"围绕'1+2+3'产业体系，我们对全区上市企业和规上工业企业作了再梳理、再摸底，按照强链补链原则 构建并购重组项目库，描绘了每家企业的数字化画像，既为中大型上市公司并购重组选取了良好标的， 也为各类专精特新、小巨人、独角兽企业跨越式发展打开了通道"。龙华区发展和改革局相关负责人介 绍到，"接下来，我们还将持续邀请中信证券等头部金融机构将丰富多样的金融服务导入龙华，真真正 正让制造业企业降成本、得实惠"。 近年来，龙华区加快"工业大区"向"产业强区、制造强区"转变，高水平建设"1+2+3"先进制造业体 系，"1"是以数字经济为引领，"2"是以新能源、高端医疗器械两大产业为主要支撑，"3"是以半导体与 集成电路、低空经济、现代时尚三大产业为潜力新赛道。围绕金融服务实体经济主线，龙华区引导头部 金融机构赋能制造业上市公司发展，努力将上市公司培育为全区高质量发展的"主力军"。截至2025年9 月下旬，龙华区共有境内外上市公司40家，数量位居深圳各区第4；境内上市公司总市值已突破2万亿 元、位列全市各区第3，其中：万亿市值以上企业1家、千亿市值以上企业1家、百亿市值以上企业17 家；40家上市企业中，民营企业占比超过 ...

[Table_Industry] 医药生物行业周报 [Table_ReportTime] 2025 年 9 月 23 日 证券研究报告 科创主线不变，节前风格或倾向于低估值标的 行业研究 [Table_ReportType] 行业周报 医药生物 医药生物 投资评级 看好 上次评级 看好 [Table_A 唐爱金 uthor 医药首席分析师 ] 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 章钟涛 医药行业分析师 执业编号：S1500524030003 邮 箱：zhangzhongtao@cindasc.com 赵丹 医药行业分析师 执业编号：S1500524120002 邮 箱：zhaodan@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：1 ...

高端放射治疗产品方面，《行动方案》提到，加快质子治疗系统、硼中子俘获治疗设备等产品迭代升 级，推动闪光放疗设备等产品研发。 此外，针对高端人工智能医疗器械，《行动方案》表示，加快智能医学影像诊断软件、手术导航系统等 产品迭代升级，推动医学智能体、医疗具身智能机器人等产品研发。 近日，上海市人民政府办公厅发布《上海市促进高端医疗器械产业全链条发展行动方案》。其中提到， 到2027年，上海将新增首次获批境内第三类医疗器械注册证超500件，新增在海外市场获批医疗器械产 品超100件，培育年产值超100亿元、具备较强国际竞争力的龙头企业2家，建设高端医疗器械产业集聚 区3个。 聚焦八类重点发展产品 具体来看，在重点发展产品方面，《行动方案》明确，上海将主要聚焦高端医学影像产品、高端植入介 入产品、高端手术系统、高端体外诊断产品、高端放射治疗产品、高端康复治疗产品、高端人工智能医 疗器械、未来新型创新器械八类重点发展产品。 高端医学影像产品方面，《行动方案》提出，加快正电子发射及X射线计算机体层成像扫描设备、高清 血管造影设备等高性能产品迭代升级，推动微型家用超声设备等产品研发。 高端手术系统方面，《行动方案》提出，加 ...

近日，上海市人民政府办公厅发布《上海市促进高端医疗器械产业全链条发展行动方案》。其中提到， 到2027年，上海将新增首次获批境内第三类医疗器械注册证超500件，新增在海外市场获批医疗器械产 品超100件，培育年产值超100亿元、具备较强国际竞争力的龙头企业2家，建设高端医疗器械产业集聚 区3个。 聚焦八类重点发展产品 具体来看，在重点发展产品方面，《行动方案》明确，上海将主要聚焦高端医学影像产品、高端植入介 入产品、高端手术系统、高端体外诊断产品、高端放射治疗产品、高端康复治疗产品、高端人工智能医 疗器械、未来新型创新器械八类重点发展产品。 高端医学影像产品方面，《行动方案》提出，加快正电子发射及X射线计算机体层成像扫描设备、高清 血管造影设备等高性能产品迭代升级，推动微型家用超声设备等产品研发。 高端手术系统方面，《行动方案》提出，加快腔镜手术机器人等高性能手术系统迭代升级，推动柔性手 术机器人等新一代手术系统研发。 高端放射治疗产品方面，《行动方案》提到，加快质子治疗系统、硼中子俘获治疗设备等产品迭代升 级，推动闪光放疗设备等产品研发。 此外，针对高端人工智能医疗器械，《行动方案》表示，加快智能医学影像诊 ...

● 本报记者李梦扬 近日，上海市人民政府办公厅发布《上海市促进高端医疗器械产业全链条发展行动方案》。其中提到， 到2027年，上海将新增首次获批境内第三类医疗器械注册证超500件，新增在海外市场获批医疗器械产 品超100件，培育年产值超100亿元、具备较强国际竞争力的龙头企业2家，建设高端医疗器械产业集聚 区3个。 聚焦八类重点发展产品 具体来看，在重点发展产品方面，《行动方案》明确，上海将主要聚焦高端医学影像产品、高端植入介 入产品、高端手术系统、高端体外诊断产品、高端放射治疗产品、高端康复治疗产品、高端人工智能医 疗器械、未来新型创新器械八类重点发展产品。 高端医学影像产品方面，《行动方案》提出，加快正电子发射及X射线计算机体层成像扫描设备、高清 血管造影设备等高性能产品迭代升级，推动微型家用超声设备等产品研发。 机构看好医疗器械板块 展望未来，业内人士表示，中国医疗器械行业将步入一个新的发展阶段。在内部政策环境改善和外部市 场开拓的双重引擎驱动下，板块整体复苏态势明显。 此外，针对高端人工智能医疗器械，《行动方案》表示，加快智能医学影像诊断软件、手术导航系统等 产品迭代升级，推动医学智能体、医疗具身智能 ...

Macro News - The article highlights a consensus reached between China and the U.S. regarding the resolution of TikTok-related issues, aiming to reduce investment barriers and promote economic cooperation [1][3] - A significant article by Xi Jinping in the latest issue of "Qiushi" emphasizes the need to address chaotic low-price competition among enterprises, particularly in areas suffering from "involution" [3] - The National Bureau of Statistics reported a 0.1% month-on-month decrease in new residential sales prices in first-tier cities in August, with second-hand residential prices also declining by 1.0% [3] Industry News - The State Council issued a notice to enhance comprehensive regulation of the tourism market, focusing on protecting personal information and preventing unfair practices by online travel platforms [5] - The China Automobile Industry Association announced a payment initiative for suppliers, with 17 major automotive companies, including BYD and NIO, committing to adhere to these payment norms [6] - The launch of Hunan's first low-altitude economy internet platform allows users to book drone services similarly to ride-hailing apps, indicating growth in the low-altitude economy sector [8] Company News - BGI Pharma announced that its BGM0504 tablets have been approved for clinical trials in overweight/obese adults, marking a significant milestone as no similar oral formulations have been approved globally [10] - China Pacific Insurance announced a plan for the free transfer of state-owned equity by Shanghai International Group [11] - Longpan Technology signed a procurement agreement with CATL for lithium iron phosphate cathode materials, indicating a strategic partnership in the battery supply chain [13] Global Market - U.S. stock indices closed higher, with the S&P 500 and Nasdaq reaching new closing highs, driven by strong performances from major tech stocks [12] - International gold prices reached a new record high, with spot gold surpassing $3,685 per ounce, reflecting ongoing market trends [14] Investment Opportunities - Texas Instruments anticipates a 50% growth in its data center business, indicating a recovery in demand for analog chips [18] - The Ministry of Industry and Information Technology plans to support the development of automotive chips and related technologies, highlighting opportunities in the electric and intelligent vehicle sectors [18][19]

Industry Summary - The Shanghai Municipal Government has issued an action plan to promote the development of the high-end medical device industry, aiming to approve over 500 new domestic Class III medical device registrations and over 100 products in overseas markets by 2027 [1] - The plan focuses on developing high-end medical imaging, high-end implantable devices, high-end surgical systems, high-end artificial intelligence medical devices, and innovative new devices, with a target annual output value exceeding 10 billion [1] - The plan emphasizes support for innovative medical devices through commercial health insurance and aims to streamline the approval process for innovative products, enhancing the commercialization pathway for these devices [1] - Policies will allow high-value innovative medical devices and services to be grouped independently in DRG/DIP reforms, increasing payment standards and removing restrictions on high case volume limits, indicating a clear direction for payment improvements in the medical device industry [1] Company Summary - United Imaging Healthcare has established a comprehensive product line that includes medical imaging equipment, radiation therapy products, and life science instruments, launching over 120 products, including MRI systems [2] - TransMedics focuses on a range of products primarily in tumor detection, autoimmune diseases, hormones, cardiovascular diseases, pathogen infections, and reproductive health [2]

Core Viewpoint - Shanghai is promoting the orderly opening and application of clinical data to enhance the development of the high-end medical device industry, which is considered one of the three leading industries in the city [1][7]. Group 1: Action Plan Overview - On September 15, Shanghai released a three-year action plan aimed at promoting the full-chain development of the high-end medical device industry, with goals set for 2027 [2]. - The action plan targets the approval of over 500 new domestic Class III medical device registrations and over 100 medical device products approved in overseas markets [2]. - The plan aims to cultivate two leading enterprises with an annual output value exceeding 10 billion and establish three high-end medical device industry clusters [2]. Group 2: Industry Development and Focus Areas - The medical device industry in Shanghai has rapidly developed, with a manufacturing output value of 55.51 billion, accounting for 27.6% of the biopharmaceutical output [3]. - The action plan outlines seven areas of focus, deploying 20 key tasks related to innovation, clinical empowerment, review and approval, hospital application, enterprise cultivation, industrial ecology, and international development [3]. Group 3: Key Product Development - The action plan emphasizes the development of "7+X" key products, including high-end medical imaging products, high-end implantable products, high-end surgical systems, high-end in vitro diagnostic products, high-end radiation therapy products, high-end rehabilitation products, high-end artificial intelligence medical devices, and future innovative devices [6]. - Shanghai aims to enhance its innovation capabilities by tackling cutting-edge technologies such as brain-computer interfaces and integrated diagnosis and treatment [6]. Group 4: Regulatory and Financial Support - The action plan proposes to strengthen pre-guidance services for the registration review of Class II and III innovative medical devices, aiming to reduce the average review time for Class II devices to within 40 working days [8][9]. - Financial support will be provided through collaboration between leading industry funds and biopharmaceutical merger funds, focusing on disruptive and cutting-edge technology innovations [10]. - Shanghai Guotou will prioritize investments in key areas such as brain-computer interfaces and high-end medical equipment, providing capital support for core technology development and process optimization [10].

Core Viewpoint - Sichuan Portong Medical Equipment Group Co., Ltd. announced the establishment of a new investment fund, aiming to expand its business in the medical device sector and related fields [1][2] Group 1: Investment Fund Details - The company plans to invest in the Chengdu Rongchuang Portong Equity Investment Fund with a total subscription amount of 500 million yuan, where the company will contribute 150 million yuan, accounting for 30% of the total [1] - The fund will focus on investments in high-end medical devices, AI healthcare, smart wards, smart operating rooms, hospital information systems, robotic-assisted medical services, and other emerging industries [2] Group 2: Company Background and Strategy - Portong Medical has been dedicated to the research, design, manufacturing, integration, and operation of medical gas equipment and clean equipment since its establishment in 1998 [1] - The collaboration with professional investment institutions aims to leverage their resources and expertise to identify and invest in strategic emerging industries that align with the company's long-term development goals [2]

Group 1 - The medical sector is active, with the largest medical ETF (512170) reaching a peak price of 0.395 yuan, just 1 cent below the high of 0.396 yuan from September 24 of the previous year [1] - The ETF has seen a trading volume exceeding 720 million yuan, with a premium rate of 0.33% [1][3] - Key stocks in the ETF, including Huatai Medical, United Imaging, and WuXi AppTec, have shown significant gains, with increases of over 6%, 5%, and 4% respectively [2][3] Group 2 - The medical ETF (512170) passively tracks the CSI Medical Index, which has a current PE valuation of 36 times, still below 60% of the time over the past decade [3] - The recent China Medical Device Supervision International Conference emphasized support for high-end medical device innovation, with 52 innovative products approved this year [3] - The biopharmaceutical sector has shown marginal improvement in mid-year performance, with a 2% year-on-year increase in net profit for Q2 2025 [3]