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华尔街最受关注、最能影响市场走势的研究评级现已汇总于此。以下是由《The Fly》整理的、投资者 需了解的今日机构评级变动。 重点上调评级 责任编辑：郭明煜 华尔街最受关注、最能影响市场走势的研究评级现已汇总于此。以下是由《The Fly》整理的、投资者 需了解的今日机构评级变动。 重点上调评级 Arete 将 Spotify（SPOT） 评级从中性上调至买入，目标价 586 美元。该机构认为公司付费会员 业务毛利率持续改善，且 Spotify 面临的 AI 颠覆风险极小。 Arete 将 Spotify（SPOT） 评级从中性上调至买入，目标价 586 美元。该机构认为公司付费会员 业务毛利率持续改善，且 Spotify 面临的 AI 颠覆风险极小。 TD Cowen 在投资者日之后，将 纳斯达克（NDAQ） 评级从持有上调至买入，目标价从 105 美元 上调至 106 美元。理由是近期股价回调，且对纳斯达克平台（尤其金融科技板块）的可持续性更 有信心。 富国银行将 爱尔康（ALC） 评级从持平上调至超配，目标价从 88 美元上调至 97 美元。认为其 2026 年业绩指引存在上行空间，新产品周期正开始推动 ...

Performance in 2025 was characterized by resilience in softer markets, with a strong fourth-quarter exit driven by a productive launch cycle across Surgical and Vision Care. The Unity platform represents the largest upgrade opportunity in the surgical portfolio in over a decade, designed to increase throughput and case efficiency for surgeons. PanOptix Pro has successfully stabilized trifocal share in the U.S. by addressing surgeon concerns regarding light scatter and visual disturbance profiles. St ...

Core Insights - The fourth quarter of 2025 saw a strong divergence in market performance, with AI beneficiaries and cyclical sectors leading, while quality growth strategies faced challenges [1] - The SGA Emerging Markets Growth Strategy portfolio returned 0.8% (Gross) and 0.6% (Net) in Q4 2025, underperforming against the MSCI EM Net TR Index return of 4.7% and the MSCI EM Growth Net TR Index return of 3.3% [1] - For the full year 2025, the portfolio achieved returns of 23.8% (Gross) and 22.8% (Net), lagging behind the indexes which returned 33.6% and 34.3% respectively [1] - The portfolio anticipates annual revenue growth of 13% and earnings growth of 16% over the next three years [1] Company Insights - Alcon Inc. (NYSE:ALC) is highlighted as a key stock in the SGA Emerging Markets Growth Strategy, focusing on eye care products [2] - Alcon Inc. experienced a one-month return of 0.25% and a 12.05% decline in share value over the past 52 weeks, with a closing stock price of $79.20 and a market capitalization of $39.052 billion as of February 13, 2026 [2] - The SGA Emerging Markets Growth Strategy engaged with Alcon's leadership team in December 2025 to discuss ESG matters, specifically compensation and sustainability [3]

Core Insights - Mayo Clinic has announced six cross-disciplinary collaborations, indicating a shift from being mere technology consumers to becoming organizers of innovation within the healthcare ecosystem [2][4][19] - The collaborations span various technologies, including wearable oxygen monitoring, AI imaging protocols, digital outpatient services, and gene testing, showcasing a significant expansion beyond traditional hospital procurement [2][4] Group 1: Demand Structure Transformation - The demand logic in hospitals is undergoing a three-tier leap, moving from single-point solutions to system capability building [4][5] - The first leap involves a shift in focus from "single-use effectiveness" to "long-term data value," emphasizing the importance of data systems in future medical devices [6][10] - The second leap sees hospitals transitioning from end-users to co-creation partners, indicating that those who define the technology path will likely shape the future market [8][12] - The third leap reflects a change from short-term procurement to long-term ecological collaboration, with hospitals now evaluating partnerships based on ecosystem development rather than one-time transactions [12][13] Group 2: Mayo Clinic's Strategic Layout - The Mayo Clinic Platform is not just a technology platform but a foundational infrastructure for innovation, allowing hospitals to create an innovative environment and select partners to define technology paths [14][15] - The Center for Digital Health at Mayo Clinic plays a strategic role, emphasizing that digital capabilities are core competitive advantages rather than mere support tools [15][18] Group 3: Global Trends and Driving Factors - A similar transformation is occurring globally, with hospitals shifting from passive technology acceptance to active innovation organization [19][20] - Four key driving factors include: 1. Medical data becoming a strategic asset, no longer viewed as a byproduct but as a resource for innovation [20] 2. AI entering substantive clinical applications, requiring continuous training and validation in real-world settings [21] 3. Increased demand for real-world evidence, positioning hospitals as critical nodes for evidence generation [21] 4. Dual pressures of quality and efficiency, making technological innovation a necessity rather than an option [21] Group 4: Systemic Impact on Medical Device Companies - The logic of product definition is evolving, requiring consideration of data dimensions, system integration capabilities, and collaborative support for multi-center research [22] - Market organization capabilities must upgrade, shifting from promotional execution to strategic dialogue and long-term partnerships [23] - The collaboration model is fundamentally changing from supplier relationships to innovation partnerships, emphasizing value co-creation over product supply [24] Group 5: Strategic Opportunities and Competitive Positioning - The current period is a critical window for companies to adapt to the evolving demand structure, as hospitals seek long-term partners that fit their innovation ecosystems [25][28] - Three key capabilities will determine future competitive positioning: data value creation, ecosystem integration, and collaborative co-creation [27][28]

Core Insights - Alcon AG is focusing on innovation in its surgical and vision care segments, with plans to pilot the Unity ecosystem diagnostic platform in late 2026 and officially launch it in 2027 [2] - The company aims to introduce 10-15 new products over the next two years, including multifocal astigmatism lenses, eye whitening products, and a comprehensive reimbursement push for the new dry eye medication Tryptyr [2] Strategic Developments - CEO David Endicott emphasized the dual focus on surgical and vision care innovations [2] - The Unity ecosystem diagnostic platform is expected to enhance surgical efficiency [2] - The introduction of new products is part of the company's strategy to strengthen its market position [2] Financial Status - The company reports an average annual free cash flow of nearly $2 billion [3] - Alcon faces tariff pressures estimated between $50 million to $100 million, which it plans to address through production layout adjustments and supply chain optimization [3] - The company anticipates a short-term slowdown in its U.S. surgical business in 2025, with a return to normalcy expected in 2026 as physician efficiency improves [3]

对于中国临床医生、胰腺癌患者以及医疗器械产业而言，一项刚获监管批准的新技术值得关注： 一种无需开刀、无需放疗、通过可穿戴设备持续释放电场干扰肿瘤 分裂的治疗方式，已在美国获批用于局部晚期胰腺癌。注意：该疗法尚未在中国上市， 但其治疗机制、设备形态及临床结果，可供国内专业人士参考，思宇 MedTech专门整理分析。 胰腺癌长期被认为是最具挑战性的实体肿瘤之一：起病隐匿、确诊多为晚期、药物渗透困难、总体预后极差。几十年来，一线治疗虽持续优化，但疗效改善有限。 因此，任何能够改善生存与生活质量的新路径，都会引发全球关注。 2026年2月，美国FDA 批准 Novocure公司 的 Optune Pax 系统，用于局部晚期胰腺癌，并与吉西他滨（gemcitabine）联合白蛋白结合型紫杉醇（nab-paclitaxel）联合 使用。FDA指出，该系统通过肿瘤电场治疗技术（TTFields）提供一种不同于传统药物或放疗的治疗路径。 # 一种"生物物理路径"的抗肿瘤机制 Optune Pax采用 Tumor Treating Fields（TTFields）技术，通过贴附于腹部皮肤的电极阵列向肿瘤区域输送低强度交变电场。 ...

Core Viewpoint - Neurent Medical has completed a $74 million (approximately 510 million RMB) Series C financing, marking a transition from the "technology validation phase" to the "clinical penetration phase" following FDA 510(k) approval of its Neuromark system in 2025 [1][2]. Financing and Use of Funds - The funds will primarily be used for three areas: promoting the Neuromark system, building real-world evidence through multi-center studies, and developing new indications and product iterations [2][5]. Technology and Mechanism - Chronic rhinitis is increasingly recognized as driven by abnormal excitation of the parasympathetic nervous system rather than solely an inflammatory disease [3]. - Neuromark focuses on "functional regulation" by precisely adjusting nerve activity rather than tissue removal, addressing limitations of traditional treatment methods [4]. Engineering Design and Operation - Neuromark is an impedance-controlled radiofrequency nerve modulation system characterized by "precise positioning + controlled energy + real-time feedback" [8]. - The system features a flexible catheter design that can access narrow areas of the nasal cavity, ensuring stable contact with nerve distribution [9]. - It employs real-time impedance measurement to adjust radiofrequency power and duration, aiming to alter nerve conduction rather than burn tissue, thus reducing mucosal necrosis and postoperative pain [10]. Clinical Value and Target Population - Typical patients include those with long-term medication dependence and recurrent symptoms, with studies showing sustained symptom score reductions for over a year and potential for reduced long-term medication use [11][12]. Company Background - Neurent Medical, based in Ireland, focuses exclusively on nasal nerve modulation, differing from traditional ENT companies by establishing a comprehensive treatment pathway around a single disease [13][14]. - The development logic follows a path of accumulating evidence for a single indication, leading to guideline inclusion and payment negotiations [15]. Significance of Financing - The financing is crucial for supporting physician training and real-world data collection, which are key for integrating nerve modulation products into healthcare reimbursement systems [16]. Conclusion - For chronic rhinitis, a high-prevalence condition often managed with medication, the clinical breakthrough is expected to come from the establishment of repeatable and standardized treatment methods rather than singular technological advancements [17].

超过80%的IT领导者认为，由于集成挑战和数据孤岛问题，AI智能体的快速扩张将带来比价值更多的复 杂性，这是根据周四发布的《2026年Salesforce连接基准报告》得出的结论。该公司与Vanson Bourne和 德勤数字合作，对1050名IT领导者进行了调研。 企业平均使用12个智能体，预计到2027年这一数字将增加到20个。然而，根据96%的IT领导者反馈，智 能体AI的长期有效性取决于数据集成。平均每个组织管理着957个应用程序，但由于数据分散，只有 27%的应用程序实现了连接，这意味着智能体无法获得所需的数据。 几乎所有企业在AI应用案例中都遇到数据壁垒，64%的IT领导者对实现AI部署目标的能力表示担忧。 随着企业继续采用AI智能体，IT领导者面临着协调和支持多智能体生态系统的日益严峻挑战。 Salesforce报告发现，孤立工作的智能体可能导致工作流程脱节、自动化冗余以及影子AI风险增加—— 即未经授权使用AI工具。 整合孤立的应用程序和数据仍然是35%受访者的主要障碍。根据报告，IT领导者正在评估API作为连接 AI智能体的一种方法。三分之一的IT团队已经在使用API加速跨系统集成。 更广泛 ...

Core Insights - Nina Goodheart, the Senior Vice President and President of Medtronic's Structural Heart and Aortic business, announced her retirement after nearly 20 years with the company, marking the end of a significant career [1][3] Group 1: Leadership Background - Nina Goodheart joined Medtronic in 2007, initially focusing on the Cardiac Rhythm and Heart Failure (CRDM) market, and later held various key management positions [3] - Over the past five years, she led the Structural Heart and Aortic business, witnessing its evolution from a single product competition to a platform-based approach with expanded indications and long-term follow-up [3][5] Group 2: Business Progress During Tenure - Under her leadership, the core focus of Medtronic's Structural Heart business was clear, emphasizing the following: 1. Continuous advancement of the transcatheter aortic valve platform 2. Differentiated layout for transcatheter pulmonary valves 3. Promotion of clinical research and conceptual development [6] - The Evolut series of transcatheter aortic valve systems has seen ongoing iterations, maintaining a leading position in the global TAVR competition, while the Harmony transcatheter pulmonary valve system targets a niche market with high technical barriers [7] Group 3: Conclusion and Industry Implications - Goodheart's retirement is viewed as a normal conclusion of an executive career cycle rather than a sign of business pressure or strategic shifts [9] - The news holds value for industry stakeholders interested in how global leaders in the mature structural heart business achieve long-term stable operations [9]