Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The report highlights that the pharmaceutical sector is showing resilience, with a focus on capturing opportunities from companies that can deliver on their growth potential. The report suggests that investors should continue to allocate to pharmaceutical bottom assets as fund holdings have returned to a low level [3][10] - The report indicates that the A-share funds' top ten holdings in the pharmaceutical sector account for 9.15%, a decrease of 1.93 percentage points from the previous period. Excluding pharmaceutical funds, the allocation drops to 3.43%, down 1.39 percentage points [3][10] - The report emphasizes the strong performance of certain pharmaceutical companies, particularly in innovative drugs and upstream life sciences, with notable profit growth forecasts for companies like Zhaoyan New Drug and Kangchen Pharmaceutical [3][10] Summary by Sections Market Dynamics - The pharmaceutical sector has outperformed the broader market, with a return of 6.66% compared to the CSI 300's 1.57% since the beginning of 2026, indicating a 5.10 percentage point advantage [14] - Recent performance shows a mixed trend, with pharmaceutical commercial, traditional Chinese medicine, and medical devices showing positive growth, while chemical pharmaceuticals and medical services have declined [10][14] Valuation Metrics - The current valuation of the pharmaceutical sector is at 23.3 times PE based on 2026 earnings forecasts, which is a premium of 11.3% compared to the overall A-share market (excluding financials) at approximately 21.0 times PE [17] - Using the TTM valuation method, the pharmaceutical sector is valued at 30.3 times PE, which is below its historical average of 34.9 times PE, indicating a relative premium of 11.2% over the broader market [17] Recommended Stocks - Key recommended stocks include WuXi Biologics, Sangfor Technologies, Tigermed, and others, with an average increase of 13.41% in January, outperforming the pharmaceutical sector by 6.74 percentage points [26][27] - The report notes that the top ten pharmaceutical stocks held by public funds include companies like Hengrui Medicine and WuXi AppTec, with a strong preference for innovative drugs and leading players in niche markets [3][10]

2026 年 1 月 25 日 总量研究 热点主题投资或仍占优 ——金融工程市场跟踪周报 20260125 要点 本周市场核心观点： 本周（2026.01.19-2026.01.23，下同）市场整体震荡上行，主要宽基指数量能 表现分化，大盘宽基量能表现好于中小盘宽基。市场情绪方面，本周主要宽基指 数及宽基指数 ETF 期权成交量 PCR 延续震荡回升态势，衍生品投资者短线交易 情绪小幅降温。资金面方面，本周股票型 ETF 资金大幅净流出，周期主题 ETF 资金周度净流入 186.43 亿元。 行业主题表现方面，资源品表现持续占优。后市或延续震荡上行表现，中长线持 续看好"红利+科技"配置主线，短线重视资源品、科技方向投资价值。 本周市场各指数涨跌不一，上证综指上涨 0.84%，上证 50 下跌 1.54%，沪深 300 下跌 0.62%，中证 500 上涨 4.34%，中证 1000 上涨 2.89%，创业板指下 跌 0.34%，北证 50 指数上涨 2.60%。 截至 2026 年 1 月 23 日，宽基指数来看，上证 50、沪深 300、中证 500、中证 1000、创业板指处于估值分位数"适中"等级，上 ...

以下文章来源于数据宝 ，作者陈见南 数据宝 . 品在植入体材料选型、生物相容性要求、生产工艺、品质系统控制等关键工艺技术领域与人工耳蜗高度相通。公司正与下游创新 型脑机接口客户深入开展工艺探索和技术合作，协助客户实现从实验室研发到批量出货的高效商业化转化。 机器人业务方面，在人形机器人领域，公司家用及消费电子事业部积极布局发展路径，结合公司在PEEK材料及其改性（如碳纤维 增强）、小型电机相关部件（如定子包胶）、传感器研发等方面的技术积累，已启动相关产品技术布局并与客户开展接洽。在手 术机器人领域，公司已有产品实现向部分国内外客户小批量供货。关于具体产品技术及客户信息，敬请投资者关注公司对外公开 披露的相关公告。 数据宝——证券时报智能原创新媒体，中国股市大数据新媒体领先品牌，依托证券时报财经数据库和证监会指定信息披露媒体的 权威信息，让您用手机也能从海量数据中获得有用的决策信息支持，数据是个宝，炒股少烦恼！ 来源：数据宝 近一周机构调研个股有190多只，大金重工调研机构数最多。 大金重工 有209家机构调研，其中包括46家基金公司、44家证券公司、41家私募、12家保险公司等。公司在调研中称，对现有能源 进 ...

美好医疗2025年三季报显示，前三季度公司主营收入11.94亿元，同比上升3.28%；归母净利润2.08亿 元，同比下降19.25%；扣非净利润2.03亿元，同比下降17.85%；其中2025年第三季度，公司单季度主营 收入4.62亿元，同比上升2.56%；单季度归母净利润9390.02万元，同比上升5.89%；单季度扣非净利润 9270.68万元，同比上升9.56%；负债率11.43%，投资收益490.31万元，财务费用-2739.1万元，毛利率 39.34%。美好医疗（301363）主营业务：医疗器械精密组件及产品的设计开发、制造和销售,为全球医 疗器械企业提供从产品研发到批量交付的全流程一站式服务。 该股最近90天内共有8家机构给出评级，买入评级8家；过去90天内机构目标均价为24.57。 资金流向名词解释：指通过价格变化反推资金流向。股价处于上升状态时主动性买单形成的成交额是推 动股价上涨的力量，这部分成交额被定义为资金流入，股价处于下跌状态时主动性卖单产生的的成交额 是推动股价下跌的力量，这部分成交额被定义为资金流出。当天两者的差额即是当天两种力量相抵之后 剩下的推动股价上升的净力。通过逐笔交易单成 ...

Core Viewpoint - The domestic surgical robot market is expected to experience a significant growth inflection point by 2026, driven by the implementation of the fee schedule and accelerated overseas expansion, favoring platform companies with commercialization capabilities and upstream manufacturers [1] Industry Overview - The market size of China's surgical robot industry is projected to exceed 70 billion RMB, with a CAGR of approximately 34% from 2024 to 2032. The market is expected to grow from 7.2 billion RMB in 2024 to 76.7 billion RMB by 2032 [2] - The laparoscopic surgical robot market is anticipated to grow at a CAGR of about 29% during the same period, while the orthopedic surgical robot market is expected to see a CAGR of around 41% due to increased penetration rates and the implementation of the fee schedule [2] Catalysts for Growth - The implementation of the fee schedule is identified as a core catalyst for the admission of domestic products. The development cycle of domestic surgical robots can be divided into three phases: early development, rapid development, and mature development [3] - The rapid development phase is characterized by improved product capabilities and accelerated hospital admissions, driven by a clear fee schedule and reimbursement policies [3] Overseas Expansion - The overseas market presents a significant growth opportunity for surgical robot manufacturers, with China's market currently accounting for only about 5% of the global market. Several domestic companies, such as MicroPort and Precision Medical, are beginning to penetrate international markets [4] - By the end of 2025, MicroPort's laparoscopic surgical robot is expected to have over 160 global commercial orders, while Precision Medical has signed 72 overseas orders for its products [4] Comparison with Global Leaders - The business model of Intuitive Surgical, a leading company in the laparoscopic surgical robot sector, shows a clear logic of revenue generation through system sales, consumables, and services. This model is expected to be mirrored by domestic companies, enhancing profitability as installation volumes increase [5] - In the orthopedic sector, domestic companies may benefit from the synergy between implantable devices and surgical robots, similar to the strategies employed by global leaders like Stryker [6] Recommended Companies - The focus is on platform companies with commercialization capabilities and upstream manufacturers. Recommended companies include MicroPort, Meihua Medical, and Aikang Medical, with attention to Tianzhihang and Precision Medical [7]

Investment Rating - The industry investment rating is "Positive" [5] Core Insights - The report anticipates a significant growth in the Chinese surgical robot market, projecting a compound annual growth rate (CAGR) of approximately 34% from 2024 to 2032, with the market size expected to increase from 7.2 billion RMB to 76.7 billion RMB [2][14] - The report identifies key catalysts for growth in 2026, including the implementation of a fee schedule and accelerated hospital admissions for domestic surgical robots, which are expected to enhance market penetration [3][20] - The report highlights the potential for overseas expansion as a new growth driver for surgical robot manufacturers, with domestic companies beginning to enter international markets [4][23] Summary by Sections Industry Space - The overall market size for surgical robots in China is projected to exceed 70 billion RMB, with a CAGR of about 34% from 2024 to 2032 [2][14] - The laparoscopic surgical robot segment is expected to dominate, accounting for over 58% of the market by 2024, with a CAGR of approximately 29% [14][15] - The orthopedic surgical robot market is also expected to grow significantly, with a projected CAGR of around 41% during the same period [15] Catalysts for 2026 - The report outlines three phases in the development of domestic surgical robots: early development, rapid growth, and maturity [3][20] - The implementation of a clear fee schedule and improved product capabilities are seen as critical for accelerating hospital admissions and market penetration [3][20] Overseas Expansion - The report notes that the Chinese surgical robot market currently represents only about 5% of the global market, indicating substantial room for growth [4][23] - Companies like MicroPort and Precision Medical are already making strides in international markets, with significant orders and certifications obtained [4][23] Profitability Models Compared to Overseas Leaders - The report compares domestic surgical robots to Intuitive Surgical, highlighting a similar business model where equipment sales drive consumable and service revenue [6][27] - The domestic market is expected to follow a similar trajectory, with increasing installation rates leading to higher profitability [6][27] Recommended Companies - The report recommends investing in platform companies with strong commercialization capabilities and innovative upstream manufacturers, specifically mentioning MicroPort, Meihua Medical, and Aikang Medical [8][39] - Companies like Tianzhihang and Precision Medical are noted as ones to watch [8][39]

证券日报网讯 1月21日，美好医疗在互动平台回答投资者提问时表示，截至2026年1月20日，公司股东 总户数为29576户。 （文章来源：证券日报） ...

证券之星消息，截至2026年1月21日收盘，美好医疗(301363)报收于32.58元，上涨0.8%，换手率 4.35%，成交量16.22万手，成交额5.3亿元。 该股主要指标及行业内排名如下： 美好医疗2025年三季报显示，前三季度公司主营收入11.94亿元，同比上升3.28%；归母净利润2.08亿 元，同比下降19.25%；扣非净利润2.03亿元，同比下降17.85%；其中2025年第三季度，公司单季度主营 收入4.62亿元，同比上升2.56%；单季度归母净利润9390.02万元，同比上升5.89%；单季度扣非净利润 9270.68万元，同比上升9.56%；负债率11.43%，投资收益490.31万元，财务费用-2739.1万元，毛利率 39.34%。美好医疗（301363）主营业务：医疗器械精密组件及产品的设计开发、制造和销售,为全球医 疗器械企业提供从产品研发到批量交付的全流程一站式服务。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 该股最近90天内共有8家机构给出评级，买入评级8家；过去90天内机构目标均价为24.57 ...

Core Viewpoint - The medical device sector experienced a rise of 0.54% on January 21, with N Aisheren leading the gains, while the Shanghai Composite Index increased by 0.08% and the Shenzhen Component Index rose by 0.7% [1] Group 1: Stock Performance - N Aisheren (code: 920050) closed at 44.04, with a remarkable increase of 175.59% and a trading volume of 141,600 shares [1] - Tianzhihang (code: 688277) saw a rise of 12.38%, closing at 23.88 with a trading volume of 376,500 shares [1] - Xishan Technology (code: 688576) increased by 11.18%, closing at 76.80 with a trading volume of 34,000 shares [1] - Kangzhong Medical (code: 688607) rose by 10.91%, closing at 59.67 with a trading volume of 76,200 shares [1] - Shuoshi Biological (code: 6658889) increased by 9.74%, closing at 84.84 with a trading volume of 70,300 shares [1] Group 2: Capital Flow - The medical device sector saw a net inflow of 300 million yuan from institutional investors, while retail investors experienced a net outflow of 430 million yuan [2] - Major stocks like Sainuo Medical (code: 688108) had a net inflow of 69.18 million yuan from institutional investors, but a net outflow of 44.76 million yuan from retail investors [3] - LePu Medical (code: 300003) had a net inflow of 48.54 million yuan from institutional investors, with a slight net inflow of 0.52 million yuan from retail investors [3]

Summary of Key Points Core Viewpoint - In the past five trading days, a total of 207 companies were investigated by institutions, with notable interest in companies like Haitai Ruisheng, Naipu Mining, and Meihao Medical, indicating a trend of concentrated institutional research activity in specific sectors [1]. Group 1: Institutional Research Activity - 85.51% of the companies investigated had participation from securities firms, with 177 companies being researched by them [1]. - Fund companies conducted research on 160 companies, while private equity firms investigated 91 companies, showing a diverse range of institutional interest [1]. - Haitai Ruisheng received the highest attention with 204 institutions participating in its research, followed by Naipu Mining with 132 institutions [1]. Group 2: Research Frequency and Fund Flow - Tianlu Technology was the most frequently researched company, receiving four institutional investigations, while Suzhou Bank and Binglun Environment were each investigated three times [1]. - Among the stocks with over 20 institutions involved, 15 saw net capital inflows in the past five days, with Hangzhou Bank attracting the most significant net inflow of 508 million yuan [1]. Group 3: Market Performance - Out of the stocks investigated, 31 experienced price increases, with the highest gains seen in Aiko Optoelectronics (34.13%), Dike Co. (26.44%), and Tietuo Machinery (23.29%) [2]. - Conversely, 17 stocks saw declines, with the largest drops in Olin Biology (-13.20%), Aipeng Medical (-12.19%), and Meihao Medical (-11.89%) [2]. Group 4: Earnings Forecasts - Among the stocks investigated, seven companies released earnings forecasts, with four expecting profit increases. Runfeng Co. projected the highest net profit of 1.1 billion yuan, reflecting a year-on-year increase of 144.40% [2].