西部证券认为，今年以来医药行业细分板块表现分化，医疗器械、医院板块持续受到宏观消费疲软、医 保资金收紧、集采影响延续等因素的影响，业绩有所承压，目前医疗设备、医院、线下药店、医药流 通、中药目前估值分位点处于10年历史低值，处于超跌位置。在国家推出多项政策大力支持创新器械， 加强基层医疗服务建设的背景下，我们认为医药板块仍具备较大潜力。 相关ETF：医疗器械ETF 562600 截至2025年12月18日13:38 ，A股三大指数涨跌互现，上证指数涨0.23%，深证成指跌0.91%，创业板指 跌1.68%。医疗器械ETF上涨0.7%，最新报价0.865元，盘中换手率4.68%。成分股方面涨跌互现，迪安 诊断领涨8.59%，安必平上涨8.00%，三诺生物上涨5.39%，贝瑞基因上涨4.51%，金域医学上涨3.8%； 浩欧博领跌6.49%，热景生物下跌3.29%，华兰股份下跌2.70%，瑞迈特下跌2.68%，英科医疗下跌 1.65%。 ...

信达证券指出，医药生物行业近期表现低迷，创新药板块因上半年BD预期大幅上涨后处于回调盘整阶 段。创新器械设备受益于国债支持医疗设备更新政策的持续推进、高端国产医疗设备加速进口替代及海 外市场拓展，有望走出2023年下半年以来的低谷，预计2025Q3开始企稳增长，2026年业绩渐入较好增 长态势。医疗器械领域，院内招采恢复驱动业务增长，消费医疗器械需求逐步修复，进口替代加速；骨 科关节耗材集采降价已触底，骨科机器人市场份额提升，出海带来新增量。CXO及生命科学上游产业 链中，具备全球影响力的龙头企业及以国内业务为主的临床CRO龙头表现突出。制药装备行业随着创 新药投融资回暖及BD交易频发驱动CMO复苏，逐步传导至制药装备领域，有望实现周期反转，海外固 定资产开支加速上行将打开成长新空间。 医疗ETF（159828）跟踪的是中证医疗指数（399989），该指数从中国A股市场中选取涉及医疗器械、 医疗服务、医疗信息化等细分领域的上市公司证券作为指数样本，以反映医疗行业相关上市公司证券的 整体表现。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构 ...

西部证券（002673）发布研报称，今年以来医药行业细分板块表现分化，医疗器械、医院板块持续受到 宏观消费疲软、医保资金收紧、集采影响延续等因素的影响，业绩有所承压，目前医疗设备、医院、线 下药店、医药流通、中药目前估值分位点处于10年历史低值，处于超跌位置。在国家推出多项政策大力 支持创新器械，加强基层医疗服务建设的背景下，该行认为医药板块仍具备较大潜力，推荐关注医疗器 械、医疗消费及线下药店方向。 今年以来，多项政策颁布推动大规模设备更新和创新器械。该行认为以旧换新能够加速医疗设备下沉和 医疗需求的释放，院内业务有望回暖，2025年高端医疗设备行业有望保持高景气。且在2021-2024年板 块回调较多的情况下，估值具备较强性价比。考虑政策环境、集采概率、行业增速和国产化率等多重因 素，建议关注优质细分赛道：血透行业、超声行业、内窥镜行业、口腔产业链等。推荐标的：迈瑞医疗 （300760）、联影医疗、海泰新光、山外山、澳华内镜、时代天使、爱迪特（301580）等，建议关注： 威高血净（603014）、天益医疗（301097）、三鑫医疗（300453）等。 医疗消费，看好低估值下医院服务的恢复和基层医疗服务建 ...

中信建投表示，近期北京和上海发布《北京市促进医疗器械产业高质量发展若干措施》《上海市全面深 化药品医疗器械监管改革促进医药产业高质量发展的若干措施》，预计国家及各地政府对创新器械的支 持政策将持续加强、创新有望加速。短期来看，建议把握26年业绩改善个股的业绩和估值修复机会，多 家医疗器械行业细分赛道龙头公司将于26年迎来加速增长。 每日经济新闻 医疗ETF（159828）跟踪的是中证医疗指数（399989），该指数从沪深市场中选取医药卫生和药品零售 行业的上市公司证券作为指数样本，主要覆盖医疗器械、医疗服务及医疗研发外包等领域，以反映医疗 主题相关上市公司证券的整体表现。该指数成分股偏向中小市值，具有较高的成长性与波动性特征。 注：如提及个股仅供参考，不代表投资建议。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。 ...

Core Insights - Baiyang Pharmaceutical's subsidiary, Baiyang Health Industry International Trade Co., Ltd., is set to introduce a $4.9 million capital increase from Zap Therapeutic, raising the registered capital of Baiyang Sap Medical Equipment Technology Co., Ltd. from $5.1 million to $10 million, while maintaining a 51% ownership stake [1] - This capital increase is part of Baiyang Pharmaceutical's ongoing strategy to expand its presence in the innovative medical device sector, particularly focusing on the ZAP-X robotic system for radiation surgery [1][2] - The ZAP-X robot has been clinically validated and has completed over 5,000 treatments globally, showcasing its precision and non-invasive advantages in treating complex brain diseases [1][2] Company Developments - Baiyang Sap was established to enhance the production capacity of the ZAP-X system and support its commercialization in China, aiming to create a local production base for radiation therapy equipment [2] - The partnership with Zap Therapeutic is expected to leverage combined resources in funding, technology, and market channels, facilitating the localization of ZAP-X production and expediting its clinical integration [2] - Baiyang Pharmaceutical has signed a cooperation agreement with Peking University International Hospital to establish a precision radiation therapy center, focusing on innovative treatment solutions for brain tumors using the ZAP-X system [3] Financial Performance - In the first three quarters of the year, Baiyang Pharmaceutical reported revenues of 5.627 billion yuan and a net profit of 476 million yuan, indicating a strong performance driven by a dual strategy of investment and commercialization [3]

Group 1 - The core point of the announcement is that Baiyang Pharmaceutical plans to introduce Zap Therapeutic Solutions Limited to invest $4.9 million in Baiyang Sap Medical Equipment Technology Co., Ltd. to enhance its capital strength and meet operational development needs [1][2] - Baiyang Sap is a wholly-owned subsidiary of Baiyang Health Industry International Trade Co., Ltd., which is fully owned by Baiyang Pharmaceutical [1] - The investment aims to support the localization of the ZAP-X radiotherapy robot, enhancing production capacity and facilitating the commercialization of ZAP-X in clinical settings [2] Group 2 - Baiyang Pharmaceutical intends to expand its product layout in the innovative medical device sector and promote resource integration and collaborative development through investments in Zap Medical System, Ltd. starting from July 2024 [2] - The collaboration will include exclusive commercialization and manufacturing services for ZAP-X, which is expected to enrich the company's industrial layout in innovative devices and increase revenue and profitability from innovative products [2]

Group 1 - The core viewpoint of the article highlights a significant inflow of capital into the medical sector, with a real-time net inflow of 97 million units into the medical ETF (159865), indicating strong investor interest in medical assets [1] - Everbright Securities points out that the Federal Reserve has initiated a rate-cutting cycle, which is favorable for the pharmaceutical and biotechnology sectors, particularly for innovative drugs and devices. The macroeconomic environment is expected to return to a loose state, further enhancing the valuation premium of innovative assets as the Fed cuts rates again [1] - The medical ETF (159828) tracks the CSI Medical Index (399989), which selects listed companies in the medical device and service sectors from the Chinese A-share market to reflect the overall performance of medical-themed listed companies. The index's constituent stocks are primarily concentrated in the pharmaceutical and biotechnology sectors, with a small representation from the computer and beauty care industries, exhibiting characteristics of small and mid-cap stocks [1]

Core Viewpoint - The Federal Reserve has initiated a rate-cutting cycle, which is favorable for the pharmaceutical and biotechnology sectors, particularly for innovative drugs and devices [1] Group 1: Macroeconomic Environment - The macroeconomic environment is expected to return to a loose state with the Fed's anticipated rate cut in September 2025, leading to an increase in valuation premiums for innovative assets [1] Group 2: Investment Focus - Current investments in the pharmaceutical industry should focus on the intrinsic logic of clinical value, which addresses the needs of patients and healthcare providers, as both domestic and international policies are assigning higher premiums to clinical value [1] Group 3: Market Performance - The Guotai Innovation Pharmaceutical ETF (159377) tracks the Innovation Pharmaceutical Index (399275), which saw a daily fluctuation of 20%. This index includes listed companies in the biopharmaceutical, medical device, and related services sectors, reflecting the overall performance of these companies in the ChiNext market [1]

Core Viewpoint - The A-share market is experiencing a significant rebound, particularly in the Sci-Tech Innovation Board, with the ETF Huatai-PineBridge (589120) showing a notable increase of 1.59% as of 13:54 on September 24, and attracting over 20 million yuan in net subscriptions within three trading days [1][3]. Group 1: ETF Performance - The Huatai-PineBridge Sci-Tech Innovation Drug ETF (589120) has seen strong performance, with most of its constituent stocks rising, including Teva Biopharma up over 3%, and several others like Zai Lab and Eucure Biopharma rising over 2% [3]. - The top ten constituent stocks of the ETF include notable companies such as RYSE Pharmaceuticals (688235) with a weight of 9.92% and a rise of 1.93%, and Eucure Biopharma (688578) with a weight of 8.03% and a rise of 2.27% [4]. Group 2: Market Dynamics - The National Healthcare Security Administration is set to hold a communication meeting in Beijing to discuss negotiations and pricing with companies, marking a significant innovation in this year's healthcare directory adjustments [5]. - The current innovation drug market is driven by the trend of "local innovation - global monetization," which is seen as a key support for the industry's growth [6]. - Analysts from Xinda Securities believe that the trend of innovation in the drug sector is not over, with expectations for continued growth in innovative drugs, medical devices, and AI healthcare [7]. Group 3: Industry Outlook - Tianfeng Securities highlights that the Chinese innovative drug industry has achieved significant results and is now globally competitive, entering a phase of self-sustainability through commercialization [8]. - The industry is supported by favorable policies, a well-structured talent pool, and a collaborative approach between academia and industry, which enhances the efficiency of drug development [9]. - The future outlook suggests that increasing innovation will further unlock commercial value, with China becoming one of the most efficient countries in the drug development process [10].

Group 1 - The core viewpoint of the news highlights a strong performance in the medical device sector, with the medical device ETF (159797) rising by 3.35% and attracting over 140 million yuan in capital in the past 20 days [1][5] - As of 10:20, most constituent stocks of the medical device ETF showed positive performance, with notable gains such as 11.56% for United Imaging, 10.21% for Aikang Medical, and a limit-up for Jimin Health [3][4] - Analysts from CITIC Securities suggest that the medical device sector is at a turning point, experiencing a dual recovery in valuation and performance, and recommend focusing on companies expected to accelerate growth in 2026 compared to 2025 [4][5] Group 2 - The medical device sector is recognized for its innovation and international capabilities, with a focus on "me-too" and "me-better" products benefiting from China's engineering advantages [5] - High-value consumables are expected to recover from policy disruptions, with revenue growth of 3.99% and a net profit increase of 1.97% in the first half of 2025, indicating relative stability within the sector [5] - The medical device ETF (159797) covers key areas such as medical equipment, in vitro diagnostics, and high-value consumables, with the top ten weighted stocks accounting for over 46% of the fund [5][6]