联合行业力量攻克首个国产自主知识产权"人工心肺机"，研发国内首款超声模拟芯片……国家高性能医 疗器械创新中心（下称"国创中心"）自2020年成立以来，在攻克"卡脖子"领域可谓"硕果累累"。 作为医疗器械领域唯一一家国家级制造业创新平台，国创中心在运营上有哪些特色？如何让一个个创新 成果走出实验室，走上生产线？日前，证券时报记者走进国创中心寻找答案。 从实验室到生产线 走进位于深圳龙华的国创中心实验室，记者看到，身着实验服、佩戴防护手套的研究人员穿梭于仪器之 间，整洁明亮的空间内，偶尔听见设备发出低沉的声响。 过去几年，从国创中心实验室里诞生的成果，是一项项填补国内空白的新技术、多款进入临床试验的新 型医疗器械，以及面向诸多企业提供的技术解决方案。 以生物材料与植介入器械平台实验室为例，该平台瞄准相关领域的前沿与共性技术攻关，实验室拥有材 料检测、分析、测试、评估等各类仪器设备，可进行医用材料及相关技术和产品研发，还可以对外提供 技术咨询、分析检测评估等方面服务。 过去几年，该实验室在生物医用钛合金、生物降解材料等材料与工艺领域取得了不少成果，被用于心脑 血管植介入器械、骨科植入材料、重症急救设备等领域。该实验 ...

南方财经全媒体记者林汉垚 北京报道 近日，多款创新药密集上市，创新药板块关注度持续提升。中邮证券研报指出，创新药板块近期具备较 多催化，海外BD、ASCO大会等事件持续提高板块热度。国内创新药企迎来估值重塑，有望成为贯穿 全年的投资主线。 在此背景下，保险资金作为"长期资金"也将目光投向生物医药、创新药领域，21世纪经济报道记者通过 Wind统计，今年以来，险资共调研医疗健康领域上市公司112家，其中西药行业上市公司50家。 业内人士表示，随着中国医疗健康产业的蓬勃发展，保险资金正以其长期性和稳定性，成为推动创新药 研发的重要力量。 创新药板块强势增长 据了解，上海医药是沪港两地上市的大型医药公司，在医药商业与医药工业板块均处于国内领先地位。 上海医药工业板块覆盖全面，在生物药、化药、中药和罕见病药物等领域积极开展创新转型。其中，中 随着人口老龄化程度的加深、恶性肿瘤和慢性疾病的增加，以及居民健康意识的提高，民众对创新药和 医疗健康管理服务的需求也逐步增强。 2024年7月5日,国务院召开国务院常务会议审议通过《全链条支持创新药发展实施方案》，会议指出， 发展创新药关系医药产业发展，关系人民健康福祉。要全链条 ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [6]. Core Viewpoints - The report highlights the acceleration of AI technology implementation and product innovation in the pharmaceutical sector, particularly in AI-driven medical applications. It suggests focusing on AI-related medical stocks [2][3]. - Recent advancements in AI drug development, such as the breakthrough of Rentosertib by Insilico Medicine, are noted, with expectations for more Chinese pharmaceutical companies to engage in global innovation through AI platforms [2][3]. - The report emphasizes the importance of payment perspectives in investment strategies, identifying three key payment channels: hospital payments, out-of-pocket payments, and overseas payments, with specific recommendations for companies like 恒瑞医药 (Hengrui Medicine), 迈瑞医疗 (Mindray), and 联影医疗 (United Imaging) [3][24]. Summary by Sections Market Review - The pharmaceutical and biotechnology index rose by 1.40%, outperforming the CSI 300 index by 1.66 percentage points and the ChiNext index by 1.28 percentage points, ranking 5th among 31 sub-industries [1][17]. - The Hong Kong Hang Seng Healthcare Index increased by 8.84%, surpassing the Hang Seng Index by 8.55 percentage points [1][17]. Company Announcements - Recent clinical application updates include 百济神州 (BeiGene) and 康方生物 (CanSino Biologics) with new IND applications, and ongoing clinical trials for several drugs from 三生国健 (3SBio) and 正大天晴 (Zhengda Tianqing) [28]. R&D Progress - Notable advancements in clinical trials include the initiation of new applications for drugs by 恒瑞医药 (Hengrui Medicine) and ongoing phases for various drugs from 三生国健 (3SBio) and 诺诚健华 (Innovent Biologics) [28][29]. Financial Forecasts and Valuations - Key company forecasts include: - 恒瑞医药 (Hengrui Medicine): EPS forecasted at 1.07 CNY for 2025, with a PE ratio of 51, rated as "Accumulate" [5]. - 鱼跃医疗 (Yuyue Medical): EPS forecasted at 2.32 CNY for 2025, with a PE ratio of 15, rated as "Buy" [5]. - 迈瑞医疗 (Mindray): EPS forecasted at 10.62 CNY for 2025, with a PE ratio of 22, rated as "Buy" [5]. - 联影医疗 (United Imaging): EPS forecasted at 2.39 CNY for 2025, with a PE ratio of 54, rated as "Buy" [5]. Investment Strategy - The report suggests a structural selection of investment opportunities based on payment willingness and ability, focusing on areas such as hospital policy support, expanding public demand, and increasing overseas market cycles [24].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% from the current price [2][8]. Core Insights - The company has launched a new stock incentive plan aimed at enhancing growth, targeting a revenue increase of 20%, 44%, and 72.8% for the years 2025 to 2027, respectively, compared to 2024 [8][11]. - The domestic medical equipment market is showing significant recovery, with a 100.36% year-on-year growth in the medical imaging equipment market and a 72.41% growth in the radiation therapy equipment market from January to May 2025 [11]. - The company is expected to achieve net profits of RMB 16.4 billion, RMB 20.0 billion, and RMB 24.2 billion for the years 2025 to 2027, representing year-on-year growth rates of 30.3%, 22.0%, and 20.8%, respectively [11]. Company Overview - The company operates primarily in the medical and biological industry, with a market capitalization of RMB 768.32 billion and a current share price of RMB 129.50 [1]. - The product mix includes 87.8% from medical imaging diagnostic equipment and radiation therapy equipment, 9.5% from maintenance services, and 1.1% from software business [3]. Financial Projections - The company is projected to have a net profit of RMB 1.644 billion in 2025, with an earnings per share (EPS) of RMB 1.99, and a price-to-earnings (P/E) ratio of 64.94 [10][11]. - Revenue is expected to grow from RMB 12.984 billion in 2025 to RMB 18.260 billion by 2027, with corresponding operating profits increasing from RMB 1.733 billion to RMB 2.604 billion [15].

Core Insights - The Sci-Tech Innovation Board (STAR Market) has evolved from a reform "testbed" to a highland for technological innovation, with a focus on six strategic emerging industries, achieving a total of 588 listed companies and a market capitalization exceeding 6.8 trillion yuan by June 2025 [1][2] Industry Overview - The STAR Market is particularly concentrated in the integrated circuit and pharmaceutical sectors, with 119 and 113 listed companies respectively, making it a major listing venue globally outside the US and Hong Kong [2] - The introduction of the "Eight Measures" has further stimulated resource allocation and industrial vitality in these sectors [2] Company Performance - Union Medical (688271.SH) raised 10.988 billion yuan during its IPO in August 2022, using the funds to enhance global expansion and production capacity for high-end medical imaging equipment [3] - The capital raised has significantly supported Union Medical in achieving breakthroughs in core technologies and establishing a complete self-research system for key components [3][4] - Aibo Medical (688050.SH) has experienced continuous revenue and net profit growth since its listing in 2020, with a compound annual growth rate of 39.56% in R&D investment from 2022 to 2024 [5][6] Market Dynamics - The STAR Market has become a key driver of domestic pharmaceutical innovation, with 33 globally new Class 1 drugs launched by STAR-listed companies since 2018, accounting for approximately 14% of all domestic Class 1 drugs approved during the same period [7] - In the integrated circuit sector, STAR-listed companies achieved a combined revenue of 72.182 billion yuan in Q1 2025, representing a 24% year-on-year increase, and a net profit of 4.479 billion yuan, up 73% [7][8] Strategic Developments - Companies like Longxin Zhongke (688047.SH) have accelerated their R&D iterations post-listing, increasing their annual new chip releases from 1-2 to 4-5 [8][9] - The ongoing push for domestic chip production is creating rapid development opportunities for chip companies, with significant growth in revenue and profitability observed [9][10] M&A Activity - The STAR Market encourages mergers and acquisitions as a means for companies to achieve external growth, with several notable cases emerging in 2023 [10][11] - Companies are actively seeking M&A opportunities to enhance their technological capabilities and market presence, with a focus on strategic alignment and operational synergy [11][12]

证券研究报告 | 朝闻国盛 gszqdatemark 2025 06 16 年 月 日 朝闻国盛 5 月社融有喜有忧，怎么看、怎么办？ 今日概览 ◼ 重磅研报 【宏观】高频半月观—地产、价格等内需指标进一步走弱——20250615 【宏观】5 月社融有喜有忧，怎么看、怎么办？——20250613 【金融工程】中证 500、中证 1000 确认日线级别上涨——20250615 【金融工程】择时雷达六面图：信用方向转为上行趋势——20250614 【固定收益】新的做多力量会来自何方？——20250615 【固定收益】资金宽松，曲线下移——流动性和机构行为跟踪—— 20250614 【固定收益】融资弱资金宽，债市继续走强——20250614 【家用电器】从绿联科技、安克创新看"浅海品类"明星公司的成长之路 ——20250615 【银行】本周聚焦—5 月社融数据：政府债支撑社融，新发放贷款利率保 持不变——20250615 【电子】胜宏科技（300476.SZ）-全球 AI PCB 龙头，深度受益 GPU+ASIC 需求提升——20250615 ◼ 研究视点 【能源】跨省跨区电力应急调度新规出台，"疆电入渝"首批电源 ...

Group 1 - The core event is the "Shenzhen Assists Private Enterprises in Expanding International Markets Service Supply and Demand Matching Activity (Latin America Special Session)" held in Luohu District, where over 60 private enterprises discussed opportunities and challenges in the Latin American market [1][2] - Shenzhen's Development and Reform Commission has organized six specialized matching activities this year to optimize business services and support private enterprises in going global [1][2] - The initiative aims to create conditions for private enterprises to explore new international markets, with over 2.7 million private enterprises in Shenzhen contributing over 70% to foreign trade exports [2][3] Group 2 - The activities serve as a "bridge" connecting private enterprises with professional service institutions, facilitating communication and resource sharing [3] - The focus is on addressing key issues such as obtaining international market recognition, understanding EU battery regulations, and securing financial support for cross-border mergers and acquisitions [2][3] - By June 2025, the Development and Reform Commission plans to host 13 supply and demand matching activities focusing on 20+8 key industries and investment environments in regions like the Middle East, Africa, and Latin America [3] Group 3 - Shenzhen has compiled a list of 320 professional service institutions from both Shenzhen and Hong Kong to support private enterprises in their international market expansion [4] - The initiative includes sharing professional solutions to address challenges faced by enterprises in international market expansion, with participation from large state-owned enterprises and government units [4] - The use of global data and advanced technology is emphasized to help enterprises make informed business decisions [4] Group 4 - Shenzhen is actively helping private enterprises tap into emerging markets by organizing visits to countries like South Africa, Brazil, Argentina, and Malaysia, facilitating cooperation with local businesses and universities [6] - The city has also supported enterprises in participating in international exhibitions, showcasing over 200 Shenzhen companies at events like the Düsseldorf Medical Exhibition [6][7] - The "One Exhibition, Two Cities" approach has been successfully implemented to enhance the brand power of Shenzhen's manufacturing sector, attracting notable buyers to exhibitions [6][7] Group 5 - As of the latest report, nearly 500 private enterprises have participated in the matching activities, resulting in over 300 connections with professional institutions and more than 100 cooperation intentions established [7] - The initiative has effectively addressed over 220 issues faced by private enterprises in expanding into international markets, providing substantial support for their global endeavors [7] - The overall strategy is seen as a forward-looking model for facilitating the internationalization of private enterprises in the Greater Bay Area [8]

证券研究报告·公司点评报告·医疗器械 联影医疗（688271） 发布新一期股权激励，彰显长期增长信心 2025 年 06 月 15 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 11,411 | 10,300 | 11,599 | 13,892 | 16,493 | | 同比（%） | 23.52 | (9.73) | 12.61 | 19.77 | 18.72 | | 归母净利润（百万元） | 1,974 | 1,262 | 1,587 | 2,139 | 2,654 | | 同比（%） | 19.21 | (36.08) | 25.75 | 34.82 | 24.07 | | EPS-最新摊薄（元/股） | 2.40 | 1.53 | 1.93 | 2.60 | 3.22 | | P/E（现价&最新摊薄） | 54.06 | 84.58 | 67.26 | 49.89 | 40.21 | [Table_ ...

Quantitative Models and Construction Methods - **Model Name**: Broad-based Index Heat Rotation Strategy - **Model Construction Idea**: The model uses the weekly heat change rate (MA2) of broad-based indices to construct a rotation strategy. The idea is to buy the index with the highest heat change rate at the end of each week, or stay in cash if the "Others" group has the highest rate[7][13]. - **Model Construction Process**: 1. Calculate the total heat of constituent stocks for each broad-based index (CSI 300, CSI 500, CSI 1000, CSI 2000, and "Others") by summing up their individual heat indicators[8][11]. 2. Compute the weekly heat change rate for each group and smooth it using a 2-week moving average (MA2)[11][13]. 3. At the end of each week, invest in the index with the highest heat change rate (MA2). If the "Others" group has the highest rate, remain in cash[13]. - **Model Evaluation**: The strategy demonstrates a reasonable annualized return and manageable drawdown, indicating its potential effectiveness in capturing short-term market sentiment[16]. Model Backtesting Results - **Broad-based Index Heat Rotation Strategy**: - Annualized Return: 8.74% (since 2017)[16] - Maximum Drawdown: 23.5%[16] - 2025 YTD Return: 10.1%[16] Quantitative Factors and Construction Methods - **Factor Name**: Total Heat Indicator - **Factor Construction Idea**: The total heat indicator aggregates the attention metrics (e.g., browsing, watchlist additions, and clicks) of individual stocks, normalized as a percentage of the market total, to serve as a proxy for market sentiment[7]. - **Factor Construction Process**: 1. For each stock, calculate the sum of browsing, watchlist additions, and clicks[7]. 2. Normalize the value as a percentage of the total market activity for the same day[7]. 3. Multiply the normalized value by 10,000 to scale the indicator within the range [0, 10,000][7]. - **Factor Evaluation**: The factor effectively captures market sentiment and is used as a proxy for emotional intensity in broader market or sector-level analysis[7]. - **Factor Name**: Weekly Heat Change Rate (MA2) - **Factor Construction Idea**: This factor measures the weekly change in the total heat indicator, smoothed using a 2-week moving average, to identify trends in market sentiment[11][13]. - **Factor Construction Process**: 1. Compute the weekly change rate of the total heat indicator for each stock or group[11]. 2. Apply a 2-week moving average (MA2) to smooth the weekly change rate[11][13]. - **Factor Evaluation**: The smoothed heat change rate provides a stable and actionable signal for rotation strategies and sentiment analysis[13]. Factor Backtesting Results - **Total Heat Indicator**: - Range: [0, 10,000][7] - **Weekly Heat Change Rate (MA2)**: - CSI 300: +7.76% (highest among broad-based indices for the week)[16] - "Others" Group: -3% (lowest among broad-based indices for the week)[16] - **Concept Heat TOP/BOTTOM Portfolios**: - BOTTOM Portfolio Annualized Return: 15.71%[33] - BOTTOM Portfolio Maximum Drawdown: 28.89%[33] - 2025 YTD Return for BOTTOM Portfolio: 21.1%[33]

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 to 12 months [79]. Core Insights - The report highlights a significant increase in bidding data for medical equipment, with monthly bidding amounts showing year-on-year growth rates ranging from 41% to 113% from December 2024 to May 2025, suggesting a robust demand recovery [4][17]. - The report emphasizes the strong performance of innovative drugs, with companies like China Biopharma and Rongchang Bio continuing to see positive developments, supported by government policies optimizing drug procurement [5][41]. - The medical device sector is expected to experience a turning point in financial reporting in Q2 and Q3 2025, as the effects of increased bidding data begin to reflect in company revenues [4][26]. Summary by Sections 1. Weekly Performance Review - The CITIC Medical Index rose by 1.5% during the week of June 9-13, 2025, outperforming the CSI 300 Index by 1.8 percentage points, ranking third among CITIC's primary industry classifications [3][41]. - The top five performing stocks for the week included Yiming Pharmaceutical (+38.49%), Saiseng Pharmaceutical (+36.35%), and Aoyang Health (+35.01%) [59]. 2. Equipment Bidding Data - Bidding amounts for medical equipment have shown a consistent increase, with May 2025 seeing a 69% year-on-year growth, indicating a strong recovery in demand [4][17]. - The report predicts that the financial results for companies involved in equipment installation will begin to reflect this demand surge in Q2 2025, while inventory companies may see performance improvements by Q3 2025 [4][26]. 3. Mid to Long-term Investment Strategy - The report suggests focusing on three main themes: innovation, recovery, and policy support. It highlights the potential for innovative drugs and medical devices to drive growth, particularly in companies with strong international competitiveness [5][6]. - Specific companies to watch include Union Medical, Shanhai Mountain, and Mindray Medical, which are expected to benefit from the ongoing recovery in bidding data and demand [4][6][27].