Core Viewpoint - The A-share medical device sector experienced a short-term surge, with notable stocks such as Nanwei Co., Ltd. hitting the daily limit, alongside significant increases in stocks like Haobio, Shuoshi Biology, Zhengchuan Co., Ltd., Rejing Biology, and Libang Instruments, following the approval of measures by the National Medical Products Administration to optimize lifecycle regulation and support innovation in high-end medical devices [1] Group 1 - The A-share medical device sector saw a short-term rally [1] - Nanwei Co., Ltd. reached the daily limit, indicating strong investor interest [1] - Other companies such as Haobio, Shuoshi Biology, Zhengchuan Co., Ltd., Rejing Biology, and Libang Instruments also experienced significant price increases [1] Group 2 - The National Medical Products Administration approved measures aimed at optimizing lifecycle regulation [1] - The new measures are designed to support innovation in high-end medical devices [1]

Market Overview - The A-share market shows a mixed performance with the Shanghai Composite Index closing at 3359.90, down 0.07%, while the Shenzhen Component Index fell by 0.47% to 10005.03 [2][3] - The overall market capitalization of the Shanghai Composite Index is 6531.38 billion, with a price-to-earnings (PE) ratio of 12.03 and a price-to-book (PB) ratio of 1.25 [3] Financial Insights - The report indicates that the overall A-share market is experiencing a downward trend, with the total market turnover reaching 1091.74 billion, a decrease of 189.15 billion from the previous trading day [7] - The TTM PE ratio for the Shanghai Composite Index is 14.64, which is in the 31.7% historical percentile, while the TTM PE for the ChiNext Index is significantly higher at 30.38, in the 10.15% historical percentile [7] Industry Dynamics - The pet food export value in May increased by 12.81% month-on-month, indicating a positive trend in the pet food sector [48] - The Chinese gaming market saw a recovery in May, with a total revenue of 28.051 billion, reflecting a year-on-year growth of 9.86% [41] - The engineering machinery export maintained a robust growth rate, with a total export value of 50.24 billion in May, up 8.51% year-on-year [44] Company Highlights - Petty Co. reported a GMV of over 38 million during the 618 shopping festival, marking a 52% increase year-on-year, with significant growth in both new and returning customer segments [55] - Chongde Technology has entered a strategic partnership with GE Vernova, securing an order worth 7 million for synchronous phase camera bearings, which will be delivered by February 2026 [57] - Shanghai Superconductor's IPO application has been accepted, aiming to raise 1.2 billion for the production of high-temperature superconducting materials [54]

证券研究报告·行业点评报告·医药生物 医药生物行业点评报告 国家药监局通过《关于优化全生命周期监管 支持高端医疗器械创新发展的举措》，加速高 端器械发展 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 建议关注： ◼ 风险提示：政策风险；产品销售及研发进度不及预期。 2025 年 06 月 21 日 证券分析师 朱国广 执业证书：S0600520070004 zhugg@dwzq.com.cn 行业走势 -12% -8% -4% 0% 4% 8% 12% 16% 20% 2024/6/21 2024/10/20 2025/2/18 2025/6/19 医药生物 沪深300 相关研究 《创新药 BD 推动及优秀临床数据， 建议关注石药集团、千红制药等》 2025-06-15 《中国创新药在 ASCO 表现超预期， 关注信达生物、科伦博泰等》 2025-06-08 东吴证券研究所 1 / 2 请务必阅读正文之后的免责声明部分 ◼ 事件：2025 年 6 月 20 日，国家药监局党组书记、局长李利主持召开会 议，研究部署支持高端医疗器械创新发展举措，审议通过《关于优化全 生命周期 ...

Geopolitical Developments - Iran and Israel have initiated a new round of military strikes, resulting in casualties and damage to facilities [1] - Iran's Foreign Minister expressed readiness to reconsider diplomatic avenues if aggression ceases, supporting continued talks with E3 and the EU [1] - U.S. President Trump indicated difficulty in asking Israel to stop airstrikes but may support a ceasefire, giving a timeframe of "up to two weeks" for Iran [1] - Israel's military leadership stated the need to prepare for a "prolonged war" against Iran to eliminate the threat [1] - Russia's UN ambassador warned that Israel's actions could draw in third countries and called for an immediate halt to attacks on Iran [1] Market Overview - U.S. stock market performance showed mixed results with Nasdaq down 0.51%, S&P 500 down 0.22%, and Dow Jones up 0.08% [1][3] - Major tech stocks mostly declined, with Google down nearly 4% and Meta, Intel, Amazon, and Nvidia down over 1%, while Apple rose over 2% [1][3] Chinese Market Performance - The Nasdaq Golden Dragon China Index fell 0.92%, with notable declines in stocks like Futu Holdings down over 6% and JD.com down over 3% [2] - Chinese stocks showed mixed performance, with some gaining while others fell, reflecting broader market trends [2] Commodity and Currency Movements - Brent crude oil prices fell over 2.3%, while the dollar index decreased by 0.20% [4] - Offshore RMB strengthened for two consecutive days, indicating a V-shaped recovery this week [3] Economic Indicators - China's tax revenue from January to May decreased by 1.6% year-on-year, while non-tax revenue increased by 6.2% [12] - The OECD predicts that emerging markets like India and China will lead global economic growth in the coming years, with India's GDP growth expected to be the fastest [15] Company-Specific News - GreenTech announced that the U.S. Department of Commerce's final ruling on anti-dumping and countervailing duties will significantly impact its market expansion in the U.S. [9] - Changshan Pharmaceutical received approval for clinical trials of a weight loss injection, indicating potential growth in the healthcare sector [10]

Domestic News - The Financial Supervision Administration has allowed currency brokerage firms to provide matching services for financial institutions in markets such as currency, bonds, foreign exchange, and gold [5] - The Ministry of Finance reported that from January to May, the national general public budget revenue was 96,623 billion yuan, a year-on-year decrease of 0.3%; stamp duty revenue was 1,787 billion yuan, a year-on-year increase of 18.8% [6] - The National Medical Products Administration has approved measures to optimize the full lifecycle supervision to support the innovation and development of high-end medical devices [6] International News - Preliminary reports indicate that Iranian missiles have struck Tel Aviv, Negev, and Haifa, with approximately 25 ballistic missiles launched from Iran to Israel during the latest round of attacks [3] - The People's Bank of China and the Hong Kong Monetary Authority announced that the cross-border payment system will be operational starting June 22 [4] - The Ministry of Commerce reported that from January to May, the actual use of foreign capital in the country was 358.19 billion yuan, a year-on-year decrease of 13.2% [4] - The Financial Supervision Administration released the "Market Risk Management Measures for Commercial Banks," detailing market risk management requirements [4]

国家药监局今天(6月20日)审议通过《关于优化全生命周期监管支持高端医疗器械创新发展的举措》， 支持高端医疗器械创新发展。据了解，医用机器人、高端医学影像设备、人工智能医疗器械和新型生物 材料医疗器械等技术集成度高，是高端医疗器械的典型产品，也是塑造医疗器械新质生产力的关键。今 天审议通过的《举措》，包括优化特殊审批程序、完善分类和命名原则、持续健全标准体系、进一步明 晰注册审查要求、健全沟通指导机制和专家咨询机制、细化上市后监管要求、强化上市后质量安全监 测、密切跟进产业发展、推进监管科学研究和推动全球监管协调等十方面具体措施。它的出台对支持高 端医疗器械重大创新，促进更多新技术、新材料、新工艺和新方法应用于医疗健康领域。《举措》将于 近日发布，国家药监局将加强统筹协调，细化相关要求，明确工作时限，确保顺利推进。(央视新闻) ...

Group 1 - The National Medical Products Administration (NMPA) is seeking public opinion on measures to optimize the lifecycle regulation to support the innovation of high-end medical devices [1] - The NMPA plans to strengthen standardization to lead innovation, including the rapid release of standards for medical exoskeleton robots and radioactive nuclide imaging devices [1] - A total of 308 medical device products were approved for registration by the NMPA in March 2025, including 248 domestic Class III medical devices and 34 imported Class III medical devices [1] Group 2 - Huatai Securities believes that the policy for medical equipment updates will gradually stimulate demand in the medical device sector, benefiting leading companies [1] - The equipment update policy is expected to last for three years and may expand to other areas such as endoscopy, leading to a recovery in hospital procurement [1] - The medical device market is anticipated to see a sustained recovery as previously suppressed demand is gradually released [1] Group 3 - Related companies in the medical device industry chain listed in Hong Kong include Qiming Medical-B (02500), Aikang Medical (01789), MicroPort Scientific Corporation-B (02252), Peijia Medical-B (09996), MicroPort Medical (00853), Kunbo Medical-B (02216), and Yimai Sunshine (02522) [2]