[公司价格与恒生指数走势比较 Table_Chart] -12% 28% 67% 107% 146% 8/24 11/24 2/25 5/25 8/25 归创通桥 恒生指数 [Table_StockNameRptType] 归创通桥（02190） 港股公司点评 政策拐点已至，利润增速超预期，迎来戴维斯双击 | [Table_Rank] | 投资评级：买入（维持） | | | --- | --- | --- | | 报告日期： | 2025-08-21 | | | [收盘价（港元） Table_BaseData] | | 23.38 | | 近 12 个月最高/最低（港元）25.20/10.42 | | | | 总股本（百万股） | | 326 | | 流通股本（百万股） | | 318 | | 流通股比例（%） | | 97.61 | | 总市值（亿港元） | | 76 | | 流通市值（亿港元） | | 74 | [分析师：谭国超 Table_Author] 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：钱琨 执业证书号：S0010524110002 邮箱：qiank ...

Core Viewpoint - The collaboration between Shanghai and Taizhou is expected to create new opportunities in the biopharmaceutical industry, enhancing innovation and development in the China Medical City [2] Group 1: Development and Innovation - Taizhou has a unique advantage in the biopharmaceutical sector, being home to the first national high-tech zone for pharmaceuticals and receiving significant policy support from Jiangsu provincial government [2] - The city has established various innovative platforms, including the International Genetic Engineering and Biotechnology Center and the Fudan University Health Science Research Institute, to foster a comprehensive innovation matrix for the biopharmaceutical industry [3] Group 2: Talent Acquisition and Industry Growth - Taizhou focuses on attracting high-level talent and entrepreneurs, having introduced 10 academicians, 75 national high-end experts, and 1,746 high-level talents under various talent programs, ensuring a strong talent foundation for industry development [4] - The city has attracted over 1,300 biopharmaceutical companies, including major players like AstraZeneca and Nestlé, with the health industry expected to exceed 400 billion yuan by 2025 [4] Group 3: Service and Future Prospects - Taizhou is committed to providing specialized, full-chain services to businesses, having established the first comprehensive drug supervision service center in China, which includes four service centers for new drug applications and regulatory reviews [5] - The city aims to leverage the integration of the Yangtze River Delta region to explore future growth areas such as synthetic biology, cell and gene therapy, AI pharmaceuticals, and high-end medical devices, positioning itself as a vibrant hub for biopharmaceutical innovation [5]

Group 1: ETF Performance - The liquidity of the Kexin Pharmaceutical ETF managed by Jiashi showed a turnover rate of 16.97% with a transaction volume of 33.88 million yuan, indicating active market trading [2] - Over the past year, the Kexin Pharmaceutical ETF has seen a significant growth in scale, increasing by 119 million yuan, ranking first among comparable funds [2] - The net asset value of the Kexin Pharmaceutical ETF has risen by 48.37% over the past year, placing it in the top 15.05% among index equity funds [2] Group 2: Stock Performance - The top ten weighted stocks in the Shanghai Stock Exchange Science and Technology Innovation Board Biopharmaceutical Index account for 50.3% of the index, with leading stocks including United Imaging Healthcare and BeiGene [2] - Recent stock performance includes United Imaging Healthcare with a rise of 2.04% and BeiGene with a slight increase of 0.21%, while Huatai Medical saw a decline of 2.71% [4] Group 3: Industry Trends - The biopharmaceutical industry is entering a dual-driven phase of policy and technology, with innovation drug support policies advancing to phase 2.0 [5] - The medical device sector is experiencing a core trend of replacement and technology export, with regulatory upgrades promoting innovation and industry breakthroughs [5] - State-owned capital entering the biopharmaceutical sector is injecting financial vitality, accelerating R&D investment and industry chain integration [5] Group 4: Licensing Agreements - Chinese innovative pharmaceutical companies are reporting significant "Licence Out" transactions, with Kexin Pharmaceuticals announcing a deal with ERIGEN for an exclusive overseas licensing agreement worth up to 1.32 billion USD [4]

Group 1 - The pharmaceutical and biotechnology industry is entering a dual-driven period of policy and technology, with the 2025 measures marking the transition to the 2.0 phase of China's innovative drug support policy, potentially activating a new round of opportunities in the innovative drug industry chain [1] - The reactivation of the fifth set of standards for the Sci-Tech Innovation Board and the complementary model of the Hong Kong Stock Exchange's 18A dual financing channel is expected to stimulate full-cycle financing for pharmaceutical companies [1] - In the medical device sector, the core trends are replacement and technology going abroad, with upgraded regulations for high-end medical devices driving innovation and industry breakthroughs [1] Group 2 - The domestic IVUS (Intravascular Ultrasound) and FFR (Fractional Flow Reserve) markets are maturing rapidly, with the IVUS market size projected to grow from 1.76 billion yuan in 2024 to 5.11 billion yuan by 2030, and the coronary direct measurement FFR market expected to expand from 230 million yuan in 2024 to 3.12 billion yuan by 2030 [1] - The demand for cardiovascular disease solutions is continuously increasing against the backdrop of an aging population, indicating significant industry potential [1] - The Guotai Pharmaceutical ETF (159377) tracks the innovative pharmaceutical index (399275), which can experience daily fluctuations of up to 20%, reflecting the overall performance of listed companies in the biopharmaceutical, medical device, and medical service sectors within the ChiNext market [1]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has launched a new policy called "Tech Company Special Line," which provides a confidential listing channel and lowers the threshold for specialized technology and biotechnology companies, attracting more tech firms to consider listing in Hong Kong [1][2]. Group 1: Applicable Entities - The policy is aimed at specialized technology companies (e.g., AI, chips, new energy) and biotechnology companies (e.g., innovative drugs, medical devices), particularly those in early stages or with non-commercialized products [3][4]. - Core thresholds include being classified under HKEX's definitions of "specialized technology" (Chapter 18C) or "biotechnology" (Chapter 18A) [4][5]. Group 2: Self-Assessment and Application Process - Companies must assess their eligibility by checking if they meet the criteria outlined in the self-assessment form available on the HKEX website [8]. - If uncertain, companies can fill out the inquiry form and send it to HKEX for preliminary feedback within one week [9]. Group 3: Confidential Submission Process - The first step involves signing a Non-Disclosure Agreement (NDA) with HKEX to ensure confidentiality of submitted materials [11]. - Companies must submit a "confidential version" of their materials, including a PDF encrypted file uploaded through HKEX's designated system [13]. - The review phase lasts 30 days, focusing on technical feasibility and compliance [14]. Group 4: Exclusive Services of "Tech Company Special Line" - Companies can receive one-on-one guidance from HKEX experts, including interpretations of listing rules and fundraising strategies [16]. - Eligible companies can benefit from a fast-track review process, reducing the review period to 30 days [17]. - Flexible equity design allows founders to retain control without additional proof of "innovation" [18]. Group 5: Common Pitfalls to Avoid - Companies should provide clear descriptions of their technology and avoid vague claims without supporting evidence [21]. - Transparency in related party transactions is crucial to avoid issues during the review process [22]. - Establishing a diverse investor base is important to strengthen investor relations [24]. Group 6: Post-Listing Compliance - Continuous information disclosure is required, including updates on technological commercialization and significant collaborations [27]. - Companies are encouraged to maintain market value by releasing quarterly research updates and engaging with analysts [28]. - A green channel for refinancing allows specialized companies to issue new shares through a simplified process [29]. Group 7: Comparison with Other Markets - The HKEX's "Tech Company Special Line" offers no profitability requirement, a shorter review period, and lower information disclosure pressure compared to A-shares and U.S. markets [30][31].

Core Insights - Shenzhen is transforming from "policy dividends" to "industry dividends" with a focus on technological innovation, making it a strategic hub for global investors in the high-end medical device industry [1] - The city has implemented multiple supportive policies to enhance the high-end medical device sector, aiming to gather resources and support strategic emerging industries [1][2] Policy Environment - Shenzhen has introduced various policies to support the high-end medical device industry, including the "Implementation Plan for Accelerating the Development of New Quality Productivity" in March 2024, which targets seven strategic industry clusters [1][2] - The "Measures to Promote the High-Quality Development of the High-End Medical Device Industry Cluster" issued in August 2022 emphasizes support for specific areas such as high-end medical imaging and life monitoring [2][4] - By 2025, the goal is to achieve an industrial added value of 65 billion yuan and revenue of 200 billion yuan in the high-end medical device sector [2][4] Industry Chain Overview - Shenzhen has established a comprehensive industry chain covering upstream materials and production equipment, midstream manufacturing, and downstream applications [8] - The city is home to over 104 companies in high-end medical device materials and equipment, with significant numbers in various sub-sectors such as imaging and life monitoring [13][26] Industry Scale - In 2023, the output value of Shenzhen's medical device industry reached 99 billion yuan, accounting for approximately 10% of the national market [16][18] - The added value of the high-end medical device industry in Shenzhen is projected to reach 40 billion yuan in 2024 [18][19] Company Landscape - Shenzhen has seen a steady increase in the number of high-end medical device companies, with 93 new registrations in 2023, reflecting a growing ecosystem [22] - As of April 2025, Shenzhen has 14 listed companies in the high-end medical device sector, including one unicorn and over 41 specialized small giant enterprises [24][38] Financing Analysis - The financing landscape for Shenzhen's high-end medical device industry is active, with a significant number of early-stage investments indicating strong growth potential [30][33] - Notably, the financing is concentrated in districts like Nanshan and Baoan, with Nanshan being the most active area for investments [33] Investment Opportunities - The high-end medical device industry in Shenzhen presents substantial market potential and investment value, with various districts developing tailored strategies to attract investment [36][38] - Key investment directions include advanced imaging equipment, surgical robots, and high-compatibility implantable medical devices [38]

Group 1 - The Chinese Ministry of Commerce expressed hope for mutual respect and cooperation in the context of a potential visit by a U.S. business delegation to China, emphasizing the importance of reducing misunderstandings and enhancing collaboration for stable economic relations [2][6] - The Chinese government is promoting the development of a second-hand car export market, with plans to officially launch related requirements and procedures by February 2024, aiming to ensure quality and safety for overseas consumers [6] - The first national "medical insurance + commercial insurance" clearing and settlement center has been launched, enhancing the convenience for patients by allowing simultaneous settlement of both types of insurance at medical institutions [7] Group 2 - The State Council of China issued a notice to align free trade zones with international high-standard economic and trade rules, requiring relevant departments to support and guide the replication of pilot measures within one year [5] - The National Medical Products Administration announced measures to strengthen the regulation of botulinum toxin to prevent illegal distribution, highlighting the importance of public safety in drug use [10] - The National Medical Products Administration released ten key measures to support the innovation of high-end medical devices, focusing on optimizing the entire lifecycle regulation [11] Group 3 - Vanke announced a borrowing agreement with its largest shareholder, Shenzhen Metro Group, for up to 6.249 billion yuan to repay bond principal and interest, indicating a proactive approach to managing debt [26] - Microsoft plans to lay off 9,000 employees, approximately 4% of its workforce, as part of ongoing organizational changes aimed at improving efficiency in a dynamic market [27][28] - The U.S. stock market saw significant gains, with the S&P 500 and Nasdaq indices reaching record closing highs, reflecting a positive market sentiment [29]

Group 1 - The State Council has issued a notice to enhance the implementation of the Free Trade Pilot Zone strategy, aiming to align with international high-standard economic and trade rules and create a transparent and predictable institutional environment [1] - The Ministry of Commerce expressed a consistent stance on the U.S. President's planned visit to China, emphasizing mutual respect and cooperation to promote healthy and sustainable development of China-U.S. economic and trade relations [2] - The Ministry of Commerce also reiterated its position on the trade agreement between the U.S. and Vietnam, opposing any agreements that sacrifice China's interests and stating that China will take necessary countermeasures to protect its rights [3] Group 2 - The National Medical Products Administration has announced measures to optimize the lifecycle supervision of high-end medical devices, focusing on AI and brain-computer interface technologies [5] - The Ministry of Industry and Information Technology held a meeting to address issues in the photovoltaic industry, aiming to improve product quality and promote the orderly exit of outdated production capacity [6] - The Ministry of Commerce plans to strengthen guidance on the export of second-hand cars, promoting healthy and orderly development in this sector [7] Group 3 - Hualing Steel announced that Xintai Life Insurance has acquired a significant stake in the company through the secondary market [8] - Vanke A has applied for a loan of up to 6.249 billion yuan from Shenzhen Metro Group and is extending part of its existing loans [9] - Changling Hydraulic announced that its controlling shareholder is planning a change in control, leading to a suspension of its stock [10] Group 4 - Huayin Electric expects to achieve a net profit of 180 to 220 million yuan for the first half of 2025, an increase of 175 to 215 million yuan compared to the same period last year [11] - Anglikon announced that a supervisor plans to reduce holdings of up to 159,000 shares, while other shareholders also plan to reduce their stakes [12]

Core Insights - The National Medical Products Administration (NMPA) has announced measures to optimize the lifecycle regulation of high-end medical devices, focusing on areas such as medical robots, high-end medical imaging equipment, AI medical devices, and new biological materials [1] - The global high-end medical device market is projected to exceed $1.8 trillion by 2030, with China's market expected to reach 2.8 trillion RMB [1] Industry Focus Areas - **Brain-Computer Interface (BCI)**: The BCI market in China is expected to reach 3.2 billion RMB in 2024, growing at 18.8%, and is projected to reach 5.58 billion RMB by 2027 with a growth rate of 20%. Challenges include technical bottlenecks and ethical controversies [2] - **High-End Medical Imaging Equipment**: The domestic market has seen rapid development, with increasing localization in mid-to-low-end products. However, high-end imaging equipment still faces challenges, particularly in the localization of key components [2] - **Surgical Robots**: The market for surgical robots is dominated by laparoscopic surgical robots, with the Da Vinci system currently leading. Domestic products are entering the market, which may disrupt the current landscape [3] - **High-Value Consumables**: These account for about 20% of the medical device market. While some segments have achieved domestic substitution, others, particularly in cardiac and neurological devices, still rely heavily on imports [3] - **In Vitro Diagnostics (IVD)**: The IVD industry has seen significant domestic advancement in low-end technologies, but high-end segments remain largely dominated by foreign brands [3] Market Trends - The medical device industry is characterized by a dual focus on technology-driven innovation and domestic substitution. Key components for high-end devices are being developed domestically, with some products nearing international standards [4] Related Companies - **MicroPort Scientific Corporation (微创机器人)**: Reported over 130 core product orders, with significant growth in laparoscopic surgical robots [5] - **Yimai Sunshine (一脉阳光)**: Engaged in building medical imaging centers and has launched an AI medical imaging model, marking a transition in the industry [6] - **Yongsheng Medical (永胜医疗)**: Focuses on rehabilitation robotics and has secured agreements for health care product procurement [6] - **Kangji Medical (康基医疗)**: Recently received regulatory approval for a four-arm laparoscopic surgical robot, expanding its clinical application range [7]

Group 1 - The medical device sector is experiencing strong performance, with the medical device ETF (159797) rising by 1.08% and attracting net inflows for the second consecutive day [1][3] - The majority of the constituent stocks of the medical device ETF saw gains, with notable increases such as Hotgen Biotech rising over 11%, and Xiangyu Medical and Xinmai Medical both increasing over 8% [3] - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, which includes enhancing the use of medical insurance data for drug research and improving the dynamic adjustment mechanism for the basic medical insurance drug list [3] Group 2 - The release of the RuiPath pathology model by Ruijin Hospital marks a significant advancement in domestic medical AI, transitioning from technical breakthroughs to ecosystem sharing [4] - The measures approved by the National Medical Products Administration aim to optimize the lifecycle regulation to support the innovation of high-end medical devices, including improving special approval processes and enhancing communication mechanisms [5] - The external skeleton robot industry is viewed positively due to recent technological breakthroughs and product innovations, with applications in both medical and industrial sectors expected to grow rapidly [6][7] Group 3 - The medical device ETF (159797) encompasses a wide range of medical equipment and diagnostics, with the top ten weighted stocks accounting for nearly 47% of the fund [7][8] - The top holdings in the medical device ETF include Mindray Medical (14.65%), United Imaging Healthcare (9.44%), and Aimeike (3.95%) among others [8]