（原标题：瑞银：料内地医疗设备板块本季起复苏 首选威高股份(01066)） 智通财经APP获悉，瑞银发布研报称，预期次季及上半年内地医药器械股份的业绩将继续分化。展望下 半年，料设备企业的国内收入将自第三季起显著增长，因上半年恢复招标逐步转化为收入。体外诊断 (IVD)方面，虽然部分试剂价格或于第三季触底，但用量影响或要到今年末才会消退。耗材方面，各品 类分化的势态将延续至下半年，另外该行关注国家医疗保障局近期强调带量采购"反内卷"后续政策，可 能是中长期催化剂。海外业务方面，该行认为除非中美关税争端再起，各板块应可维持稳定增长。 该行最新较看好联影医疗(688271.SH)及威高股份(01066)，前者2025至27年收入有强劲增长潜力，估值 溢价合理，予目标价192元人民币，评级"买入"。后者今年全年10%至15%的收入增长指引虽然面临下 行风险，但其收入及盈利有所增长，股东回报持续改善，且估值合理，目标价8.2港元，亦予"买入"评 级。 ...

Core Viewpoint - UBS forecasts continued performance divergence among domestic medical device stocks in the second quarter and the first half of the year, with significant revenue growth expected for equipment companies starting in the third quarter as tender recovery translates into income [1] Group 1: Market Trends - Domestic revenue for equipment companies is anticipated to see significant growth from the third quarter due to the gradual conversion of tender recovery into income [1] - In vitro diagnostics (IVD) may see some reagent prices bottoming out in the third quarter, but the impact on usage may not dissipate until the end of the year [1] - The trend of differentiation among various categories of consumables is expected to continue into the second half of the year [1] Group 2: Policy and Regulatory Environment - The National Healthcare Security Administration's recent emphasis on "anti-involution" policies regarding volume-based procurement may serve as a medium to long-term catalyst for the industry [1] Group 3: International Business Outlook - The outlook for overseas business remains stable across various sectors unless the US-China tariff dispute resurfaces [1] Group 4: Company Recommendations - UBS is optimistic about United Imaging Healthcare (688271.SH), projecting strong revenue growth potential from 2025 to 2027, with a target price of 192 RMB and a "Buy" rating [1] - Wego Group (01066) is also rated "Buy," with a revenue growth guidance of 10% to 15% for the year, despite facing downside risks; the company is expected to see revenue and profit growth along with improving shareholder returns, with a target price of 8.2 HKD [1]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index decreased by 1.69% as of August 7, 2025, with mixed performance among constituent stocks [1] - Huada Zhizao led the gains with an increase of 4.42%, while Yuyuan Pharmaceutical and others experienced declines [1][5] - The market for the Sci-Tech Innovation Medical ETF managed by Harvest saw a turnover of 27.9% and a transaction volume of 65.88 million yuan, indicating active trading [3] Group 2 - As of August 6, 2025, the Sci-Tech Innovation Medical ETF reached a new high in scale at 237 million yuan, ranking first among comparable funds [3] - The ETF saw a net inflow of 2.96 million yuan recently, with a total of 17.65 million yuan accumulated over the last five trading days [3] - The ETF's net value increased by 49.39% over the past year, with the highest monthly return recorded at 23.29% since its inception [3] Group 3 - The top ten weighted stocks in the Sci-Tech Innovation Board Biopharmaceutical Index accounted for 49.14% of the index, with leading stocks including United Imaging Healthcare and BeiGene [3] - Minsheng Securities believes that domestic medical insurance policy support and overseas value recognition will sustain the ongoing trend of Chinese innovative drugs [5] - China has become a core procurement area for global trading, with traditional pharmaceutical companies accelerating their innovation and international expansion [5]

Group 1 - The Shanghai Composite Index experienced a slight increase, with the pharmaceutical and electric equipment sectors leading the decline, while beauty care and non-ferrous metals sectors saw gains [1] - The recently popular ChiNext and STAR Market 50 ETF (159783) saw a slight decrease, with stocks like Zhaosheng Microelectronics (300782), Cambricon, Lens Technology (300433), and United Imaging Healthcare showing notable gains, while stocks like AVIC Chengfei (302132), Bichu Electronics, Baile Tianheng, and Sungrow Power (300274) faced declines [1] - Guolian Minsheng indicated that policy implementation may accelerate mergers and acquisitions, focusing on innovation and entrepreneurship, with a new wave of policy easing for mergers and acquisitions since the "Six Merger Guidelines" were released on September 24 last year [1] Group 2 - The ChiNext and STAR Market 50 ETF (159783) tracks the CSI ChiNext and STAR Market 50 Index, which selects 50 of the largest market capitalization companies with strong technological attributes from the ChiNext and STAR markets [2] - The index combines the advantages of both the STAR Market and ChiNext, selecting high-tech stocks from the STAR Market and growth-oriented, profitable stocks from the ChiNext [2]

瑞银发表研究报告指，预期次季及上半年内地医药器械股份的业绩将继续分化。展望下半年，预计设备 企业的国内收入将自第三季起显著增长，因上半年恢复招标逐步转化为收入。 体外诊断(IVD)方面，虽 然部分试剂价格或于第三季触底，但用量影响或要到今年末才会消退。耗材方面，各品类分化的势态将 延续至下半年，另外该行关注国家医疗保障局近期强调带量采购反内卷后续政策，可能是中长期 催化 剂。海外业务方面，该行认为除非中美关税争端再起，各板块应可维持稳定增长。 该行最新较看好 联 影医疗及威高股份。联影医疗2025至27年收入有强劲增长潜力，估值溢价合理，予目标价192元，评 级"买入"。威高股份今年全年10%至15%的收入增长指引虽然面临下行风险，但其收入及盈利有所增 长，股东回报持续改善，且估值合理，目标价8.2港元，亦予"买入"评级。 ...

Core Viewpoint - The medical device sector is experiencing a rise, with notable increases in stocks such as United Imaging Healthcare, New Industry, BGI Genomics, and Jiuan Medical, all rising over 3% [1] Group 1: Stock Performance - The ETF tracking the CSI All Share Medical Device Index has increased by approximately 3% [1] - Specific ETFs in the medical device sector have shown significant gains, with the Medical Device ETF Fund at 0.830, up 3.23%, and the Medical Device Index ETF at 0.588, up 3.16% [2] Group 2: Future Opportunities - Analysts indicate that increasing internationalization will provide more investment opportunities in the medical device sector, with several companies expected to see high growth in international business by 2025 [2] - The performance of Hong Kong's medical device stocks has been strong this year, which may positively influence the A-share market, suggesting that investment opportunities in both A-shares and Hong Kong's medical device sector will continue to emerge [2]

Group 1 - The National Healthcare Security Administration (NHSA) has announced the optimization of drug procurement measures, including the inclusion of 55 drugs in the upcoming procurement round [4] - The AI healthcare sector is expected to accelerate commercialization due to supportive policies, particularly in areas like AI pathology diagnosis, AI imaging, and AI pharmaceuticals [4][5] - The market for surgical robots in China is projected to exceed 70 billion yuan by 2030, driven by aging population and uneven distribution of medical resources [5] Group 2 - The "Artificial Intelligence +" policy marks a new phase of large-scale, commercial, and ecological development in AI healthcare [6] - AI healthcare applications are expanding into areas such as cancer screening, critical illness management, and chronic disease management, addressing key pain points in the healthcare system [6][7] - Companies are encouraged to focus on various AI healthcare applications, including AI in pharmaceuticals, medical imaging, and genetic sequencing [6][7]

Core Points - The AMAC Specialized Equipment Index increased by 1.11% to 3662.93 points, with a trading volume of 105.067 billion yuan [1] - The index has risen by 7.85% in the past month, 12.99% in the past three months, and 12.90% year-to-date [1] Index Composition - The top ten holdings of the AMAC Specialized Equipment Index are: - Northern Huachuang (6.42%) - Mindray Medical (6.19%) - SANY Heavy Industry (5.31%) - Zhongwei Company (3.84%) - XCMG Machinery (3.11%) - United Imaging (2.86%) - Zoomlion (1.65%) - Lead Intelligent (1.29%) - Aimeike (1.24%) - Huahai Qingke (1.20%) [1] Market Distribution - The market distribution of the AMAC Specialized Equipment Index shows that: - Shenzhen Stock Exchange accounts for 56.80% - Shanghai Stock Exchange accounts for 43.20% [1] Industry Breakdown - The industry composition of the AMAC Specialized Equipment Index is as follows: - Industrial: 53.61% - Healthcare: 24.41% - Information Technology: 17.58% - Energy: 1.77% - Consumer Discretionary: 0.88% - Financials: 0.53% - Materials: 0.49% - Utilities: 0.40% - Real Estate: 0.22% - Consumer Staples: 0.12% [2]

Core Viewpoint - The book "Hard Truths" by Song Zhiping outlines ten essential practices for high-quality development of listed companies in China, emphasizing the importance of governance, innovation, and social responsibility in enhancing corporate value and market competitiveness [2][3][5]. Summary by Sections 1. Ten Practices for High-Quality Development - There are over 5,400 listed companies in China, contributing 53% of the national GDP and 26% of tax revenue, highlighting their significant role in the economy [3]. - Companies must shift focus from product markets to capital markets post-listing, recognizing the importance of both customer bases [3]. - Song Zhiping's extensive experience in leading state-owned enterprises into the Fortune Global 500 provides a solid foundation for his insights on corporate governance and development [3]. 2. Structure of the Book - "Hard Truths" consists of 260,000 words divided into ten chapters, each representing a practice derived from Song's theoretical and practical experiences [5]. - Each chapter is structured into three sections, with a total of 108 subsections, each presenting a viewpoint on corporate management [5]. 3. Key Practices - Governance: Emphasizes the importance of independence, compliance, and transparency in corporate governance [5]. - Shareholder Returns: Discusses the significance of market value management, dividends, and sustainable operations [6]. - Dual Circulation Market: Offers strategies for domestic market positioning and international expansion, including overseas mergers and acquisitions [6]. 4. Case Studies and Examples - The book includes over 200 small case studies and 10 major case studies from various industries, showcasing successful practices from companies like Midea Group and Ningde Times [12][10]. - Each chapter concludes with exemplary companies that embody the respective practice, providing practical insights for readers [12]. 5. Policy and Regulatory Insights - The book integrates interpretations of relevant national policies and regulations, such as the OECD Corporate Governance Principles and the Company Law, to guide corporate leaders [15]. - Song Zhiping's focus on current policies and industry trends ensures the content remains relevant to contemporary corporate challenges [14]. 6. Practical Application - The book serves as a guide for executives of listed companies and those aspiring to enter the capital market, offering actionable insights and strategies for high-quality corporate governance and development [17].

Core Viewpoint - The latest stock price of United Imaging Healthcare is 129.15 yuan, reflecting a slight increase of 0.47% from the previous trading day, with significant developments in their photon-counting spectral CT technology [1] Company Overview - United Imaging Healthcare specializes in the research and manufacturing of high-end medical imaging equipment, including CT, MR, and DR devices [1] - The company has recently launched its self-developed photon-counting spectral CT for clinical testing at Zhongshan Hospital and Ruijin Hospital, which significantly enhances imaging resolution and reduces radiation dosage by up to 90% [1] Technological Advancements - The photon-counting spectral CT project is a key initiative under the "14th Five-Year Plan" by the Ministry of Science and Technology, achieving breakthroughs in semiconductor detectors and overall system design [1] - This technology aims to assist doctors in early detection of small lesions, thereby improving diagnostic capabilities [1] Market Potential - The global market size for photon-counting spectral CT was approximately 75.31 million USD in 2022, with projections to grow to 1.1 billion USD by 2029 [1] Financial Insights - On the trading day, the net inflow of main funds was 17.22 million yuan, accounting for 0.02% of the circulating market value, while the net outflow over the past five days totaled 35.97 million yuan, representing 0.05% of the circulating market value [1]