宏观策略 [Table_MacroStrategy] 宏观点评 20250824：9 月降息的确定性与年内降息的变数 核心观点：本周美国经济数据好于预期，一度令 9 月降息预期回落，但 周五 Jackson Hole 央行会议 Powell 发表鸽派讲话，认为风险平衡要求调 整货币政策立场，为 9 月降息铺路。降息交易带动美股反弹、美元和美 债收益率大跌。乐观情形下，我们预计 9、12 月各降息一次，全年降息幅 度难超过 50bps，短期仍需关注 9 月密集数据对年内降息预期的扰动，当 前市场定价全年降息 2.2 次的降息预期偏乐观，面临回调风险。中期看， 我们预期 2026 年 5 月美联储新主席上台后，货币政策将更宽松，悲观、 基准、乐观情形下明年将分别有 4、5、6 次降息。9 月 FOMC 后，市场 当前计价的 2026 年仅 3 次的降息预期料将升温，届时 2 年美债利率、美 元指数将重新回归下行趋势。 宏观量化经济指数周报 20250824：货物吞吐量延续高位，8 月出口仍有 韧性 证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-08-26 降准等总量宽松，仍有待外部风险、三季度经济增 ...

Company Overview - Shanghai Xiuyan Chengpin Medical Equipment Co., Ltd. has been established with a registered capital of 1 million RMB [1] - The legal representative of the company is Huang Huan [1] Business Scope - The company is authorized to operate Class III medical devices, subject to approval from relevant authorities [1] - General business activities include sales of Class I and Class II medical devices, electronic products, cosmetics, office supplies, packaging materials, household appliances, instruments, computer software and hardware, and auxiliary equipment [1] - Additional services offered include leasing of Class II medical equipment, technical services, consulting, health consulting (excluding medical services), event services, marketing planning, and specialized equipment repair [1]

Core Viewpoint - Shanghai Xiaonuo Biomedical Technology Co., Ltd. has been established with a registered capital of 10 million RMB, focusing on the production and sales of various medical and protective products [1] Company Summary - The legal representative of the company is Yao Yuan [1] - The company is engaged in the production of Class I medical devices, non-medical masks, and protective equipment for healthcare personnel [1] - The company also offers a range of services including technology services, development, consulting, and sales of electronic products and daily necessities [1] Industry Summary - The company operates in the medical device and protective equipment industry, which includes both production and sales of medical and non-medical items [1] - The business scope includes both Class I and Class II medical devices, indicating a broad range of potential products and services [1] - The company is positioned to engage in import and export activities, enhancing its market reach [1]

天眼查App显示，近日，上海茴显医疗器械有限公司成立，法定代表人为张慧清，注册资本100万人民 币，经营范围为一般项目：第一类医疗器械销售；互联网销售（除销售需要许可的商品）；卫生用品和 一次性使用医疗用品销售；个人卫生用品销售；厨具卫具及日用杂品批发；针纺织品及原料销售；卫生 洁具销售；卫生陶瓷制品销售；厨具卫具及日用杂品零售；日用品销售。（除依法须经批准的项目外， 凭营业执照依法自主开展经营活动）。 ...

Core Perspective - Shenzhen has developed a vibrant economy over 45 years, driven by a spirit of innovation and collaboration among over 580 listed companies, which have significantly contributed to the city's growth [12][13]. Group 1: Pursuit of Excellence - Mindray Medical has become a leader in the medical device industry, emphasizing the importance of innovation and a strong technological foundation, with over 10% of revenue allocated to R&D, amounting to over 4 billion yuan in 2024 [13][14]. - The company has successfully developed several pioneering medical devices, filling gaps in domestic technology and expanding into international high-end markets [14][15]. Group 2: Daring to Explore - Hytera, originally founded as a small trading company, has transformed into a major player in specialized communication, driven by a willingness to innovate and adapt to market demands [16][17]. - The company has expanded its operations internationally and has focused on developing proprietary technology to compete against global giants [17][18]. Group 3: Openness and Inclusiveness - BGI, a leading player in gene technology, relocated to Shenzhen in 2007, benefiting from the city's open and innovative environment, which has facilitated its growth from a research institution to a global leader [20][21]. - The company has successfully developed non-invasive prenatal genetic testing technology, significantly impacting public health services in Shenzhen [22][23]. Group 4: Practicality and Rule of Law - Bawoo Storage has thrived in Shenzhen's market-oriented environment, focusing on semiconductor storage solutions and adapting quickly to market trends, which has led to its successful IPO on the STAR Market [25][26]. - The company has leveraged local venture capital support to navigate industry challenges and has established itself as a key player in the storage industry [26][27]. Group 5: Innovation and Development - Aihuilong has emerged as a leader in the in-vitro diagnostic field, achieving significant technological breakthroughs and expanding its product offerings to cover various medical areas [27][28]. - The company has introduced innovative logistics solutions and is actively pursuing international market expansion, with products available in over 120 countries [30].

证券代码：688108 证券简称：赛诺医疗 公告编号：2025-039 赛诺医疗科学技术股份有限公司 关于子公司产品获得国内医疗器械 注册证的自愿性披露公告 重要内容提示： 近日，赛诺医疗科学技术股份有限公司（以下简称"赛诺医疗"或"公司"）控股子公司赛诺神畅医疗科技 有限公司（以下简称"赛诺神畅"）收到国家药品监督管理局（以下简称"国家药监局"）颁发的《中华人 民共和国医疗器械注册证》，现将相关情况公告如下： 一、《医疗器械注册证》内容 注册证编号：国械注准20253031686 产品名称：一次性使用微导管 结构及组成: 该产品由微导管和塑形针组成。产品经环氧乙烷灭菌，一次性使用，货架有效期2年。 适用范围：该产品用于一般性血管内操作，包括在神经血管内输注诊断性制剂(造影剂)和适当的器械(弹 簧圈、支架)。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 二、医疗器械基本情况 本次获得《医疗器械注册证》的一次性使用微导管，是由公司控股子公司赛诺神畅自主研发并进行生产 的一款导管产品。该产品为单腔器械，有半刚性的近端部分和 ...

Group 1 - The board of directors of Shanghai Kellytech Medical Technology Co., Ltd. held its tenth meeting of the sixth session on August 19, 2025, with all seven directors present, confirming compliance with relevant laws and regulations [1] - The board approved the 2025 semi-annual report, affirming that it accurately reflects the company's actual situation without any false records or misleading statements [1][2] - The board authorized management to conduct daily related transactions within a projected amount not exceeding 30.55 million yuan (excluding tax) for the year 2025, with a comparison to the previous year's actual transactions [2][3] Group 2 - The expected amount for daily related transactions in 2025 is lower than the actual amount of 43.3 million yuan in 2024, which was 28.77 million yuan, excluding transactions with a related party controlled by a former director [2] - The board's decision regarding the excess portion of related transactions from 2024 was also approved, with a total excess of 3.2441 million yuan noted [3] - The independent directors reviewed and approved the related transaction proposals, ensuring transparency and compliance with regulations [3]

Core Viewpoint - The company has established a 2025 Restricted Stock Incentive Plan to enhance its long-term incentive mechanism, attract and retain talent, and align the interests of shareholders, the company, and employees for sustainable development [1] Group 1: Assessment Objectives and Principles - The purpose of the assessment is to improve the corporate governance structure and ensure the effective implementation of the incentive plan, maximizing shareholder value [1] - The assessment must adhere to principles of fairness, openness, and justice, closely linking the incentive plan with the performance and contributions of the incentivized individuals [2] Group 2: Assessment Scope and Institutions - The assessment applies to all participants in the incentive plan [2] - The Board's Compensation and Assessment Committee leads the assessment, while the Human Resources Department is responsible for its implementation and data collection [2][3] Group 3: Assessment Indicators and Standards - Incentivized individuals must meet a minimum tenure of 12 months before their restricted stocks vest [2] - The performance assessment for the incentive plan spans the fiscal years 2025 and 2026, with specific revenue growth targets set for each year: 20% for 2025 and 50% for 2026, with trigger values of 16% and 32% respectively [2][3] Group 4: Assessment Process and Results Management - The Human Resources Department conducts annual assessments and submits performance reports to the Compensation and Assessment Committee [4] - Individuals have the right to know their assessment results and can appeal if they disagree, with a review process in place [4][5] - Assessment results are confidential and must be archived for five years, ensuring the integrity of performance records [5]

Core Viewpoint - Shanghai Kelly Medical Technology Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, indicating strong operational performance and growth potential in the medical technology sector [1][2]. Financial Performance - The company's operating income for the reporting period reached approximately 546.1 million yuan, representing a 14.75% increase compared to 475.9 million yuan in the same period last year [1]. - Net profit attributable to shareholders was approximately 43.8 million yuan, reflecting a 44.88% increase from 30.2 million yuan year-on-year [1]. - The net profit after deducting non-recurring gains and losses was about 45.1 million yuan, up 38.68% from 32.5 million yuan in the previous year [1]. - Basic earnings per share were reported at 0.0422 yuan, a decrease of 44.79% compared to 0.0611 yuan from the previous year [1]. Financial Position - Total assets at the end of the reporting period were approximately 3.35 billion yuan, showing a slight increase from 3.35 billion yuan at the end of the previous year [2]. - The net assets attributable to shareholders were approximately 2.77 billion yuan, up 1.68% from 2.72 billion yuan [2]. Shareholder Information - The top ten shareholders include various domestic investment companies, with the largest shareholder holding 6.99% of the shares [2][4]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period [5].

证券代码：300326 证券简称：凯利泰 公告编号：2025-087 上海凯利泰医疗科技股份有限公司 第五届监事会第二十二次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 议的通知。 事会。 议监事 1 人（监事卫莉敏女士因个人原因未出席本次会议，也未委托其他监事出 席）。 表决结果：本议案以 2 票同意、0 票反对、0 票弃权获得通过。 《2025 年半年度报告》和《2025 年半年度报告摘要》详见中国证监会指定 的创业板信息披露网站， 《2025 年半年度报告》披露的提示性公告同时刊登于《证 券时报》。 度日常关联交易的议案》 因生产经营需要，公司预计 2025 年度拟与议案中关联公司发生总金额不超 过 3,055 万元（不含税）的销售、采购、租赁物业、咨询服务等日常关联交易， 公司 2024 年度与议案中关联公司的日常关联交易预计金额为人民币 4,330 万元， 实际发生的日常关联交易金额为人民币 2,877.23 万元（公司与原董事、总经理王 正民近亲属控制的上海正佰芮医疗器械有限公司发生的交易除外），2024 年 ...