Core Viewpoint - BD Medical and Mindray Medical have officially established a significant partnership focused on the clinical flow cytometry field, aiming for comprehensive and in-depth channel cooperation to lay a solid foundation for future brand collaboration [1][2]. Group 1 - The collaboration represents a strong alliance, leveraging BD's technical expertise, professional talent, and solution advantages in flow cytometry, combined with Mindray's core competencies in intelligent platforms, local major projects, and channel resources [2]. - Both companies will deeply collaborate in areas such as product and digital innovation, channel empowerment and expansion, academic and brand promotion, and technical support to jointly advance the high-quality development of flow cytometry business and smart testing overall solutions [2].

| 3 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 0119.HK | 保利置业集团 | | 000099.SZ | 中信海直 | | 601872.SH | 招商轮船 | | 600352.SH | 浙江龙盛 | | 002409.SZ | 雅克科技 | | 002709.SZ | 天赐材料 | | 300760.SZ | 迈瑞医疗 | | 605338.SH | 巴比食品 | | 1579.HK | 颐海国际 | | 601888.SH | 中国中免 | | 689009.SH | 九号公司-WD | | 688630.SH | 芯碁微装 | 证券研究报告——晨会聚焦 2026 年 3 月 5 日 证券分析师：王军 中银晨会聚焦-20260305 ■重点关注 【宏观经济】2025 年 CPI 权重更新*张晓娇 朱启兵。2026 年开始到 2030 年 的五年，将使用 2025 年作为对比基期；统计局公布了八个大类的权重，我 们以 2025 年数据为主、2022 年-2024 年数据为辅，计算 2025 年 CPI 各中类 的权重；我们预计 2026 年 CPI 同比 ...

Core Insights - The year 2025 marks a "watershed" moment for China's flow cytometry market, driven by geopolitical uncertainties and a shift towards "deep localization" as a survival necessity for companies [1][2] Market Overview - The total bid amount for flow cytometers in 2025 reached 641,297,934 yuan, with a total of 486 units awarded [3] - BD retained the top position in bid amounts, while Beckman Coulter surpassed BD in bid quantity, indicating a significant market reshuffle influenced by geopolitical factors and localization strategies [2][5] Competitive Landscape - Beckman Coulter emerged as the top bidder in terms of quantity, while BD maintained the highest bid amount, with the gap in bid amounts between the two companies narrowing from nearly 20% in 2024 to less than 3% in 2025 [10] - The top three companies accounted for over 60% of the total bid amount, while the top ten accounted for over 90% [3][5] Product Performance - Beckman Coulter dominated the top ten bid models, securing the first, second, fifth, and sixth positions with models such as DxFLEX and CytoFLEX [7][9] - The highest bid price for a flow cytometer was 11,486,000 yuan for Standard BioTool's Hyperion XTi, while the lowest was under 50,000 yuan for a model from Rescale [11] User Demand and Market Trends - Hospitals accounted for approximately 48.83% of the bid amount and 48.03% of the bid quantity, with a notable increase in demand from disease control centers, particularly due to a large order from the Xinjiang CDC [15] - The market is witnessing a shift towards lower-tier cities, with significant growth expected in the southwest and central regions of China [20] Regional Insights - The top regions for flow cytometer bids in 2025 included Guangdong (11.9%), Beijing (10.8%), and Shanghai (9.9%), with increasing demand in the southwest and central regions [17][19]

2026年3月3日，医疗器械巨头美敦力（Medtronic）宣布，与GE医疗GE HealthCare续签合作，并大幅扩展双方的全球战略联盟。这一合作建立在双方超过30年的技 术协作基础之上，新的协议将持续多年，重点围绕 患者监护（Patient Monitoring）技术与医院平台系统的深度整合 展开。 根据双方披露的信息，本次合作的核心在于将美敦力的一系列临床监护参数与技术，进一步整合进入GE医疗的Patient Care Solutions平台。涉及的技术包括 Nellcor 脉搏血氧监测、Microstream呼气末二氧化碳监测（capnography）、INVOS区域氧饱和度监测以及BIS脑电深度监测 等。这些监护参数将与GE的监护设备和信息系 统协同运行，并覆盖包括麻醉、重症监护、母婴护理等多个临床场景。 同时，双方还计划将合作延伸至 新一代无线可穿戴监护技术，以及视频喉镜等麻醉气道管理设备 ，以推动医院监护系统向更加连续化、数字化的方向演进。 从更长周期观察，这类合作背后反映了医疗设备行业一个逐渐清晰的趋势： 从单一设备竞争，转向平台生态与临床数据能力的竞争。 # 监护技术：从"设备参数"走向" ...

作者 | 第一财经 钱童心 美国和以色列对伊朗发起军事行动以来，中东地区紧张局势升级，对于在中东有业务布局的中国医疗 企业会产生哪些影响引发关注。 第一财经记者3月3日从多位医疗器械设备行业人士方面了解情况，大部分厂商表示，目前战局的影 响主要在于物流方面。由于中国医疗厂商在中东的业务起步相对较晚，占比量不大，产生的影响也较 为有限。 一位国内医疗设备厂商负责人对第一财经记者表示，尽管很多中国企业近年来出海的需求迫切，但大 部分公司仍在观望，或者是刚刚开始布局。目前在中东业务量相对较大的还是一些大型的上市公司。 以医疗设备而言，国内两大巨头企业联影和迈瑞都在中东开展业务。联影医疗尚未对中东战局影响发 表公开回应，但知情人士对第一财经记者表示："联影在中东的业务占比比较低，基本没有影响。" 2026.03. 04 本文字数：1536，阅读时长大约3分钟 另一位国内医疗器械及注射药品厂商方面人士也向第一财经记者透露，目前的局势尚未对该公司在中 东的业务产生影响，本身的业务量也不大。 一位最近从迪拜回国的专家对第一财经记者表示，中国医疗企业在中东未来发展的另一个极具潜力的 方向是人工智能，可能会带来较大的业务机会。 ...

2 March 2026 | 4:27PM CST Equity Research Mindray (300760.SZ): Key trip takeaways: Increased confidence in China equipment rebound while IVD faces uncertainties We visited Mindray on Feb 27, 2026. Below are our key takeaways. Domestic medical equipment market environment and competitive landscape: The company believes that the market concentration of ultrasound equipment is already high, which may limit opportunities for new entrants. The company expects its domestic growth rate to be largely in line with t ...

| 3 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 0119.HK | 保利置业集团 | | 000099.SZ | 中信海直 | | 601872.SH | 招商轮船 | | 600352.SH | 浙江龙盛 | | 002409.SZ | 雅克科技 | | 002709.SZ | 天赐材料 | | 300760.SZ | 迈瑞医疗 | | 605338.SH | 巴比食品 | | 1579.HK | 颐海国际 | | 601888.SH | 中国中免 | | 689009.SH | 九号公司-WD | | 688630.SH | 芯碁微装 | | 市场指数 | | | | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌% | | 上证综指 | 4182.59 | 0.47 | | 深证成指 | 14465.79 | (0.20) | | 沪深 300 | 4728.67 | 0.38 | | 中小 100 | 8847.90 | 0.14 | | 创业板指 | 3294.16 | (0.49) | 证券研究报告——晨会聚焦 2026 年 3 ...

Investment Rating - The report does not explicitly provide an investment rating for the medical device industry. Core Insights - The medical device industry is experiencing continuous growth globally, driven by advancements in technology, materials, and concepts, which enhance product functionality and precision [6][32]. - The industry plays a crucial role in improving healthcare services and resource allocation, significantly impacting accessibility and equity in medical care [6][32]. - The report emphasizes the importance of ESG (Environmental, Social, and Governance) principles, highlighting that adherence to these standards can enhance corporate image and drive sustainable development within the industry [7][56]. Summary by Sections Chapter 1: Overview of the Medical Device Industry - The upstream segment includes raw material supply and technology research and development, which are foundational for medical device production [19][20]. - The midstream segment focuses on product design, manufacturing, marketing, and distribution, emphasizing the need for compliance with regulatory standards [20][24]. - The downstream segment pertains to the application of medical devices in various healthcare settings, where performance, safety, and user experience are critical [29][30]. Chapter 2: ESG Development in the Medical Device Industry - The report discusses the current state of ESG information disclosure, noting that the healthcare sector has a disclosure rate of 39%, slightly below the average [56][57]. - It highlights the need for improved transparency and accountability in ESG reporting, as many companies focus on achievements while neglecting potential risks [58]. - The report outlines various domestic and international policies that guide the medical device industry towards sustainable practices, including regulations on waste management and product safety [59][62]. Chapter 3: ESG Practice Cases in the Medical Device Industry - The report presents case studies of leading companies in the medical device sector, showcasing their ESG practices and contributions to sustainable development [7][56]. - It emphasizes the importance of integrating ESG principles into corporate strategies to enhance competitiveness and address societal expectations [58][59].

Core Insights - The report emphasizes the potential for investment opportunities in commodities driven by geopolitical tensions, particularly in the Middle East, which may lead to rising prices for oil and precious metals in 2026 [2][5][6] - The A-share market is expected to experience short-term volatility due to geopolitical factors, but will likely refocus on domestic fundamentals and policy expectations in the medium term [3][15] - The report highlights a significant investment in AI applications by major domestic internet companies, indicating a competitive landscape focused on user habit formation and commercial viability [9][12] Market Overview - The report lists a "March Gold Stock Portfolio" featuring companies such as Poly Real Estate Group, CITIC Hanzhong, and Mindray Medical, indicating a focus on sectors like real estate, transportation, and healthcare [1][7] - The A-share market indices showed mixed performance, with the Shanghai Composite Index closing at 4162.88, up 0.39%, while the Shenzhen Component Index fell by 0.06% [1] - The report notes that the steel industry performed well, with a 3.37% increase, while sectors like construction materials and telecommunications saw declines [1] Commodity Insights - The report anticipates that geopolitical events will significantly impact oil and certain petrochemical product prices, with a focus on the implications of the closure of the Strait of Hormuz [5][29] - It is projected that Brent crude oil prices could exceed $80 per barrel due to potential supply disruptions from Iran, with historical comparisons to the 2022 Ukraine conflict [5][29] - The chemical industry is advised to focus on low-valuation leading companies and sectors benefiting from price increases under the "anti-involution" policy [28][33] AI Industry Developments - Major domestic internet companies invested over 4.5 billion yuan in promoting AI applications during the Spring Festival, marking a shift towards practical applications and user engagement [9][12] - The report highlights the rapid evolution of domestic AI models, with significant advancements in performance and market application, indicating a dual development path towards general models and vertical industry applications [10][12] - Concerns about AI replacing human jobs are noted, but the report emphasizes that current AI capabilities are more about enhancement rather than replacement [11][12] Investment Recommendations - The report suggests focusing on companies in the AI sector and those involved in the development of general models and industry-specific AI agents, such as MINIMAX-WP and iFLYTEK [13][12] - It also recommends monitoring traditional chemical leaders that are adapting to new materials and benefiting from improving industry conditions [33]

策略研究 | 证券研究报告 — 总量点评 2026 年 3 月 1 日 3 月金股组合 中银证券研究部 2026 年 3 月金股 3 月金股组合 中银国际证券股份有限公司 具备证券投资咨询业务资格 策略研究 证券分析师：王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号：S1300519060003 证券分析师：徐沛东 (8621)20328702 peidong.xu@bocichina.com 证券投资咨询业务证书编号：S1300518020001 策略观点：A 股短期波动中期聚焦国内主线，资源品行情正当时。美以 军事打击伊朗对于全球市场及资产价格的影响取决于行动的目标及持续 性。金价上行有望得到进一步支撑。无论是当下的中东局势还是特朗普 关税政策的反复都为短期市场增加了较高的不确定性因素。而这种不确 定性下的避险情绪将为短期贵金属价格形成有力支撑。目前来看，对于 A 股的影响更多集中在风险偏好层面，中期来看，A 股市场将会回归国内 基本面及政策预期。国内两会即将开幕，A 股短期冲击幅度或小于海外， 节后复工情况、两会前后宏观政策的释放是国内投资者关 ...