证券研究报告 医疗设备招投标数据跟踪 设备招投标景气度持续，公司报表端拐点 有望来临 医药生物行业 强于大市（维持） 证券分析师 叶 寅 投资咨询资格编号：S1060514100001 倪亦道 投资咨询资格编号：S1060518070001 裴晓鹏 投资咨询资格编号：S1060523090002 2025年7月17日 请务必阅读正文后免责条款 从国产各公司招投标趋势来看，基本上与行业趋势趋同，单6月份来看，迈瑞6.23亿（yoy+15%）、联影7.69亿元（yoy+35%）、开立1.02亿元（yoy+73%，其中超声 0.56亿、yoy+76%，内镜0.46亿、yoy+72%）、澳华0.27亿元（yoy-46%）。 投资建议：关注医疗设备高端化、智能化完善布局的国产领军企业。 投资要点 设备招投标景气度持续，公司报表端拐点有望来临。 2025年以来，国内大规模设备更新持续推进，各省市设备更新及县域医共体采购大单频现，医疗设备大规模集采陆续推进，带动设备招投标需求持续释放。根据众 成数科统计，2025年上半年，我国医疗器械招投标整体市场规模超800亿元，同比增长超过60%；从月度趋势来看，各月招投标规模同比持续 ...

当日，内蒙古伊利实业集团股份有限公司举办了"中国牛奶 品质领先"中国奶业供应链品质公约发布 会，这也是中国首个奶业供应链品质公约发布会。发布会上，内蒙古伊利实业集团股份有限公司发布 《中国奶业产业链供应链高质量发展战略研究》与《中国奶业供应链品质公约》。 "自2023年首届链博会举办以来，内蒙古连续3年携企业参加链博会。相比前两届，今年内蒙古首次新增 参展健康生活链，在微创手术领域展示内蒙古医疗科技发展。"自治区贸促会副会长缪增位说，"自治区 贸促会立足贸促职能，紧紧围绕'五大任务'，积极开展'助企行动''区域合作深化行动 '，全力以赴推动 全区经济高质量发展。在前两届取得成果的基础上，继续扩大内蒙古参展链博会的成效和影响力，展示 内蒙古产业链供应链绿色创新发展优势和特色，推动内蒙古高新技术产业和名优特产品进一步提升品牌 影响力，并积极助力内蒙古产业链供应链升级和延链补链强链。"（记者 张慧玲 高辉） 链博会是首个以供应链为主题的国家级展会，是全球共享的国际公共产品。2023年以来，链博会已成功 举办两届，成为展览展示特色鲜明、活动亮点纷呈、合作成果丰硕的全球经贸盛会，为建设更加安全稳 定、开放包容的全球产业 ...

7月17日，A股、港股主要指数开盘涨跌不一，医药生物板块震荡走高。 相关ETF方面，创新药ETF天弘（517380）盘中涨2.09%，当前溢折率0.08%；成分股方面，科兴制药、 三生制药、信立泰涨幅居前。生物医药ETF（159859）涨0.51%，据Wind金融终端，盘中实时成交额超 1480万元居同标的之首。医疗设备ETF（159873）涨0.17%；成分股中，春立医疗涨超4%，安杰思、南 微医学等跟涨。 创新药ETF天弘（517380）是全市场规模最大的横跨沪深港三地的创新药ETF，且是全市场唯一一只跟 踪恒生沪深港创新药精选50指数的ETF产品，该指数实现了A股+港股、创新药+CXO全面覆盖。据Wind 最新数据，恒生沪深港创新药50指数前十大成分股累计权重近60%，包含信达生物、百济神州、药明生 物等A股稀缺优质标的。创新药ETF天弘（517380）还配置了场外联接基金（A类：014564，C类： 014565）。 生物医药ETF（159859）紧密跟踪国证生物医药指数。截至7月16日，据Wind金融终端，生物医药ETF （159859）产品规模暂居同标的第一。该ETF还配备了联接基金（A：0110 ...

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $17.2 million, representing a 71% increase year-over-year [9][24] - For fiscal year 2025, total revenue reached $59.8 million, a 115% increase compared to fiscal year 2024 [24] - Gross margin improved to 44.3% in Q4 2025 from 13.9% in the prior year [10][25] - Fiscal year 2025 gross margin was 40.5%, up from 1.3% in fiscal year 2024 [11][25] - GAAP net loss for Q4 2025 was $51.1 million, compared to a loss of $22.3 million in the prior year [29] - Adjusted EBITDA loss for Q4 2025 was $20.3 million, compared to a loss of $16.5 million in the prior year [29] Business Line Data and Key Metrics Changes - The Assure system generated over 3,900 prescriptions in Q4 2025, a 43% increase year-over-year [9] - Revenue growth was driven by a higher mix of in-network patients and improvements in revenue cycle management capabilities [24][25] Market Data and Key Metrics Changes - Covered lives for the Assure system now total over 285 million health plan members in the U.S. [13] - The company is targeting geographies with high volumes of WCD prescriptions and strong in-network payer coverage [12] Company Strategy and Development Direction - The company aims to expand its commercial team and enhance revenue cycle management capabilities [11][12] - Plans to nearly double sales coverage over the next few years, increasing from approximately 80 sales territories [12] - The company is focused on continuous innovation and has over 365 patent assets [14][15] - The goal is to make the Assure system the standard of care for patients at risk of sudden cardiac arrest [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving significant operating leverage and gross margin expansion over the next few years [11][30] - The company expects revenue of $85 million for fiscal year 2026, a 42% increase compared to fiscal year 2025 [30] - Management highlighted the underutilization of WCD therapy, indicating a significant market opportunity [16][17] Other Important Information - The company is not subject to competitive bidding due to the Assure system being a class III medical device [26] - The company is focused on building clinical evidence to support the safety and efficacy of the Assure system [15][84] Q&A Session Summary Question: Guidance for fiscal year 2026 and underlying assumptions - Management indicated that revenue growth will be driven by sales territory productivity, expansion plans, and penetration of existing accounts [33][35] Question: Margin expansion potential - Management noted that margin expansion is expected due to increasing volumes and improved revenue per fit [37][38] Question: Sole source contract with a provider network - Management explained that the contract allows for better patient management and smoother revenue cycle processes [40][42] Question: Seasonality considerations for fiscal year 2026 - Management stated that prescription growth is expected to average 40% per quarter, with higher conversion rates in the first half of the year [44][45] Question: Competitive response and guidance - Management clarified that the guidance reflects normal scaling and territory ramp-up, with no significant competitive issues [48][50] Question: Conversion rate drivers - Management identified fill rate, claim conversion, and in-network patient mix as key drivers of the conversion rate [59][61] Question: Plans for randomized trials - Management is focused on executing the post-approval study and leveraging the data from the registry [83][85]

"下一步，我们将加强设备在养老、社区、学校等场景的投放，并加快推出多语言版本，积极拓展海外 市场。同时，我们将继续深化个性化慢病治疗研究，为受众提供精准的健康干预方案。"观薇智能首席 运营官高健表示。 除怀柔外，"阅睦家""玄黄识仪"已在河北、湖南、浙江等地应用，累计健康分析次数达147.5万次。 据了解，观薇智能科技（北京）有限公司已扎根怀柔11年。作为怀柔本土孵化的专精特新企业，填补了 怀柔区人工智能领域的空白。 北京商报讯（记者 方彬楠）近日，由怀柔科学城创新企业观薇智能科技（北京）有限公司（以下简 称"观薇智能"）自主研发的"玄黄识仪"多模态智能检测仪和"阅睦家"AI智能检测仪，在怀柔医院、中医 医院、妇幼保健院等12家医疗机构完成23台设备的规模化投放，市民可免费体验。这是北京市首次实现 人工智能健康检测仪器规模化应用，标志着怀柔在"AI+医疗健康"领域迈出关键一步。 "检测仪知识图谱构建，整合了中医目诊、面诊、舌诊、问诊等领域的权威专家建议和中国中医科学院 丰富的中医及临床数据。仅需2分钟，就可以对人体8大系统、9种体质、50余个器官的健康状态，合计 80余项健康指标进行全面健康判断，并给出多样化 ...

Group 1 - Generative AI (GenAI) is expected to significantly reshape global productivity, industry dynamics, and regional economies over the next decade, with a focus on its impact on total factor productivity (TFP) across various sectors [1][4][22] - The healthcare sector is projected to be the largest beneficiary of GenAI, with TFP growth estimated between 1.2% and 2.5% by 2033, driven by advancements in diagnostics, patient management, and operational efficiencies [2][35] - Advanced manufacturing, particularly in computer and medical equipment, is also set to experience substantial TFP gains, estimated at 1.0% to 2.4%, as GenAI transforms production processes and supply chain management [3][35] Group 2 - Developed regions such as Asia-Pacific, Western Europe, and North America are expected to see the most significant GDP growth due to GenAI, with increases ranging from 1.0% to 2.3% in these areas by 2033 [4][22] - In contrast, regions like South Asia and Sub-Saharan Africa are anticipated to experience limited GDP growth, with TFP improvements only between 0.05% and 0.1%, due to weaker technological infrastructure and talent shortages [4][8] - The report highlights that GenAI's influence extends beyond direct productivity gains, as it also affects trade and capital flows, creating a cycle of economic expansion in regions that rapidly adopt these technologies [5][22] Group 3 - The report indicates a widening gap between industries benefiting from GenAI and those lagging behind, with sectors like education, public administration, and professional services also poised for significant productivity enhancements [6][22] - Conversely, industries such as agriculture, construction, and traditional mining are expected to see modest TFP growth, ranging from 0.2% to 1.0%, due to their lower labor cost structures and higher dependency on manual processes [6][22] - The spillover effects of GenAI are noted, where industries with limited direct application can still benefit indirectly from growth in manufacturing and services, leading to increased demand in sectors like real estate and utilities [6][8] Group 4 - The uneven distribution of GenAI's productivity benefits is reshaping global competitiveness, with Western economies likely to achieve TFP increases of 0.9% to 1.8%, primarily in healthcare and manufacturing [7][22] - Emerging markets in Central and Eastern Europe, Latin America, and ASEAN are expected to see moderate TFP growth of 0.3% to 0.7%, often through the adoption of GenAI technologies in manufacturing processes [7][8] - The report emphasizes that regions with lower capital mobility may find new opportunities in traditional sectors as demand for basic products rises in developed countries focusing on GenAI-intensive industries [8][22]

以下文章来源于超越 J Curve ，作者CVSource投中数据 超越 J Curve . 用数据延伸你的阅读 将投中网设为"星标⭐"，第一时间收获最新推送 本期带来2025年半年度中国并购市场数据报告，地方国资主导并购频繁，跨境并购量显著收缩。 作者丨 投中研究院 来源丨 超越 J Curve 核心发现 2025年H1，并购宣布市场活跃度下滑，但完成并购交易规模显著扩大；地方国资主导的并购 频繁，涉及能源及矿业、化学工业等多个领域；跨境并购交易量显著萎缩； 2025年H1，共计171支基金成功退出，回笼资金创历史新高，同比大幅增长； 受大额案例影响，电子信息、医疗健康、金融及传统制造为并购主力领域。 并购市场宣布交易月度趋势 2025年6月，中企并购市场呈现出复杂态势。披露预案421笔并购交易，环比上升30.34%，同比下 降19.66%；其中披露金额的有251笔，交易总金额为125.46亿美元，环比下降56.22%，同比下降 20.01%。这显示出尽管交易数量在本月有所回升，但交易规模却出现显著收缩。 第一部分 中企并购市场数据分析 并购市场宣布交易半年度趋势 2025年H1，中企并购市场活跃度显著下滑 ...

Core Insights - The survival rate of Chinese enterprises has decreased, with the three-year survival rate dropping from 83.9% to 76%, indicating a harsher business environment [1][2] - The average lifespan of small and medium-sized enterprises (SMEs) in China is only 2.5 years, with a significant number failing within the first few years [2][3] Group 1: Business Environment - The highest mortality rate for enterprises has shifted to the first three years, with 8.2%, 9.4%, and 6.4% of businesses failing in their first, second, and third years respectively [1][2] - The data suggests that the market's tolerance for failure has decreased, necessitating faster maturation of businesses [2] Group 2: Entrepreneurial Spirit - Successful entrepreneurs must possess two critical qualities: introspection and a balance of pessimism and optimism [13][15] - Entrepreneurs should focus on internal solutions and adapt to external conditions rather than blaming the environment for failures [14][23] Group 3: Causes of Business Failure - The essence of business failure is linked to the weakening of core competitiveness, which ultimately leads to bankruptcy [20][23] - Many reasons cited for business failure, such as poor financial management or market conditions, are often just symptoms of a deeper issue related to a lack of core competitiveness [21][22][23]

欧盟与美国的关税谈判突传变数。 受此影响，7月14日，欧美市场的避险情绪升温，欧洲主要股指普跌，欧洲斯托克50指数、德国DAX指数、意 大利富时MIB指数一度跌超1%。美股三大指数亦全线走弱。 华尔街机构警告称，若30%关税税率全面实施，美国对欧盟的有效关税税率将升至26个百分点，到2026年底， 欧元区GDP可能累计下降1.2%。 全线下挫 7月14日，据观察者网援引彭博社报道，有知情人士透露，欧盟正准备加强与其他同样受到美国关税打击国家 的合作，同加拿大、日本等国进行接触，可能涉及协调应对措施。 特朗普12日在社交媒体上宣布，将从8月1日起对欧盟和墨西哥的输美产品征收30%关税。 受特朗普"对等关税2.0"影响，欧美市场的避险情绪有所升温。7月14日，欧洲股市开盘后，主要指数集体下 挫，截至北京时间22:30，欧洲斯托克50指数跌0.6%，德国DAX指数跌0.7%，法国CAC40指数跌0.5%，意大利 富时MIB指数跌0.1%。 美股开盘后，三大指数亦集体走弱，截至北京时间22:30，道指跌0.15%，纳指跌0.1%，标普500指数跌0.2%。 中概股逆势走高，纳斯达克中国金龙指数一度涨超1%，新氧大涨超 ...

发布时间：2025-07-14 行业投资评级 强于大市 |维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 8096.68 | | 52 周最高 | 8490.25 | | 52 周最低 | 6070.89 | 行业相对指数表现 2024-07 2024-09 2024-12 2025-02 2025-04 2025-07 -9% -5% -1% 3% 7% 11% 15% 19% 23% 27% 医药生物 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 近期研究报告 《PD-(L)1/VEGF 双抗 BD 预期引发创新 药行情持续热潮》 - 2025.07.07 医药生物行业报告 （2025.07.07-2025.07.11） 2025 年上半年 License out 创历史新高，看好 创新药 BD 催化延续 l 一周观点：看好下半年 ADC、双抗与 CAR-T 等产品 BD 催化延续 中国在全球创新药 BD 交易中的项目数占比从 2019 年的 3% 跃 ...