央视网消息：12月31日，国家发展改革委召开新闻发布会。会上，国家发展改革委新闻发言人李超表 示，中央经济工作会议明确提出，要优化"两新"政策实施。按照党中央和国务院决策部署，在制定2026 年"两新"政策过程中，系统总结前期政策实施情况，广泛听取各方意见，充分评估发掘"两新"政策在扩 大内需、带动就业、改善民生等方面的潜力，将投资于物和投资于人紧密结合，重点在设备更新政策惠 及面、支持绿色低碳智能产品推广应用、资金使用监管等方面进行了优化，可以概括为以下三个方面。 二是优化补贴标准。设备更新方面，将住宅老旧电梯更新由定额补贴调整为按电梯层（站）数分档差异 化补贴。在老旧营运货车报废更新补贴中，优先支持更新为电动货车。消费品以旧换新方面，在保持汽 车补贴上限不变的基础上，将定额补贴调整为按车价比例进行补贴。家电以旧换新调整为补贴1级能效 或水效产品，补贴产品售价的15%，单件补贴上限为1500元。数码和智能产品的补贴标准保持此前数码 产品标准不变。 三是优化实施机制。设备更新方面，优化项目申报机制和审核流程，进一步降低申报项目的投资额门 槛，以此来加大对中小企业的支持力度，扩大政策惠及面。消费品以旧换新方面， ...

经济观察网 12月31日，国家发展改革委召开新闻发布会。国家发展改革委政策研究室副主任李超介 绍，在制定2026年"两新"政策过程中，系统总结前期政策实施情况，广泛听取各方意见，充分评估发 掘"两新"政策在扩大内需、带动就业、改善民生等方面的潜力，将投资于物和投资于人紧密结合，重点 在设备更新政策惠及面、支持绿色低碳智能产品推广应用、资金使用监管等方面进行了优化，可以概括 为以下三个方面。 三是优化实施机制。设备更新方面，优化项目申报机制和审核流程，进一步降低申报项目的投资额门 槛，以此来加大对中小企业的支持力度，扩大政策惠及面。消费品以旧换新方面，优化资金分配方式， 完善全链条实施细则，严厉打击骗补套补、"先涨后补"等违法违规行为。同时，落实全国统一大市场建 设要求，对汽车报废更新、汽车置换更新、6类家电以旧换新、4类数码和智能产品购新，明确在全国范 围内执行统一的补贴标准。 一是优化支持范围。设备更新方面，在总体延续今年支持范围的基础上，主要增加了三个方面的更新补 贴，民生领域增加老旧小区加装电梯、养老机构设备更新，安全领域，增加消防救援、检验检测设备更 新，消费基础设施方面，增加商业综合体、购物中心、百 ...

今天（15日），国务院新闻办公室举行新闻发布会。国家统计局新闻发言人表示，"两新"政策带动消费 需求扩大，重点投资增加。 国家统计局新闻发言人 付凌晖：大规模设备更新政策效应显现，企业推动设备更新、加快改造升级意 愿增强，设备投资较快增长，促进了投资扩大，也有利于企业竞争力提升。 设备更新政策，带动重点投资增加。1—11月份，设备工器具购置投资同比增长12.2%，拉动全部投资 增长1.8个百分点。 消费品以旧换新政策发力显效，带动家电、通信等相关商品销售增长加快，促进了商品消费需求扩大。 1—11月份，限额以上单位家用电器和音像器材类、文化办公用品类、通信器材类商品零售额同比分别 增长14.8%、18.2%和20.9%。 ...

证券研究报告 医疗设备招投标数据跟踪 设备招投标景气度持续，高端化+反内卷趋 势利好头部企业 医药生物行业 强于大市（维持） 证券分析师 叶 寅 投资咨询资格编号：S1060514100001 倪亦道 投资咨询资格编号：S1060518070001 裴晓鹏 投资咨询资格编号：S1060523090002 2025年12月12日 请务必阅读正文后免责条款 设备招投标景气度持续，产品高端化趋势显著。 2025年以来设备更新政策红利持续释放，市场需求持续增长，设备招投标保持高景气状态。根据众成数科统计，从月度趋势来看，各月招投标规模保持高位，进入 下半年以后，随着24年需求积压释放导致的基数上移，增速有所减缓，其中25年7月/8月/9月/10月/11月采购规模分别为134亿元/146亿元/164亿元/164亿元/209亿 元，同比分别+24%/+31%/+2%/+14%/+0%，9月开始增速有所放缓、主要由于24年9月设备更新项目开始集中释放、基数变高，但整体招采规模仍处于高位水平。 根据众成数科统计，11月份国内医疗设备市场继续保持强劲活力，省级采购数据显示，海南、河南、贵州等多省份项目集中释放，总中标金额突破7 ...

[Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 江珅(分析师) | 021-23185638 | jiangshen@gtht.com | S0880525090001 | | 赵峻峰(分析师) | 0755-23976629 | zhaojunfeng@gtht.com | S0880519080017 | | 余文心(分析师) | 021-38676666 | yuwenxin@gtht.com | S0880525040111 | 本报告导读： 请务必阅读正文之后的免责条款部分 股 票 研 究 政策拉动国内市场有效复苏，医疗设备招 采保持快速增长 投资要点： [Table_Report] 相关报告 医疗器械《政策拉动国内市场有效复苏，设备类 企业迎来业绩拐点》2025.11.11 医疗器械《政策资本多重共振，脑机商业化有望 加速》2025.10.22 医疗器械《医疗设备招投标规模保持增长，25 年 新一轮医疗设备更新有望来临》2025.10.13 医疗器械《设备更新政策持续落 ...

Core Viewpoint - ST Yuan Zhi's stock price continues to decline despite a significant increase in Q3 performance, primarily due to the impact of financial fraud allegations [1][15][16] Financial Performance - In Q3, the company reported a revenue of 848 million yuan, a year-on-year increase of 14.38%, and a net profit attributable to shareholders of 41.82 million yuan, up 609.62% [8][22] - The third quarter alone saw a revenue of 333 million yuan, representing a 22.84% increase, and a net profit of 20.49 million yuan, which is a staggering 4504.81% increase [22][23] Financial Fraud Allegations - The company has been accused of financial fraud for three consecutive years, including the use of forged acceptance certificates to prematurely recognize elevator sales revenue, resulting in inflated revenues of 123 million yuan, 66.23 million yuan, and 138 million yuan for 2019, 2020, and 2021 respectively [3][17][19] - Additionally, the company recognized rental income from unfulfilled leasing agreements, leading to a revenue inflation of 9.15 million yuan in 2021 [4][18][19] Market Conditions - The domestic elevator market is significantly influenced by the real estate cycle, with a reported decline in construction area by 9.4% year-on-year for the first nine months of the year [10][24] - Despite the overall market pressure, the export of passenger elevators has shown stable growth, with a 23.68% increase in quantity and a 12.87% increase in value in the first half of 2025 [11][25] Policy Impact - Recent government policies aimed at promoting large-scale equipment updates have created a favorable environment for the elevator replacement market, with significant funding allocated for the renovation of old elevators [14][27] - The company is expected to benefit from these policies, which may help offset the declining demand from the real estate sector [14][27]

Core Viewpoint - The medical device sector is experiencing significant market interest, with a notable inflow of funds into the medical device ETF, indicating strong confidence in the industry's long-term outlook [1]. Group 1: Market Performance - As of November 24, the medical device ETF (562600) opened higher and showed active performance, rising nearly 0.46% by 9:44 AM [1]. - Key stocks within the ETF, such as Zhongyuan Qihua, Shuoshi Biology, Yinke Medical, and Microelectrophysiology, are leading the gains [1]. Group 2: Fund Inflows - The medical device ETF has seen a continuous inflow of funds for 19 consecutive trading days, accumulating over 148 million yuan, reflecting a strong market sentiment towards the sector [1]. Group 3: Industry Outlook - According to Changjiang Securities, the medical device industry is expected to recover in 2025 after two consecutive years of decline in 2023 and 2024 [1]. - Monthly procurement data indicates an increase in hospital equipment purchasing driven by equipment renewal policies, suggesting a positive trend in the industry [1]. - The industry is anticipated to return to stable growth, with hospital medical equipment procurement continuing to improve [1].

Investment Rating - The report maintains a "Positive" investment rating for the medical device industry [3]. Core Insights - The medical device industry is expected to return to positive growth in 2025 after two consecutive years of decline, driven by increased demand for hospital equipment due to equipment renewal policies [9]. - The procurement amount for medical devices in October 2025 showed a year-on-year increase of 13.84% and a month-on-month increase of 0.28%, indicating a continuous recovery trend [16]. - The domestic production rate of medical devices has increased significantly from 19% in 2019 to 48% in October 2025, with varying rates across different categories [20]. Summary by Sections Equipment Procurement - The medical device procurement market is expected to reach between 187.6 billion to 241.1 billion yuan in 2025, with a strong recovery anticipated in the second half of the year [13]. - The procurement scale for October 2025 was 16.254 billion yuan, with a cumulative total of 144.665 billion yuan from January to October, reflecting a 39.63% year-on-year increase [16]. - The ultrasound procurement in October 2025 was 1.556 billion yuan, showing a 54.04% year-on-year increase, while CT procurement reached 1.996 billion yuan, up 44.06% year-on-year [25][26]. Collective Procurement - The collective procurement market in county-level areas has remained low, with a market share of 6-9% based on procurement sales from 2019 to 2024 [42]. - The overall domestic production rate in the collective procurement market reached 80% as of August 2025, indicating a significant increase driven by procurement policies [46]. - The price reduction in the county-level collective procurement market has shown a moderate trend, with the largest drop observed in monitoring devices at 57% [50].

Core Insights - Beijing's fixed asset investment (excluding rural households) increased by 7.8% year-on-year from January to October, indicating a positive trend in economic activity [1] Investment Overview - Large-scale equipment renewal policies have significantly impacted investment, with equipment purchase investment rising by 73.7%, accounting for 30.2% of total fixed asset investment, an increase of 11.4 percentage points year-on-year [1] - High-tech industry investment surged by 48.4%, driven by projects in internet enterprise computing hardware and the Zhongguancun Science Park [1] Sector Performance - Infrastructure investment grew by 0.6%, while manufacturing investment saw a modest increase of 2.7% [1] - Real estate development investment experienced a decline of 14.7% [1] Industry Breakdown - Investment in the primary industry rose by 22.3%, the secondary industry by 7.9%, and the tertiary industry by 7.8% [1] - Notably, investment in wholesale and retail, as well as accommodation and catering, increased by 2.1 times and 1.5 times respectively, driven by upgrades in certain business districts and wholesale markets [1] - The information transmission, software, and IT services sector saw a growth of 1.0 times, while the cultural, sports, and entertainment industry grew by 63.7% [1]

Investment Rating - The investment rating for the company is Buy-A with a 6-month target price of 37 yuan [4][6]. Core Insights - The company reported a stable revenue performance with a 28.41% year-on-year increase in revenue for Q3 2025, reaching 495 million yuan, while the net profit loss narrowed significantly to 14 million yuan from 62 million yuan in the same period last year [1][2]. - The growth in revenue is attributed to the recovery of domestic equipment procurement activities and the implementation of equipment upgrade policies, which positively impacted the company's performance [2]. - The company is expected to see a turning point as the expense ratio has shown marginal improvement year-on-year, despite a decline in gross margin due to price reductions from certain equipment procurement projects [3]. Revenue Performance - In Q3 2025, the company achieved revenue of 495 million yuan, representing a year-on-year growth of 28.4% [2]. - The ultrasound business experienced a slight decline in revenue during the first three quarters, while the endoscope business showed steady growth due to increased diagnostic rates and the launch of upgraded products [2]. Profitability and Expenses - The company reported a gross margin of 57.01%, down 7.3 percentage points year-on-year, primarily due to price reductions from equipment procurement projects [3]. - The net profit loss narrowed by 78.1% year-on-year, indicating a positive trend towards profitability as new businesses and products begin to contribute to revenue [3]. Financial Projections - Revenue growth rates are projected at 9.6%, 15.2%, and 14.9% for 2025, 2026, and 2027, respectively, with net profit growth rates of 14.6%, 103.9%, and 38.3% for the same years [4][10]. - The target price of 37 yuan corresponds to a dynamic price-to-earnings ratio of 48 times for 2026 [4].