证券研究报告 医疗设备招投标数据跟踪 设备更新不断深化，县域医共体持续发力 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6月20日 请务必阅读正文后免责条款 投资要点 设备更新不断深化，县域医共体持续发力。 2025年以来，经过前期项目审批、采购意向等多个环节，大量设备更新项目开始进入招投标环节。同时，自今年3月下旬以来，越来越多的县域医共体在各地卫健委 的牵头下开始医疗设备更新项目，多次出现一次性采购数百台医疗设备、总规模数亿元的采购大单，采购范围覆盖64排及以下CT、各类超声影像诊断设备、1.5T MRI等设备。5月以来安徽、宁夏、福建、黑龙江、湖北、新疆等地县域医共体持续发力，呈现预算高、批次多、采购量大等特点，带动整体医疗设备招投标持续恢 复。 据众成数科统计，国内整体新设备招投标规模受益于设备更新的快速落地、25年以来整体呈现逐月改善趋势，25年1月/2月/3月/4月/5月采购规模分别为174亿元 /113亿元/140亿元/ ...

Group 1 - The core viewpoint of the article highlights a significant rally in Hong Kong's medical device stocks, with notable gains across various companies [1] Group 2 - Zhenjian Technology saw an increase of over 13% [1] - Eagle Eye Technology-B experienced a rise of over 10% [1] - Weigao Group rose by more than 3% [1] - MicroPort Medical increased by over 2% [1]

Group 1 - The event showcased over 20 local tech innovation companies from Wuhan, highlighting advancements in technology and industry integration [1] - Non-invasive brain-machine interface devices developed by Yirui Medical Equipment Co., Ltd. were popular among attendees, with one device for diagnosis and another for treatment using transcranial magnetic stimulation [3][5] - Huawai Technology's "electronic skin" enables robotic hands to have sensitive touch, with over 1000 sensing points for pressure and temperature detection [7][8] Group 2 - AR smart glasses developed by Xingji Meizu attracted significant interest, featuring functionalities like page turning and real-time translation through voice recognition [12] - The event also featured the "Mighty Dragon Armor" electric off-road vehicle and automotive-grade chips, showcasing advancements in smart automotive technology [12] - Attendees expressed excitement about the innovative technologies presented, emphasizing their potential to enhance daily life and productivity [12]

Group 1 - The core viewpoint of the news is that the China Europe CSI All-Share Healthcare Equipment and Services Index Fund A has experienced a decline of 1.31% on June 19, with a cumulative drop of 4.73% over the past five trading days [1] - The fund was established in August 2024 with a total size of 0.13 billion yuan and has achieved a cumulative return of 2.92% since inception [1] - As of the end of 2024, institutional investors hold 0.10 billion shares, accounting for 91.94% of the total shares, while individual investors hold 0.01 billion shares, accounting for 8.06% [1] Group 2 - The current fund manager, Song Weiwei, has a background in research and investment management, having served in various roles at China Europe Fund Management Company since 2024 [2] - Song Weiwei has managed multiple funds, including the China Europe CSI Robotics Index Fund and the China Europe CSI Chip Industry Index Fund, among others, since early 2024 [2] Group 3 - As of March 31, 2025, the top ten holdings of the China Europe CSI All-Share Healthcare Equipment and Services Index Fund A account for a total of 41.48%, with major holdings including Mindray Medical (9.10%), Aier Eye Hospital (7.77%), and United Imaging Healthcare (6.36%) [3]

日发精机：意大利MCM公司申请破产 36氪获悉，日发精机发布公告，鉴于下属全资子公司Machining Centers Manufacturing S.p.A（简称"意大 利MCM公司"）因持续亏损，无法偿还到期债务且已出现流动性不足的情形，为维护公司及公司股东的 合法权益，公司董事会同意意大利MCM公司申请破产事项。意大利MCM公司的资产、业务均在境外， 与公司国内的业务、财务相对独立，申请破产不会对公司国内主营业务产生重大影响，不会对公司的持 续经营产生重大影响。 迪士尼中国携手上海美术电影制片厂推出动画宣传短片系列《疯狂动物城：动物城日与夜》 36氪获悉，迪士尼中国宣布与上海美术电影制片厂达成特别合作，邀请四位中国动画导演，以《疯狂动 物城》的故事为原点，巧妙运用偶（定格）、水墨、二维、剪纸等四种中国传统美术动画技法，推出动 画宣传短片系列《疯狂动物城：动物城日与夜》。四支完整短片预计将于2025年11月于全国各大社交及 视频平台发布，观众可免费观看。 B站推出动画短剧激励政策 大公司： 36氪获悉，B站发布了动画短剧的扶持政策"觉醒计划"，该计划面向UP主、MCN和动画短剧相关公 司，提供30%至10 ...

思宇年度活动回顾： 首届全球眼科大会 | 首届全球骨科大会 | 首届全球心血管大会 | 首届全球医美科技大会 即将召开： 2025年7月17日，第二届全球医疗科技大会 2025年9月3-5日，第三届全球手术机器人大会 2025年6月17日， 华大智造掌上无线彩色多普勒超声诊断仪EF6系列 （型号包括EF6-CLA、EF6-CLD、EF6- CLG、EF6-CLP、EF6-CLS）正式获得江苏省药品监督管理局颁发的医疗器械注册证 （注册证编号：苏械注准 20252061068） 。 该注册证的颁发标志着国内首款 64通道双探头掌上超声诊断设备 完成国家级安全性与有效性验证，正式取得 合法上市资质。 作为便携超声领域的一项关键进展，EF6系列的注册通过，不仅代表着技术参数和应用能力的全面升级，也标 志着中国便携超声设备在产品形态、图像质量与临床适配性方面，开始迈入"高清多模态"的阶段。 这是继远程超声机器人MGIUS-R3、H1系列掌上超声之后，华大智造在超声产品线中的又一重要技术成果，进 一步丰富了其"智能+远程+自动化"医疗影像生态系统。 # 产品机制与设计理念 EF6系列定位为新一代掌上超声旗舰机型，在结构 ...

// 债市综述 // 1. 公开市场操作 央行公告称， 6 月 18 日开展 1563 亿元 7 天期逆回购操作，操作利率 1.40% 。 Wind 数据显示，当日 1640 亿元逆回购到期，据此计算，单日净回笼 77 亿 元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 税期影响接近尾声，资金面平稳，存款类机构隔夜质押式回购利率微幅下行，目前位于 1.37% 附近，七天质押式回购利率则小幅上行。 海外方面，最新美国隔夜融资担保利率为 4.32% 。 （IMM） （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 （*数据来源：Wind-同业存单-发行结果） 4. 银行间主要利率债收益率 | （*数据来源：Wind-成交统计BMW） | | --- | 5. 近期城投债（AAA）各期限利差走势及数据 （*数据来源：Wind-利差分析） 6. 国债期货收盘 30 年期主力合约涨 0.09% 10 年期主力合约跌 0.01% 全国和主要股份制银行一年期同业存单最新成交在 1.65% 附近，较上日变化不大。 5 年期主力合约跌 0.01% 2 年期主力合约涨 0.01% （*数 ...

Myomo (MYO) 2025 Investor Day June 18, 2025 10:00 AM ET Speaker0 All right. Good morning, everyone, and welcome to Myomo's Investor and Analyst Day event. I'm Tarth Patel with Alliance Advisors IR. We're delighted to have you join us today in person and via the webcast, and we have a lot to share with you over the next few hours. We'll spend a lot of the morning going into the direct provider business, lead gen, field ops, reimbursement, post delivery support, and then we'll go for the manufacturing tour an ...

封面新闻记者 赖芳杰 摄影报道 戴德梁行大中华区研究内容主管Shaun Brodie "戴德梁行在中国西部已经深耕25年了。作为城市发展的共建者，我们见证了成都的开放与起飞。" Shaun Brodie以全球领先的制药公司阿斯利康为例分 享，自十几年前，戴德梁行便开始为其在武侯区选址首间办公室提供了全程服务，见证了其在成都市场的持续开拓与壮大。2021年，阿斯利康在中国西部 首个功能完备的总部项目（占地15,000平方米）选择落户成都，迄今已成功引入超过20家上下游企业，共同构建起一个充满活力的创新生态圈。 "去年，我们助力包括华为、卡尔斯托斯、富士胶片、平安银行、中意人寿等内外资，科技、医疗等多个行业超过50家优质企业入驻成都。这些大企业落 户之前，也有对城市的比较，但最终是在政府招商政策房、高校科研实力、城市职住平衡系数等方面的考量中，选择了成都。" Shaun Brodie认为，在产 业生态方面，成都秉承的长期主义深得外企信赖。成都将产业园区作为经济发展主战场，实施"立园满园"行动，构建形成"3个国家级开发区+22个省级开 发区+N个市级产业园区"的园区体系，推动特色优势产业提能级、战略性新兴产业上规模 ...

Core Viewpoint - The company has announced a new stock incentive plan for 2025, aimed at enhancing employee motivation and aligning their interests with long-term business growth, with a focus on core business development [2]. Group 1: Stock Incentive Plan - The company plans to grant 5 million restricted stocks at a price of 95 yuan per share to 1,368 individuals, including senior management and key technical personnel [1]. - This new incentive plan adds to the previous two rounds launched in 2023 and 2024, bringing the total number of stocks involved in all active incentive plans to 11.6219 million, approximately 1.41% of the current total share capital [2]. - The performance assessment indicators for the incentive plan are based on revenue growth targets for 2025-2027, with goals of 20% annual growth and trigger values of 16% for each year [2]. Group 2: Market Position and Financial Performance - The company has initiated the 2025 medical equipment update, with a strong performance in bidding for public medical institutions, securing 336 projects worth a total of 5.41 billion yuan, which represents 15.96% of the national market for medical imaging equipment [3]. - The company is expected to benefit significantly from the new round of equipment updates and the acceleration of overseas market expansion, driving quarterly performance recovery and achieving the 20% revenue growth target [3]. - Revenue forecasts for 2025-2027 are projected at 12.366 billion, 14.836 billion, and 17.755 billion yuan, with year-on-year growth rates of 20.05%, 19.98%, and 19.67% respectively [3].