与此同时，近段时间以来，多家外企相关负责人表示，将持续扩大在华投资，深耕中国市场。 中国商业经济学会副会长宋向清在接受《证券日报》记者采访时表示，我国具有庞大的消费市场和创新 活力，始终是世界经济增长的重要推动力量，吸引外资企业持续加码。未来，随着高水平开放深入推 进，我国将为全球企业创造更多机遇，实现合作共赢。 外资在华发展意愿持续增强 外商投资是推进高水平对外开放的重要内容。近年来，我国持续做好稳外资工作，推进高水平对外开 放，加大力度吸引和利用外资。同时，中国经济的持续稳健增长也为外商投资企业的成长提供了稳定预 期。 在这一背景下，外资企业在华发展意愿持续增强。 12月2日，商务部副部长兼国际贸易谈判副代表凌激会见法国阿尔斯通集团首席执行官韩法利。韩法利 表示，阿尔斯通将持续扩大本地化投入，致力于技术合作和扩大再投资，并与中国企业在第三方市场携 手合作。 随着高水平对外开放的持续推进，我国作为外商理想、安全、有为投资目的地的吸引力与竞争力不断提 升。在商务部12月4日召开的例行新闻发布会上，商务部新闻发言人何亚东介绍，今年以来，中国新设 立外商投资企业数量5.4万家，同比增长14.7%。 从外商投资情况 ...

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgency to invest now [1][13] - The energy demands of AI technologies are highlighted, with data centers consuming as much energy as small cities, leading to concerns about power grid strain and rising electricity prices [2][3] Investment Opportunity - A specific company is presented as a key player in the AI energy sector, owning critical energy infrastructure assets that are essential for supporting the anticipated surge in energy demand from AI data centers [3][7] - This company is characterized as a "toll booth" operator in the AI energy boom, benefiting from the increasing need for energy as AI technologies expand [4][5] Market Position - The company is noted for its unique position in the market, being one of the few capable of executing large-scale engineering, procurement, and construction projects across various energy sectors, including nuclear energy [7][8] - It is described as debt-free and holding a significant cash reserve, which is nearly one-third of its market capitalization, positioning it favorably compared to other energy firms burdened with debt [8][10] Growth Potential - The company also has a substantial equity stake in another AI-related venture, providing investors with indirect exposure to multiple growth engines in the AI sector without the associated premium costs [9][10] - The stock is considered undervalued, trading at less than seven times earnings, which presents a compelling investment opportunity given its ties to the growing AI and energy markets [10][11] Industry Trends - The article discusses the broader trends of onshoring driven by tariffs and the surge in U.S. LNG exports, indicating a favorable environment for the company's operations [6][14] - The influx of talent into the AI sector is expected to drive continuous innovation and advancements, reinforcing the importance of investing in AI-related companies [12]

上海市市长龚正昨天会见了美国波士顿科学公司董事长兼首席执行官马鸿明一行。 马鸿明说，我已先后30余次来到中国，中国及上海的飞速发展令人惊叹。中国市场对波士顿科学具 有极高战略意义，近年来公司在华业务实现快速发展，规模不断扩大。上海的创新研发能力持续升级和 营商环境不断优化，为公司发展提供了有力支持。面对复杂多变的国际形势，我们始终坚定看好中国， 将持续增加在中国及上海的投资，拓展业务范围，加大研发投入，更好满足广大中国患者需求。 波士顿科学是全球领先的医疗器械公司。公司1997年进入中国市场，是首批进驻上海自贸区的外资 医疗企业，在沪设立大中华区总部、中国研发中心和在华首个工厂。 记者 吴頔 龚正说，当前，我们正以"五个中心"建设为主攻方向，加快建成具有世界影响力的社会主义现代化 国际大都市。生物医药是上海重点发展的三大先导产业之一，上海在生物医药领域拥有显著创新资源优 势，我们将继续增强生物医药产业科技创新策源能力，深入推进产业国际化发展，加快打造具有全球影 响力的生物医药产业创新高地。希望波士顿科学持续优化在沪功能布局，积极助力上海生物医药产业发 展，深度参与上海国际科技创新中心建设，在沪创造更大业绩。同 ...

Core Viewpoint - Shanghai is focusing on building a world-class modern socialist metropolis, with biomedicine as one of its key industries, leveraging its significant innovation resources [1] Group 1: Government Initiatives - Shanghai aims to enhance its technological innovation capabilities in the biomedicine sector and promote international development of the industry [1] - The city is committed to creating a globally influential biomedicine innovation hub [1] Group 2: Company Engagement - Boston Scientific is encouraged to optimize its operational layout in Shanghai and actively participate in the city's biomedicine industry development [1] - The company is invited to continue its participation in the China International Import Expo [1] Group 3: Business Environment - Shanghai will maintain a market-oriented, law-based, and international business environment to provide better conditions for various business entities [1]

Core Insights - Boston Scientific has experienced significant growth over the past few years and is looking to build on this momentum moving forward [1] - The company aims to highlight its current growth drivers, such as FARAPULSE and WATCHMAN, while also focusing on future opportunities in adjacent markets [2] Company Growth and Strategy - The recent Investor Day was successful in showcasing the excitement around Boston Scientific's current offerings and future potential [2] - The company emphasizes a strong market growth in the procedures it addresses, alongside a commitment to innovation to enhance product value [2]

Financial Data and Key Metrics Changes - The electrophysiology (EP) business has experienced significant growth, with FARAPULSE driving growth at approximately twice the market rate since its introduction in the EU in 2021 [2][4] - The U.S. market penetration for FARAPULSE has quickly surpassed 50%, indicating strong adoption and market presence [4][5] Business Line Data and Key Metrics Changes - The FARAPULSE ecosystem, including FARAWAVE catheter and Opal mapping system, has been pivotal in driving success across global markets [2][3] - The Watchman franchise is projected to be a long-term growth engine for the company, with expectations of over 20% growth depending on the outcomes of OPTION and CHAMPION trials [14][17] Market Data and Key Metrics Changes - The global electrophysiology market is valued at $13 billion, with $9 billion attributed to atrial fibrillation (AF) and $4 billion to other indications [9] - The renal denervation market is being re-evaluated, with hypertension being a common condition affecting one in four adult Americans, presenting a significant opportunity for device-based therapies [38] Company Strategy and Development Direction - The company is focused on expanding its leadership in the electrophysiology market while exploring adjacent markets such as diabetes [9][10] - There is a strategic emphasis on category leadership across various medical technology segments, including interventional cardiology and structural heart [62][63] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the competitive landscape in cardiology, emphasizing the importance of understanding competition and focusing on their ecosystem of products [10][12] - The company is preparing for a shift of inpatient procedures to outpatient settings, aligning with CMS goals to enhance accessibility [47][48] Other Important Information - The company is investing in artificial intelligence to enhance product development and operational efficiency, with applications in imaging and electrophysiology [59][61] - The upcoming CHAMPION trial is expected to significantly expand the eligible patient population for the Watchman device, potentially tripling its total addressable market to $6 billion by 2030 [17][18] Q&A Session Summary Question: What is the growth outlook for the Watchman franchise? - The Watchman franchise is expected to grow over 20% long-term, contingent on positive outcomes from the OPTION and CHAMPION trials [14][17] Question: How does the company view the competitive landscape in electrophysiology? - The company recognizes the competitive nature of the market but believes it has a strong understanding of upcoming competition and is focused on its product ecosystem [10][12] Question: What is the timeline for the Seismic device and clinical data? - The Seismic device is currently enrolling in the Fracture ID study, with completion anticipated in Q1 2026 and a commercial launch expected in the first half of 2027 [30][31] Question: How does the company plan to address the access issues in renal denervation? - The company plans to focus on educating both physicians and patients about the therapy, which is crucial for market development [45][46] Question: What are the expectations for the CRM market? - The CRM market is currently the lowest growth area for the company, but a complete revamp of the CRM portfolio is underway, aiming for at or above market growth [50][52]

Financial Data and Key Metrics Changes - The company reported strong growth in the electrophysiology (EP) business, with growth rates approximately double the market average, driven by the FARAPULSE ecosystem [2][5] - The approval of persistent atrial fibrillation (AF) in the U.S. is expected to further enhance market penetration [5] Business Line Data and Key Metrics Changes - The FARAPULSE product line has seen significant adoption, particularly in the U.S. where penetration quickly surpassed 50% [4] - The Watchman franchise is projected to grow at over 20% annually, contingent on positive outcomes from the OPTION and CHAMPION trials [13][17] Market Data and Key Metrics Changes - The global electrophysiology market is valued at $13 billion, with $9 billion attributed to AF and $4 billion to other indications [9] - The renal denervation market is being revisited due to evolving clinical data and the high prevalence of hypertension, with one in four adult Americans affected [37] Company Strategy and Development Direction - The company aims to maintain category leadership across various medical device segments, including interventional cardiology and electrophysiology [67] - There is a focus on expanding the FARAPULSE ecosystem and entering adjacent markets, with a strong emphasis on innovation and product development [1][9] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a highly competitive landscape in cardiology but expresses confidence in their understanding of upcoming competition and their strategic positioning [10][12] - The company is preparing for a shift of inpatient procedures to outpatient settings, aligning their product ecosystem accordingly [48][49] Other Important Information - The company is actively investing in artificial intelligence to enhance product development and operational efficiency [61][64] - The upcoming CHAMPION trial is expected to significantly impact the Watchman market, potentially expanding the eligible patient population to approximately 20 million globally [17] Q&A Session Summary Question: What is the long-term growth outlook for the Watchman franchise? - The Watchman franchise is expected to grow over 20% annually, depending on the outcomes of the OPTION and CHAMPION trials [13][17] Question: How does the company view the competitive landscape in electrophysiology? - The company recognizes the competitive nature of the market but believes their unique product offerings and ecosystem will maintain their leadership position [10][12] Question: What is the timeline for the Seismic device in interventional cardiology? - The Seismic device is currently enrolling in the Fracture ID study, with a commercial launch anticipated in the first half of 2027 [30]

Key Takeaways BSX's recent acquisitions enhanced CRM, Endoscopy, Interventional Cardiology, Oncology and EP portfolios.BSX's acquisitions drove 420 bps of Q3 sales growth, lifting organic revenues to 15.3% above guidance.Boston Scientific advanced its Neuromodulation reach with an agreement to acquire all of Nalu Medical.Over the past several years, Boston Scientific (BSX) has pursued a series of acquisitions in support of its growth strategy, both strengthening its core businesses and expanding into high-g ...

Core Insights - Boston Scientific Corporation (BSX) is a leading player in the medical devices industry with a market cap of $149.7 billion, focusing on various interventional medical specialties globally [1][2] Company Overview - BSX develops, manufactures, and markets medical devices for interventional cardiology, cardiac rhythm management, peripheral interventions, electrophysiology, neurovascular intervention, and endoscopy [1] - The company is categorized as a large-cap stock, emphasizing its size and influence in the medical devices sector [2] - Key strengths of BSX include a trusted brand, innovation driven by R&D, a diversified product portfolio, global reach, and strategic acquisitions [2] Stock Performance - BSX shares have experienced a decline of 7.8% from their 52-week high of $109.50, reached on September 9 [3] - Over the past three months, BSX stock has decreased by 5.1%, underperforming the Nasdaq Composite, which gained 7.8% during the same period [3] - Year-to-date, BSX shares have risen by 13%, and over the past 52 weeks, they have climbed 11.9%, but still lag behind the Nasdaq's YTD gains of 20.2% and 21.1% over the last year [4] Recent Financial Results - On October 22, BSX reported Q3 results, with an adjusted EPS of $0.75, exceeding Wall Street's expectation of $0.71 [5] - The company's revenue for the quarter was $5.1 billion, surpassing the forecast of $5 billion [5] - BSX anticipates full-year adjusted EPS in the range of $3.02 to $3.04 [5] Competitive Landscape - In comparison, Stryker Corporation (SYK) has shown weaker stock performance, with a YTD gain of only 3.4% and a 4.5% decline over the past 52 weeks [5]

Core Insights - Boston Scientific (BSX) reported an adjusted gross margin of 71% in Q3 2025, a 60-basis-point improvement year-over-year, primarily due to a favorable product mix and strong growth in electrophysiology (EP) and WATCHMAN units, although tariffs limited growth potential [1][4] - WATCHMAN's sales increased by 35% in Q3, with over 600,000 patients treated, driven by accelerated adoption in the U.S. and strong clinical evidence [2] - EP sales surged 63% year-over-year, supported by the growth of the Farapulse Pulsed Field Ablation (PFA) System, with expectations for global PFA penetration to reach about 50% by the end of 2025 [3] Financial Performance - The adjusted operating margin rose by 80 basis points to 28%, reflecting solid performance on the top line [1] - Full-year adjusted gross margin is expected to be slightly above 2024 levels, despite an estimated $100 million tariff headwind, with management projecting an operating margin expansion of approximately 100 basis points [4] Market Position and Valuation - Year-to-date, Boston Scientific shares have increased by 9.8%, outperforming the industry growth of 3.4% [7] - The company's shares trade at a forward 12-month Price-to-Sales (P/S) ratio of 6.59, which is lower than its median but above the industry average [9] Earnings Estimates - Earnings estimates for Boston Scientific are showing an upward trend, with current estimates for the current year at $3.04 and $3.45 for the next year [11]