李家庆 2023年7月，全国社保基金与北京市携手推出第一只专项基金——社保基金中关村自主创新专项基金在 北京设立。君联资本被委以重任，成为这只基金的管理人。谈及彼时的心路历程时，李家庆也直言"压 力不小"。 李家庆介绍，社保基金中关村自主创新专项基金选择的项目并不强调早期覆盖，而是选择具有突破性、 前瞻性的硬科技项目进行重点培育和投资，加速标的企业的技术发展。具有产业链带动作用的项目，具 有成为"链主型"潜力的企业，能够带来产业链或技术链突破的企业都是这支基金的关注对象。 为管理好这只"特殊"的基金，君联资本团队展开了大量调研和前期准备工作。截至目前，规模50亿元的 首期基金已经完成了19个项目的投资，投资组合中包含人工智能、商业航天、量子计算、脑机接口、半 导体新材料、高端医疗装备以及科学仪器仪表等领域。 "我们选择的这一批领域或者项目本身，都是长跑型的项目，其中部分项目我们已经进行了复投。"李家 庆表示，作为"耕耘者"，要把地耕好，把项目管好。"日常我们花了大量时间精力去帮助被投企业规范 化运作，帮助它们制订面对外部纷繁复杂局面和比较有压力的经济环境下的清晰战略。"他表示。 君联资本总裁李家庆在接受上海证 ...

证券研究报告 医疗设备招投标数据跟踪 设备招投标景气度持续，高端化+反内卷趋 势利好头部企业 医药生物行业 强于大市（维持） 证券分析师 叶 寅 投资咨询资格编号：S1060514100001 倪亦道 投资咨询资格编号：S1060518070001 裴晓鹏 投资咨询资格编号：S1060523090002 2025年12月12日 请务必阅读正文后免责条款 设备招投标景气度持续，产品高端化趋势显著。 2025年以来设备更新政策红利持续释放，市场需求持续增长，设备招投标保持高景气状态。根据众成数科统计，从月度趋势来看，各月招投标规模保持高位，进入 下半年以后，随着24年需求积压释放导致的基数上移，增速有所减缓，其中25年7月/8月/9月/10月/11月采购规模分别为134亿元/146亿元/164亿元/164亿元/209亿 元，同比分别+24%/+31%/+2%/+14%/+0%，9月开始增速有所放缓、主要由于24年9月设备更新项目开始集中释放、基数变高，但整体招采规模仍处于高位水平。 根据众成数科统计，11月份国内医疗设备市场继续保持强劲活力，省级采购数据显示，海南、河南、贵州等多省份项目集中释放，总中标金额突破7 ...

近日，工信部公布2025年高端医疗装备推广应用项目名单，全国57个项目入选，其中由武汉企业、医院牵头的4个项目上榜，涵盖数 字化手术室、智能化内镜中心、脑机接口、自动化临床检验实验室等领域，彰显武汉在高端医疗装备领域的硬核实力，为打造具有国际竞 争力的医疗器械研发制造基地注入强劲动力。 AI内镜"揪"出早癌成医生"火眼金睛" 本次高端医疗装备推广应用项目主要面向高端医疗装备重点产品和典型场景，要求技术创新水平与临床应用水平处于全国前列。 由武汉楚精灵医疗科技有限公司和市中心医院牵头，市第三医院、省中医院、市第八医院等参与的"智能化消化内镜中心"跻身国家级 标杆项目之列。这一认定，标志着该项目在技术创新与临床应用层面已稳居全国"第一梯队"。 该项目的内镜实时AI辅助系统——"内镜精灵"早已在临床一线发挥作用。在市中心医院消化内镜中心，50岁的王先生接受检查时，系 统精准捕捉到一处极易被肉眼忽视的侧向发育型息肉。该院消化内科主任张姮介绍，这类病变沿肠道黏膜表层侧向生长，颜色与周边黏膜 相近、隆起不明显，却暗藏癌变风险。得益于系统的实时预警提示，医生通过染色观察及时处置病灶，成功规避隐患。 据介绍，"内镜精灵"可自 ...

Group 1: Company Overview - The company specializes in the design, research and development, manufacturing, and sales of tank containers, being a global leader in liquid and liquefied gas logistics equipment manufacturing [2] - In 2025, the company faces challenges due to U.S. trade policy uncertainties and global geopolitical tensions, leading to a decline in market demand for tank containers [2][3] - The company maintains its market share in tank containers while its medical device components business continues to grow [2][3] Group 2: Business Model and Market Applications - The company adopts a customer-centric market approach with a "sales-driven production, order-based procurement, and batch production" model [3] - Main products include a full range of tank containers, such as standard stainless steel liquid tanks and special stainless steel liquid tanks, catering to various industries [3] - The domestic market for tank containers is expected to grow, supported by the scale advantages of the chemical industry and policies promoting multimodal transport [3] Group 3: Financial Performance - In the first three quarters of 2025, the tank container business generated revenue of CNY 131,324.42 million, maintaining a leading market share [3] - The medical device components business reported revenue of CNY 18,144.26 million in the same period, reflecting a year-on-year increase of 5.92% [5] Group 4: Dividend Policy - The company emphasizes investor returns, planning to distribute at least 50% of its distributable profits as cash dividends annually from 2024 to 2026 [6] - In 2024, the company plans to distribute a cash dividend of CNY 4.4 per 10 shares, totaling CNY 264 million [6] Group 5: Future Development Directions - The company aims for sustainable growth through diversification, focusing on high-end equipment and expanding its medical equipment business [7][8] - Plans include enhancing capabilities in precision processing of non-ferrous metals and exploring new business opportunities in intelligent equipment [7][8] - The company seeks to transition from a leader in tank containers to a core technology platform for high-end equipment over the next three to five years [8]

Core Viewpoint - The medical ETF (159865) has seen a net inflow of 9 million units, indicating strong demand for medical assets. The "14th Five-Year Plan" emphasizes support for innovation in medical devices, suggesting a potential release of demand in areas like emergency equipment and in vitro diagnostics. The current adjustment in the sector is primarily influenced by market sentiment, with a focus on performance certainty as third-quarter reports are released. Companies should leverage policy benefits and industry upgrades to identify opportunities in innovation-driven enterprises [1]. Group 1 - The medical ETF (159828) tracks the CSI Medical Index (399989), which selects listed companies in the medical and pharmaceutical retail sectors from the Shanghai and Shenzhen markets. This index primarily covers medical devices, medical services, and medical R&D outsourcing, reflecting the overall performance of related listed companies [1]. - The index components are skewed towards small and mid-cap stocks, which exhibit higher growth potential and volatility characteristics [1].

Core Viewpoint - 联影医疗 continues to demonstrate high-quality growth in its operations, with significant increases in revenue and profit in the third quarter of 2025, positioning itself as a leader in the high-end medical equipment industry [1][4]. Financial Performance - In the first three quarters of 2025, the company achieved revenue of 88.59 billion yuan, a year-on-year increase of 27.39%, and a net profit attributable to shareholders of 11.20 billion yuan, up 66.91% year-on-year [1]. - In Q3 2025 alone, revenue reached 28.43 billion yuan, reflecting a remarkable growth of 75.41%, with a net profit of 1.22 billion yuan [1]. Industry Context - The Chinese medical device industry is experiencing robust growth, with an average annual compound growth rate of approximately 10%, making it the second-largest market globally [2]. - The government has implemented multiple policies to promote high-quality development in medical equipment, enhancing the R&D capabilities of domestic manufacturers like 联影医疗 [2]. Innovation and R&D - 联影医疗 has led numerous national key R&D projects during the "14th Five-Year Plan" period, achieving significant technological breakthroughs, including the world's first 5.0T whole-body MRI system and photon-counting CT [2][3]. - The company has submitted a total of 9,700 patent applications, with 82% being invention patents, showcasing its commitment to innovation [6]. Market Position and Competitive Advantage - The company maintains a leading position in the PET/CT market in China for ten consecutive years, with a market share increase of over 7 percentage points in MRI [4]. - The company has accelerated the application of artificial intelligence in diagnostic scenarios, with over 20 AI-enabled devices approved by the FDA [4]. International Expansion - 联影医疗 has expanded its international market presence, with significant orders from North America, Europe, Southeast Asia, and Latin America, particularly in high-end and innovative products [7][8]. - The company has launched over 140 products globally, with more than 50 receiving FDA 510(K) clearance and over 60 obtaining CE certification [8]. Future Outlook - The company aims to leverage innovation to capture global market opportunities and enhance its international market expansion efforts, focusing on providing competitive "Chinese solutions" for global healthcare [9].

Core Insights - The 138th Canton Fair has introduced a service robot section, attracting leading companies and global buyers to enhance efficient connections and order conversions [1] - Yuanhua Intelligent Technology (Shenzhen) Co., Ltd. showcased China's first comprehensive orthopedic surgical robot system, achieving 5,000 clinical validations, setting a new benchmark for "China Intelligent Manufacturing" in the global market [1][2] Company Overview - Yuanhua Intelligent Technology focuses on innovative research and precision manufacturing of high-end specialized medical equipment since its establishment in 2018 [1][2] - The company is the only domestic enterprise capable of independently developing all core components of orthopedic surgical robots, breaking the long-standing international monopoly on technology [2] Product Features - The comprehensive orthopedic surgical robot can accurately cover knee, hip, and unicompartmental joint replacement surgeries, described as an "all-around assistant" for orthopedic procedures [2] - The robot employs three core technologies: an AI-based surgical planning system, real-time multi-modal imaging fusion technology, and sub-millimeter precision robotic arm control [2] Clinical Validation - The robot has completed 5,000 clinical surgeries, demonstrating high reliability and significant improvements over traditional manual surgeries: a 34% increase in implant accuracy, a 30% reduction in postoperative medication, a 50% decrease in postoperative inflammation, and an 80% improvement in joint mobility [2] - This clinical validation signifies a shift from technological breakthroughs to clinical trust, marking a transition from concept validation to routine application in the field of high-end medical equipment [2]

Group 1: Rare Metals Industry - The Ministry of Industry and Information Technology and seven other departments issued a plan to enhance the application level of rare metals, focusing on emerging industries such as integrated circuits, industrial mother machines, low-altitude economy, humanoid robots, and artificial intelligence [1] - The plan emphasizes accelerating the application verification of high-end products like high-purity gallium, tungsten hard alloys, and all-solid-state battery materials, while promoting innovative applications of frontier materials such as superconductors and liquid metals [1] - It encourages downstream user enterprises and research institutions to open application scenarios and create typical case studies to cultivate emerging markets [1] Group 2: Stock Market Performance - U.S. stock markets saw an increase, with the Dow Jones rising by 299.97 points (0.65%) to 46,247.29 points, and the Nasdaq gaining 99.37 points (0.44%) to 22,484.07 points [2] - Notable gains were observed in the metals and mining sector, with Century Aluminum rising over 7%, and Pan American Silver and U.S. Gold Corp both increasing by over 4% [2] Group 3: Gold Futures - COMEX gold futures for the current month increased by $37.90 (1.01%), reaching $3,809.0 per ounce [3] Group 4: Fixed Income Market in Hong Kong - The Financial Secretary of Hong Kong announced efforts to develop the fixed income and currency market, aiming to establish Hong Kong as a global hub for fixed income and currency products [4] Group 5: High-end Medical Equipment - The Ministry of Industry and Information Technology, along with other departments, announced the initiation of the 2025 high-end medical equipment promotion application project, focusing on innovative development and large-scale application of new technologies and products [5] Group 6: Food Safety Regulations - The State Administration for Market Regulation released new regulations for food safety management in chain catering enterprises, which will take effect on December 1, 2025 [6] Group 7: Express Delivery Industry - The express delivery industry is undergoing a transformation to combat low-price competition, with several regions implementing price increases, leading to improved revenue for delivery points [7][8] - A specific delivery point reported an estimated increase in monthly revenue of approximately 1 to 1.5 million yuan due to a price increase of 0.1 yuan per ticket [8] Group 8: AI Development - A consortium of over 30 enterprises and research institutions, including China Mobile, announced the "Beijing Plan" for super-node intelligent computing applications, aimed at addressing the growing demand for AI computing power [8] Group 9: Alibaba's AI Models - Alibaba's Tongyi models dominated the global open-source model rankings, with the newly released Qwen3-Omni model achieving the top position [9] Group 10: Pharmaceutical Developments - Kangzheng Pharmaceutical received approval for a Phase III clinical trial for its new drug MG-K10, targeting chronic spontaneous urticaria [10] Group 11: Equity Acquisition - Baiyunshan announced a plan to acquire an 11.04% stake in Nanjing Pharmaceutical for 748.8 million yuan [11] Group 12: Production Suspension - Longpan Times has suspended production due to a halt in raw material supply from CATL, with expectations to resume operations in November [12] Group 13: Gold Mining Operations - Tongguan Gold is positioned to benefit from rising gold prices, with an average gold resource grade of 8.26 grams per ton and a resource volume of 55 tons [13] - The company has a long-term gold flow agreement with Zijin Mining, which includes a prepayment of $25 million [14]

Core Viewpoint - Neusoft Medical has successfully developed and launched the NeuViz P10 photon counting CT, marking a significant advancement in medical imaging technology in China, which has been approved by the National Medical Products Administration [1][4]. Group 1: Company Background and Development - Neusoft Medical is a leading medical equipment manufacturer in China, having created the country's first domestically produced CT in 1997, breaking the long-standing foreign monopoly [2]. - The company has made significant technological advancements over the years, progressing from 16-layer to 512-layer CT technologies, culminating in the development of photon counting CT [2][6]. - The journey of Neusoft Medical reflects China's commitment to achieving high-level technological self-reliance and high-quality development in advanced medical equipment [2]. Group 2: Innovation and R&D Process - The development of the photon counting CT began in 2016, with key milestones including the creation of a CZT photon counting detector module in 2018 and the assembly of the first prototype in 2021 [4]. - The successful clinical validation and approval process for the NeuViz P10 was expedited by strategic investment from China General Technology Group, which enhanced R&D capabilities and market competitiveness [5][6]. Group 3: Technological Breakthroughs - The NeuViz P10 utilizes a groundbreaking technology that directly converts X-ray photons into electrical signals, representing a third revolution in CT imaging [7]. - This technology offers advantages such as ultra-high resolution imaging, ultra-low dose scanning, rapid scanning speeds, and multi-energy spectrum imaging [7]. Group 4: Market Strategy and Future Plans - Neusoft Medical aims to leverage the NeuViz P10 as a key tool for international expansion, targeting high-end markets globally [7]. - The company plans to deepen collaboration with China General Technology Group and enhance partnerships with top medical institutions to accelerate the application of photon counting CT in complex disease diagnostics [7].

Core Insights - The company reported a revenue of 6.016 billion yuan for the first half of 2025, representing a year-on-year growth of 12.79% [1] - The net profit attributable to shareholders reached 998 million yuan, with a year-on-year increase of 5.03% [1] - The company plans to distribute a cash dividend of 1.3 yuan per 10 shares, totaling 107 million yuan, to reward shareholders [1] Financial Performance - Research and development investment amounted to 1.14 billion yuan, reflecting a year-on-year growth of 12.09%, with an R&D expense ratio of 12.74% [2] - The company filed over 260 new patent applications during the reporting period, focusing on next-generation platform technologies [2] - Cumulative patent applications exceeded 9,700, with over 80% being invention patents [2] Product Development and Innovation - The company has received FDA approval for over 20 AI-enabled devices, positioning it among the industry leaders [2] - The uIPW intelligent radiation therapy system received regulatory approval, marking a significant advancement in standardized and precise intelligent radiation therapy in China [2] - The uCT SiriuX, a dual-source CT system, was included in the special review channel for innovative medical devices, showcasing advanced motion artifact correction capabilities [3] Industry Trends and Regulatory Environment - Recent policy initiatives from the National Medical Products Administration aim to support innovation in high-end medical equipment and AI medical devices [3] - The focus on optimizing the regulatory framework for high-end medical imaging equipment is expected to enhance the global competitiveness of Chinese medical device companies [3]