--医疗服务行业周报 12.8-12.12 相关研究： 核心要点： 本周医药生物下跌 1.04%，涨跌幅排名位列申万一级行业第 17 位 证券研究报告 2025 年 12 月 13 日 湘财证券研究所 根据 Wind 数据，本周申万一级行业医药生物下跌 1.04%，涨幅排名位列申 万 31 个一级行业第 17 位。沪深 300 指数下跌 0.08%，医药跑输沪深 300 指数 0.96 个百分点。申万医药生物二级子行业医疗服务 II 报收 6239.94 点，上涨 1.67%；中药 II 报收 6503.88 点，下跌 2.03%；化学制药Ⅱ报收 13372.56 点，下跌 0.75%；生物制品Ⅱ报收 6351.43 点，下跌 1.85%；医 药商业Ⅱ报收 5491.33 点，下跌 4.26%；医疗器械 II 报收 6489.33 点，下 跌 1.79%。 根据 Wind 数据，从医疗服务板块公司的表现来看，表现居前的公司有： 昭衍新药（+23.4%）、美迪西（+12.5%）、阳光诺和（+10.4%）、诺泰生物 （+6.3%）、博腾股份（+6.1%）；表现靠后的公司有：光正眼科（-9.4%）、 兰卫医学（-8 ...

Investment Rating - The report maintains a "Buy" rating for the medical services industry, suggesting a positive outlook for the sector in the next 6-12 months [9][63]. Core Insights - The medical services sector has shown resilience, with a recent performance boost attributed to the seasonal increase in flu cases, despite ongoing cost control pressures from medical insurance [9][63]. - The report highlights the significance of the recent government initiative to promote provincial-level medical insurance coordination, which is expected to enhance the efficiency of fund utilization and improve the overall healthcare system [5][6][61]. - The medical services sector's current Price-to-Earnings (PE) ratio is 31.62, with a Price-to-Book (PB) ratio of 3.18, indicating a slight increase from the previous week [4][29]. Summary by Sections Industry Performance - The pharmaceutical and biological sector experienced a decline of 2.67% this week, ranking 17th among 31 primary industries [2][11]. - The medical services sub-sector reported a slight increase of 1.42%, closing at 6237.83 points [22][23]. Company Performance - Top-performing companies in the medical services sector include ST Zhongzhu (+16.3%), Baihua Pharmaceutical (+11.6%), and Lanwei Medical (+10.6%) [3][27]. - Underperforming companies include Aier Eye Hospital (-1.6%) and WuXi AppTec (-0.7%) [3][27]. Valuation Metrics - The medical services sector's PE ratio has increased by 0.40 from the previous week, while the PB ratio has risen by 0.04 [4][29]. - The maximum and minimum PE ratios over the past year were 41.13 and 28.46, respectively, indicating a relatively stable valuation range [4][29]. Government Policy Impact - The recent government meeting emphasized the importance of provincial-level medical insurance coordination, which aims to balance fund distribution across regions and enhance the overall healthcare system [5][6][61]. - The report identifies structural opportunities for the pharmaceutical industry, particularly in innovative drugs, medical devices, and healthcare information technology, as a result of the new insurance policies [6][62]. Investment Recommendations - The report suggests focusing on high-growth areas such as pharmaceutical outsourcing services and companies with improving profit margins, including WuXi AppTec and Aier Eye Hospital [9][63].

Core Insights - The latest financing balance of the ChiNext market is 521.193 billion yuan, with a week-on-week increase of 3.590 billion yuan, indicating a positive trend in market financing activity [1][2] - On November 26, the ChiNext index rose by 2.14%, and the total margin balance for ChiNext stocks reached 522.938 billion yuan, reflecting a healthy market environment [1][2] Financing Balance Growth - A total of 431 ChiNext stocks experienced an increase in financing balance, with 20 stocks showing a growth rate exceeding 10%. The stock with the highest increase is Sanwei Tiandi, which saw a financing balance of 159.09 million yuan, up by 88.79% [1][3] - Other notable stocks with significant financing balance growth include Biaobang Co. and Baisheng Intelligent, with increases of 26.87% and 26.11%, respectively [1][3] Market Performance of Stocks - Among the stocks with a financing balance increase of over 10%, the average price increase on the same day was 1.82%, with Sanwei Tiandi hitting the daily limit up of 20.01% [1][2] - Other stocks with notable price increases include Maiwei Co. (12.75%), Lanwei Medical (7.90%), and Kaiwang Technology (6.90%). Conversely, stocks like Fuchun Co., Jialian Technology, and Guolian Aquatic experienced declines of 11.11%, 10.86%, and 7.22%, respectively [1][2] Capital Flow Analysis - On November 26, 13 stocks with increased financing balance saw net inflows of main funds, with Sanwei Tiandi, Dali Kaipu, and Maiwei Co. leading the inflows at 108 million yuan, 104 million yuan, and 7.264 million yuan, respectively [2][4] - Conversely, 7 stocks experienced net outflows, with Fuchun Co., Nanguang Digital, and Guolian Aquatic seeing the largest outflows of 218 million yuan, 197 million yuan, and 62.449 million yuan, respectively [2][4] Decline in Financing Balance - A total of 516 stocks saw a decrease in financing balance, with 11 stocks experiencing a decline of over 10%. The stock with the largest decrease is Keres, with a financing balance of 30.538 million yuan, down by 19.33% [4][5] - Other stocks with significant declines include Ruijie Network and Shangneng Electric, with decreases of 14.30% and 13.22%, respectively [4][5]

证券之星消息，11月26日医疗服务板块较上一交易日上涨0.45%，兰卫医学领涨。当日上证指数报收于 3864.18，下跌0.15%。深证成指报收于12907.83，上涨1.02%。医疗服务板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301060 | 兰卫医学 | 10.79 | 7.90% | 41.00万 | | 4.44亿 | | 688621 | 阳光诺和 | 68.55 | 7.63% | 7.88万 | | · 5.37亿 | | 600568 | ST中珠 | 2.70 | 5.06% | 85.39万 | | 2.30亿 | | 688222 | 成都先导 | 23.40 | 2.45% | 11.00万 | | 2.60亿 | | 688046 | 药康生物 | 17.10 | 2.03% | 1.90万 | | 3269.53万 | | 002821 | 凯莱英 | 92.74 | 2.02% | 5.34万 | | 4.97亿 | | ...

上海澄明则正律师事务所 法律意见书 上海澄明则正律师事务所 关于上海兰卫医学检验所股份有限公司 2025 年第二次临时股东会的法律意见书 本所律师已经对公司提供的与本次股东会有关的文件、资料及证言进行审 查判断，并据此出具法律意见。 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责精神，对公 司本次股东会的相关法律问题发表如下意见： 一、本次股东会的召集、召开程序 公司召开本次股东会，董事会已于 2025 年 10 月 28 日于深圳证券交易所网 站、巨潮资讯网等指定网站，以公告方式通知各股东。公司发布的公告载明了 会议的时间、地点、会议审议的事项，说明了股东有权出席，并可委托代理人 出席和行使表决权及有权出席股东的股权登记日，出席会议股东的登记办法和 联系电话等事项。 上海澄明则正律师事务所 法律意见书 根据上述公告，公司董事会已在公告中列明本次股东会讨论事项，并按有 关规定对议案的内容进行了充分披露。 致：上海兰卫医学检验所股份有限公司 上海澄明则正律师事务所（以下简称"本所"），接受上海兰卫医学检验所 股份有限公司（以下简称"公司"）的委托，指派本所律师出席公司 2025 年第 二次临时股东会（以 ...

证券代码：301060 证券简称：兰卫医学 公告编号：2025-044 上海兰卫医学检验所股份有限公司 2025 年第二次临时股东会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、本次股东会未出现否决议案的情形； 2、本次股东会不涉及变更前次股东会已通过的决议的情形。 上海兰卫医学检验所股份有限公司（以下简称"公司"）2025 年第二次临时股东会 于 2025 年 11 月 14 日在公司会议室召开，会议通知已于 2025 年 10 月 28 日以公告形式 发出，本次会议以现场投票与网络投票相结合的方式召开。会议由公司董事长曾伟雄先 生主持。 一、会议召开和出席情况 1、会议召开时间： 现场会议时间：2025 年 11 月 14 日 15:00。 出席会议的其他人员： （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 11 月 14 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系 统投票的具体时间为 2025 年 11 月 14 日 9:15 至 1 ...

Core Insights - The medical testing industry is facing significant challenges due to increased accounts receivable and declining profits, particularly following the COVID-19 pandemic [1][4][5] Group 1: Accounts Receivable and Financial Performance - Four companies have accounts receivable exceeding 2 billion yuan, with Capbio (凯普生物) involved in lawsuits to recover 357 million yuan in overdue payments [1] - In the first three quarters of this year, at least seven medical testing companies reported net losses attributable to shareholders, with six of them expected to continue this trend into 2024 [1] - Specific losses reported include: Puni Testing (谱尼测试) at 199 million yuan, RunDa Medical (润达医疗) at 163 million yuan, and Capbio at 128 million yuan [1] Group 2: Impact of Price Reductions and Impairment Provisions - Price reductions in the testing sector have led to widespread profit shrinkage among medical testing companies, with some firms making impairment provisions for accounts receivable [4] - Companies like KingMed Diagnostics (金域医学) have made significant impairment provisions, totaling 345 million yuan, primarily for accounts receivable, which reduced their consolidated profit by the same amount [4] - Lanwei Medical (兰卫医学) reported a total impairment provision of 16.73 million yuan, with 13.50 million yuan specifically for accounts receivable [5] Group 3: Recovery Trends and Future Outlook - The Ministry of Finance has indicated a commitment to debt reduction policies, which may accelerate the collection of accounts receivable from public hospitals [5] - Companies are implementing strategies to manage accounts receivable more effectively, with Puni Testing focusing on tailored collection strategies for major clients [6] - DiAn Diagnostics (迪安诊断) anticipates improved collection trends in the second half of the year, with expectations that all COVID-related accounts receivable will be fully provisioned by year-end [5][6]

Group 1 - The core viewpoint of the news is that Lanwei Medical has experienced a decrease in revenue and a significant increase in net profit, indicating a potential shift in financial performance despite lower sales [2] - As of November 12, Lanwei Medical's stock price increased by 0.79%, with a trading volume of 60.54 million yuan, and a net financing buy of -3.23 million yuan, suggesting a cautious investor sentiment [1] - The company's financing balance is at 86.68 million yuan, which is 2.12% of its market capitalization, indicating a low level of financing compared to the past year [1] Group 2 - For the period from January to September 2025, Lanwei Medical reported an operating income of 1.102 billion yuan, a year-on-year decrease of 16.51%, while the net profit attributable to the parent company was -667,700 yuan, reflecting a year-on-year increase of 98.35% [2] - The number of shareholders as of September 30 is 21,700, a decrease of 6.26% from the previous period, while the average circulating shares per person increased by 6.68% to 16,564 shares [2] - Since its A-share listing, Lanwei Medical has distributed a total of 320 million yuan in dividends, with 200 million yuan distributed over the past three years [3]

Core Viewpoint - The A-share market shows a slight decline with the Shanghai Composite Index closing at 3997.56 points, down 0.25%, while the total trading volume reached 20202.05 billion yuan, indicating a mixed performance among stocks breaking through the annual line [1] Group 1: Stock Performance - A total of 52 A-shares have surpassed the annual line today, with notable stocks including Luzhou Laojiao, Qiaoyuan Co., and Jiachuan Vision, which have deviation rates of 6.56%, 5.10%, and 4.86% respectively [1] - Stocks with smaller deviation rates that have just crossed the annual line include Lubnorth Chemical, Phoenix Optical, and Wuzhou Special Paper [1] Group 2: Individual Stock Data - Luzhou Laojiao (000912) saw a price increase of 9.93% with a turnover rate of 2.87%, closing at 4.87 yuan, resulting in a deviation rate of 6.56% [1] - Qiaoyuan Co. (301286) increased by 14.19% with a turnover rate of 9.67%, closing at 30.66 yuan, with a deviation rate of 5.10% [1] - Jiachuan Vision (300264) rose by 5.38% with a turnover rate of 10.65%, closing at 6.27 yuan, leading to a deviation rate of 4.86% [1]

Core Insights - Lanwei Medical (301060.SZ) released its Q3 2025 report, indicating that as of October 27, 2025, four institutional investors hold a total of 179 million shares, representing 44.67% of the company's total equity [1] - The institutional ownership decreased by 2.16 percentage points compared to the previous quarter [1] - A total of 50 public funds were disclosed this period, including notable funds such as GF Quantitative Multi-Factor Mixed A and E Fund CSI 2000 Index Enhanced A [1] - One new foreign institution, BARCLAYS BANK PLC, disclosed its holdings this quarter [1]