更多资料加入知识星球:水木调研纪要 关注公众号:水木纪要 2025 年度医药业绩前瞻 20260104 摘要 Q&A 2024 年医药行业的整体表现如何? 2024年,医药行业在 31个一级行业中涨幅排名第 18 位,上涨 11.94%。尽管整 体表现一般,但创新药板块走出了过去四年的熊市态势。然而,上周医药行业表 现较为平淡,在 31个一级行业中排名第 28位,下跌 2%。上涨的股票没有明显 规律性,但脑机接口相关概念股涨幅相对突出。 医药行业 2025年整体表现平淡,但创新药板块持续改善,其他板块逐渐 ● 摆脱控费等负面影响。2026年,创新药及其产业链、医疗器械、中药等 领域存在投资机会,国内外市场对创新需求依然迫切。 创新药市场情绪低迷,但产业利好不断,如泽璟制药 CD3DL3 三抗产品授 ● 权艾伯维,首付款1亿美元。信达生物、中国生物制药、乐普生物等公司 产品端临床数据或授权端均无风险,是现价可布局的优质标的。 医疗器械公司去库存接近尾声,2026年季度业绩有望改善,招投标量增 ● 长显著。关注奥华、开利、迈瑞、联影等头部企业。高值耗材如电生理(微 电和惠泰）、神经外科(迈普）、骨科(春立)等赛道 ...

（记者 曾健辉） 每经AI快讯，之江生物1月4日晚间发布公告称，截至2025年12月31日，公司通过上海证券交易所交易 系统以集中竞价交易方式累计回购公司股份约181万股，占公司当前总股本约1.92亿股的比例为0.94%， 回购成交的最高价为22.86元/股，最低价为19.58元/股，支付的资金总额约为3913万元。 每经头条（nbdtoutiao）——AI泡沫破灭？美股下跌20%？量子计算颠覆加密货币？金价涨破1万美元？ 2026年华尔街和科技圈十大预测来了 ...

（记者 曾健辉） 每经AI快讯，硕世生物1月4日晚间发布公告称，江苏硕世生物科技股份有限公司于近日收到政府补助 人民币163万元，属于与收益相关的政府补助。 每经头条（nbdtoutiao）——AI泡沫破灭？美股下跌20%？量子计算颠覆加密货币？金价涨破1万美元？ 2026年华尔街和科技圈十大预测来了 ...

证券日报网讯1月4日，硕世生物发布公告称，公司于近日收到政府补助人民币163万元，属于与收益相 关的政府补助。 ...

2025年最后一个夜晚，全球X射线影像领域迎来一枚重磅"落子"。 12月31日，行业头部企业锐珂医疗（Carestream Health）发布公告，拟将公司分拆为两大业务板块：一家继续深耕美国本土市场，另一家覆盖美国以外的 全球市场——Carestream International，并由美的集团接手收购。 这一在行业内流传了大半年的消息，终于尘埃落定。锐珂医疗也与它的"前身"柯达公司拿到类似的剧本：被曾经的辉煌时代抛弃，极致收缩之后仍难逃勉 力维持的命运。 自2017年切入医疗产业、2021年以23亿元控股万东医疗起，美的对医疗赛道的投入持续加码。2025年CMEF期间，美的正式宣布成立医疗事业部，将万东 医疗、库卡医疗（手术及康复机器人）、美的生物（医疗冷链）、瑞仕格医疗（医院物流与药房自动化）以及美的楼宇（智慧医院建设与运维）整合至同 一体系之下，并将其确立为集团六大核心业务板块之一。 ▲美的集团旗下六大业务板块（2025年4月发布版本） 01 锐珂分治，美的"摘桃" 根据锐珂医疗官方发布的公告，此次交易并非全盘收购，而是一场经过精密设计的"剥离与重组"。交易完成后，锐珂将被一分为二： 这一边界划分，本 ...

Core Viewpoint - The global smallest heart pacemaker, Micra, developed by Medtronic, has gained significant attention and market access in China through the China International Import Expo (CIIE) since its debut in 2018 [1][3]. Group 1: Product Introduction and Market Impact - Micra heart pacemaker was officially launched in China after receiving approval from the National Medical Products Administration in 2019 [1]. - Medtronic has showcased approximately 500 leading therapies at the CIIE, with over 70 being global, Asia-Pacific, or China debuts, resulting in more than 30 star products benefiting from the expo [4]. - Since its launch, Micra has been implemented in over 900 hospitals across China, demonstrating a successful transition from exhibition to clinical application [4]. Group 2: Patient Impact and Clinical Adoption - The CIIE has facilitated direct communication between patients and medical technology companies, allowing patients to learn about innovative therapies that are not yet available in China [3]. - A notable case involved a young patient who, after learning about Micra at the expo, successfully underwent implantation and returned to a normal life, even engaging in extreme sports [3]. - The clinical adoption of Micra has seen a projected increase to over 5,000 implantations nationwide by 2024, showcasing its rapid growth from debut to widespread application [5]. Group 3: Broader Industry Implications - The CIIE serves as a bridge for demand matching in the healthcare sector, enabling Medtronic to align its innovations with the actual needs of the Chinese medical system [5]. - Medtronic's strategy focuses on penetrating lower-tier markets, enhancing collaboration with local healthcare providers, and facilitating the rapid deployment of lightweight medical solutions [7]. - The expo has broken down barriers in the circulation of medical resources, supporting the integration of multinational companies into the Chinese market and promoting high-quality development in the pharmaceutical and healthcare industries [7].

每经AI快讯，迈得医疗1月4日晚间发布公告称，截至2025年12月31日，公司尚未实施本次股份回购。 每经头条（nbdtoutiao）——AI泡沫破灭？美股下跌20%？量子计算颠覆加密货币？金价涨破1万美元？ 2026年华尔街和科技圈十大预测来了 （记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 ...

格隆汇1月4日丨新华医疗(600587.SH)公布，西安康复公司在研发、生产及销售等方面进展良好，凭借 专业技术积累和精准市场定位，已初步建立起良好的产业基础。为加快康复器械的研发、生产与销售， 扩大公司规模，公司拟对西安康复公司增资6000万元。 ...

Company Overview - Baolait Medical Technology Co., Ltd. was established in 1993, focusing on the R&D, production, and sales of medical devices. It is recognized as a "National Industrialization Base for Multi-parameter Monitors" and a "National Champion Enterprise" in manufacturing [1][2]. - The company’s monitoring equipment is utilized in thousands of medical institutions, offering a wide range of products including integrated monitors, modular monitors, and portable monitors, as well as infusion pumps and ECG machines [1][2]. Product Development and Innovation - The company aims to enhance its monitoring products by integrating smart technology to address clinical needs and develop differentiated solutions [3]. - The D800 series of hemodialysis devices, featuring single, double, and triple pump models, supports real-time monitoring of vital signs and includes IoT capabilities for remote management [4]. Market Growth and Trends - The hemodialysis market is projected to grow, with 1.027 million patients expected in 2024, maintaining a compound annual growth rate (CAGR) of approximately 12% over the past decade [6]. - The domestic market for hemodialysis equipment saw sales growth in the first three quarters of 2025, driven by hospital operations and centralized procurement [6]. Regulatory Impact - The "Urological Medical Service Pricing Project Guidelines" issued in June 2025 will include monitoring parameters in the pricing of hemodialysis, benefiting the D800 series which meets these new requirements without additional modules [7]. Peritoneal Dialysis Market - The peritoneal dialysis market is also expanding, with 156,400 patients projected in 2024 and a CAGR of over 10% in the last decade. Challenges include cost and safety concerns, but increased policy support is expected to drive adoption [8][9]. - The company has launched automated home peritoneal dialysis machines and disposable tubing, with ongoing efforts to enhance marketing strategies for these products [9]. New Product Launches - Recent product launches include the D800 series, P series modular monitors, home peritoneal dialysis machines, and various other innovative medical devices, some of which have received industry accolades [10]. - The D800Plus is noted as the first domestic triple pump model, improving dialysis treatment outcomes through advanced technology [10]. Conclusion - Baolait Medical Technology is positioned to leverage its technological advantages in a growing market, supported by favorable policies and a commitment to innovation in medical devices [5][6][7].

海南自贸港药品、医疗器械"零关税"政策明确，在海南博鳌乐城国际医疗旅游先行区内注册登记具有独 立法人资格并经认定的医疗机构、医学教育高等院校、医药类科研院所，进口政策规定范围内的药品、 医疗器械，可享受免征进口关税、进口环节增值税。该政策有效降低医疗机构运营成本，也减轻了患者 就医负担。 【纠错】 【责任编辑:薛涛】 新华社海口1月4日电（记者吴茂辉）海口海关4日发布数据，自2024年12月31日首票业务落地以来，海 南自贸港药品、医疗器械"零关税"政策已平稳运行一周年，截至2025年12月31日，累计进口"零关税"药 械货值约4.6亿元，减免税款约6200万元。 海口海关相关负责人表示，将继续优化监管服务，引导企业用好用足政策，进一步推动药械"零关税"政 策红利释放，助力乐城先行区打造全球优质医疗资源集聚高地。 ...