（原标题：在共识与非共识之间：操昭煦的医药选股逻辑与国际化布局） 就在这场跌宕起伏的行业变局中，泓德基金基金经理、医药组组长操昭煦，一位兼具科研背景与三轮牛 熊经验的"医药猎手"，正悄然布局。1月7日起发行且由他掌舵的泓德医药精选混合发起式基金，不仅是 对创新药未来空间的再次审视，更是对医药板块中那些"被遗忘的角落"与"低估的明天"的一次系统性发 掘。 在行业拐点若隐若现的今天，他的投资框架与产业洞察，或许能为仍在寻觅方向的投资者，提供一份不 一样的观察地图。 从科研界到投资界 操昭煦的毕业于北京大学生物科学专业，有五年的生命科学基础科研工作。这段经历，被他视为投资生 涯中"两端有用"的财富。 "科研背景在投研刚入行和多年后自身投资遇到瓶颈时这两端最有价值。"操昭煦在接受记者采访时坦 言。初入行时，对医药领域知识体系的系统性理解，帮助他迅速穿透专业壁垒。而随着投研经验的积 累，当信息看似平权、资料触手可及时，真正的前沿洞见却往往藏于产业深处、科学界内。"很多产业 内和科学前沿的东西，并不在网上，也不在投资圈内。" 他分享了一个典型案例：某国内细分领域龙头上市公司，在海外竞争对手专利到期、市场竞争格局看似 恶化 ...

一、证券市场回顾 南财金融终端数据显示，昨日(1月5日，下同)上证综指日内上涨1.38%，收于4023.42点，最高4025.26点；深证成指日内上涨2.24%，收于13828.63点，最高 13828.97点；创业板指日内上涨2.85%，收于3294.55点，最高3295.29点。 二、ETF市场表现 1、股票型ETF整体市场表现 昨日股票型ETF收益率中位数为2.12%。其中按照不同分类，规模指数ETF中南方上证科创板50成份ETF收益率最高，为4.85%；行业指数ETF中华夏中证全 指医疗器械ETF收益率最高，为6.95%；策略指数ETF中华夏中证红利质量ETF收益率最高，为2.83%；风格指数ETF中大成深证成长40ETF收益率最高，为 3.77%；主题指数ETF中平安中证沪港深线上消费主题ETF收益率最高，为6.94%。 2、股票型ETF涨跌幅排行 昨日股票型ETF涨幅最高的3只ETF及其收益率分别为：华夏中证全指医疗器械ETF（6.95%）、平安中证沪港深线上消费主题ETF（6.94%）、永赢中证全 指医疗器械ETF（6.37%）。涨幅前10详情见下表： | 类别 | 代码 | | | --- | ...

（原标题：突发利好，满屏"20cm"涨停！） 近年来，医疗器械行业利好政策频出。 1月5日，A股医疗器械板块集体上涨，行业指数大涨5.64%，概念股中博拓生物、赛诺医疗、冠昊生物 （300238）等11股"20cm"涨停，新华医疗（600587）涨停，锦好医疗、瑞迈特（301367）、港通医疗 （301515）、可孚医疗（301087）等7股涨幅超过10%，超过60亿主力资金净流入医疗器械板块。 | CH | | | * ● | 月又 示 | 北陽光 | 行传大 | 息量 | 现量 | 头人价 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | BK1041 医疗器械 | | | | 1027.66 | 6.26 | 60.56 | 1307万 | 0 | | | | 920199 | 倍益康 | R | 1 | 44.96 | 29.98 | 10.37 | 4.78 7 | 26 | 44.96 | | | asoase | 锦好医疗 | (B) | * | 38.23 | 20.03 | 6.38 | 10. ...

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涉及医疗器械、医疗 服务、医疗信息化等领域的上市公司证券作为指数样本，以反映中国医疗行业相关上市公司证券的整体 表现。 （文章来源：每日经济新闻） 华鑫证券指出，2025年医药生物行业的核心投资主线是创新药出海，多个重磅交易的落地极大提升了市 场信心，新药授权收益成为企业持续发展的重要资金来源，并为估值提供锚定。中国在双抗、ADC等 优势领域持续迭代，同时在小核酸、吸入制剂等新兴技术平台实现突破，出海收益占企业价值的比重将 进一步提升。医疗器械领域，出海模式从低值耗材向高值耗材延伸，逐步突破认证和销售壁垒，高值耗 材出口增速领先，欧美市场成为主要增量来源。国内集采影响逐步消化，替代空间提升，行业整体业绩 有望恢复。内需型细分领域如连锁药房、CRO等正经历出清周期，龙头企业逐步恢复增长。创新出海 推动行业从低水平竞争向源头创新升级，但需关注结构性机会，真创新企业才能分享全球市场红利。 ...

Group 1 - The core investment theme for the pharmaceutical industry in 2025 is the overseas expansion of innovative drugs, which is expected to yield excess returns compared to the broader pharmaceutical sector and the CSI 300 index [2][21] - The innovative drug index has shown a significant increase, outperforming the pharmaceutical biological index by 37.48 percentage points, with a year-to-date increase of 65.99% [21] - Major transactions in the ADC and dual antibody fields are anticipated to continue, while there is a need to avoid repetitive competition in areas like small nucleic acids and focus on unmet clinical needs [3][4] Group 2 - The report emphasizes the importance of overseas markets for both innovative drugs and medical devices, suggesting that companies should seek growth opportunities beyond domestic market saturation [4][5] - The Chinese pharmaceutical industry is gradually becoming a global innovation center, with significant advancements in dual antibodies and ADCs, while also making strides in emerging fields like small nucleic acids and inhalation formulations [5][6] - The report highlights that the overseas authorization revenue has become a crucial funding source for innovative drug development, with a total upfront payment of $4.551 billion in the first three quarters of 2025 [29][32] Group 3 - The medical device sector is experiencing a shift towards overseas expansion, with a focus on high-value consumables and IVD products, as Chinese companies enhance their market share [7][55] - The export growth of high-value consumables is significant, with a recorded increase of 10.75% in the first half of 2025, particularly in the North American and European markets [57][66] - The report notes that the certification and market establishment processes for high-value consumables are long-term investments, requiring compliance with stringent regulations in the EU and the US [60][61] Group 4 - The recovery of financing in the domestic innovative drug sector has been robust, with a total of 324 financing events amounting to $5.51 billion in the first three quarters of 2025, marking a 67.6% increase year-on-year [70][72] - The CXO industry is experiencing varied recovery rhythms across different segments, with some areas like CDMO seeing order growth due to overseas financing recovery [74]

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a positive outlook for the medical device sector, indicating potential for growth and innovation [2][3]. Core Insights - The medical device sector is expected to enter a "great sailing era" with the initiation of centralized procurement for drug-coated balloons and urological intervention consumables, indicating a significant policy shift that could benefit domestic manufacturers [3]. - The report highlights that after extensive centralized procurement, domestic medical device manufacturers have gained substantial market share, leading to a concentration of the industry towards leading enterprises, which are expected to benefit from scale effects and favorable export policies [3]. - The report emphasizes the potential for domestic medical device companies to replicate the path of domestic pharmaceutical companies, using centralized procurement to drive innovation and enhance global competitiveness [3]. Market Weekly Review - The pharmaceutical and biotechnology sector experienced a slight decline of 0.18% from December 22 to December 26, underperforming compared to the Wind All A index (2.78%) and the CSI 300 index (1.95%) [8]. - Among sub-sectors, raw materials (2.05%), blood products (1.28%), and medical research outsourcing (0.77%) showed gains, while hospitals (-2.82%), pharmaceutical distribution (-1.8%), and offline pharmacies (-1.3%) faced declines [8]. - Notable individual stock performances included Hongyuan Pharmaceutical (59.4%), Luyuan Pharmaceutical (37.3%), and Huakang Medical (21.1%) with significant gains, while ST Bailin (-18.5%), Huaren Health (-15.8%), and Haiwang Biological (-14.9%) saw substantial losses [11]. Industry News and Key Company Announcements - The National Medical Products Administration announced new regulations for the management of medical device export sales certificates, effective May 1, 2026, which aims to facilitate the export of Chinese medical devices [13]. - The centralized procurement for high-value medical consumables has officially started, marking a significant policy development in the industry [13]. - Sanofi reached an acquisition agreement with Dynavax for $2.2 billion, highlighting ongoing consolidation in the pharmaceutical sector [13]. - Notable collaborations and agreements were reported, including licensing agreements and partnerships among various pharmaceutical companies, indicating active M&A and collaboration trends in the industry [16][17].

本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 【国金证券：2026年医疗器械板块投资聚焦出海和创新】12月26日，国金证券指出，2026年医疗器械板 块投资策略聚焦出海和创新两条线。重点关注海外拓展加速确定性强、产品创新研发领先、国内市场价 格压力出清的细分赛道优质器械公司。 建议关注三类公司：一是海外成熟市场拓展领先、国内集采影 响见底的消化内镜耗材龙头；二是国内品牌力优秀、可穿戴创新品种及海外市场加速拓展的家用医疗器 械龙头；三是心血管介入领域产品差异化创新的港股器械公司。 ...

（文章来源：第一财经） 国金证券指出，2026年医疗器械板块投资策略将聚焦在出海和创新两条线，重点关注海外拓展加速确定 性较强、产品创新研发能力领先、国内市场价格压力已逐步出清的细分赛道优质器械公司。建议关注： 1）海外成熟市场拓展领先、国内集采影响逐步见底的消化内镜耗材龙头；2）国内品牌力优秀、可穿戴 创新品种及海外市场加速拓展的家用医疗器械龙头；3）心血管介入领域产品差异化创新的港股器械公 司等。 ...

证券时报记者陈雨康 长三角G60科创走廊企业出海服务联盟医疗器械专业委员会12月23日正式揭牌，同期，长三角G60科创 走廊医疗器械出海服务基地在上海启动。该出海服务基地将聚焦医疗器械行业出海需求，打造覆盖全链 条的服务体系，助力长三角医疗器械企业拓展国际市场，致力于构建"政府引导、行业协同、市场运 作"的医疗器械出海服务平台。 据介绍，专委会与出海服务基地将依托联盟优势，聚焦海外资源对接、产品品牌推广及出海服务协同， 着力突破出海环节中的合规、渠道与服务壁垒，同时基地将成为常态化开展培训、展览、对接等服务活 动的运营载体，为企业提供从产品矩阵搭建到海外市场拓展的一站式服务。 他表示，专委会要充分发挥桥梁纽带功能，整合各方资源，为企业提供覆盖全链条的专业化出海导航服 务；出海服务基地要成为企业交流合作、凝聚智慧、共享机遇的活力港湾，助力更多国产优质医疗器械 产品与服务稳健走向世界。 目前，专委会整合长三角相关行业协会、创新平台及专业服务机构资源，汇聚上海长三角医疗器械产业 发展促进会、浙江省医疗器械行业协会、苏州市医疗器械行业协会、临港新片区医疗器械创新中心等20 余家成员单位，搭建覆盖海外市场调研、注册准入 ...

人民财讯12月23日电，长三角G60科创走廊医疗器械出海服务基地12月23日正式启动。该基地将聚焦医 疗器械行业出海需求，打造覆盖全链条的服务体系，助力长三角医疗器械企业拓展国际市场，致力于构 建"政府引导、行业协同、市场运作"的医疗器械出海服务平台。同时，长三角G60科创走廊企业出海服 务联盟医疗器械专委会揭牌。 ...