炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中原证券股份有限公司 A 股市场综述 周五（12 月26 日）A 股市场冲高遇阻、小幅震荡上行，早盘股指低后震荡上行，盘中沪指在3977 点附 近遭遇阻力，午后股指维持震荡，盘中航天航空、光伏设备、电池以及有色金属等行业表现较好；酿 酒、医疗器械、电源设备以及半导体等行业表现较弱，沪指全天基本呈现小幅震荡上行的运行特征。创 业板市场周五震荡上扬，创业板成分指数全天表现与主板市场基本同步。 后市研判及投资建议 MACD金叉信号形成，这些股涨势不错！ MACD金叉信号形成，这些股涨势不错！ 责任编辑：郭栩彤 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中原证券股份有限公司 A 股市场综述 周五（12 月26 日）A 股市场冲高遇阻、小幅震荡上行，早盘股指低后震荡上行，盘中沪指在3977 点附 近遭遇阻力，午后股指维持震荡，盘中航天航空、光伏设备、电池以及有色金属等行业表现较好；酿 酒、医疗器械、电源设备以及半导体等行业表现较弱，沪指全天基本呈现小幅震荡上行的运行特征。创 业板市场周五震荡上扬，创业板 ...

Core Viewpoint - The investigation of Gao Yuwen, former chairman of China Medical Health Industry Co., Ltd., highlights ongoing anti-corruption efforts within the company, which has seen multiple executives investigated for serious violations in recent years [1][2]. Group 1: Investigation and Leadership Changes - Gao Yuwen is under investigation for serious violations and is being reviewed by the Central Commission for Discipline Inspection and the Tianjin Municipal Supervisory Committee [1]. - Since 2024, at least 11 executives or former executives from China Medical have been investigated for misconduct [2]. - Li Xin, former assistant general manager, was also investigated for serious violations and had overlapping work periods with Gao Yuwen [2]. Group 2: Company Structure and Operations - China Medical, established in 1983, is the only pharmaceutical and medical device production and operation platform under the General Technology Group [1]. - The company operates in four main sectors: international trade, pharmaceutical commerce, medical devices, and pharmaceutical industry [2]. Group 3: Financial Performance - In 2024, the company reported a revenue of 34.148 billion yuan, a year-on-year decrease of 12.04%, and a net profit of 535 million yuan, down 48.91% [3]. - In the first half of 2025, revenue was 17.076 billion yuan, a decline of 6.71%, with a net profit of 294 million yuan, down 16.19% [3]. - For the first three quarters of 2025, the net profit attributable to shareholders was 477 million yuan, a year-on-year decrease of 4.64% [4].

Group 1: Event Overview - The "2025 Financial Annual Conference" was successfully held in Beijing, focusing on "crossing cycles and resilient growth" with participation from regulatory bodies, industry associations, and over 200 listed companies [1] - The "Golden Intelligence Award" was announced, recognizing over 140 companies, including Haier Smart Home and Dongpeng Beverage, as models of high-quality development from more than 8,000 A-share, Hong Kong, and Chinese concept stocks [1] Group 2: Industry Insights - Maysun Medical, a leader in high-end tumor radiotherapy equipment, is positioned as a global high-tech enterprise with a comprehensive layout in the U.S. and China, focusing on proton therapy and linear accelerators [3] - The Chinese medical device market is projected to reach 1.22 trillion yuan by 2025, making it the second-largest globally, with expectations to grow to 1.81 trillion yuan by 2035 [3] Group 3: Challenges and Opportunities - Despite the growth, multinational companies still dominate the high-end product sector, with no Chinese firms in the top 20 global medical device companies [4] - The "14th Five-Year Plan" period is seen as a golden opportunity for Chinese high-end medical equipment, driven by supportive policies and a large domestic market [4] - The industry faces challenges such as intensified competition and significant funding pressures, with a need for substantial investment in R&D and market promotion [6][5] Group 4: Future Outlook - The combination of the "14th Five-Year Plan," domestic market demand, and enhanced internationalization capabilities is expected to help the Chinese medical device industry overcome development bottlenecks and become a global production base [7]

Core Viewpoint - The recent market rally is primarily driven by a phase of risk appetite recovery led by cyclical sectors, with a lack of new positive external factors impacting the market [1][3]. Market Performance - Major indices such as the Wind All A, CSI 300, and CSI 2000 rose by 2.78%, 1.95%, and 3.06% respectively this week [2]. - The average daily trading volume for Wind All A increased from 1.76 trillion yuan to 1.97 trillion yuan, surpassing 2 trillion yuan on Friday [2]. - Approximately 52.20% of stocks in Wind All A saw price increases this week, indicating a confirmation of the upward trend in indices, albeit with a change in the manner of the rise [2]. Sector Analysis - The upward movement in indices was primarily driven by cyclical sectors, particularly non-ferrous metals, as industrial metal commodity prices strengthened significantly [3]. - The recovery in risk appetite is evident, supported by a temporary appreciation of the RMB and improved expectations for overseas capital inflow into the A-share market [3]. Future Outlook - The market is expected to maintain upward potential before the Spring Festival, with opportunities for low-level positioning in the short term [4]. - Current risk factors have weakened compared to previous periods, and high levels of risk appetite are likely to persist [4]. - The market is characterized by a phase of preparation for the pre-Spring Festival rally rather than a formal initiation of a major upward trend, with a focus on low-level positioning and structural adjustments [4]. Investment Recommendations - Focus on technology themes, particularly in robotics, commercial aerospace, and nuclear power sectors, as they are expected to be resilient during the spring market [5]. - Consider overseas computing and semiconductor-related sectors for medium-term investment strategies [5]. - Non-bank financial sectors hold certain allocation value at this stage [5]. - In the consumer sector, it is advisable to seize thematic trading opportunities, especially in areas related to service consumption and aging, such as sports consumption and medical devices [5].

Core Viewpoint - The SMO (Site Management Organization) landscape is stable, and the industry is expected to enter a new growth cycle, driven by the increasing demand for clinical trials and the recovery of innovative drug development [13][20][31]. Market Review - The CITIC Pharmaceutical Index decreased by 0.19%, underperforming the CSI 300 Index by 2.14 percentage points, ranking 26th among 30 primary industries [6]. - The top ten stocks by growth this week included Hongyuan Pharmaceutical and Luyuan Pharmaceutical, with growth rates of 59.43% and 37.34% respectively [5][6]. Overall Viewpoint and Investment Themes - The innovative drug sector is transitioning from quantity to quality, emphasizing differentiated products and international pipelines, with a focus on companies that can deliver profits by 2025 [8]. - In the medical device sector, there is a notable recovery in bidding volumes for imaging equipment, and home medical devices are benefiting from subsidy policies [8]. - The CXO and life sciences services sector is expected to see a rebound in investment, with a focus on high-growth potential companies as the industry recovers from previous downturns [8]. SMO Industry Insights - The number of clinical trials in China is steadily increasing, with a projected 4,900 new drug clinical trials in 2024, reflecting a 13.9% year-on-year growth [17]. - The SMO industry is expected to reach a market size of 35 billion yuan by 2030, driven by the rising complexity of clinical trials and the demand for high-quality services [17][20]. - The introduction of AI technology in SMO processes is anticipated to enhance efficiency and reduce costs, particularly in labor-intensive tasks [25]. Investment Recommendations - The medical device sector is recommended for investment, particularly in imaging equipment and home medical devices, which are expected to see significant growth due to policy support and market recovery [46]. - The low-value consumables market is also showing signs of improvement, with domestic manufacturers experiencing a rebound in orders as inventory levels normalize [47]. - The pharmaceutical retail sector is poised for growth due to the acceleration of prescription outflow and an improving competitive landscape, particularly for listed chain pharmacies [53]. Specific Company Insights - Companies like Pusens and Tianzhong have shown resilience and growth in their operational metrics, with Pusens improving its gross margin from 16.23% in Q1 2025 to 25.58% by Q3 2025 [22]. - The domestic SMO market is still in its early stages, with the top five players holding approximately 25-30% market share, indicating potential for consolidation and growth [27]. - The life sciences service sector is expected to benefit from increased domestic and international demand, with a focus on companies that can leverage their capabilities for growth [52].

Group 1 - Wang Yi, China's Foreign Minister, invited Cambodian and Thai foreign ministers for a meeting in Yunnan on December 28-29 [2][3] - The meeting follows the signing of a ceasefire joint statement between Cambodia and Thailand, indicating a commitment to dialogue and cooperation [3] Group 2 - Li Bei, a well-known private equity fund manager, announced a new investment course priced at 12,888 yuan, which has garnered significant attention in the financial community [7] - Li clarified that the course is not intended to create a new revenue stream and emphasized her financial independence, stating that she does not rely on this for income [7] - The performance of her fund, Hanxia Balanced Macro Hedge Fund, shows a cumulative return of 73.44% since inception, with a year-to-date return of 23.17% [7] Group 3 - Shengyuan Environmental announced a significant loss of 81.54% on a private equity investment amounting to 60 million yuan, resulting in a loss of approximately 46.92 million yuan [8][9] - The company has initiated recovery measures, including legal actions against the fund manager for violations and has reported the case to authorities [9] - Shengyuan has also taken steps to secure remaining assets and prevent further losses by halting trading and liquidating positions [9] Group 4 - Suzhou Tongxin Medical Technology's IPO application has been accepted, aiming to raise 1.064 billion yuan for various projects, including the production and clinical trials of implantable left ventricular assist devices [13] - This move is expected to support innovation in the medical technology sector, benefiting the medical device industry [14] Group 5 - NetEase announced the retirement of Ding Yingfeng, the executive vice president and head of the gaming department, effective December 31, while he will continue as a consultant in 2026 [15] - This management change may lead to slight adjustments in gaming business strategies, prompting investor interest in future plans [15]

Group 1 - Wang Yi will meet with the foreign ministers of Cambodia and Thailand in Yunnan from December 28 to 29, following the signing of a ceasefire joint statement between Cambodia and Thailand [3][4] - The Ministry of Industry and Information Technology established a standardization technical committee for humanoid robots and embodied intelligence to enhance the standardization work in this field [4] - The Chinese Embassy in Mexico expressed strong dissatisfaction with recent comments from a U.S. official attacking Chinese export products [5] Group 2 - The Industrial Internet Research Institute of China released the Industrial Data Resource Database, which aims to support industrial AI model training by aggregating key data [5] - The total scale of ETFs in the market has surpassed 6 trillion yuan, reaching 6.03 trillion yuan as of December 26, marking a significant growth [5] - A 6.6 magnitude earthquake occurred off the coast of Yilan County, Taiwan, with a depth of 60 kilometers, felt strongly in nearby regions [5] Group 3 - The well-known private equity fund manager Li Bei announced a new investment course priced at 12,888 yuan, attracting significant attention in the financial sector [9] - Shengyuan Environmental Protection reported a significant loss of approximately 46.92 million yuan from a private equity fund investment, with a net value growth rate of -81.54% [10] - Han Shu confirmed that none of its products contain human epidermal growth factor (EGF), following consumer concerns about certain products [11] Group 4 - Suzhou Tongxin Medical Technology Co., Ltd. received acceptance for its IPO application on the Sci-Tech Innovation Board, aiming to raise 1.064 billion yuan for various projects [13] - NetEase announced the retirement of its executive vice president and head of the gaming department, effective December 31, with plans for him to continue as an advisor in 2026 [14]

拱东医疗：关于"提质增效重回报"行动方案的公告 截至2025年12月26日收盘，拱东医疗（605369）报收于18.81元，较上周的18.54元上涨1.46%。本周， 拱东医疗12月25日盘中最高价报19.4元。12月23日盘中最低价报18.06元。拱东医疗当前最新总市值 41.47亿元，在医疗器械板块市值排名84/127，在两市A股市值排名3839/5178。 本周关注点 公司公告汇总：拱东医疗发布"提质增效重回报"行动方案，涵盖研发、生产、市场及分红等举 措。 公司公告汇总 浙江拱东医疗器械股份有限公司于2025年12月22日审议通过《"提质增效重回报"行动方案》，旨在通过 聚焦主业升级、规范治理、优化投资者关系、强化回报机制等举措，提升公司经营质量与投资价值。方 案包括加大研发投入、推进智能化生产、拓展国内外市场、完善公司治理、加强信息披露、实施稳定分 红等内容，切实保护投资者权益。该方案不构成对投资者的实质承诺，存在不确定性。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

【深圳商报讯】(记者刘娥)我国生物医用材料领域取得重大突破。近期，由深圳华诺生物科技有限公司 自主研发的"可吸收止血流体凝胶"获得国家药品监督管理局(NMPA)三类医疗器械注册证，成功打破美 国强生公司在该高端止血耗材领域长达10年的市场垄断。华诺生物科技创始人，大连理工大学教授、博 导王华楠表示，截至目前，该产品已实现近千家医院入院，预计到2026年将实现强生产品30%—40%的 市场替代，未来5年完成全面替代。 这一突破性成果源自王华楠团队17年的持续研发。与传统材料依赖稳定的共价键不同，华诺生物创新 的"自愈合分子技术"基于"动态非共价键"原理，使材料在被破坏后能够快速重组恢复结构和强度。该技 术同时具备了流体的可注射性和固体的支撑能力，在微创手术中，医生可以通过腹腔镜将材料精准注入 体内深处出血点，实现快速止血封闭。 业内专家指出，随着国家加大对高端医疗器械产业的支持力度，未来5—10年将是中国医疗器械耗材企 业集中爆发期。华诺生物的成功案例表明，通过产学研深度融合，中国企业在高端医疗耗材领域完全有 能力突破技术壁垒，实现从跟跑到并跑甚至领跑的跨越。 目前，华诺生物已与多家国际机构开展合作，其自主研发 ...

本周关注点 无锡祥生医疗科技股份有限公司完成2024年限制性股票激励计划首次授予部分第一个归属期的股份登 记，本次归属数量为100,860股，来源于公司回购的A股普通股股票，归属对象为26名中层管理人员、技 术骨干及业务骨干，占已获授予权益总额的26.86%。公司股本总数因股份来源为回购股份而不发生变 化。本次归属已完成验资及过户登记手续。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 公司公告汇总 无锡祥生医疗科技股份有限公司拟以2025年前三季度实现的归属于上市公司股东净利润为基础，向全体 股东每10股派发现金红利3元（含税），分配总额以权益分派股权登记日登记的总股本扣减回购专用账 户股份数为基数计算，不进行资本公积转增股本和送红股。该方案已由董事会及相关委员会审议通过， 提请股东大会审议。 本次减持计划实施前，祥鼎投资持有祥生医疗4,704,000股，占总股本4.20%；上海御德持有1,679,956 股，占总股本1.50%；祥鹏投资持有1,344,000股，占总股本1.20%。2025年8月29日，公司披露减持计 划，上述 ...