（来源：经济参考报） 编者按 "十五五"规划建议强调，"加快建设健康中国"。近日，中国政策科学研究会课题组发布了相关研究报 告，首次提出"实施主动健康战略"，建议设立海南尖峰岭国际主动健康先行试验区，现实意义重大。本 期"新华健康"摘要刊发报告内容。 传统医疗健康方式下全社会医疗负担压力巨大 亟需实施主动健康战略 医疗技术的不断进步，给医疗领域带来了前所未有的机遇和挑战。 报告指出，一些新的医疗技术，如基因编辑、人工智能、机器人手术等，提高了诊断和治疗的效率和准 确性，改善了患者的医疗体验。但高昂的医疗成本和复杂的设备，也给人类社会带来沉重的医疗负担。 报告显示，全球人口不断增长，医疗需求随之增加。但医疗资源和服务的不平等分配也导致了健康水平 的不均衡。与此同时，随着人口老龄化加剧，糖尿病、心血管疾病等慢性病发病率增长，给医疗系统造 成长期压力。 从国内来看，中国医疗健康水平显著提升，但医疗负担也在大幅增加。一是医保患者住院费用报销比例 稳步提高；二是门诊服务保障力度不断增强；三是保障范围显著拓展。根据《2023年我国卫生健康事业 发展统计公报》，2023年全国医疗卫生机构入院人次达到30187.3万，比上年 ...

在国内市场，图迈在头部公立医院及高端非公立医院市场均取得突破性进展，装机医院中百强医院占比 已达到23%，叁甲医院占比超过90%，图迈已逐步形成以临床价值驱动、专业能力沉淀为核心的高质量 装机格局。凭藉本集团自主创新打造的远程技术能力，各级医院之间已实现远程示教、远程技术支持、 跨中心联合手术等多种协作模式，使机器人手术逐渐转变为可大规模推广、可标准化培训、可持续扩散 的先进医疗手段，进而推动高水平手术能力从顶尖医院向区域中心乃至基层医院持续扩散。 图迈的全球市场份额持续跃升，图迈正在全球市场构建起可复制、可扩展、可持续加速的增长曲线。基 于本集团全球多层级医疗体系的深度佈局和全球领先的远程技术能力，一张由全球顶尖专家牵引、区域 医疗中心深度协同、基层医院积极参与，贯通学术体系、技术体系与临床体系的立体化机器人手术生态 网络正在迅速形成。截至目前，图迈海外市场佈局已广泛覆盖亚洲、欧洲、非洲、大洋洲、南美洲的40 余个国家和地区，获得当地顶级机构的认可，并已在 15个国家实现"多台销售、多院装机"，实现在全 球不同地域成熟医疗体系内的常态化、网络化、规模化使用。 图迈成为首个实现百台商业化装机的国产腔镜手术机器 ...

Core Thesis - Intuitive Surgical, Inc. (ISRG) is viewed positively due to its strong market position in minimally invasive robotic surgery, characterized by high switching costs and a recurring revenue model from consumables [2][4][5] Company Overview - Intuitive Surgical is a pioneer in robotic surgery, with a business model that creates significant customer stickiness due to the time-consuming and costly training required for surgeons [2] - The company operates on a razor-and-blades model, generating high-margin recurring revenue from consumables used in surgeries, independent of new robot sales [2] Market Performance - Global demand for robotic surgery is robust across various specialties, including urology, gynecology, thoracic, cardiac, and general surgery, supporting sustained growth [3] - Intuitive Surgical has consistently achieved over 20% growth in system sales and nearly 20% growth in consumables revenue, demonstrating strong performance over its two-decade operation [3] Investment Opportunity - Recent share price weakness, trading around $430, is attributed to concerns over potential tariffs and competitive pressures, but this is seen as a temporary headwind [3][4] - The current market conditions present an attractive entry point for long-term investors, given the company's durable competitive advantages and global growth opportunities [4] - The combination of high switching costs, recurring revenue, and a growing market positions Intuitive Surgical as a compelling investment with limited downside and strong earnings growth potential [4] Hedge Fund Interest - As of the end of the second quarter, 107 hedge fund portfolios held ISRG, a slight increase from 106 in the previous quarter, indicating ongoing interest in the stock [6]

Core Insights - Intuitive Surgical stock (NASDAQ: ISRG) saw a 17% increase in extended trading on October 21, 2025, after exceeding investor expectations with Q3 results and raising full-year guidance, indicating strong momentum in the robotic surgery market [2][4][11] Financial Performance - Q3 revenue reached $2.51 billion, a 23% increase from $2.04 billion in Q3 2024, while non-GAAP earnings per share were $2.40, surpassing analyst forecasts of $1.99 and reflecting a 30% rise from $1.84 year-over-year [4][11] - Global procedures using da Vinci and Ion systems increased by approximately 20% year-over-year, with da Vinci procedures rising by 19% and Ion procedures surging by 52% [5] Growth Drivers - Management has raised full-year guidance for da Vinci procedure growth to 17-17.5%, exceeding analyst expectations of 16.4%, driven by strong procedure volume [5][11] Valuation Analysis - ISRG stock trades at about 71 times its trailing twelve months earnings, lower than the four-year average of 75 times, suggesting reasonable valuation despite the recent surge [6] - The current Price-to-Sales (P/S) multiple of 18 represents a 23% discount compared to the previous year [8] Competitive Advantage - The company maintains high margins and pricing power, generating consistent profits and cash flows, which reduces risk and allows for continuous capital reinvestment [7][11] - The accelerating adoption of the da Vinci 5 system and growing traction for the Ion platform positions ISRG favorably in the transition toward minimally invasive procedures [11]

Group 1: Unitree H2 Robot Release - Unitree Technology has launched the upgraded humanoid robot Unitree H2, featuring a bionic face, which marks a significant step towards human-like appearance [3] - The H2 weighs 70 kg, nearly 50% heavier than its predecessor H1, which weighed 47 kg, while maintaining the same height of 180 cm [3] - The H2 incorporates a high-degree-of-freedom jointed waist module similar to the G1 series, enhancing its stability and flexibility, as demonstrated in videos showcasing its smooth dance and complex martial arts movements [3] Group 2: Soft Robotics Material Innovation - Engineers at the University of California, San Diego, have developed a thin-layer material that transforms conventional soft robots into agile explorers capable of navigating tight spaces [6] - The robots utilize liquid crystal elastomers, which are both strong and flexible, allowing them to fold without increasing volume and to stretch into required shapes when heated [6] - The robots are equipped with numerous actuators that work in coordination to tilt in various directions based on commands [6] Group 3: Micro "DNA Flower" Robots for Drug Delivery - Scientists at the University of North Carolina have created micro soft robots known as "DNA flowers," which can mimic biological adaptive behaviors [9] - These structures are made from a combination of DNA and inorganic materials, allowing them to fold and unfold rapidly while responding to environmental stimuli [9] - The technology utilizes programmable DNA assembly, enabling the creation of complex structures that can change shape reversibly, opening new possibilities in medicine and smart materials [9] Group 4: Joint Investment in Embodied Intelligence Technology - Mingxin Xuteng announced a joint investment with Shanghai Qingbao to establish a new company focused on embodied intelligence technology, with a registered capital of 12 million yuan [12] - Mingxin Xuteng will contribute 7.8 million yuan for a 65% stake, while Shanghai Qingbao will invest 4.2 million yuan in intellectual property for a 35% stake [12] - Qingbao Robotics, founded by a Tsinghua University PhD, specializes in humanoid robot development, covering areas such as cloud-based brains and flexible joint actuators [12] Group 5: Growth of the Robotic Surgery Market - The global robotic surgery market is projected to grow from 11.77 billion USD in 2024 to 46.51 billion USD by 2033, with a compound annual growth rate of 16.5% from 2025 to 2033 [15] - This growth is driven by advancements in technology, increasing surgical demand, and improvements in medical infrastructure in emerging economies [15] - Approximately 10% of global disease cases require surgical or anesthetic care, with robotic systems providing scalable and precise solutions to meet this growing demand [15]

Core Viewpoint - MicroPort Scientific Corporation's stock price increased by over 5%, currently trading at 28.86 HKD, with a trading volume of 23.74 million HKD, following the announcement of significant order growth for its core products [1] Group 1: Company Performance - The cumulative order volume for MicroPort's core products, including endoscopic, orthopedic, and vascular intervention devices, has surpassed 170 units [1] - The "Tumi" endoscopic surgical robot has achieved over 100 commercial orders globally, with nearly 80 units installed, maintaining the leading position among domestic brands [1] Group 2: Market Outlook - JPMorgan reported that the global order momentum for MicroPort remains strong, raising the installation forecast for this year from 84 units to 105 units, driven by overseas growth and the assumption that orders can be converted to sales within a quarter [1] - The expected improvement in installation volume and product mix is anticipated to enhance gross margins by 1 to 1.5 percentage points [1] Group 3: Analyst Rating - JPMorgan has raised its target price for MicroPort from 30.9 HKD to 42 HKD, maintaining an "Overweight" rating [1]

Core Viewpoint - Intuitive Surgical's stock has underperformed in 2023, dropping 16% compared to the S&P 500's 10% increase, primarily due to management's concerns over potential tariffs affecting performance in 2026 [2][3] Financial Performance - Intuitive Surgical's revenues have shown significant growth, increasing by 20.8% from $7.6 billion to $9.1 billion in the last 12 months, compared to a 5.1% growth for the S&P 500 [6] - The company has an average top-line growth rate of 15.4% over the last three years, significantly higher than the S&P 500's 5.3% [6] - Quarterly revenues rose by 21.4% to $2.4 billion in the most recent quarter from $2.0 billion a year earlier, while the S&P 500 saw a 6.1% improvement [6] Profitability Metrics - Intuitive Surgical's operating income over the last four quarters was $2.6 billion, with an operating margin of 28.8%, compared to 18.6% for the S&P 500 [14] - The company's net income for the last four quarters was also $2.6 billion, demonstrating a net income margin of 28.5%, significantly higher than the S&P 500's 12.7% [14] - Intuitive Surgical's price-to-earnings (P/E) ratio stands at 61.0, compared to the S&P 500's 23.9, indicating a high valuation relative to the market [6] Financial Stability - The balance sheet of Intuitive Surgical appears robust, with no debt and cash (including cash equivalents) amounting to $5.3 billion out of total assets of $20 billion, resulting in a cash-to-assets ratio of 26.4% [14] - The company's price-to-sales (P/S) ratio is 17.4, compared to 3.3 for the S&P 500, reflecting a premium valuation [6] Market Position and Outlook - Intuitive Surgical is perceived to have a near-monopoly status in the robotic surgery sector, which supports its premium valuation [11] - Despite high valuation metrics, the company's improving revenue growth and margins justify the premium, making it an attractive investment opportunity at current levels [11][12]

Core Viewpoint - The Chinese medical equipment industry is experiencing significant growth and innovation, marking a shift towards self-sufficiency and high-end manufacturing, which is transforming both domestic and global healthcare landscapes [1][2][3]. Industry Growth - During the 14th Five-Year Plan period, the medical equipment industry in China has achieved a compound annual growth rate of approximately 10.7%, with the market size expected to reach 1.35 trillion yuan by 2024, maintaining its position as the second-largest market globally [2]. - By the end of 2024, the number of medical device manufacturing companies in China is projected to exceed 33,000, representing a 27.8% increase compared to the end of the 13th Five-Year Plan [2]. Technological Advancements - The industry is advancing towards high-end and intelligent medical equipment, with innovations such as zero-magnetic medical imaging devices and integrated radiation therapy technologies being introduced [3]. - Since the beginning of the 14th Five-Year Plan, 315 innovative medical devices have been approved, with 272 of these being domestic products, accounting for 86.3% [3]. - Key technologies such as carbon ion therapy systems and artificial hearts have achieved domestic production, reversing the previous scenario where imported devices dominated the high-end market [3]. Clinical Applications - The integration of artificial intelligence and advanced imaging technologies is enhancing the capabilities of medical equipment, with over 1.045 million patent applications filed in the medical equipment sector during the 14th Five-Year Plan [4]. - Innovations like the full-body PET/CT scanner have significantly reduced scanning times and improved imaging capabilities, demonstrating the effectiveness of domestic innovations in clinical settings [4]. Policy Support and Infrastructure - The Chinese government has implemented multiple policies to promote high-quality development in the medical equipment sector, including key projects and planning documents aimed at enhancing research, industry, and application [6]. - Continuous improvements in grassroots medical facilities are being made, with significant upgrades in medical equipment conditions and accelerated construction of county-level medical communities [6]. Accessibility and Affordability - The emergence of domestic surgical robots has led to a noticeable decrease in equipment prices, enabling more county-level hospitals to perform robotic surgeries [8]. - Advanced technologies such as AI-assisted diagnostics and remote surgery systems are breaking geographical barriers, allowing patients in rural areas to access quality medical services [8]. Conclusion - The ultimate goal of the development of medical equipment is to benefit public health, with ongoing efforts to ensure that more patients can access and afford high-quality domestic medical equipment [9].

Financial Data and Key Metrics Changes - Revenue for the quarter was $2,440 million, representing a 21% growth year over year [27] - Pro forma operating margin was 39%, and pro forma earnings per share increased by 23% to $2.19 [20][36] - Pro forma net income for the second quarter was $798 million compared to $641 million last year [36] Business Line Data and Key Metrics Changes - da Vinci procedure growth was 17%, with a notable increase in benign general surgery in the US [9][21] - SP procedures grew 88%, driven by strong growth in Korea and Europe [29] - ION procedures increased by 52%, with approximately 35,000 procedures performed in the quarter [30] Market Data and Key Metrics Changes - In the US, da Vinci procedures grew 14%, while outside the US, they grew 23%, with strong contributions from India and Korea [22][23] - Capital placements in the US increased by 45%, while placements in Japan decreased by 26 systems year over year [63] - Total systems placed in the quarter were 395, a 16% increase from the previous year [24] Company Strategy and Development Direction - The company is focused on the full launch of da Vinci V and increasing adoption of focused procedures through training and market access efforts [18] - There is a commitment to innovation and expanding the digital ecosystem to enhance clinician training and patient care [12][17] - The company aims to improve operational efficiency and product quality while navigating macroeconomic challenges [8][16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing macro challenges in international markets but expressed confidence in the company's operational and financial positioning [19] - The updated financial guidance for 2025 includes a forecast for da Vinci procedure growth of 15-17% [44] - Management highlighted the importance of adapting to changes in Medicaid coverage and its potential impact on hospital capital budgets [22][62] Other Important Information - The company opened a new manufacturing facility in Bulgaria to support its growth strategy [34] - The average selling price for systems increased to $1,500,000, reflecting a higher mix of da Vinci V systems [28] - The company repurchased 350,000 shares at an average price of $518 per share during the quarter [37] Q&A Session Summary Question: Margin sustainability and drivers - Management noted strong revenue growth and a favorable purchase mix contributed to the margin upside, but cautioned against characterizing it as the new normal [50][51] Question: Reprocessing and extending useful life of instruments - Management emphasized the importance of high-quality instruments and ongoing innovation to maintain competitive advantage [54][55] Question: Capital spending and Medicaid coverage impacts - Management acknowledged potential challenges from Medicaid coverage loss but highlighted opportunities to demonstrate the value of da Vinci systems [62] Question: System placements outside the US - Management indicated a measured rollout for da Vinci V in Europe and Japan, with expectations for increased trade-ins as customers upgrade [88][90] Question: Future opportunities in outpatient environments - Management expressed optimism about expanding robotic surgery into outpatient settings and ASCs, leveraging existing technology [94] Question: Future features and capabilities of da Vinci V - Management confirmed ongoing enhancements to the da Vinci V platform, with expectations for improved outcomes and efficiency [96][99]

Financial Data and Key Metrics Changes - Revenue for the quarter was $2,440 million, representing a 21% growth over the prior year, with systems revenue increasing by 28% [27][36] - Pro forma operating margin was 39%, and pro forma earnings per share increased by 23% to $2.19 [20][36] - Pro forma net income for the second quarter was $798 million compared to $641 million last year [36] Business Line Data and Key Metrics Changes - da Vinci procedures grew by 17%, with a total procedure growth of 18% when including ION procedures [21][10] - SP procedures grew by 88%, driven by 112% growth in Korea [29] - ION procedures increased by 52%, with approximately 35,000 procedures performed in the quarter [30] Market Data and Key Metrics Changes - In the US, da Vinci procedures grew by 14%, with notable growth in benign general surgery [21] - Outside the US, da Vinci procedures grew by 23%, with strong contributions from India, Korea, and distributor markets [22] - Capital placements in the US increased by 45%, while placements in Japan decreased by 26 systems year over year [64] Company Strategy and Development Direction - The company is focused on the full launch of da Vinci V, regional clearances, and follow-on feature releases [18] - There is an emphasis on increasing adoption for focused procedures through training and commercial activities [18] - The company aims to enhance its digital tools and manufacturing optimization to support long-term growth [18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing macro challenges in certain international markets but expressed confidence in the company's operational and financial positioning [6][19] - The company updated its 2025 da Vinci procedure growth guidance to a range of 15-17% [44] - Management highlighted the potential impacts of fiscal policy on Medicaid recipients and the importance of demonstrating clinical and economic advantages [22] Other Important Information - The company opened a new 187,000 square foot manufacturing facility in Bulgaria to support its portfolio of mature endoscope products [33] - The average selling price for systems was $1,500,000, reflecting an increasing mix of da Vinci V systems [28] Q&A Session Summary Question: Margin performance and sustainability - Management noted strong revenue growth and a favorable purchase mix contributed to the margin upside, but it should not be characterized as the new normal [50][51] Question: Reprocessing and protecting the business - Management emphasized the importance of high-quality instruments and operational support in maintaining customer value amidst competition from remanufactured instruments [54][56] Question: Capital spending and Medicaid impacts - Management acknowledged potential challenges for hospitals due to lower admissions from Medicaid coverage loss but highlighted opportunities for Intuitive to demonstrate value [62][63] Question: System placements outside the US - Management indicated a measured rollout for da Vinci V in Europe and Japan, with expectations for increased trade-ins as customers upgrade [88][89] Question: Future opportunities in robotics - Management expressed interest in expanding robotic utilization in outpatient environments and ASCs, leveraging existing technology [93][94]