Core Viewpoint - Ningbo Lixian Intelligent Technology Co., Ltd. has completed a Pre-A round of financing, which will be used to build a high-end optical imaging innovation platform for biomedicine, accelerating the development and market expansion of several self-developed microscopy instruments and biomedical solutions [2] Group 1: Company Overview - Lixian Intelligent Technology focuses on high-end optical imaging systems and comprehensive solutions for biomedicine, with a core team from prestigious institutions such as Hong Kong University of Science and Technology, Fudan University, and the Chinese Academy of Sciences [3] - The company aims to transform cutting-edge microscopy technology into scalable research and industrial tools, covering various typical scenarios from basic to applied research [3] Group 2: Product Highlights - One of the core products is the iSTORM super-resolution imaging system, which achieves approximately 20 nanometer resolution and is used for live cell and single-molecule imaging, applicable in cell molecular structure analysis and molecular dynamic process tracking [3] - The product lines include: - Cellaview series for live cell imaging, allowing continuous, non-destructive monitoring in cell culture environments [7] - INCount series for automated analysis of cell quantity and status, targeting research institutions and biopharmaceutical companies [9] Group 3: Financing and Future Focus - The financing will support ongoing investment in high-end imaging core technologies and market expansion, with the investor emphasizing the long-term importance of life science instruments [10] - The high-end microscopy equipment market is advancing in technology and market demand, with Lixian Intelligent Technology's progress in product engineering, market validation, and scalable delivery to be closely monitored [10]

Core Viewpoint - Tongxin Medical Technology Co., Ltd. is preparing for an IPO on the Sci-Tech Innovation Board, aiming to raise 1.064 billion yuan primarily for global clinical trials of its implantable left ventricular assist system (LVAS), next-generation product development, production base construction, and working capital [2]. Company Overview - Established in 2008, Tongxin Medical focuses exclusively on ventricular assist devices (VAD), commonly referred to as "artificial hearts," which are considered "crown-level products" in high-end medical devices due to their complex integration of various engineering disciplines [2][3]. - The company has chosen a long-term investment strategy in a single technology line, resulting in a development pace characterized by long R&D cycles, slow commercialization, and high validation costs [2]. Product Development - The core product is the fully magnetic levitation implantable LVAS, which provides continuous circulatory support for end-stage heart failure patients. Its design minimizes mechanical contact, reducing blood shear damage and thrombus formation risks [5]. - The product received approval from the National Medical Products Administration in November 2021, marking a significant transition from engineering prototypes to clinical products [5]. Fundraising Allocation - The IPO proceeds of 1.064 billion yuan will be allocated primarily to core product initiatives, with 695 million yuan designated for global clinical trials and registration of the BrioVAD project [7][9]. - Additional funds will support next-generation LVAS development (190 million yuan), production base construction (130 million yuan), and working capital (50 million yuan) [9]. Financial Performance - Tongxin Medical is currently in a loss-making phase, with revenues increasing from 8.61 million yuan in 2022 to 77.35 million yuan in 2024, while net losses have also escalated [10][12]. - The company’s financial structure reflects a common pattern in the artificial heart sector, where high upfront costs for R&D and clinical trials precede commercialization [12]. Governance Structure - The company is controlled by its founder, Chen Chen, who holds approximately 30.95% of the voting rights, significantly influencing strategic planning and technological direction [13][15]. - The shareholder structure includes long-term institutional investors, providing a supportive capital foundation for future development [15]. Conclusion - The IPO represents a transition for Tongxin Medical from domestic breakthroughs to global validation, with future success hinging on the completion of high-quality global clinical trials and the demonstration of the safety and stability of its technology [16].

Market Overview - The medical device sector experienced a decline of 0.74% on December 29, with Huakang Clean leading the drop [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] Top Performers - Meihao Medical (301363) saw a closing price of 25.04, with an increase of 8.30% and a trading volume of 197,100 shares, totaling a transaction value of 482 million yuan [1] - Mailande (688273) closed at 41.73, up 8.22%, with a trading volume of 55,200 shares and a transaction value of 227 million yuan [1] - Kangzhong Medical (688607) closed at 45.80, up 7.23%, with a trading volume of 40,200 shares and a transaction value of 180 million yuan [1] Underperformers - Huakang Clean (301235) closed at 39.21, down 8.54%, with a trading volume of 123,300 shares and a transaction value of 488 million yuan [2] - C Jianxin (688805) closed at 47.16, down 7.26%, with a trading volume of 89,000 shares and a transaction value of 426 million yuan [2] - Furuim Medical (300049) closed at 71.93, down 4.20%, with a trading volume of 66,800 shares and a transaction value of 485 million yuan [2] Capital Flow - The medical device sector saw a net outflow of 565 million yuan from institutional investors, while retail investors experienced a net inflow of 328 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Individual Stock Capital Flow - Meihao Medical (301363) had a net outflow of 54.30 million yuan from institutional investors, with retail investors also showing a net outflow of 0.76 million yuan [3] - Jigaofazhan (600807) experienced a net inflow of 44.75 million yuan from institutional investors, while retail investors had a net outflow of 61.29 million yuan [3] - Kangzhong Medical (688626) saw a net inflow of 44.26 million yuan from institutional investors, with retail investors showing a slight net outflow [3]

西南证券发布研报称，12月24日，微创机器人-B(02252)发布自愿性公告，1）经初步统计公司手术机器 人产品综合订单累计突破230台，其中腔镜手术机器人全球商业化订单超160台；2）自主研发的支气管 镜手术机器人"独道"获批NMPA。 目前公司已获批手术机器人品种包括腔镜（图迈）、骨科（鸿鹄）、泛血管（R-ONE）、经皮穿刺 （Mona Lisa）和经支气管（独道），五大机器人管线均已获批NMPA。另外图迈、蜻蜓眼和鸿鹄均成 功获得海外注册证，海外布局加速落地。 西南证券主要观点如下： 全球商业化订单加速突破，国内海外双点开花 截至公告日，公司自研腔镜机器人"图迈"全球商业化订单超过160台，其中2025年新增订单约120台，彰 显强劲增长动能。国内端，图迈装机医院中三甲医院占比超过90%，百强医院占比达23%，高度医疗市 场认可度持续提升。海外端，公司依托集团在海外的成熟营销网络，加速亚洲、欧洲、非洲、大洋洲及 南美洲等40多个国家地区的海外布局，目前已在15国实现多台装机，是国产腔镜手术机器人出海的标志 性里程碑。 五大机器人版图已全部补齐，为现有品种最齐全的手术机器人公司 盈利预测：预计2025~2 ...

Core Insights - The company has achieved significant milestones in its robotic surgery product line, with a total of over 230 surgical robot orders, including more than 160 global commercial orders for its endoscopic surgical robot [1][2] - The company’s self-developed bronchoscopic surgical robot "Dudao" has received NMPA approval, further expanding its product offerings [1][3] Group 1: Order Growth and Market Presence - The company’s self-developed endoscopic robot "Tumi" has surpassed 160 global commercial orders, with approximately 120 new orders expected in 2025, indicating strong growth momentum [2] - In the domestic market, over 90% of the hospitals using Tumi are top-tier hospitals, with 23% being among the top 100 hospitals, reflecting a high level of market recognition [2] - The company is expanding its overseas presence, leveraging its established marketing network to penetrate over 40 countries across Asia, Europe, Africa, Oceania, and South America, with installations in 15 countries marking a significant milestone for domestic endoscopic surgical robots [2] Group 2: Product Line and Regulatory Approvals - The company has completed its portfolio of surgical robots, now offering five types: endoscopic (Tumi), orthopedic (Honghu), vascular (R-ONE), percutaneous (Mona Lisa), and bronchoscopic (Dudao), all of which have received NMPA approval [3] - Tumi, along with other products, has successfully obtained overseas registration certificates, accelerating the company’s international expansion [3] Group 3: Revenue Forecast - Revenue projections for the company are estimated to reach 500 million, 1.2 billion, and 1.8 billion yuan for the years 2025, 2026, and 2027 respectively, indicating a phase of rapid growth and impending volume increase [4]

财政部会同9部门印发《企业可持续披露准则第1号——气候（试行）》 12月25日，财政部会同生态环境部、外交部等9部门《企业可持续披露准则第1号——气候（试行）》 （以下简称《气候准则》）。《气候准则》是国家统一的可持续披露准则体系中的第一个具体准则，自 今年4月底公开征求意见至今，终于"靴子落地"。业内认为，这是我国向统一可持续披露准则体系迈进 的一大步。 依据证监会指导沪深北交易所《上市公司自律监管指引——可持续发展报告》，ESG强信披阵营锁定上 证180、深证100、科创50、创业板指成分股及境内外同步上市企业。伴随上证180等指数调整，成都银 行、沪农商行两家上市银行新晋入列。 据21世纪经济报道记者统计，A股银行ESG强信披名单再添两员，总数一举攀升至27家，囊括6家国有 银行、9家股份制银行、10家城商行及2家农商行。21世纪经济报道记者据公开资料发现，27家A股ESG 强信披银行中，除成都银行外，余下26家银行均已披露当年碳排放相关数据。其中，16家银行碳排放总 量同比下降，但仍有9家碳排放总量同比上升，1家国有大行、6家城商行、2家股份制银行碳排总量同比 提升。 上述27家银行中，碳排放总量同比 ...

格隆汇12月29日丨新华医疗(600587.SH)公布，公司于近日收到山东省药品监督管理局颁发的《中华人 民共和国医疗器械注册证》，产品分别为：白介素6检测试剂盒（量子点荧光免疫层析法）和降钙素原/ 白介素6二联检测试剂盒（量子点荧光免疫层析法）。 ...

截至发稿，新华医疗市值为88亿元。 每经头条（nbdtoutiao）——直击茅台经销商大会：2000多人周末齐聚！重大变革公布：涉及茅台酒价 格、分销等，董事长陈华：经销商不能再"躺着赚钱" （记者 曾健辉） 每经AI快讯，新华医疗（SH 600587，收盘价：14.54元）12月29日晚间发布公告称，山东新华医疗器械 股份有限公司于近日收到山东省药品监督管理局颁发的《中华人民共和国医疗器械注册证》。包括"白 介素6检测试剂盒"等产品。 2024年1至12月份，新华医疗的营业收入构成为：医疗器械占比68.46%，制药装备占比21.66%，医疗服 务占比8.32%，其他业务占比1.56%。 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The market's continuous rise last week was due to the phased repair of risk appetite driven by cyclical sectors. The main driving force of the market came from internal structural changes, with cyclical sectors led by non - ferrous metals driving the index up. The repair of risk appetite was also supported by the external environment such as the phased appreciation of the RMB exchange rate and the marginal improvement of overseas liquidity expectations [5]. - The Spring Festival - before market still has upward space, and there are short - term opportunities for bottom - fishing. The main risk factors restricting the market have weakened, and risk appetite is expected to remain high. The market is in a stage of preparing for the Spring Festival - before market, and the short - term market is likely to rise gradually with internal structural adjustments [8]. - The technology theme is the most elastic main line in the Spring Festival market, focusing on sub - sectors such as robotics, commercial aerospace, and nuclear power. Overseas computing power and semiconductor - related sectors can be configured with a medium - term holding strategy. The non - banking financial sector has certain allocation value. In the consumer sector, it is more appropriate to grasp thematic trading opportunities, focusing on sports consumption, medical devices, and traditional Chinese medicine [7]. Group 3: Summary by Directory Market Review - **Market Performance**: Most major market indices rose last week, with the ChiNext 50 having the largest increase of 4.07%. Among the major industry indices, the Materials Index and the Information Technology Index performed relatively well, with weekly increases of 5.85% and 4.36% respectively, while the Daily Consumption Index and the Telecommunication Services Index performed weakly, with decreases of - 0.65% and - 0.34% respectively. Among the 30 Shenwan primary industries, 23 industries rose, with non - ferrous metals, national defense and military industry, and power equipment having larger increases of 6.43%, 6.00%, and 5.37% respectively, and beauty care, social services, and banks having larger decreases of - 1.08%, - 1.05%, and - 1.01% respectively [9][14][17]. - **Trading Heat**: The average daily trading volume of the Wind All - A Index last week was 1,965.166 billion yuan (the previous value was 1,760.484 billion yuan), at a relatively high historical level (87.50% of the three - year historical quantile) [19]. - **Valuation Tracking**: As of December 26, 2025, the valuation (PE_TTM) of the Wind All - A Index was 22.27, an increase of 0.48 from the previous week, at the 94.00% quantile of the past five - year history. Among the 30 Shenwan primary industries, 23 industries' valuations (PE_TTM) were repaired [24]. Market Observation - **Reasons for the Market Rise**: The continuous rise of the market last week was mainly due to the phased repair of risk appetite driven by cyclical sectors. There were no new direct positive factors from policies and news, and the driving force came from internal structural changes. The rise of the index was led by cyclical sectors such as non - ferrous metals, and the external environment also supported the repair of risk appetite [5]. - **Investment Recommendations**: Focus on the technology theme, overseas computing power and semiconductor - related sectors, the non - banking financial sector, and thematic trading opportunities in the consumer sector, especially sports consumption, medical devices, and traditional Chinese medicine [7]. Economic Calendar - The report mentions to pay attention to global economic data, but specific data details are not provided [26].

人民财讯12月29日电，新华医疗（600587）12月29日公告，公司于近日收到山东省药品监督管理局颁发 的《中华人民共和国医疗器械注册证》，产品分别为：白介素6检测试剂盒(量子点荧光免疫层析法)和 降钙素原/白介素6二联检测试剂盒(量子点荧光免疫层析法)。 ...