格隆汇2月25日丨联影医疗(688271.SH)公布2025年度业绩快报，公司2025年度实现营业总收入138.21亿 元，同比增长34.18%；实现归属于母公司所有者的净利润18.88亿元，同比增长49.60%；实现归属于母 公司所有者的扣除非经常性损益的净利润17.88亿元，同比增长77.01%。 报告期内，公司围绕长期竞争力建设，系统推进创新产品导入、全球市场布局深化、供应链体系优化及 核心技术能力积累。中国市场在大规模医疗设备更新政策于2025年进入常态化、专业化实施阶段的背景 下，高端医学影像、放疗及基层诊疗能力建设相关设备需求持续释放，行业整体规模较上年同期明显回 升。公司在国内市场占有率持续提升并保持行业领先地位，中国市场收入规模实现显著增长，经营质量 与盈利能力同步增强。 ...

联影医疗公告称，2025年度实现营业总收入138.21亿元，同比增长34.18%；归属于母公司所有者的净利 润18.88亿元，同比增长49.60%；扣除非经常性损益的净利润17.88亿元，同比增长77.01%。2025年末， 公司总资产328.00亿元，同比增长17%；归属于母公司的所有者权益215.90亿元，同比增长8.48%。业绩 增长得益于创新产品导入、全球市场布局深化等，未来整体经营规模与运营质效有望进一步提升。数据 为初步核算，未经审计。 ...

联影医疗(688271.SH)公告称，联影医疗发布2025年度业绩快报，营业总收入达到138.2亿元，同比增长 34.18%。归属于母公司所有者的净利润为18.88亿元，同比增长49.60%。主要因素包括创新产品推出、 高端市场认可提升、海外业务增长等。本公告数据为初步核算，具体以年度报告为准。 ...

（记者 王瀚黎） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经AI快讯，浩瀚深度2月25日晚间发布2025年度业绩快报，营业收入约3.84亿元，同比减少13.07%； 归属于上市公司股东的净利润亏损354.27万元；基本每股收益亏损0.02元。 每经头条（nbdtoutiao）——伤亡180万人！俄乌冲突四周年，陷入谈判死局、战场僵局、经济困局！谁 为战争买单 每日经济新闻 ...

证券研究报告 把握AI主线，重视新科技 ——计算机行业2026春季投资策略 行业投资评级：强于大市|维持 孙业亮/刘聪颖 中邮证券研究所 计算机团队 中邮证券 1 1 发布时间：2026-02-25 投资要点 AI大模型：2025年，中国AI大模型产品形态进入成熟期，成为市场爆发的直接推动力，低成本、高性能 的技术基础形成了从底层支撑市场高速增长的关键条件，为MaaS和企业大模型的广泛应用创造了可持续 的商业化环境；多模态模型的快速迭代将AI应用从单一文本生成扩展至图像、视频、语音等复合场景，提 升了模型的可用性与商业化潜力；同时，各大厂商通过推出通用基座模型、行业专属模型及低门槛API服 务，构建了完整的产品矩阵，极大降低了企业和开发者的接入成本；企业对AI价值的认知日益成熟，数字 化和智能化转型需求持续增长，推动客户需求从概念验证阶段进入规模化生产阶段，企业对于大模型的调 用频次和覆盖场景不断增加，从而带动MaaS平台和AI大模型解决方案市场进入了"结构性放量"周期。 AI应用：toB端，AI Agent是大模型重要的商业落地形式，已在客服、代码开发、营销、数据分析、金 融服务等多行业、多场景实现服务落地 ...

Core Viewpoint - The recent notice from Hubei Province addresses the issue of "abnormally low bidding" in government procurement, particularly targeting bids as low as "1 yuan" or "0.01 yuan" [1][19]. Group 1: Government Procurement Issues - The focus on abnormally low bids is not new, with previous regulations implemented in regions like Jiangxi, Guangxi, and Jiangsu, emphasizing scrutiny on bids below 50% of the average price or 45% of the maximum limit [2][10]. - A notable case involved a hospital with a budget of 3 million yuan for medical equipment, which was awarded to a bid of only 1,000 yuan, leading to increased costs for consumables later on [2][19]. Group 2: Market Dynamics and Company Performance - Companies like Wandong Medical have seen high bidding rates in 2025, with CT, MR, and DR equipment winning bids at rates of 47%, 56%, and 50% respectively, but this has come at the cost of profitability [3][20]. - Wandong Medical forecasts a net loss of 199 million to 257 million yuan for 2025, marking the worst annual performance since its listing, while Mindray's gross margin has dropped by 4.59 percentage points to 61.21% [3][15][28]. Group 3: Competitive Strategies and Industry Trends - The intense competition in the in-vitro diagnostics (IVD) sector has led to a significant reduction in the number of companies, from 2,320 to 1,530 between 2023 and 2025, with many resorting to extreme pricing strategies to capture market share [5][23]. - Companies often employ a bundling strategy, offering low-priced equipment while charging high prices for consumables, leading to increased overall costs for hospitals [6][24]. Group 4: Regulatory Responses - The national government has begun to take serious measures against low-cost bidding practices, with new regulations set to take effect in 2026 that will enforce scrutiny on bids significantly below average prices [9][25]. - Hubei Province has established specific thresholds for triggering reviews of abnormally low bids, which may be adjusted based on actual circumstances [11][27]. Group 5: Future Directions for the Medical Equipment Market - Companies are increasingly focusing on international markets and developing differentiated products to navigate the pressures of price competition [16][29]. - The need for innovation is emphasized as the industry shifts from a manufacturing to a creative approach, highlighting the importance of driving growth through new product development [30][31].

医药生物行业 增持（首次） 全国 MRI 超导磁体独立供应龙头 2026 年 2 月 24 日 分析师：谢雄雄 SAC 执业证书编号： S0340523110002 电话：0769-22110925 邮箱： xiexiongxiong@dgzq.com.cn 主要数据 2026 年 2 月 13 日 | 收盘价（元） | 44.00 | | --- | --- | | 总市值（亿元） | 73.78 | | 总股本（亿股） | 1.68 | | 流通股本（亿股）0.32 | | | ROE(TTM) | 10.43% | | 12 月最高价（元）58.12 | | | 12 月最低价（元）41.40 | | 股价走势 资料来源：东莞证券研究所，iFind 相关报告 公 司 研 究 证 券 研 究 报 告 健信超导（688805）深度报告 投资要点： ◼ 投资建议：预计公司2025年和2026年每股收益分别为0.42元和0.49元， 对应估值分别为105倍和89倍。公司作为全国MRI超导磁体独立供应龙 头，在超导磁体和永磁领域优势突出。首次覆盖，给予公司"增持"评 级。 ◼ 风险提示。研发进度不及预期风险、技术 ...

南财智讯2月24日电，盘后数据显示，债市方面，中证转债指数收涨0.82%，报530.76，成交额为615.23亿元。可转债方面，今日共成交370只可转债，其中 287只收涨，0只收平，83只收跌。具体来看，59只可转债涨幅超过2%。其中山玻转债(111001)涨18.11%，双良转债(110095)涨17.86%，聚隆转债(123209)涨 14.04%。今日有13只可转债跌幅超2%，信服转债(123210)跌13.86%，永02转债(113654)跌6.36%，鼎捷转债(123263)跌6.36%。存在交易量的可转债所对应的 正股中，270只收涨，5只收平，95只收跌。具体来看，24只可转债对应正股涨幅超过5%，其中，和邦生物(603077)涨停，收涨10.08%。同时所对应的可转 债：和邦转债(113691)同涨6.33%。今日有3只可转债对应正股跌幅超过5%，没有正股跌停。 | 可转债简称 | 可转债涨幅前五 | 正股简称 | | --- | --- | --- | | 山玻转债 | 18.11% | 山东玻纤 | | 双良转债 | 17.86% | 双良节能 | | 聚隆转债 | 14.04% | 南 ...

Core Viewpoint - The article emphasizes the transformative potential of the pharmaceutical and healthcare industry, highlighting the integration of AI technology, the global expansion of Chinese pharmaceutical innovations, and the commitment to deepening investment in the sector as key drivers for future growth [3][4][6][7]. Group 1: AI Empowerment in Pharmaceutical Innovation - AI is reshaping the pharmaceutical industry by significantly reducing research and development cycles and costs, addressing traditional challenges of high investment and long timelines [4][5]. - The integration of AI in drug discovery, clinical trial design, and production processes is seen as a new paradigm that enhances the industry's productivity and innovation capabilities [4][5]. Group 2: Global Expansion of Chinese Pharmaceutical Innovations - 2025 is identified as a pivotal year for Chinese pharmaceutical companies, marking a transition from quantity to quality in global markets, with total foreign licensing transactions exceeding $130 billion and over 150 deals [6]. - Chinese companies are increasingly recognized as equal partners in global pharmaceutical competition, with significant collaborations such as the $12 billion partnership between Heng Rui Medicine and GSK [6]. Group 3: Commitment to Investment in the Pharmaceutical Sector - The investment landscape in the pharmaceutical sector is evolving, with a projected financing total of approximately 122.78 billion yuan in 2025, reflecting a 46.41% year-on-year increase [7]. - The focus remains on early-stage, innovative, and high-quality companies, particularly in areas like AI drug development and advanced medical devices, to foster growth and innovation [7][8].

内容概要：MRI超导磁体是指用于MRI设备的超导磁体，由于磁共振需要在高均匀、高稳定的强磁场中 才能实现，磁体用于提供MRI成像所必需的磁场，是MRI设备最重要的组成部分之一。近年来，随着国 内MRI超导磁体领域国产替代进程的持续深化与加速落地，国内企业在无液氦技术量产、高场强磁体性 能优化等核心环节实现关键突破，头部厂商纷纷推进智能化生产线建设与产能扩建，同时上游超导材 料、精密制冷部件等配套产业链的国产化率大幅提升，为行业供给端的扩容提供了坚实支撑。在此背景 下，行业整体供给能力与供给质量同步升级，供给规模稳步扩大，国内MRI超导磁体行业需求趋于稳 定。2025年，我国MRI超导磁体行业产能增长至1400台，产量增长至900台,行业需求量增长至1549台， 市场规模增长至30.32亿元；预计2026年，我国MRI超导磁体行业产能将增长至1500台，产量将增长至 985台，行业需求量增长至1638台，市场规模增长至32.35亿元。 上市企业：健信超导[688805]、联影医疗[688271]、西部超导[688122]、辰光医疗[920300] 相关企业：潍坊新力超导磁电科技有限公司、西门子医疗、GE医疗、飞 ...