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 | | | --- | ...

2026年医药板块多股涨停引爆开门红！1月5日午后，医疗器械指数ETF（159898）大幅上攻涨超5%， 权重股迈瑞医疗、联影医疗、南微医学涨超4%，奕瑞科技大涨6.27%，乐普医疗、赛诺医疗、迈普医 学、冠昊生物等多股强势封涨停板！ 截至发稿，资金流入数据显示，医疗器械指数ETF（159898）盘中获得净申购2700万份；按照实时净值 估算，该ETF目前获资金净流入超1500万元。 | < 日 | | 医疗器械指数ETF | | | | --- | --- | --- | --- | --- | | | | 159898.SZ | | | | 0.562 | 昨收 | 0.535 | 开盘 | 0.535 | | +0.027 | 流通营 5.05% | 8.45 Z | 流通值 | 4.75亿 | | 最 高 | 0.564 成交量 | 70.95万 | 换手率 | 8.40% | | 最 低 | 0.535 | 成交额 3903.48万 | 均价 | 0.550 | | IOPV | 0.5592 | 溢折率 0.50% | 升贴水率 | 5.16% | | | 净值走势 招商中证全指医疗器械ETF.. ...

深圳商报·读创客户端记者 宁可坚 深交所官网显示，12月24日，广东博迈医疗科技股份有限公司（简称"博迈医疗"）创业板IPO获受理。 根据招股书，博迈医疗专注于高性能血管介入医疗器械的研发、生产及全球销售，是全球行业内技术及 产品领先的复杂血管疾病介入治疗解决方案提供商，同时也是国产血管介入球囊导管领域产销量领先的 研发生产企业。 根据2025年6月颁布的《关于执行京津冀"3+N"联盟起搏器、冠脉药物球囊等五类医用耗材集中带量采 购第三年协议期有关工作的通知》，此次集采涵盖冠脉药物球囊、心脏起搏器、冠脉扩张球囊、导引导 管和导引导丝五类心血管耗材，广泛用于冠心病、心律失常等治疗。通过"以量换价"，整体价格降幅超 50%，部分单品降幅达70%。 博迈医疗此次IPO拟募集资金17亿元，主要用于松山湖全球总部项目、湖南生产基地技改（一期）项 目、介入类医疗器械研发项目、营销网络建设项目和补充流动资金。 | 序号 | 项目名称 | 投资总额 | 拟使用募集资金 | | --- | --- | --- | --- | | 1 | 松山湖全球总部项目 | 94,568.54 | 90,000.00 | | 2 | 湖南生 ...

摘要 中国医疗器械市场受集采、DRG 及反腐影响，前三季度整体负增长，但 具备出海竞争力的企业或技术前沿企业仍具投资潜力，A 股市场主题性 投资估值弹性大。 中国制造品牌竞争力提升，医疗器械出口额在疫情后高基数上保持中高 个位数增长，企业逐步进入更高级别的海外医疗机构供应链，填补全球 产能空缺。 维力医疗国内外均有布局，估值合理，业绩稳健，预计 2025 年整体收 入端增速 15%左右，境外收入占比约 53%，国内市场受集采影响增速 放缓但已恢复正增长。 维力医疗麻醉和导尿系列产品各占 30%份额，泌尿外科占 17%-18%， 护理用品 12%，血液透析和呼吸各自约 5%。泌尿外科毛利率高达 75%，麻醉系列因手术量下降出现负增长。 集采政策影响下，血液透析设备销量增加 50%，出厂价下降 30%- 40%，但国产品牌份额提升，市场收入端仍保持增长。 Q&A 目前全球医疗器械市场的整体表现如何？在选股策略上有哪些建议？ 全球医疗器械市场近年来保持稳健增长，增速大约在 5%至 10%之间。市场规 模庞大，超过万亿美元。主要市场集中在美国、中国和欧洲，其中美国占全球 市场的 40%左右，欧洲占 20%至 25%， ...

医药研发需求复苏，带动CXO行业景气度提升 智通财经APP获悉，招银国际发布研报称，MSCI中国医疗指数2025年初至今（11月21日）累计上涨 62.8%，跑赢MSCI中国指数32.2%。近期，医药板块有所回调（MSCI中国医疗指数10月初至11月21日 回调8%），认为主要是由于投资人在年底进行获利了结，以及部分创新药企业的估值和BD预期较高， BD交易落地后不及预期的影响。预期在行业估值已经大幅修复的基础上，2026年医药行业较难出现普 涨的机会，然而部分个股存在估值和业绩修复的机会，例如医疗服务、制药、CXO等个股。 招银国际主要观点如下： 创新药出海BD交易爆发，管线推进将带来更大价值增量 截至2025年10月底，中国创新药出海license-out交易披露首付款达到63亿美元（+53%YoY），已超2024 全年。MNC对中国创新管线关注升温，据医药魔方，2025年前9个月，TOPMNC的中国引进交易数量/ 金额占比达20%/39%。同时，MNC现金流仍旧充裕，截至3Q25，TOPMNC的平均在手现金为108亿美 元，并且有充足的自由现金流，足以支撑持续并购或资产引进。展望2026年，该行认为，中 ...

Core Viewpoint - In Q3 2025, the company's performance met expectations, with overseas business maintaining rapid growth, while domestic business rebounded quickly against last year's low base. Looking ahead to Q4 2025, revenue is expected to show rapid growth, and profits are anticipated to turn from loss to profit. For 2026, while external peripheral intervention and overseas business are expected to continue high growth, uncertainties exist in the domestic large stent business due to centralized procurement [1][4]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.015 billion yuan, a year-on-year increase of 4.66%. The net profit attributable to the parent company was 429 million yuan, a decrease of 22.46% year-on-year, while the net profit excluding non-recurring items was 372 million yuan, down 25.80% year-on-year. The earnings per share (EPS) was 3.54 yuan [2][3]. - In Q3 alone, the company reported revenue of 300 million yuan, a year-on-year increase of 64.68%, with a net profit of 114 million yuan, down 23.63% year-on-year. The net profit excluding government subsidies and other investment income increased by 60% year-on-year [3]. Regional Performance - Domestic product sales growth remained above 20% in the first three quarters, but revenue was flat year-on-year due to price governance and centralized procurement impacts. In Q3 2025, domestic revenue showed positive growth year-on-year after a 17.24% decline in the first half of the year. Overseas business revenue grew over 65% year-on-year, increasing its share of total revenue to 18% [3][4]. Future Outlook - In Q4 2025, revenue is expected to grow rapidly, and profits are projected to turn positive. For 2026, while external peripheral intervention and overseas business are likely to maintain high growth, uncertainties in the domestic large stent business due to centralized procurement may impact performance. Excluding the effects of centralized procurement, revenue and profits are expected to recover rapidly based on this year's low base [4][9]. - The company is enhancing its global layout and product innovation, with a focus on meeting clinical market demands and increasing R&D investment to build a competitive product portfolio in the fields of aortic intervention, peripheral intervention, and tumor intervention [1][5]. R&D and Product Development - The company is progressing well with its R&D projects, including the Hector thoracic aortic multi-branch stent, which has completed clinical enrollment for the first patient in a domestic multi-center trial. Other products like the Aegis II abdominal aortic stent and IBD iliac branch stent are also advancing as planned [5]. - The company has a strong pipeline of products expected to be approved and launched in the coming year, including several key products in the peripheral business [5][6]. International Expansion - The company has been expanding its overseas business, covering regions such as the Middle East, Asia-Pacific, and South America, with a recent acquisition enhancing its presence in Europe. As of October, the company has added 11 new overseas registrations and expanded into 7 new countries [6][7]. - The Castor and Cratos branched aortic stents are experiencing good growth in Europe, South America, and Asia-Pacific, with the Cratos stent expected to receive approval in 2026. The Hector stent has already received a custom certificate in the EU and is now being launched in the market [7]. Operational Efficiency - The company's gross margin for Q3 was 73.28%, an increase of 2.43 percentage points year-on-year, attributed to improved production efficiency and reduced material costs. The company aims to maintain a gross margin above 70% for the year [8]. - The company’s operating cash flow for the first three quarters was 363 million yuan, a decline of 3.26% year-on-year. Accounts receivable turnover days increased by 42.13 days to 91.52 days, while inventory turnover days decreased by 44.57 days to 228.85 days [8].

Core Insights - The report emphasizes the investment strategy for the pharmaceutical and biotechnology industry, particularly focusing on undervalued stocks in the medical device and pharmacy sectors, which are expected to experience a valuation reversal [1][5]. - The overall investment rating for the sector is maintained at "outperform the market" [2]. Industry Overview - The pharmaceutical manufacturing industry showed a cumulative revenue of 18,211 billion yuan with a year-on-year decline of 2.0% for the first nine months of 2025 [8]. - The total profit for the industry during the same period was 2,535 billion yuan, reflecting a decrease of 0.7% [8]. - The retail sales of Western and Chinese medicines reached 535.1 billion yuan, with a growth of 1.3% year-on-year [8]. Sector Performance - In October 2025, the pharmaceutical sector experienced an overall decline of 1.83%, underperforming the CSI 300 index by the same margin [9]. - Among sub-sectors, the pharmaceutical commercial sector saw an increase of 2.81%, while the medical services sector faced a decline of 4.14% [14]. Investment Strategy - The report recommends focusing on low-valuation stocks in the medical device and pharmacy sectors, highlighting companies such as Weigao Group, Yifeng Pharmacy, and Mindray Medical [5]. - The CXO sector is identified as having global competitiveness, with a strong long-term growth trajectory [5]. Company Recommendations - The investment portfolio for November 2025 includes A-shares such as Mindray Medical, WuXi AppTec, and Yeye Medical, and H-shares like Kangfang Biologics and Kelun-Botai [5][6]. - Specific companies are highlighted for their growth potential, including WuXi AppTec, which is expected to see significant revenue growth in the coming quarters [5]. Regulatory Environment - The report tracks ongoing centralized procurement projects for medical devices, indicating a structured approach to managing costs and ensuring compliance within the industry [29].

Core Viewpoint - The overall performance of A-share medical device companies has become clearer as of the end of Q3 2025, with the industry facing continued pressure but showing signs of recovery in the third quarter [1][2]. Financial Performance - As of now, 131 medical device companies have released their Q3 2025 financial data, with total revenue of 179.21 billion yuan, a year-on-year decrease of 2.24%, and a net profit attributable to shareholders of 26.73 billion yuan, down 13.93% year-on-year [2]. - In Q3 2025, the medical device sector saw a revenue increase to 60.39 billion yuan, a year-on-year growth of 2.05%, while net profit decreased by 5.07%, showing a narrowing decline compared to Q2 [2]. - Among the companies, only Mindray Medical achieved over 25.83 billion yuan in revenue for the first nine months, while 50 companies reported net profits exceeding 1 billion yuan [3]. Segment Performance - The performance of different segments within the medical device industry remains divergent, with high-value consumables like orthopedics and electrophysiology showing positive growth due to factors such as technological innovation and international expansion [3][4]. - For instance, Sanyou Medical reported a staggering net profit growth of 623.19% year-on-year, driven by strong sales of its core product, the ultrasonic bone knife [4]. Medical Equipment Sector - The medical equipment sector is experiencing a recovery, with companies like United Imaging achieving a revenue of 8.86 billion yuan in the first three quarters, a year-on-year increase of 27.39% [5]. - Other companies, such as Ribo Instrument, also reported significant growth, with a net profit increase of 118% in Q3 [5][6]. In Vitro Diagnostics (IVD) Sector - The IVD sector continues to face challenges, with only 9 out of 39 companies reporting revenue growth in the first three quarters [7]. - Major players like Mindray Medical and Antu Bio reported declines in revenue, with Mindray's IVD product line experiencing a 2.81% drop in Q3 [8][9]. - New Industries is the only company among the "Five Tigers" to report revenue growth, although its net profit decreased by 12.92% year-on-year [8]. Market Outlook - Despite the current challenges, industry experts believe that the market is beginning to show positive signs, with the most difficult period likely behind [9]. - Companies with core technological advantages and strong international presence are expected to recover more quickly as the market stabilizes [9].

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][7][11] Core Views - The company is experiencing pressure on its performance, with a year-on-year revenue decline of 8.47% to 1.899 billion yuan and a net profit decline of 10.63% to 305 million yuan for the first three quarters of 2025 [4][7] - The introduction of new medical beauty products, particularly the "Hai Mei Yue Bai" hyaluronic acid product, is expected to contribute significantly to revenue and improve overall performance [7][8] - The company is adjusting its profit forecasts for 2025-2027, with expected net profits of 370 million, 440 million, and 510 million yuan respectively, reflecting a downward revision due to initial market penetration of new products [7][9] Financial Summary - For 2023, the company is projected to achieve a revenue of 2.654 billion yuan, with a growth rate of 24.6% [6] - The net profit for 2024 is expected to be 420 million yuan, with a slight increase of 1.0% year-on-year [6][9] - The gross margin is anticipated to remain stable, with projections of 70.5% in 2023 and gradually increasing to 72.3% by 2027 [6][9] - The company's asset-liability ratio is low at 17.3%, indicating a strong balance sheet [1][9] Revenue and Profit Forecasts - Revenue forecasts for the upcoming years are as follows: 2.698 billion yuan in 2024, 2.755 billion yuan in 2025, 2.976 billion yuan in 2026, and 3.269 billion yuan in 2027 [6][8] - The expected net profit for 2025 is revised to 367 million yuan, reflecting a decrease of 12.8% compared to the previous year [6][9] Cost and Expense Analysis - The report highlights an increase in sales and management expense ratios, with sales expenses rising to 34.96% and management expenses to 20.00% in Q3 2025 [7][9] - The company is focusing on improving operational efficiency despite the rising costs associated with new product launches [7][9]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown a recovery in domestic business growth, with significant increases in revenue and net profit in the third quarter of 2025. The revenue reached 142 million yuan, a year-on-year increase of 17.44%, and the net profit was 25.38 million yuan, up 268.13% year-on-year [7] - The international business continues to grow, with Implanet achieving revenue of 291.59 million euros in the third quarter, a year-on-year increase of 26.37%. The U.S. market contributed 106.20 million euros, up 22.21% year-on-year [7] - The company is expected to achieve revenue of 590 million yuan in 2025, with a net profit of 33 million yuan, corresponding to a PE ratio of 205.2 times [7] Financial Performance - For the fiscal year 2023, the company reported revenue of 460 million yuan, with a projected revenue of 590 million yuan for 2025, reflecting a growth rate of 30.1% [6][8] - The net profit for 2023 was 96 million yuan, with an expected increase to 33 million yuan in 2025, indicating a significant recovery from previous years [6][8] - The company's earnings per share (EPS) is projected to rise from 0.38 yuan in 2023 to 0.10 yuan in 2025 [6][8] Market Performance - The company's stock has experienced a decline of 26% over the past 12 months, compared to the Shanghai and Shenzhen 300 index [4]