江苏鱼跃医疗设备股份有限公司 关于开展外汇套期保值业务的可行性分析报告 一、开展外汇套期保值业务概述 （一）开展外汇套期保值业务的目的 鉴于近期国际经济、金融环境波动频繁等多重因素的影响，人民币汇率波动的不确 定性增强，为防范汇率及利率波动风险，降低市场波动对江苏鱼跃医疗设备股份有限公 司（以下简称"公司"）经营及损益带来的影响，公司拟开展与日常经营相关的外汇套 期保值业务。 公司及控股子公司开展外汇套期保值业务投入的资金来源为自有资金、债务融资以 及公司通过法律法规允许的其他方式筹集的资金，不涉及募集资金。 5、外汇套期保值业务授权 本次投资不会影响公司主营业务的发展，公司资金使用安排合理。根据相关会计准 则，本次投资符合套期保值相关规定。 （二）开展外汇套期保值业务的情况 1、外汇套期保值涉及币种及业务品种 公司及控股子公司拟开展的外汇套期保值业务只限于从事与公司生产经营所使用 的主要结算货币相同的币种（主要外币币种有美元、欧元等），在境内外商业银行办理 的以规避和锁定汇率及利率风险和成本为目的的交易，包括远期结售汇、外汇掉期、外 汇期权等外汇衍生产品业务。结合日常业务需要，公司及控股子公司拟开展的产品主 ...

证券代码：002223 证券简称：鱼跃医疗 公告编号：2025-048 江苏鱼跃医疗设备股份有限公司 第六届董事会第十五次临时会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 2025 年 12 月 24 日，江苏鱼跃医疗设备股份有限公司（以下简称"公司"）以通讯 表决的方式召开了第六届董事会第十五次临时会议。公司于 2025 年 12 月 19 日以书面 送达及电子邮件方式向公司全体董事发出了召开公司第六届董事会第十五次临时会议 的通知以及提交审议的议案。会议应出席董事 9 名，实际出席会议董事 9 名。本次会议 的召集、召开及表决等程序符合《中华人民共和国公司法》和《公司章程》的有关规定， 会议决议合法、有效。会议由董事长吴群先生主持，经与会董事充分讨论，审议通过了 如下议案： 二、董事会会议审议情况 1、 关于《公司开展外汇套期保值业务》的议案 1、第六届董事会第十五次临时会议决议； 2、第六届董事会审计委员会 2025 年第六次会议决议。 特此公告。 江苏鱼跃医疗设备股份有限公司董事会 二〇二五年十二月二十五日 董事 ...

Investment Rating - The report assigns an "Outperform" rating for the industry, indicating that the industry index is expected to exceed market benchmarks in the next six months [5]. Core Insights - The recent upgrade of Ant Group's AI health assistant to "Antifufu" focuses on health Q&A, companionship, and services, indicating a strong push in AI healthcare applications [2]. - The National Healthcare Security Administration has included "AI-assisted diagnosis" in the pricing structure for pathological diagnosis, which is expected to enhance the application of AI in medical diagnostics [3]. - Antifufu has achieved a remarkable 83.4% monthly active user growth rate, making it the leading health application in the AI native application sector in China [2]. - The integration of AI solutions into healthcare services is expected to create a comprehensive ecosystem, enhancing user engagement and service delivery [2]. Summary by Sections Industry Overview - The AI health application sector is rapidly evolving, with Antifufu being a key player, leveraging a large user base and partnerships to enhance service offerings [2]. - The report highlights the significant growth potential in AI-assisted diagnostics, driven by recent policy support and technological advancements [3]. Market Data - The industry comprises 336 constituent stocks with a total market capitalization of 45,834 billion, and a circulating market value of 25,851 billion [7]. - The overall revenue of constituent stocks stands at 12,390 billion, with a net profit of 154 billion, indicating a robust financial landscape [7].

Group 1 - The medical sector is currently underperforming, with the largest medical ETF (512170) experiencing continued fluctuations below the annual line, indicating potential accumulation of funds near this level, as evidenced by a net subscription of over 98.88 million yuan on the previous day [1][5] - Major AI medical concept stocks, such as Weining Health, have seen declines exceeding 2%, with leading stocks like United Imaging, Aier Eye Hospital, and Aimeike also dropping over 1% [1][5] Group 2 - Zhongtai Securities notes that policy disturbances in the medical device industry are gradually clearing, with domestic demand recovering and export logic being realized, leading to a turning point for high-value consumables and medical equipment, while IVD and low-value consumables are expected to show marginal improvements [3][8] - According to招商证券, the medical device sector should focus on the improvement of in-hospital demand leading to inventory optimization and increased exports by 2026, with ongoing positive trends in equipment bidding data likely to enhance channel inventory [3][8] - The medical ETF (512170) and its linked funds passively track the CSI Medical Index, which includes top-weighted stocks such as WuXi AppTec, Mindray, United Imaging, Aier Eye Hospital, and others [3][8] Group 3 - Investment options in the medical sector include various ETFs, such as the Hong Kong Stock Innovation Drug ETF (520880) and the A-share Medical ETF (512170), with the latter being the largest in the market with a scale of 25.3 billion yuan [4][9] - The A-share medical ETF has a CXO content exceeding 25%, while the Hong Kong medical ETF has a CXO content over 37%, indicating a diverse investment landscape [4][9]

深港通医疗(港币)（983036）指数十大成份股详情如下： | 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | | sz300760 | 迈瑞医疗 | 15.23% | 199.70 | 0.76% | 2421.25 | 医药生物 | | sz300015 | 爰尔眼科 | 11.39% | 11.34 | -0.18% | 1057.50 | 医药生物 | | sz002223 | 鱼跃医疗 | 4.82% | 37.76 | -0.66% | 378.54 | 医药生物 | | sz300896 | 爱美客 | 4.55% | 144.40 | -0.96% | 436.94 C | 美容护理 | | sz300003 | 乐普医疗 | 4.30% | 15.82 | -0.44% | 291.63 | 医药生物 | | sz300677 | 英科医疗 | 4.14% | 44.38 | 1.65% | 290.76 | 医药生物 | | hk01099 | 国药控股 ...

证券日报网讯12月22日，鱼跃医疗（002223）在互动平台回答投资者提问时表示，截至2025年12月10日 公司股东总户数为50000多户。 ...

Investment Rating - The report maintains a "Buy" rating for the pharmaceutical and biotechnology sector [4][5]. Core Insights - The report emphasizes the activation of "medical insurance" through AI in healthcare, suggesting a focus on investment opportunities in related sectors such as home medical devices, offline health check-ups, and pharmaceutical retail [2][21][23]. - The report highlights the importance of clinical value in the pharmaceutical sector, advocating for investments in innovative drug chains and medical devices, particularly in light of evolving domestic and international policies [3][26][27]. Summary by Sections Market Review - The A-share pharmaceutical and biotechnology index fell by 0.14%, underperforming the CSI 300 index by 0.14 percentage points, while outperforming the ChiNext index by 1.39 percentage points, ranking 22nd among 31 sub-industries [1][10][16]. - The Hong Kong Hang Seng Healthcare Index decreased by 1.77%, outperforming the Hang Seng Index by 0.19 percentage points [1][10]. R&D Progress - Recent developments include the NDA application for SSGJ-608 by Sanofi, clinical application advancements for vaccines by CanSino and Shiyao Group, and ongoing clinical trials for various drugs by Heng Rui and CanOya [1][31]. Investment Strategy - The report suggests focusing on three categories of companies: 1. AI + Home Medical Devices, recommending companies like Yuyue Medical and Sinocare [23][25]. 2. AI + Offline Health Check-ups, with a focus on Meinian Health, which has significant data resources for AI model calibration [23][25]. 3. AI + Pharmaceutical Retail, highlighting Alibaba Health and Shuyu Pingmin as key players [23][25]. Key Company Earnings Forecast and Valuation - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several companies, recommending "Buy" for companies like Innovent Biologics, Yifan Biologics, and Mindray Medical [4][28]. Important Company Announcements - Recent announcements include various clinical trial approvals and strategic partnerships among key players in the pharmaceutical sector, indicating ongoing innovation and development [30][31]. Financial Data Updates - Basic medical insurance revenue reached 2,108.6 billion yuan in the first nine months of 2025, with a monthly income of 227.6 billion yuan in September, reflecting a 15.9% month-on-month increase [34]. - The pharmaceutical manufacturing industry reported a year-on-year revenue decline of 2.90% for the first ten months of 2025, indicating challenges in the sector [49]. Regulatory and Market Trends - The report notes a structural shift in domestic policies favoring innovative drugs and highlights the increasing global demand for pharmaceuticals driven by aging populations [27][26].

Group 1: Macroeconomic Insights - The unexpected decline in the US CPI for November is attributed to statistical "distortion" due to government shutdown disruptions, with a shorter data collection period and promotional season affecting price statistics [1] - The market's reaction to this "distorted" data is limited, with a high probability of maintaining interest rate pauses at 72.3% until further data is released in December [1] Group 2: Market Strategy - Historical trends indicate a "spring rally" in the A-share market, driven by monetary policy adjustments and significant economic data releases, suggesting a potential upward market movement [2] - The recent strong market performance may signal the beginning of the 2026 cross-year rally, with a focus on growth and consumer sectors for industry allocation [2] Group 3: Bond Market Observations - The secondary market for publicly listed REITs has seen a continuous decline, with a weighted REITs index return of -2.74% for the week [3] - The issuance of credit bonds has decreased, with industrial bonds accounting for 44.07% of the total issuance, reflecting a 12.44% week-on-week decline [4] Group 4: Industry Research - Computer Sector - The global tech investment enthusiasm remains strong, with a structural differentiation between "strong computing power" and "weak applications," suggesting a focus on AI applications in 2026 [7] - Three main investment lines are recommended: industry empowerment, overseas application, and edge AI, highlighting companies with strong industry know-how and high overseas revenue [7] Group 5: Non-Banking Sector Insights - In a low-interest-rate environment, equity assets have become crucial for insurance companies to enhance investment returns, with a record high of 9.3% equity asset ratio among five listed insurers [8] - The proposed regulatory framework aims to improve asset-liability management in insurance companies, enhancing long-term operational resilience [9] Group 6: Energy Sector Developments - In November, power generation increased by 2.7% year-on-year, with improvements in nuclear, solar, and wind energy growth rates [10] - The storage and hydrogen sectors are expected to see continued investment opportunities, driven by ongoing demand and new project launches [11] Group 7: Metal Industry Analysis - The copper market is expected to see price increases, supported by a tight supply-demand balance and rising commercial net long positions [12] - Investment recommendations include companies like Zijin Mining and Luoyang Molybdenum, with a focus on potential risks from economic conditions and supply releases [12] Group 8: Chemical Industry Insights - The semiconductor materials sector is experiencing accelerated growth due to AI and data center demands, with a focus on high-purity materials [14] - Companies with technological advantages and strong customer ties in high-end materials are recommended for investment [14] Group 9: Medical Sector Developments - Ant Group's AI health assistant has rapidly gained popularity, transforming healthcare management through a digitalized approach [15] - Investment focus includes AI and home medical devices, offline health check-ups, and pharmaceutical retail [15] Group 10: Company-Specific Research - Taihe Co., Ltd. is recognized for its leading technology and capacity in core products, with significant profit growth expected from new product registrations [16] - The company is projected to achieve net profits of 4.55 billion, 5.64 billion, and 6.83 billion yuan from 2025 to 2027, with a target price of 33.67 yuan [16] Group 11: Media Sector Insights - The advertising demand from internet clients remains strong, with potential revenue growth from new business initiatives [17] - Profit forecasts for 2025 and 2026 have been slightly adjusted downwards, reflecting cautious optimism amid macroeconomic conditions [17] Group 12: TMT Sector Developments - Xiaomi's long-term AI strategy emphasizes substantial R&D investments, indicating a commitment to sustainable growth in AI applications [18] - The company is projected to achieve non-IFRS net profits of 426 billion, 438 billion, and 510 billion yuan from 2025 to 2027 [18] Group 13: Medical Device Sector Insights - The company is a leader in the interventional field, with significant revenue growth from overseas and peripheral products [19] - Profit forecasts have been adjusted due to potential policy impacts, with expected net profits of 6.33 billion, 7.05 billion, and 8.48 billion yuan from 2025 to 2027 [19]

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Insights - The report highlights the promising data from CTLA-4 drugs, suggesting potential investment opportunities in related areas [3][5] - The pharmaceutical index experienced a slight decline of 0.14% from December 15 to December 19, 2025, but showed a relative outperformance of 0.14% against the CSI 300 index [5] - The report emphasizes the importance of innovative drugs as a key investment theme for 2026, with a focus on companies that are expected to show clear performance trends and potential reversals in operations [5][41] Summary by Sections 1. CTLA-4 Target - CTLA-4 is identified as a significant immune checkpoint that can inhibit T cell activation, presenting potential value in cancer immunotherapy [8][9] - The CTLA-4 monoclonal antibody Gotistobart shows promising clinical trial results for squamous non-small cell lung cancer (sqNSCLC) patients who are resistant to immunotherapy [14][15] - Gotistobart's innovative mechanism targets Treg cells in the tumor microenvironment, potentially leading to a new paradigm in tumor immunotherapy [20][24] 2. Industry Perspective - The report maintains that innovative drugs should be the main focus for the year, while also considering manufacturing exports and aging-related consumption as relatively undervalued assets [25][41] - The pharmaceutical index has shown a year-to-date increase of 14.49%, with a notable number of stocks experiencing significant gains [25][26] - The report suggests that the Chinese pharmaceutical industry has completed a transition from old to new growth drivers, with innovative drugs opening new growth avenues for companies [41][42] 3. Investment Recommendations - Recommended stocks include innovative drug companies such as Xinyi Tai, Zai Jian Pharmaceutical, and others, as well as companies in the medical device sector [5][45] - The report advises focusing on companies with strong performance trends and those expected to benefit from the aging population and outpatient consumption [42][44] - The report also highlights the potential of AI in the pharmaceutical sector, suggesting that related stocks may perform well in the coming years [42][44]

Group 1 - Jiangsu Tiangong Titanium Crystal New Materials Co., Ltd. is constructing a high-end titanium alloy powder production base, utilizing advanced plasma atomization technology to fill the domestic gap in high-end titanium alloy powder [1] - Tiangong Co., Ltd. has a market capitalization exceeding 12.5 billion yuan since its listing on the Beijing Stock Exchange in May, ranking among the top five in market value on the exchange [1] - The capital market in Zhenjiang has expanded to 26 companies, with 23 listed domestically, ranking sixth in the province [1] Group 2 - Changjiang Samsung Energy Technology Co., Ltd. successfully listed on the Beijing Stock Exchange in October, taking only 208 days from application to listing, focusing on heavy special materials and energy clean utilization [2] - Zhenjiang has implemented the "Sailing Plan" and "Cloud Sailing Plan" to support the growth of companies, with nearly 90% of the 100 key enterprises being high-tech [2] - The local government emphasizes financial support for the real economy, particularly in technology innovation and green low-carbon sectors [2] Group 3 - Zhenjiang has established a "government + exchange + enterprise" service system to facilitate the listing process, with over 30 annual training events and more than 500 participants [3] - The establishment of a local financial industry party committee aims to enhance the integration of party building and business operations [3] Group 4 - Zhenjiang has launched the first "Park + Stock Option" pilot in the province to address financing challenges for high-growth tech companies, enabling a debt-equity linkage model [4][5] - The pilot program allows companies to convert their technological potential into financing capabilities, supported by a diversified financial ecosystem [5] Group 5 - Existing listed companies in Zhenjiang are innovating and upgrading, with notable growth in revenue and profits, such as Hengshun Vinegar and Yuyue Medical [6] - The city has seen significant sales growth in its industrial sectors, with sales figures reaching 385.27 billion yuan and 348.51 billion yuan for "four clusters" and "eight chains," respectively [6] Group 6 - R&D spending among listed companies in Zhenjiang reached 1.906 billion yuan in the first half of 2025, a 12.5% increase year-on-year, with an overall R&D intensity of 4.44% [7] - The city aims to enhance the quality and quantity of listed companies, improve direct financing ratios, and optimize the capital market environment [7]