Market Overview - The FTSE China A50 Index components showed varied performance, with the liquor sector rising throughout the day while the semiconductor sector experienced a decline in the afternoon [1] Insurance Sector - China Life Insurance, China Pacific Insurance, and Ping An Insurance had market capitalizations of CNY 376.78 billion, CNY 356.91 billion, and CNY 1,017.95 billion respectively, with trading volumes of CNY 0.75 billion, CNY 2.22 billion, and CNY 0.84 billion [3] - The stock prices changed as follows: China Life Insurance decreased by CNY 0.73 (-1.93%), China Pacific Insurance decreased by CNY 0.55 (-0.97%), and Ping An Insurance decreased by CNY 0.14 (-1.62%) [3] Liquor Industry - Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of CNY 1,782.39 billion, CNY 217.50 billion, and CNY 472.00 billion respectively, with trading volumes of CNY 3.95 billion, CNY 2.00 billion, and CNY 2.48 billion [3] - Stock price changes included Kweichow Moutai increasing by CNY 2.38 (+1.35%), Shanxi Fenjiu increasing by CNY 0.82 (+0.68%), and Wuliangye increasing by CNY 2.77 (+0.20%) [3] Semiconductor Sector - Northern Huachuang, Cambricon Technologies, and Hygon had market capitalizations of CNY 238.96 billion, CNY 223.82 billion, and CNY 314.69 billion respectively, with trading volumes of CNY 1.47 billion, CNY 1.23 billion, and CNY 2.64 billion [3] - The stock prices changed as follows: Northern Huachuang decreased by CNY 7.77 (-1.43%), Cambricon Technologies decreased by CNY 1.51 (-1.10%), and Hygon decreased by CNY 2.82 (-0.84%) [3] Automotive Sector - BYD, Great Wall Motors, and Beijing-Shanghai High-Speed Railway had market capitalizations of CNY 187.27 billion, CNY 1,790.16 billion, and CNY 280.83 billion respectively, with trading volumes of CNY 3.97 billion, CNY 0.31 billion, and CNY 0.56 billion [3] - Stock price changes included BYD decreasing by CNY 1.08 (-0.33%), Great Wall Motors decreasing by CNY 0.08 (-0.36%), and Beijing-Shanghai High-Speed Railway increasing by CNY 0.03 (+0.53%) [3] Shipping and Oil Sector - COSCO Shipping Holdings, Sinopec, and PetroChina had market capitalizations of CNY 235.91 billion, CNY 688.67 billion, and CNY 1,570.32 billion respectively, with trading volumes of CNY 0.77 billion, CNY 1.08 billion, and CNY 0.76 billion [3] - The stock prices changed as follows: COSCO Shipping Holdings remained unchanged, Sinopec decreased by CNY 0.09 (-0.59%), and PetroChina increased by CNY 0.01 (+0.12%) [3] Coal and Battery Sector - China Shenhua, Shaanxi Coal and Chemical Industry, and CATL had market capitalizations of CNY 185.95 billion, CNY 745.07 billion, and CNY 1,234.66 billion respectively, with trading volumes of CNY 0.79 billion, CNY 0.69 billion, and CNY 7.95 billion [3] - Stock price changes included China Shenhua increasing by CNY 7.49 (+2.84%), Shaanxi Coal and Chemical Industry decreasing by CNY 0.22 (-0.58%), and CATL increasing by CNY 0.03 (+0.16%) [3] Other Sectors - Various sectors such as food and beverage, electronics, and pharmaceuticals showed mixed performance in terms of market capitalization and stock price changes [4]

Core Viewpoint - The company is focusing on identifying its shortcomings in product development and sales as it expands its digital and streamlined business, considering both internal growth and potential acquisitions to address these gaps [1][2]. Group 1: Product Development - The company has enhanced its research capabilities in information technology and high-consumption areas through self-built teams and investments, reducing the urgency for external demands [1]. - Future needs in new or niche areas may require external acquisitions to strengthen capabilities [1]. Group 2: Sales Strategy - The company recognizes the need to improve its solution marketing capabilities, which differ from simple equipment sales and require tailored solutions based on customer needs and information technology levels [2]. - There are existing gaps in local delivery and sales channels for high-value consumables in overseas markets, prompting the company to consider both internal development and acquisitions, such as the acquisition of DiaSys for its global production and logistics capabilities [2]. Group 3: Business Growth and AI Integration - The company's IVD (in vitro diagnostics) business is projected to be a key growth driver, with expected revenue of 13.765 billion yuan in 2024, marking it as the largest business segment [2]. - The company has successfully penetrated international markets, achieving over 30% year-on-year growth in international IVD revenue [2]. - AI technology is being integrated across the company's three main business lines, enhancing product performance and market competitiveness, with notable innovations such as the clinical application of AI models and comprehensive solutions in medical imaging [3].

市场监管总局、工信部印发《计量支撑产业新质生产力发展行动方案(2025—2030年)》。其中提到，面 向生物技术、诊疗装备和药物研制等人民生命健康重点领域，聚焦药品、疫苗、先进诊疗技术、可穿戴 装备、精准医疗和检验检测等方向，开展重大防控、化学创新药、生物大分子药物、高通量基因测序、 细胞治疗、生物检测、体外诊断产品、合成生物技术产品、类器官产品、医疗机器人等计量检测和质量 评价关键技术研究，推进药理学、生理学和合成生物学等多学科融合发展，推动在新药开发、疾病治 疗、物质合成、特殊医学用途配方食品等领域应用，加快相关技术产品转化和临床应用。 ...

Core Viewpoint - The stock of Xinmai Medical (688016) has shown fluctuations in trading volume and capital flow, with a recent closing price of 92.85 yuan, reflecting a 0.86% increase on July 8, 2025. The company is involved in the development, production, and sales of interventional medical devices for aortic and peripheral blood vessels [1][2]. Group 1: Stock Performance and Capital Flow - As of July 8, 2025, Xinmai Medical's stock closed at 92.85 yuan, with a trading volume of 12,100 hands and a total transaction amount of 112 million yuan [1]. - On July 8, the net outflow of main funds was 666,600 yuan, accounting for 0.59% of the total transaction amount, while retail investors experienced a net outflow of 5.31 million yuan, representing 4.74% of the total [1]. - Over the past five days, the stock has seen varying capital flows, with significant net inflows from speculative funds on certain days, indicating fluctuating investor sentiment [1]. Group 2: Financial Metrics and Industry Comparison - Xinmai Medical's total market value is 11.445 billion yuan, slightly above the industry average of 10.691 billion yuan, ranking 28th out of 122 companies in the medical device sector [2]. - The company reported a net profit of 130 million yuan for Q1 2025, a decrease of 29.66% year-on-year, with a gross margin of 69.61%, significantly higher than the industry average of 51.08% [2]. - The company's return on equity (ROE) stands at 3.19%, outperforming the industry average of 1.01%, indicating better profitability relative to equity [2].

恒生创新药ETF紧密跟踪恒生创新药指数，恒生创新药指数反映业务与创新药研究、开发及生产相关的 香港上市公司之表现。 恒生创新药ETF(159316)是目前市场上跟踪恒生创新药指数的唯一一支ETF产品，具备高弹性和稀缺 性，帮助投资者更好把握本轮港股创新药投资机遇。 资金流入方面，恒生创新药ETF(159316)最新资金净流入2854.53万元，近5个交易日合计"吸金"7918.52 万元。 7月3日，国家药监局正式发布《关于发布优化全生命周期监管支持高端医疗器械创新发展有关举措的公 告》，从审批加速、标准完善、国际化支持等十大方面系统性推动高端医疗器械创新发展。江海证券指 出，该政策不仅利好高端医疗设备，也对体外诊断（IVD）形成实质性支撑，尤其是在AI辅助诊断、新 型原材料国产替代以及出海路径优化等方面带来明确利好，为相关企业技术创新和全球拓展提供制度保 障。 截至2025年7月9日 11:08，恒生创新药ETF(159316)上涨1.47%，盘中换手61.26%，成交3.09亿元，市场 交投活跃。 拉长时间看，截至7月8日，恒生创新药ETF(159316)最新规模达4.98亿元，最新份额达3.86亿份，均 ...

Financial Sector - The banking sector showed a general upward trend with notable performances from major banks such as China Life Insurance and Ping An Insurance, with market capitalizations of 380.77 billion and 1,023.96 billion respectively [4] - China Life Insurance experienced a slight decline of 0.29% while Ping An Insurance decreased by 0.58% [4] Semiconductor Sector - The semiconductor sector displayed mixed results, with North Huachuang's market capitalization at 241.30 billion and a decrease of 0.32% [4] - Cambrian's stock price increased slightly by 0.13%, while Haiguang Information saw a decline of 0.49% [4] Automotive Sector - The automotive sector, led by BYD with a market capitalization of 1,790.49 billion, experienced a minor decline of 0.31% [4] - Great Wall Motors and China Railway High-speed also showed slight increases of 0.41% and 1.05% respectively [4] Energy Sector - In the energy sector, China Petroleum and China Petrochemical had market capitalizations of 1,588.62 billion and 693.52 billion respectively, with China Petroleum increasing by 1.28% [4] - China Shipping Development remained stable with no change [4] Coal Industry - The coal industry saw Shaanxi Coal and China Shenhua with market capitalizations of 750.83 billion and 185.66 billion respectively [4] - China Shenhua's stock price increased by 4.03% while Shaanxi Coal remained unchanged [4] Food and Beverage Sector - The food and beverage sector included major players like Haitian Flavor Industry with a market capitalization of 228.10 billion, which increased by 0.46% [5] - Other companies in this sector showed stable performances with minor fluctuations [5] Electronics and Pharmaceuticals - The electronics sector, represented by Hon Hai Precision Industry, had a market capitalization of 365.78 billion and a slight increase of 0.34% [5] - In pharmaceuticals, Hengrui Medicine's market capitalization was 529.06 billion, with a notable increase of 0.99% [5] Logistics and Medical Devices - The logistics sector, led by SF Holding, had a market capitalization of 2,415.92 billion, experiencing a decline of 0.88% [5] - In medical devices, Mindray Medical's market capitalization was 172.94 billion, with a minor decrease of 0.02% [5] Metals and Construction - The non-ferrous metals sector included Zijin Mining with a market capitalization of 247.51 billion, which saw a decline of 3.38% [5] - China State Construction had a market capitalization of 1,700.78 billion, with a slight increase of 0.67% [5]

答：从数据来看，公司研发占比提升一方面是因为集采之后 公司整体营收下降；另一方面是公司在集采降价之后仍保持原有 的研发投入。公司研发投入处于上升阶段主要因为公司涉及产品 的品相较多，公司在创伤、脊柱、关节、运动医学这四大骨科领 域以及齿科、神经外科、微创外科等非骨科领域均有相应研发投 入。公司各产线的研发投入主要聚焦在材料、工艺及临床效果（如 缩短手术时间、减小创伤等）等方面。 5、问：公司未来几年还有什么重大的资本支出计划吗？ 证券代码：002901 证券简称：大博医疗 大博医疗科技股份有限公司投资者关系活动记录表 投资者关系活动 类别 ■特定对象调研（电话会） □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称及 人员姓名 国联民生证券、汇添富基金、兴证全球基金、宏利基金、福泽源 基金、工银瑞信、国泰海通证券、国联民生证券、大成基金、红 土创新基金、泽源资产、天风证券、华能贵诚信托、中金公司、 国信证券 时间 2025 年 7 月 8 日 (周二) 下午 15:30~16:30 地点 公司会议室 上市公司接待人 员姓名 董事长：林 ...

山外山 20250708 摘要 国内血液净化行业发展空间广阔，患者数量持续增长，但国产替代率仍 有提升空间，山外山和威高雪净等企业有望受益。 山外山在血液净化设备和耗材方面均具备优势，尤其与瑞士 Dialife 合资 的德莱福透析器，以蒸汽灭菌技术提升产品品质，具有市场竞争力。 山外山积极拓展海外市场，尤其在巴西、俄罗斯及东南亚等地销售增长 迅速，境外收入占比虽小但增速显著，未来有望成为重要增长点。 预计山外山未来三年收入和利润将保持 30%左右的复合增长率，设备销 售仍是主要收入来源，耗材和医疗服务业务稳步增长。 山外山管理团队稳定，创始人高光勇先生为实际控制人，具备核心技术 优势，多次参与国家技术标准制定，增强了公司在血液净化领域的竞争 力。 政策推动国产替代，集采降价对山外山出厂价影响较小，公司通过技术 创新和全线产品布局，提升市场竞争力，并积极发展血液透析服务。 综合考虑行业前景、产品竞争力、海外业务增长潜力及估值水平，认为 山外山具备长期投资价值，当前是观察并投资的良好时机。 Q&A 山外山在国内血液净化领域的地位如何？ 山外山是国内血液净化领域的龙头企业，无论是在设备还是耗材方面都具有领 先地位。 ...

转自：前瞻产业研究院 1、深圳市高端医疗器械产业政策环境 ——深圳市高端医疗器械产业重点政策梳理 深圳作为中国改革开放的标杆城市，其政策红利的持续释放与创新迭代，使其成为全球投资者不可忽视 的战略高地。深圳从"政策红利"向"产业红利"转型的核心抓手是科技创新，始终以产业需求为导向，推 动产业结构向高端化、智能化跃迁。 作为全球和中国高端医疗器械产业的核心阵地，深圳的政策红利的精准性、系统性和前瞻性，使其成为 资本与技术汇聚的"超级磁场"。 近年来，深圳市出台多项鼓励性政策，不断加大对高端医疗器械产业的支持力度。2024年3月，深圳出 台《关于加快发展新质生产力进一步推进战略性新兴产业集群和未来产业高质量发展的实施方案》，指 出针对具有战略意义、处于风口期、资源投入大的高端医疗器械等7个产业集群，举全市之力集聚资 源，以超常规力度支持培育。 | 时间 | 政策名称 | 内容解读 | | --- | --- | --- | | 2025年4月 | 《深圳市全链条支持医药 和医疗器械发展若干措 | 聚焦高端医学影像、医用机器人、高性能植介入器械、体外诊断、生命监护 | | | | 与支持、人工智能辅助诊断系统等方向 ...

中信建投研报称，中长期来看，医疗器械行业的产业趋势向好，创新、并购、国际化将推动中国器械龙 头逐步成长为全球龙头。预计三季度多家公司受益新产品新业务放量而实现环比改善，或去年同期低基 数基础上实现高增长。细分板块来看，医疗设备板块部分企业受益于行业招标数据高增长和库存加速消 化、业绩将逐步改善，高值耗材板块部分企业有望受益新产品逐步放量和集采优化政策、业绩确定性和 估值修复。也看好脑机接口、外骨骼机器人、AI医疗、手术机器人等新科技方向的投资机会。 中金公司：预计新消费标的延续相对高成长 健康饮品等新消费趋势景气度有望保持 凤凰网财经讯 7月9日，三大指数开盘涨跌不一，沪指高开0.04%，深成指高开0.04%，创业板指低开 0.08%。托育、机器人等板块指数涨幅居前，贵金属、保险等板块指数跌幅居前。 | | | | | | 沪深京重要指数 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | *● | 咸新 | 涨幅% | | 涨跌 涨跌家数 | | | 现手 | 金额 | | 上证指数 | | 3498. ...