市场监管总局、工信部印发《计量支撑产业新质生产力发展行动方案(2025—2030年)》。其中提到，面 向生物技术、诊疗装备和药物研制等人民生命健康重点领域，聚焦药品、疫苗、先进诊疗技术、可穿戴 装备、精准医疗和检验检测等方向，开展重大防控、化学创新药、生物大分子药物、高通量基因测序、 细胞治疗、生物检测、体外诊断产品、合成生物技术产品、类器官产品、医疗机器人等计量检测和质量 评价关键技术研究，推进药理学、生理学和合成生物学等多学科融合发展，推动在新药开发、疾病治 疗、物质合成、特殊医学用途配方食品等领域应用，加快相关技术产品转化和临床应用。 ...

Core Viewpoint - The stock of Xinmai Medical (688016) has shown fluctuations in trading volume and capital flow, with a recent closing price of 92.85 yuan, reflecting a 0.86% increase on July 8, 2025. The company is involved in the development, production, and sales of interventional medical devices for aortic and peripheral blood vessels [1][2]. Group 1: Stock Performance and Capital Flow - As of July 8, 2025, Xinmai Medical's stock closed at 92.85 yuan, with a trading volume of 12,100 hands and a total transaction amount of 112 million yuan [1]. - On July 8, the net outflow of main funds was 666,600 yuan, accounting for 0.59% of the total transaction amount, while retail investors experienced a net outflow of 5.31 million yuan, representing 4.74% of the total [1]. - Over the past five days, the stock has seen varying capital flows, with significant net inflows from speculative funds on certain days, indicating fluctuating investor sentiment [1]. Group 2: Financial Metrics and Industry Comparison - Xinmai Medical's total market value is 11.445 billion yuan, slightly above the industry average of 10.691 billion yuan, ranking 28th out of 122 companies in the medical device sector [2]. - The company reported a net profit of 130 million yuan for Q1 2025, a decrease of 29.66% year-on-year, with a gross margin of 69.61%, significantly higher than the industry average of 51.08% [2]. - The company's return on equity (ROE) stands at 3.19%, outperforming the industry average of 1.01%, indicating better profitability relative to equity [2].

Core Insights - The Hang Seng Innovation Drug ETF (159316) has seen a 1.47% increase as of July 9, 2025, with a trading volume of 3.09 billion yuan, indicating active market participation [1] - As of July 8, the ETF's latest scale reached 498 million yuan, with a total of 386 million shares, both marking new highs since its inception [1] - Recent net inflow into the ETF amounted to 28.55 million yuan, with a total of 79.19 million yuan attracted over the past five trading days [1] - The National Medical Products Administration (NMPA) has announced measures to optimize the lifecycle regulation supporting the innovation of high-end medical devices, which is expected to benefit high-end medical equipment and in vitro diagnostics (IVD) significantly [1] - The Hang Seng Innovation Drug ETF closely tracks the Hang Seng Innovation Drug Index, which reflects the performance of Hong Kong-listed companies involved in the research, development, and production of innovative drugs [1][2] Industry Summary - The Hang Seng Innovation Drug ETF (159316) is currently the only ETF product tracking the Hang Seng Innovation Drug Index, providing investors with a unique opportunity to capitalize on the current innovation drug investment landscape in Hong Kong [2]

Financial Sector - The banking sector showed a general upward trend with notable performances from major banks such as China Life Insurance and Ping An Insurance, with market capitalizations of 380.77 billion and 1,023.96 billion respectively [4] - China Life Insurance experienced a slight decline of 0.29% while Ping An Insurance decreased by 0.58% [4] Semiconductor Sector - The semiconductor sector displayed mixed results, with North Huachuang's market capitalization at 241.30 billion and a decrease of 0.32% [4] - Cambrian's stock price increased slightly by 0.13%, while Haiguang Information saw a decline of 0.49% [4] Automotive Sector - The automotive sector, led by BYD with a market capitalization of 1,790.49 billion, experienced a minor decline of 0.31% [4] - Great Wall Motors and China Railway High-speed also showed slight increases of 0.41% and 1.05% respectively [4] Energy Sector - In the energy sector, China Petroleum and China Petrochemical had market capitalizations of 1,588.62 billion and 693.52 billion respectively, with China Petroleum increasing by 1.28% [4] - China Shipping Development remained stable with no change [4] Coal Industry - The coal industry saw Shaanxi Coal and China Shenhua with market capitalizations of 750.83 billion and 185.66 billion respectively [4] - China Shenhua's stock price increased by 4.03% while Shaanxi Coal remained unchanged [4] Food and Beverage Sector - The food and beverage sector included major players like Haitian Flavor Industry with a market capitalization of 228.10 billion, which increased by 0.46% [5] - Other companies in this sector showed stable performances with minor fluctuations [5] Electronics and Pharmaceuticals - The electronics sector, represented by Hon Hai Precision Industry, had a market capitalization of 365.78 billion and a slight increase of 0.34% [5] - In pharmaceuticals, Hengrui Medicine's market capitalization was 529.06 billion, with a notable increase of 0.99% [5] Logistics and Medical Devices - The logistics sector, led by SF Holding, had a market capitalization of 2,415.92 billion, experiencing a decline of 0.88% [5] - In medical devices, Mindray Medical's market capitalization was 172.94 billion, with a minor decrease of 0.02% [5] Metals and Construction - The non-ferrous metals sector included Zijin Mining with a market capitalization of 247.51 billion, which saw a decline of 3.38% [5] - China State Construction had a market capitalization of 1,700.78 billion, with a slight increase of 0.67% [5]

答：从数据来看，公司研发占比提升一方面是因为集采之后 公司整体营收下降；另一方面是公司在集采降价之后仍保持原有 的研发投入。公司研发投入处于上升阶段主要因为公司涉及产品 的品相较多，公司在创伤、脊柱、关节、运动医学这四大骨科领 域以及齿科、神经外科、微创外科等非骨科领域均有相应研发投 入。公司各产线的研发投入主要聚焦在材料、工艺及临床效果（如 缩短手术时间、减小创伤等）等方面。 5、问：公司未来几年还有什么重大的资本支出计划吗？ 证券代码：002901 证券简称：大博医疗 大博医疗科技股份有限公司投资者关系活动记录表 投资者关系活动 类别 ■特定对象调研（电话会） □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称及 人员姓名 国联民生证券、汇添富基金、兴证全球基金、宏利基金、福泽源 基金、工银瑞信、国泰海通证券、国联民生证券、大成基金、红 土创新基金、泽源资产、天风证券、华能贵诚信托、中金公司、 国信证券 时间 2025 年 7 月 8 日 (周二) 下午 15:30~16:30 地点 公司会议室 上市公司接待人 员姓名 董事长：林 ...

山外山 20250708 摘要 国内血液净化行业发展空间广阔，患者数量持续增长，但国产替代率仍 有提升空间，山外山和威高雪净等企业有望受益。 山外山在血液净化设备和耗材方面均具备优势，尤其与瑞士 Dialife 合资 的德莱福透析器，以蒸汽灭菌技术提升产品品质，具有市场竞争力。 山外山积极拓展海外市场，尤其在巴西、俄罗斯及东南亚等地销售增长 迅速，境外收入占比虽小但增速显著，未来有望成为重要增长点。 预计山外山未来三年收入和利润将保持 30%左右的复合增长率，设备销 售仍是主要收入来源，耗材和医疗服务业务稳步增长。 山外山管理团队稳定，创始人高光勇先生为实际控制人，具备核心技术 优势，多次参与国家技术标准制定，增强了公司在血液净化领域的竞争 力。 政策推动国产替代，集采降价对山外山出厂价影响较小，公司通过技术 创新和全线产品布局，提升市场竞争力，并积极发展血液透析服务。 综合考虑行业前景、产品竞争力、海外业务增长潜力及估值水平，认为 山外山具备长期投资价值，当前是观察并投资的良好时机。 Q&A 山外山在国内血液净化领域的地位如何？ 山外山是国内血液净化领域的龙头企业，无论是在设备还是耗材方面都具有领 先地位。 ...

转自：前瞻产业研究院 1、深圳市高端医疗器械产业政策环境 ——深圳市高端医疗器械产业重点政策梳理 深圳作为中国改革开放的标杆城市，其政策红利的持续释放与创新迭代，使其成为全球投资者不可忽视 的战略高地。深圳从"政策红利"向"产业红利"转型的核心抓手是科技创新，始终以产业需求为导向，推 动产业结构向高端化、智能化跃迁。 作为全球和中国高端医疗器械产业的核心阵地，深圳的政策红利的精准性、系统性和前瞻性，使其成为 资本与技术汇聚的"超级磁场"。 近年来，深圳市出台多项鼓励性政策，不断加大对高端医疗器械产业的支持力度。2024年3月，深圳出 台《关于加快发展新质生产力进一步推进战略性新兴产业集群和未来产业高质量发展的实施方案》，指 出针对具有战略意义、处于风口期、资源投入大的高端医疗器械等7个产业集群，举全市之力集聚资 源，以超常规力度支持培育。 | 时间 | 政策名称 | 内容解读 | | --- | --- | --- | | 2025年4月 | 《深圳市全链条支持医药 和医疗器械发展若干措 | 聚焦高端医学影像、医用机器人、高性能植介入器械、体外诊断、生命监护 | | | | 与支持、人工智能辅助诊断系统等方向 ...

Market Overview - The three major indices opened mixed, with the Shanghai Composite Index and Shenzhen Component Index both up by 0.04%, while the ChiNext Index opened down by 0.08% [1] - The Shanghai Composite Index is at 3,498.72 points, with a slight increase of 0.04% and a trading volume of 52.45 billion [2] - The Shenzhen Component Index is at 10,592.51 points, also up by 0.04%, with a trading volume of 81.21 billion [2] - The ChiNext Index is at 2,179.32 points, down by 0.08%, with a trading volume of 35.64 billion [2] External Market - The US stock market showed mixed results, with the Dow Jones down by 0.37% at 44,240.76 points, the S&P 500 down by 0.07% at 6,225.52 points, and the Nasdaq up by 0.03% at 20,418.46 points [3] - Chinese concept stocks performed well, with the Nasdaq China Golden Dragon Index up by 0.71%, outperforming the US indices [3] Industry Insights - CITIC Securities reports a positive long-term trend in the medical device industry, driven by innovation, mergers, and internationalization, with expectations of high growth in Q3 due to new product launches [4] - CICC anticipates continued high growth in new consumption sectors, particularly in health drinks and snacks, with a stable improvement in the food and beverage sector [5] - China Galaxy Securities highlights that leading companies in the steel industry are expected to benefit from improved supply-demand dynamics due to upcoming supply-side reforms [6] - CITIC Securities notes that the overseas energy storage and industrial storage sectors are at a turning point, with expectations of significant performance improvements for leading companies by Q2 2025 [7]

内容概要：随着中国经济的发展，人们的生活水平不断提高，更多的人开始重视健康和运动，他们会更 多地投入到健身运动中，这使得肌内效贴布的需求稳步上升。特别是在运动员和健身爱好者中，肌内效 贴布凭借透气性、舒适性、缓解疼痛、支持、放松软组织等优点，逐渐成为人们日常运动装备的一部 分。此外，随着老龄化速度的加快，越来越多的老年人开始关注肌内效贴布，尤其是在缓解关节和肌肉 疼痛方面，功能性贴布的需求不断增加，进一步推动肌内效贴布行业规模增长。据统计，2024年中国肌 内效贴布行业市场规模达到19.9亿元，同比上涨15.0%。 肌内效贴布是一种带有弹性的超薄透气胶带，有不同的宽度、颜色和弹性，可以根据需要剪切成不同的 形状，贴在需要治疗的皮肤、肌肉和关节上。与传统的膏药或药布相比，它极大减少皮肤过敏或适应不 良的情形，且允许治疗部位自然活动。肌内效贴布于20世纪70年代起源于日本，发展于欧美，而国内对 肌内效贴布的认识则始于北京奥运会。经推广，现该技术不仅用于各类运动损伤的处理，且广泛延伸到 临床康复等领域。目前，肌内效贴布主要有三个方面的治疗作用：①缓解疼痛；②改善循环，减轻水 肿；③支持、放松软组织，改善不正确的动作 ...

Core Viewpoint - China has implemented restrictions on medical device procurement from European companies in response to similar measures taken by the EU against Chinese firms, indicating a tit-for-tat approach in trade relations [1][5]. Group 1: Government Procurement Measures - The Ministry of Finance announced that for medical device procurement budgets exceeding 45 million RMB, EU companies will be excluded from participation, except for EU-funded enterprises operating in China [2][4]. - The measures specifically target 50 types of medical devices imported from the EU, including both everyday medical instruments and high-end equipment like MRI and X-ray diagnostic devices [4][6]. Group 2: Impact on Domestic Industry - The restrictions are expected to significantly impact high-end medical device manufacturers from the EU, while domestic companies are increasingly filling the market gap with competitive products [5][6]. - Currently, imported medical devices account for 40% of a typical domestic company's business, with only 10% coming from the EU, indicating a shift towards non-EU suppliers [4][6]. Group 3: Future Trends in Domestic Medical Device Market - The domestic medical device industry is projected to see an increase in the replacement rate of imported products, with estimates suggesting that 60% to 80% of devices priced around 5 million RMB can be sourced domestically [7][8]. - The market for high-end medical devices is expected to grow significantly, with projections indicating that by the end of the 14th Five-Year Plan, the market size could reach approximately 2.27 trillion RMB, accounting for 28% of the global market [8][9].