导读： 5月27日，新疆县域医共体设备更新项目（第三批）中标(成交)结果公告。5月26日，河南省卫生健康委员会河南省县域医共体设备更新项目（一期）项目- 全自动生化分析仪中标结果公告。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 5月2 7日，中国政府采购网发布，新疆县域医共体设备更新项目（第三批）中标(成交)结果公告，迈瑞独揽两包。中标公告显示—— 迈瑞2 2 6台生化分析仪BS- 8 3 0成功中标，成交金额为9 6 9 . 5 4万元，单价每台为4 . 2 9万元。 同时，迈瑞9 4台彩色多普勒超声诊断仪成功中标，成交金额为3 9 1 9 . 8万元，单价为4 1 . 7万元/台。 | 序号 | 标项名称 | 标的名称 品牌 | 数量 | 单价(元) 规格型号 | | | --- | --- | --- | --- | --- | --- | | | 县域医共体 | 具域医共体 | | | | | | 目(第三 | 设备更新项 设备更新项 目(第三 深圳迈瑞 | 94台 | 417000 | Recho R7Sup | | | | ...

平安证券认为， 2025年政府工作报告拟发行1.3万亿元超长期国债支持重点领域设备更新，并下拨72.26 亿元医疗卫生机构能力建设补助资金，县域医疗设备更新项目将持续推进；多地招标项目要求全部国 产，助推国产龙头进一步受益，政策有望驱动后续增量。医疗设备更新招标持续回升明显：2025年1–4 月新设备公开招标规模分别为174亿、112亿、140亿、153亿元，4月已基本恢复到2023年同期水平，累 计公开招标金额达118亿元，需求释放加速。高端影像设备方面，4月CT采购规模25.25亿元、MRI 22.70 亿元、超声13.71亿元、DSA7.69亿元、DR2.57亿元、消化道内镜3.91亿元，高端化趋势显著。 每日经济新闻 注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化而变 动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金业绩 的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨慎。 创业板医药ETF国泰（159377）跟踪的是创医药指数（399275），具有20%涨跌幅限制，该指数由中证 指数有 ...

Investment Rating - Industry investment rating: Stronger than the market (expected to outperform the CSI 300 index by more than 5% in the next 6 months) [23] Core Viewpoints - The medical device bidding and procurement are significantly recovering, with a notable trend towards domestic substitution. Since the beginning of 2025, there has been a concentrated push for medical device updates, leading to a substantial increase in public bidding amounts, reaching a cumulative total of 11.8 billion yuan [3][10] - The procurement scale for medical devices has shown a month-on-month improvement since January 2025, with procurement amounts in January, February, March, and April being 17.4 billion yuan, 11.2 billion yuan, 14 billion yuan, and 15.3 billion yuan respectively, reflecting year-on-year growth rates of +42%, +76%, +113%, and +84% [10][3] - Major companies in the industry are benefiting from the recovery in bidding and procurement, with significant increases in procurement amounts for various devices in April 2025, including ultrasound (1.371 billion yuan, +67% YoY), CT (2.525 billion yuan, +242% YoY), and MRI (2.270 billion yuan, +191% YoY) [4][11][13] Summary by Sections Medical Device Update and Bidding Recovery - The medical device update projects are intensively advancing, with many provinces initiating collective procurement, leading to a surge in orders. The bidding process is similar to collective procurement, giving significant bargaining power to the purchasers, which benefits leading companies with comprehensive and high-end product lines [3][10] Procurement Scale and Trends - The overall scale of new medical device bidding in China is benefiting from the rapid implementation of device updates, showing a month-on-month improvement trend since the beginning of 2025. The procurement scale in April 2025 has nearly returned to the level of the same period in 2023 [10][3] Leading Companies' Performance - The bidding trends for domestic companies align closely with industry trends, with some companies showing slightly better performance. In April 2025, major domestic companies like Mindray (624 million yuan, +51% YoY), United Imaging (1.187 billion yuan, +207% YoY), and others have reported significant increases in their bidding amounts [4][17] Investment Recommendations - The report suggests focusing on leading domestic companies in the medical device sector that are enhancing their high-end and intelligent product layouts, such as Mindray Medical, United Imaging, and others. The government’s support for long-term special bonds for equipment updates is expected to positively impact industry bidding growth [5][21]

生物医药ETF（159859）紧密跟踪国证生物医药指数。该指数以沪深北交易所属于生物医药产业相关上 市公司为样本空间，根据市值规模和流动性的综合排名，选出前30只证券作为指数样本股，反映了生物 医药行业的整体运行情况，向市场提供了细分行业的指数化投资标的。该ETF还配备了联接基金（A： 011040，C：011041）。 消息面上，恒瑞医药拟在香港发行2.25亿股，今日挂牌交易，港股股价盘中一度涨超33%。 此外，相关ETF方面，医疗设备ETF（159873）截至发稿上涨0.36%，生物医药ETF（159859）截至发 稿涨超1.4%，成交额超5500万元，交投活跃，溢折率0.22%，盘中频现溢价。 广发证券表示，当前时刻建议重视港股创新药，原因如下： 5月23日，A股、港股创新药板块开盘后持续走强，热门ETF中，创新药ETF天弘（517380）一度涨逾 2.5%。截至发稿，该ETF涨近1.7%，成分股中，亚盛医药-B涨超6%，金斯瑞生物科技、泰格医药H 股、泰格医药A股、科伦药业均涨超5%。 创新药ETF天弘（517380）紧密跟踪恒生沪深港创新药50指数，该指数为唯一横跨三地的创新药指数， 精选50只优质 ...

导读： 赛陆医疗完成A+轮融资，复星医药领投，资金用于国产测序平台升级与市场扩展，推动生命科学工具创新。 特别提示 微信公众号机制调整，请点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 近日，深圳赛陆医疗科技有限公司（以下简称：赛陆医疗）宣布完成A+轮融资。本轮融资由医疗健康行业龙头企业复星医药领投，常州伟驰投 资跟投，老股东深创投继续追加投资。本轮资金将重点用于全国产测序平台的注册申报、产能扩建及全球化市场拓展，进一步巩固其在生命科 学工具领域的创新引领地位。 自2020年成立以来，赛陆医疗发展始终保持快速步伐，2025年1月，赛陆医疗自主研发的Salus Pro测序仪获国家药监局（NMPA）三类医 疗器械注册证，2025年3月13日，赛陆医疗全资子公司——上海赛陆生命科学有限公司（简称"赛陆生科"）在上海宝山区隆重举行开业庆典 暨战略合作签约仪式，标志着赛陆测序平台在长三角的生产基地正式投入运营。 该公司坚持以"技术自主+产业闭环"为核心，已建成光学、流体、芯片、试剂等全链条研发体系，打造全国产化测序+超分辨空间组学平台，累 计授权专利超百项，产品覆盖科研、临 ...

新京报贝壳财经讯（记者丁爽）5月16日，开立医疗发布的投资者关系活动记录表显示，公司于近日接 受投资者调研时表示，自2024年第四季度起，国内医疗设备更新逐渐起量，今年前四个月终端医院的医 疗设备招标采购金额大幅增长，预示行业开始复苏。 根据开立医疗此前发布的一季度报告。报告期内，公司实现营业收入4.3亿元，同比减少10.29%；实现 归母净利润807.46万元，同比减少91.94%。 公司表示，微创外科、心血管介入两条新产品线发展态势良好，预计2025年营收将快速增长，有望减少 对利润的压力。 针对两条新产品线实现盈亏平衡的时间点，公司回应称，公司预计2025年微创外科业务收入将取得较大 同比增长，业务线全年亏损额有望缩小。微创外科业务目前仍处于起步阶段，研发、市场投入较大，随 着收入规模快速增长，预计业务线实现盈亏平衡的时间越来越近。心血管介入产品线，目前尚处于战略 投入阶段，在售产品较为单一，公司已在该领域布局新的产品，预计未来建立多产品组合后，该业务线 的盈利情况将有所好转。 对于国内医疗设备更新情况，公司表示，2024年，关于国内医疗设备更新项目，全国各省市都发布了规 模较大的采购计划，但直至202 ...

证券代码：300633 证券简称：开立医疗 编号：2025-003 前四个月终端医院的医疗设备招标采购金额大幅增长，预示行业开 始复苏； 深圳开立生物医疗科技股份有限公司 投资者关系活动记录表 | | ☑ 特定对象调研 ☑ 分析师会议 | | --- | --- | | 投资者关 系活动类 | □ 媒体采访 □ 业绩说明会 | | 别 | 新闻发布会 路演活动 □ □ | | | □ 现场参观 □ 一对一沟通 | | | 电话会议 其他 □ □ | | | 汇丰前海证券、山西证券、中邮证券、华创证券、深圳市康曼德 资本管理有限公司、深圳北斗星资本、太朴持信私募基金管理 | | | （珠海）有限公司、财通基金、国盛证券、重阳投资、华夏未来 | | | 资本管理有限公司、GIC、安信基金、中邮创业基金管理股份有限 | | | 公司、格林基金管理有限公司、西部证券、中信建投证券、中国 | | 参与单位 | 国际金融股份有限公司、复胜资产、国信证券股份有限公司、奇 | | 名称 | 盛基金管理有限公司、野村证券、西南证券、平安证券股份有限 | | | 公司、华泰证券、博时基金、源乐晟资产、涌津投资、创金合信 | | ...

Summary of iRhythm (IRTC) Conference Call Company Overview - **Company**: iRhythm Technologies, Inc. (IRTC) - **Industry**: Medical Devices, specifically cardiac monitoring solutions Key Points and Arguments Q1 Performance and Guidance - Q1 revenue beat expectations by $5 million, leading to a $15 million increase in guidance for 2025 [3][4] - Achieved over 20% year-over-year growth for the second consecutive quarter, indicating strong business momentum [4][5] - The primary driver for the Q1 performance was the significant growth of the Zio AT product, which is expected to sustain through 2025 [5][6] Seasonality and Revenue Distribution - Revenue distribution for 2025 is expected to follow historical seasonality: approximately 22.5% in Q1, 25% in Q2, 25% in Q3, and 27.5% in Q4 [6][7] Competitive Landscape - iRhythm capitalized on competitive disruptions in late Q3 and Q4 of 2024, gaining new accounts [8][9] - Despite competitors returning to the market, iRhythm has maintained a significant portion of the business acquired during the disruption [9] Market Share and Product Performance - iRhythm holds a 70% market share in the Zio monitoring segment, with expectations of continued share growth [11][12] - The Zio Monitor, launched 18 months ago, has been well-received, contributing to the company's strong competitive positioning [12] Gross Margin and Tariff Impact - Gross margin guidance for the year is flat, with an anticipated negative impact of 50 to 75 basis points from tariffs, primarily affecting imports from China and Taiwan [13][14] - The company is exploring mitigation strategies to reduce tariff exposure, which may lead to gross margin expansion in 2025 [15][17] FDA Submissions and Future Products - iRhythm plans to submit the next-generation Zio MCT product for FDA approval in Q3 2025, which is expected to enhance market share [20][21] - The company aims for a faster launch of Zio MCT compared to previous product transitions [22] Primary Care Strategy - The partnership with Epic is expected to enhance clinician workflows and has already shown a 20% average volume uplift in pilot accounts [26][28] - Over one-third of Q1 volume came from primary care prescribers, up from approximately 20% in 2023, indicating a successful land-and-expand strategy [33][35] Innovative Channel Partnerships - Innovative channel partnerships are beginning to contribute to volume, with low single-digit percentages of overall volume but showing growth from near zero [37] Financial Outlook - iRhythm anticipates slightly negative free cash flow for 2025, with expectations to turn positive in 2026 [53][54] - Long-term goals include achieving 15% EBITDA margins at $1 billion in revenue, with potential for mid-20% margins beyond that [49] International Market and Reimbursement - The Japanese market remains strategically important despite disappointing reimbursement rates, with plans to generate in-country clinical evidence for future reimbursement cycles [55][57] Pricing Strategy - A low single-digit pricing headwind is expected for the year, consistent with past trends, while the company focuses on volume growth [59] Additional Important Insights - iRhythm is committed to operational excellence and efficiency improvements, leveraging automation and global infrastructure to enhance profitability [41][44] - The company is actively investing in R&D for adjacent market opportunities, including multi-sensing capabilities [50][52]

从招投标数据看医疗设备更新进展 20250511 摘要 • 2025 年一季度创新药领域表现强劲，多家公司收入增速显著，如百济神 州、信达生物和荣昌生物等。尽管美国降药价政策提出，但因美国市场占 比有限，预计对整体制药行业影响较小。 • 医疗设备板块在二季度后迎来投资机会，受益于设备更新稳步推进和企业 清库存进入尾声。大型影像设备（如联影）和中小型设备（如迈瑞、开利、 奥华）值得关注，出口链上的海泰星光客户拿货恢复正常。 • 中药板块在二三季度看好，受益于中美博弈扩大内需、人口老龄化及国企 改革催化。板块回调早、调整幅度深，核心标的估值回落至 15-17 倍，配 置价值凸显，推荐华润三九、东阿阿胶和健民。 • 药品零售行业处于供给侧出清阶段，头部连锁集中度将提升。头部连锁策 略是少开店、降本增效保障利润增长，并可能重启并购。益丰药房、老百 姓、大参林等经营效率较高的企业值得关注。 • 原料药市场供需趋于平衡，价格稳定在底部区间。华海药业和天宇股份的 沙坦类品种收入稳定，非沙坦类药物快速放量，CDMO 业务带来增长，一 体化企业商业模式跑通。 Q&A 2025 年医药行业的整体表现如何，哪些领域值得关注？ 20 ...

www.hczq.com 证券研究报告 | 医药生物 | 2025年5月9日 华创医药投资观点&研究专题周周谈 · 第125期 从招投标数据看医疗设备更新进展 本周专题联系人：李婵娟 陈俊威 华创医药团队： | 首席分析师 郑辰 | | --- | | 联席首席分析师 刘浩 | | 医疗器械组组长 李婵娟 | | 中药和流通组组长 高初蕾 | | 分析师 王宏雨 | | 分析师 朱珂琛 | 执业编号：S0360520110002 邮箱：zhengchen@hcyjs.com 执业编号：S0360520120002 邮箱：liuhao@hcyjs.com 执业编号：S0360520110004 邮箱：lichanjuan@hcyjs.com 执业编号：S0360524070002 邮箱：gaochulei@hcyjs.com 执业编号：S0360523080006 邮箱：wanghongyu@hcyjs.com 执业编号：S0360524070007 邮箱：zhukechen@hcyjs.com 本报告由华创证券有限责任公司编制 卖的出价或询价。本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。 ...