每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 中信建投指出，医疗器械行业长期投资机会来自创新、出海和并购整合，板块的创新性和国际化能 力得到认可，估值正在重估。近期国家药监局发布优先审批高端医疗器械目录，脑机接口、超高场强核 磁、手术机器人等有望受益。短期来看，Q4和26年业绩改善个股存在业绩估值修复机会，部分公司将 于1月份发布年报业绩预告，建议关注前瞻超预期或低预期情况。长期来看，医疗器械行业投资机会来 自创新、出海和并购整合，板块的创新和国际化能力得到认可，估值正在重构。建议持续关注市场空间 大、国产化率低的创新器械赛道，以及并购重组、脑机接口、AI医疗、手术机器人、外骨骼机器人等 主题方向的投资机会。 创业板医药ETF国泰（159377）跟踪的是创医药指数（399275），单日涨跌幅达20%，该指数聚焦 于创新医药领域，从生物制药、化学制药、中药及医疗服务等 ...

Investment Rating - The report maintains an investment rating of "Positive" for the pharmaceutical and biotechnology industry [2]. Core Insights - The report highlights that the spring market is expected to start, with a focus on brain-computer interfaces, surgical robots, and AI applications [2][3]. - The overall performance of the biopharmaceutical sector was weak last week, with a return of -0.18%, ranking 25th among 31 primary sub-industry indices [3][12]. - The report suggests that emerging industries such as brain-computer interfaces, surgical robots, and AI applications should be closely monitored as potential investment opportunities [3][12]. Market Performance - The biopharmaceutical sector's return over the past month was -1.95%, ranking 25th among 31 primary sub-industry indices [12][14]. - The medical device sector had the highest weekly return of 0.08%, while the pharmaceutical commercial sector had a return of -1.66% [12][32]. - The report notes that the brain-computer interface index and the robotics index saw five-day gains of 3.14% and 5.27%, respectively [3][12]. Policy Dynamics - The National Medical Products Administration issued regulations for the management of internet pharmaceutical and medical device information services, aiming to standardize the registration process [12][44]. - A national centralized procurement process for high-value medical consumables has been initiated, inviting eligible companies to participate [12][44]. Industry Trends - The report emphasizes the recovery of thematic investments in areas like brain-computer interfaces and surgical robots, with significant advancements in these fields [3][12]. - The report identifies key companies in the brain-computer interface sector, including companies like Mindray Medical and others [3][12]. - In the high-end medical device sector, companies such as Tianzhihang and Weigao Medical are highlighted for their growth potential [3][12]. Valuation Metrics - The current price-to-earnings (P/E) ratio for the biopharmaceutical industry is 29.13, slightly above the five-year average of 28.68 [14][19]. - The report indicates that the biopharmaceutical sector's P/E ratio has a premium of 117.10% compared to the Shanghai Composite Index [20]. Stock Performance - Notable stock performances include Hongyuan Pharmaceutical, which saw a significant increase of 59.43% last week, driven by strong market conditions [42]. - The report lists several companies with notable weekly and monthly performance metrics, providing insights into potential investment opportunities [43].

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Insights - The domestic innovative drug research and development is experiencing a recovery, with a focus on investment opportunities in the non-clinical safety evaluation sector [4][16] - The non-clinical safety evaluation industry is characterized by high competitive barriers and is expected to see increased demand due to the growth of domestic innovative drug development [5][20] - The pricing of experimental monkeys, crucial for safety evaluations, is expected to rise due to limited supply and increasing demand from innovative drug research [20] Summary by Sections Industry Overview - The closing index for the industry is 8254.26, with a 52-week high of 9323.49 and a low of 6764.34 [2] Recent Market Performance - In the week from December 22 to December 26, 2025, the A-share pharmaceutical and biotechnology sector fell by 0.18%, underperforming the CSI 300 index by 2.13 percentage points [6][22] - The raw material drug sector ranked first in performance among sub-sectors, increasing by 2.05%, while the hospital sector declined by 2.82% [6][22] Industry Perspectives 1. **Innovative Drugs and Industry Chain**: The innovative drug sector is in a continuous correction phase, driven by a retreat from previously optimistic expectations. However, clinical data from recent conferences supports the maturity of domestic innovative drugs [7][24] 2. **Investment Opportunities**: Companies with high certainty and less volatility in business development (BD) expectations are recommended, including Innovent Biologics and 3SBio [9][25] 3. **Medical Devices**: The medical device sector is expected to attract more investment as the pressure from centralized procurement diminishes, with leading companies showing improved performance [10][28] Recommendations - Focus on companies like Zhaoyan New Drug and Yino Science in the non-clinical safety evaluation sector, and consider investment in WuXi AppTec and Tigermed in the CRO and life science services sectors [20][26] - In the medical device sector, companies such as Mindray and Kangli Medical are highlighted for their potential recovery and growth [30][28]

Core Viewpoint - The fund "Xingyin Enhanced Income A" (003628) has achieved a record high net value of 1.3305 yuan as of December 26, with a daily increase of 0.11%, and has shown strong performance over the past five years, ranking in the top 2% of its category [1]. Group 1: Fund Performance - As of the latest report, the fund has a five-year return of 42.85%, outperforming its benchmark by 35.32% [1]. - The fund's one-year return is 24.29%, exceeding the benchmark return of 20.59% [1]. - Since its inception, the fund has achieved a total return of 62.33%, surpassing its benchmark by 46.36% [1]. Group 2: Fund Composition - The fund maintains a stock allocation of 16.93% and a bond allocation of 71.29%, with government bonds making up 71.91% of the bond portfolio, an increase of 65.57% from the previous period [1]. - The primary industry allocation for stocks is in manufacturing, which constitutes 15.44% of the net value, reflecting an increase of 6.53% from the previous period [1]. Group 3: Manager Insights - The fund managers have expressed a cautious outlook on the market, particularly in light of the Shanghai Composite Index reaching a 10-year high above 3900 points, and have reduced convertible bond positions due to insufficient attractiveness [2]. - The focus is on sectors benefiting from the optimization of the "anti-involution" landscape, such as chemicals, soda ash, and glass, as well as electric grid equipment driven by overseas updates and AI power [2]. - The managers are also exploring opportunities in medical devices and sectors like aquaculture, express delivery, and liquor, especially during periods of suppressed consumer data [2].

Core Insights - The company, Yejun Medical Group Holdings Limited, received the "Annual Outstanding Overseas Award" at the 2025 Golden Award for Excellence, highlighting its international influence and achievements in cross-border cooperation [1][3]. Group 1 - Yejun Medical has been dedicated to developing innovative interventional treatment solutions for over 20 years, establishing a global network with R&D, manufacturing, and logistics bases in China, Japan, Germany, and the Netherlands [1]. - The company has a strong sales engine consisting of 14 direct sales teams and over 300 distributors across various countries, enabling it to deliver innovative medical devices to over 70 countries and regions [1]. - The award recognizes companies that efficiently allocate global resources and integrate deeply into international industrial chains, enhancing the brand value, pricing power, and industry voice of Chinese enterprises in the global market [1].

Core Viewpoint - The company has submitted a CE certification application for its transcatheter mitral valve repair (TMVr) system, JensClip, marking a significant step in its internationalization strategy [1] Group 1 - The JensClip system is the second product for which the company has submitted a CE certification application, following the transcatheter tricuspid valve replacement system, LuX-ValvePlus [1] - The submission of the CE certification is an important milestone for the company's growth and expansion in international markets [1]

Group 1 - The Anhui Provincial Health Commission and other authorities have released the first batch of "new quality drug and medical device" product catalog to accelerate the promotion and application of innovative medical products, fostering new productive forces in the biopharmaceutical industry [1] - A total of 60 "new quality drug and medical device" products were announced, with 45 products from Hefei, accounting for 75% of the total in the province, highlighting Hefei's strong innovation capabilities and industrial clustering effect [1] - In the biopharmaceutical sector, all three selected biopharmaceuticals in the province are from Hefei, including innovative drugs for tuberculosis/influenza prevention by Zhifei Longcom and anti-tumor drugs by Anke Bio [1] Group 2 - Hefei's Industrial and Information Technology Bureau is actively promoting the innovative development of the biopharmaceutical industry, focusing on building a collaborative industrial ecosystem involving government, industry, academia, research, application, and finance [2] - The city is nurturing local leading enterprises such as Anke Bio, Opcon Vision, and Meiya Optoelectronics while successfully attracting innovative companies like Ruisi Digital Technology through high-level platforms [2] - Collaboration with institutions like the University of Science and Technology of China and Anhui University of Traditional Chinese Medicine has led to the incubation of technology-based SMEs, creating a favorable development pattern for large, medium, and small enterprises [2]

Core Viewpoint - The brain-machine interface sector is experiencing a surge in stock prices following the release of a new regulatory framework by the National Medical Products Administration (NMPA) in China, which includes a list of prioritized high-end medical devices for approval [1] Group 1: Stock Performance - Heartway Medical-B (06609) saw a price increase of 12.22%, reaching 54 HKD [1] - Brain Dynamics-B (06681) rose by 7.78%, trading at 6.79 HKD [1] - Nanjing Panda Electronics (00553) increased by 7.14%, with a price of 4.65 HKD [1] Group 2: Regulatory Developments - On December 26, the NMPA published the "Priority Approval List for High-End Medical Devices (2025 Edition)," which includes eight products, such as implantable brain-machine interface devices [1] - The list outlines the technical parameters and expected uses of the products [1] - The NMPA is actively promoting faster and better market entry for brain-machine interface devices through a dedicated working meeting [1] Group 3: Market Outlook - Guotai Junan Securities notes that recent policies have shown strong support for innovation in medical devices [1] - The brain-machine interface sector has diverse application scenarios and rich product and research pathways, indicating significant future potential [1] - With the support of product registration and medical insurance policy initiatives, commercialization is expected to accelerate [1]

Group 1 - The core viewpoint of the news is that Xiangyu Medical has seen a stock price increase of 5.44%, reaching 58.30 yuan per share, with a total market capitalization of 9.328 billion yuan [1] - Xiangyu Medical, established on March 20, 2002, specializes in the research, production, and sales of rehabilitation medical devices, with its main revenue sources being rehabilitation therapy equipment (67.79%), rehabilitation training equipment (22.13%), and other related products [1] Group 2 - Dachen Fund has a significant holding in Xiangyu Medical through its Dachen Zhihui Quantitative Multi-Strategy Mixed A Fund (004209), which holds 9,685 shares, unchanged from the previous period, accounting for 3.76% of the fund's net value [2] - The Dachen Zhihui Quantitative Multi-Strategy Mixed A Fund has achieved a year-to-date return of 25.01% and a one-year return of 23.14%, ranking 3,814 out of 8,159 and 3,832 out of 8,147 in its category, respectively [2]

加速推进"中心治疗+家庭延伸"模式落地。 本文为IPO早知道原创 作者｜ C叔 微信公众号｜ipozaozhidao 终末期肾病（ESRD）作为慢性肾病的最终阶段，患者需终身依赖血液透析或腹膜透析维持生命，具 有治疗不可中断、并发症管理复杂、医疗支出高昂等显著特征。 据中华医学会肾脏病学分会（CSN）2025年学术年会披露数据，2024年中国透析患者总数近120 万（血液透析102万，腹膜透析15.6万），且长期维持在12%左右复合增长率增长。 另一方面，肾源十分有限，透析仍然是绝大多数患者不得不面对的现实选择。无论经济条件或社会地 位如何，患者都必须每周三次前往透析中心，面对冰冷的机器与病床，仿佛被无形的枷锁禁锢，失去 了日常生活的基本自由。而这样的代价，换来的往往只是替代约10%左右的肾功能，维持生存所需 的最低限度的透析效果而已。 "透析虽是最大的单一医疗器械品类，刚需，高频，却长期受困于'治疗场景固化'与'临床获益封 顶'的双重瓶颈。"李祥海深刻指出，"与此同时，国内大部分透析中心面临盈利难题，医院开展腹膜 透析零收入。且随着医保负担日益加重，中国已对透析耗材采取常态化集采策略；而美国则大力推动 透析 ...