24%, and a market cap of 36.741 billion yuan [1] Capital Flow Summary - The Bioeconomy Index constituents experienced a net outflow of 599 million yuan from institutional investors and 215 million yuan from retail investors, while retail investors saw a net inflow of 814 million yuan [3] - Notable capital flows include: - Kanglong Chemical saw a net inflow of 74.766 million yuan from institutional investors, while retail investors experienced a net outflow of 49.703 million yuan [3] - Hualan Biological had a net inflow of 42.164 million yuan from institutional investors, with retail investors seeing a net outflow of 33.5328 million yuan [3] - Lepu Medical had a net inflow of 40.927 million yuan from institutional investors, while retail investors had a net outflow of 32.1814 million yuan [3] - Kailai Ying had a net inflow of 38.867 million yuan from institutional investors, with retail investors experiencing a net outflow of 16.4533 million yuan [3] - Iwubio had a net inflow of 23.192 million yuan from institutional investors, while retail investors saw a net outflow of 5.9208 million yuan [3]

Core Viewpoint - The IVD industry is experiencing rapid growth in domestic product registration and is increasingly focusing on international markets as a second growth curve, driven by domestic replacement and overseas expansion opportunities [13][17][27]. Market Review - The CITIC medical index fell by 2.60%, underperforming the CSI 300 index by 0.37 percentage points, ranking 14th among 30 primary industries [7]. - The top-performing stocks included Asia-Pacific Pharmaceutical, Duorui Pharmaceutical, and Guangsheng Tang, while the worst performers were Beida Pharmaceutical and Hualan Biological [7][11]. Industry and Stock Events - The IVD market is projected to grow significantly, with the global market expected to reach $128.2 billion by 2028, while China's IVD market is anticipated to grow to $8 billion [15][16]. - The registration of IVD products in China has shown robust growth, with a CAGR of 18.6% from 2021 to 2024, particularly in domestic products, which are expected to account for 80.5% of registrations by 2024 [14][17]. Overall Industry Perspective - The current valuation of the pharmaceutical sector is low, with public funds underweighting the sector. The industry is expected to benefit from macroeconomic factors and a recovery in demand for large-scale products [11]. - The domestic innovative drug sector is transitioning from quantity to quality, emphasizing differentiated products and internationalization [11]. - The medical device sector is witnessing a recovery in bidding volumes for imaging equipment and is expected to benefit from ongoing updates and overseas expansion [11]. IVD Industry Focus - The domestic IVD market is seeing accelerated replacement of imported products, with significant growth in the chemical luminescence segment, which is projected to grow at a CAGR of 15-20% from 2021 to 2025 [35]. - Companies like Mindray and New Industries are making significant strides in overseas markets, focusing on localization and expanding their product lines [32][35]. Company-Specific Developments - Mindray has strengthened its IVD capabilities through strategic acquisitions, enhancing its competitive edge in the international market [32]. - New Industries has successfully established a local operational model in India, which is now being replicated in other key markets, contributing to its overseas revenue growth [32][27]. - Ji'an Medical has rapidly expanded its brand presence in the U.S. market, leveraging its COVID-19 testing products to drive growth [33].

Investment Rating - The report maintains a positive outlook on the IVD industry, highlighting the acceleration of domestic substitution and the potential for overseas expansion as key growth drivers [13][16]. Core Insights - The IVD market in China is experiencing rapid growth, with a significant increase in the registration of domestic products, indicating a strong trend towards domestic substitution [15][28]. - The global IVD market is projected to grow from $106.3 billion in 2023 to $128.2 billion by 2028, while China's IVD market is expected to grow from $5.9 billion to $8.0 billion in the same period, reflecting a higher growth rate compared to the global market [16][17]. - Chinese IVD companies are increasingly focusing on overseas markets, with strategies evolving from low-cost products to high-end offerings and local operational models [25][20]. Market Overview - The report notes that the IVD product registration in China has surged from 335 in 2021 to 662 in 2024, with a compound annual growth rate (CAGR) of 18.6%, and domestic products accounting for a growing share of the market [15][14]. - The domestic IVD market's substitution rate is accelerating, with significant representation from companies like Mindray and Wondfo in various diagnostic segments [15][13]. Regional Market Dynamics - The North American market represents the largest share of the global IVD market at 44.6%, followed by Europe at 31.4%, indicating substantial opportunities for Chinese companies to expand their presence [19][20]. - Emerging markets in Asia-Pacific are seen as critical entry points for Chinese IVD companies, with lower registration barriers and growing healthcare needs [20][22]. Company Strategies - Companies like Mindray and New Industries are actively pursuing overseas expansion through acquisitions and establishing local subsidiaries to enhance their market presence and operational capabilities [30][32]. - The report highlights the importance of localizing operations and adapting to regional market conditions as key strategies for successful international expansion [25][20]. Performance Metrics - In the first half of 2025, Chinese IVD companies reported higher growth rates in overseas revenues compared to domestic revenues, indicating a shift in focus towards international markets [28][27]. - Specific companies such as Mingde Biological and Nuo Wei Zhan have shown remarkable overseas revenue growth, with increases of 185.82% and 74.21% respectively [27][28].

10月17日，医疗板块震荡走低。A股最大医疗ETF（512170）午后一度下探逾2%，实时成交超4.9亿 元。该基金最新规模257.30亿元，同类ETF中排名首位。 成份股方面，三博脑科跌逾6%居首，英科医疗、南微医学跌超4%，权重股药明康德跌超3%。 医疗ETF（512170）及其联接基金（联接A：162412，联接C：012323）被动跟踪中证医疗指数，该指 数前十大权重股分别为药明康德、迈瑞医疗、联影医疗、爱尔眼科、康龙化成、泰格医药、爱美客、新 产业、惠泰医疗、鱼跃医疗。 数据来源于沪深交易所、公开资料等。 风险提示：以上产品由基金管理人发行与管理，代销机构不承担产品的投资、兑付和风险管理责任。投 资人应当认真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基金法律文件，了解基金 的风险收益特征，选择与自身风险承受能力相适应的产品。基金过往业绩并不预示其未来表现，基金投 资须谨慎！销售机构（包括基金管理人直销机构和其他销售机构）根据相关法律法规对本基金进行风险 评价，投资者应及时关注基金管理人出具的适当性意见，各销售机构关于适当性的意见不必然一致，且 基金销售机构所出具的基金产品风险等级评价结 ...

Group 1 - The core viewpoint highlights a strong performance in the Hong Kong innovative drug sector, with the CSI Hong Kong Stock Connect Innovative Drug Index rising by 2.29% and significant gains in constituent stocks such as 3SBio, CanSino Biologics, and Rongchang Biologics [1] - The Hong Kong Innovative Drug 50 ETF has seen a half-day increase of 1.61%, with a notable trading volume of 4.73 billion yuan and a turnover rate of 14.12%, indicating active market participation [1] - In the first nine months of the year, the total value of Chinese innovative drug patent overseas contracts exceeded 100 billion USD, marking a 170% year-on-year increase, suggesting a robust growth trend in the sector [1] Group 2 - Recent reports indicate a slight pullback in the pharmaceutical sector, presenting potential investment opportunities, driven by a recovery in capital market financing and an increase in innovative drug overseas transaction volumes [2] - The CXO industry is expected to see performance recovery in the second half of 2025, supported by the anticipated effects of U.S. interest rate cuts [2] - The Hong Kong Innovative Drug 50 ETF tracks the CSI Hong Kong Stock Connect Innovative Drug Index, which includes leading companies in the sector, and is positioned for efficient investment in the high-volatility Hong Kong innovative drug market [2]

Core Insights - South Korea exhibits significant import dependency in key materials for high-tech strategic industries, particularly with China [1][2] - Diversifying supply chains has become an urgent issue for South Korea due to this dependency [1] Group 1: Dependency on China in Key Materials - In the secondary battery sector, South Korea's reliance on China for key materials is stark, with natural and artificial graphite dependency rates at 97.6% and 98.8% respectively [1] - The dependency for precursor materials and nickel hydroxide in cathodes is also high, reaching 94.1% and 96.4% [1] - The import dependency for core components in the robotics industry has increased from 77.7% in 2021 to 80.3% in 2023 [1] Group 2: Rare Metals and Semiconductor Materials - Out of 31 rare metals managed by the South Korean government, 20 are reliant on imports from China as of 2024 [2] - Dependency rates for core semiconductor materials are significant, with niobium and silicon at 78% and 63% respectively, and lithium for cathodes at 65% [2] - Other critical materials such as gallium (98%), graphite (97%), indium (93%), and magnesium (84%) also show high import ratios from China [2]

Group 1 - The core viewpoint of the articles highlights the transformation of Gansu's Jinchang City into a hub for high-value-added products through advanced processing of mineral resources and the recycling of hazardous waste, fostering new industrial clusters and strengthening the industrial economy [1][2][3] - Jinchang City has 164 industrial enterprises above designated size as of July this year, showcasing its industrial vitality and the emergence of high-value products with green circular production characteristics [1] - The production of high-purity cathode copper, which is crucial for electric wires, cables, and new energy batteries, is emphasized, with an annual output value exceeding 25 billion yuan [1] Group 2 - The introduction of downstream enterprises in the Yongchang Industrial Park has enabled the conversion of sulfuric acid, a byproduct of copper smelting, into production materials, forming a circular chemical industry and resource utilization cluster [2] - Jinchang City has developed over 60 types of chemical products, with an annual production capacity of 12 million tons, and 77% of the raw materials needed for new energy batteries can be produced locally [2] - Gansu Yelin Environmental Protection Technology Co., Ltd. is projected to achieve an output value of 3 billion yuan this year by recycling solid waste and producing various products for metallurgy, electronics, and new energy sectors [3]

13 October 2025 | 6:39PM CST Equity Research China Healthcare: 3Q25 preview: United Imaging & Lepu to lead revenue growth, Zhifei still at cycle trough Companies with higher revenue growth: We expect United Imaging to lead our coverage universe with a 44% yoy revenue growth in 3Q25. We believe the company's strong growth momentum is mainly driven by the improvement in China's hospital bidding data, which has begun to be reflected in its financial statements. We also expect Lepu to achieve rapid revenue grow ...

Core Viewpoint - The company has received a medical device registration certificate from the Guangdong Provincial Drug Administration for its total bilirubin assay kit, indicating a significant regulatory milestone for the product [1] Group 1 - The total bilirubin assay kit (using the diazo method) is designed for the quantitative measurement of total bilirubin (TBIL) concentration in human serum or plasma, including newborns [1] - The kit is primarily used as one of the evaluation indicators for bilirubin metabolism disorders in clinical settings [1]

证券代码：300832 证券简称：新产业 公告编号：2025-076 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 深圳市新产业生物医学工程股份有限公司 关于获得医疗器械注册证的公告 近日，深圳市新产业生物医学工程股份有限公司（以下简称"公司"）收到 了广东省药品监督管理局颁发的 1 项《医疗器械注册证》。具体情况如下： | 产品名称 | 注册 分类 | 注册证编号 | | | 注册证有效期 | | | 适用范围 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 总胆红素 测定 | | 粤械注准 | 2025 | 年 09 | 月 | 30 | 日至 | 本试剂盒用于体外定量测定 人（含新生儿）血清或血浆 | | 试剂盒（重氮盐 | Ⅱ类 | | | | | | | 中总胆红素（TBIL）的浓度。 | | 法）注 | | 20252401336 | 2030 | 年 09 | 月 | 29 | 日 | 临床上主要作为胆红素代谢 | | | | | | | | | | 紊乱的评价指标之一。 ...