Investment Rating - The report does not explicitly provide an investment rating for the medical device industry. Core Insights - The medical device industry is experiencing continuous growth globally, driven by advancements in technology, materials, and concepts, which enhance product functionality and precision [6][32]. - The industry plays a crucial role in improving healthcare services and resource allocation, significantly impacting accessibility and equity in medical care [6][32]. - The report emphasizes the importance of ESG (Environmental, Social, and Governance) principles, highlighting that adherence to these standards can enhance corporate image and drive sustainable development within the industry [7][56]. Summary by Sections Chapter 1: Overview of the Medical Device Industry - The upstream segment includes raw material supply and technology research and development, which are foundational for medical device production [19][20]. - The midstream segment focuses on product design, manufacturing, marketing, and distribution, emphasizing the need for compliance with regulatory standards [20][24]. - The downstream segment pertains to the application of medical devices in various healthcare settings, where performance, safety, and user experience are critical [29][30]. Chapter 2: ESG Development in the Medical Device Industry - The report discusses the current state of ESG information disclosure, noting that the healthcare sector has a disclosure rate of 39%, slightly below the average [56][57]. - It highlights the need for improved transparency and accountability in ESG reporting, as many companies focus on achievements while neglecting potential risks [58]. - The report outlines various domestic and international policies that guide the medical device industry towards sustainable practices, including regulations on waste management and product safety [59][62]. Chapter 3: ESG Practice Cases in the Medical Device Industry - The report presents case studies of leading companies in the medical device sector, showcasing their ESG practices and contributions to sustainable development [7][56]. - It emphasizes the importance of integrating ESG principles into corporate strategies to enhance competitiveness and address societal expectations [58][59].

| 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 8323.7 | | 52 | 周最高 | 9323.49 | | 52 | 周最低 | 6876.88 | 行业相对指数表现 证券研究报告：医药生物|行业周报 发布时间：2026-03-02 行业投资评级 强于大市|维持 -8% -4% 0% 4% 8% 12% 16% 20% 24% 2025-03 2025-05 2025-07 2025-10 2025-12 2026-02 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 分析师:陈灿 SAC 登记编号:S1340525070001 Email:chencan@cnpsec.com 近期研究报告 《黎明已至，国产争先》 - 2026.02.27 医药生物行业报告 （2026.02.23-2026.02.27） 手术机器人行业或出台收费标准，龙头公司有望迎 加速发展 ⚫ 本周主题 手术机器人行业或出台收费标准，龙头公司有望迎加速发展 ...

沪深两指小幅低开后迅速上涨，沪指在零轴附近保持小幅震荡走势， 深成指走势相对更弱。2 月 27 日下午开盘后，两指再度走出一波上涨， 随后保持震荡至收盘。最终沪指收涨 0.39%，深成指收跌 0.06%。创业 板指和科创 50 指数表现相对弱势，分别下跌 1.04%、上涨 0.15%。两 市成交量较前一交易日基本持平。 贵金属相关板块再度成为热点，同时电力产业链部分板块同样保持了 一定热度。两者的上涨逻辑与前几日并无太大变化，其中贵金属仍主 要受国际局势变化影响，而电力产业链则主要受 AI 发展需求推动。短 期内相关原因难以迅速消失，故仍存在博弈机会。 短期市场或延续震荡，需关注一季度政策窗口期及年报、季报业绩反 馈。中长期看，国际局势波动及 AI 产业溢出仍是市场主要关注方向。 操作方面，建议关注相对涨幅较低、估值合理的绩优蓝筹。 每日市场观察 2026 年 3 月 2 日 【今日关注】 【市场回顾】 市场概况：2 月 27 日，沪指 2 月累计涨 1.09%，呈现"冲高后窄幅震 荡"的走势，月线斩获 3 连阳。深成指累计涨 2.04%，创业板指累计跌 1.08%。 【资金面】 主力资金流向：2 月 27 ...

证券研究报告 策略 PPI 上行如何影响 AH 权益？ 需求拉动型通胀：由于内生需求回暖推动价格上行，全产业链利润扩张，风 险偏好提升，行业轮动呈现明显的上游->大金融->消费的顺序，回测上看， 非金属材料、能源金属、乘用车、光伏设备、其他电源设备、玻璃玻纤等板 块主要受益，消费电子、专业服务、一般零售、厨卫电器、通信服务等板块 可能受损。 2026 年 3 月 02 日│中国内地 专题研究 宏观视角，PPI 同比有望于 5-6 月转正 考虑到 PPI 中石油化工相关商品价格、CPI 中运输和与能源相关性较高的分 项或表现强于此前预期。此外，随着 AI 投资相关需求以及外需走强，叠加 国内"反内卷"政策的稳步推进，对 PPI 波动率贡献较为显著的黑色系、有 色系上游商品价格有望延续温和回升态势，中下游（光伏设备、汽车等）价 格亦有望企稳，共同推动 PPI 指标同比降幅收窄。华泰宏观团队预测中国 PPI 或将在今年 5-6 月转正，为 2022 年 10 月来首次；2026 全年平均 PPI 或将从去年的-2.6 回升至+0.1%，而今年年底 PPI 可能达到 1%左右（《PPI 何时转正?》2026 年 3 ...

重点关注 Q1 业绩预期、积极把握主题机会；手术机器人专题：政 策打通商业化瓶颈、千亿市场驶向发展快车道 医药生物 证券研究报告/行业定期报告 2026 年 03 月 02 日 -医药生物行业 3 月月报 | | | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 分析师：祝嘉琦 | | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A | 2024A | 2025E | 2026E | 2027E | | | 执业证书编号：S0740519040001 | | 药明生物 三生国健 | 40.22 | 0.82 | 0.81 | 0.96 | 1.17 | 1.47 | 48.95 | 49.59 | 42.00 | 34.37 | 27.42 | 买入 | | | | | 59.38 | 0.48 | 1.14 | 4 ...

Core Insights - The report emphasizes the potential for investment opportunities in commodities driven by geopolitical tensions, particularly in the Middle East, which may lead to rising prices for oil and precious metals in 2026 [2][5][6] - The A-share market is expected to experience short-term volatility due to geopolitical factors, but will likely refocus on domestic fundamentals and policy expectations in the medium term [3][15] - The report highlights a significant investment in AI applications by major domestic internet companies, indicating a competitive landscape focused on user habit formation and commercial viability [9][12] Market Overview - The report lists a "March Gold Stock Portfolio" featuring companies such as Poly Real Estate Group, CITIC Hanzhong, and Mindray Medical, indicating a focus on sectors like real estate, transportation, and healthcare [1][7] - The A-share market indices showed mixed performance, with the Shanghai Composite Index closing at 4162.88, up 0.39%, while the Shenzhen Component Index fell by 0.06% [1] - The report notes that the steel industry performed well, with a 3.37% increase, while sectors like construction materials and telecommunications saw declines [1] Commodity Insights - The report anticipates that geopolitical events will significantly impact oil and certain petrochemical product prices, with a focus on the implications of the closure of the Strait of Hormuz [5][29] - It is projected that Brent crude oil prices could exceed $80 per barrel due to potential supply disruptions from Iran, with historical comparisons to the 2022 Ukraine conflict [5][29] - The chemical industry is advised to focus on low-valuation leading companies and sectors benefiting from price increases under the "anti-involution" policy [28][33] AI Industry Developments - Major domestic internet companies invested over 4.5 billion yuan in promoting AI applications during the Spring Festival, marking a shift towards practical applications and user engagement [9][12] - The report highlights the rapid evolution of domestic AI models, with significant advancements in performance and market application, indicating a dual development path towards general models and vertical industry applications [10][12] - Concerns about AI replacing human jobs are noted, but the report emphasizes that current AI capabilities are more about enhancement rather than replacement [11][12] Investment Recommendations - The report suggests focusing on companies in the AI sector and those involved in the development of general models and industry-specific AI agents, such as MINIMAX-WP and iFLYTEK [13][12] - It also recommends monitoring traditional chemical leaders that are adapting to new materials and benefiting from improving industry conditions [33]

晨会纪要（R3） 晨会纪要 2026 年 03 月 02 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 4162.88 | 0.39 | | 深证成指 | 14495.09 | -0.06 | | 创业板指 | 3310.30 | -1.04 | | 科创 50 | 1488.02 | 0.15 | | 北证 50 | 1537.13 | -0.50 | | 沪深 300 | 4710.65 | -0.34 | 上证指数-沪深 300 走势图 -8% 2% 12% 22% 32% 2025-02 2025-05 2025-08 2025-11 上证指数 沪深300 | 何晨 | 分析师 | | --- | --- | | 执业证书编号:S0530513080001 | | | hechen@hnchasing.com | | | 周舒鹏 | 研究助理 | zhoushupeng@hnchasing.com 晨会聚焦 一、财信研究观点 【债券研究】债券市场综述 二、重要财经资讯 【宏观经济】中共中央政治局召开会议，讨论"十五五"规 ...

2026 年 3 月 1 日 行情回顾：上周 A 股医药生物（申万，下同）指数上涨 0.50%，跑输沪深 300 指数 0.58pp，跑输创业板综指 1.82pp，在 31 个子行业中排名第 25。港股恒生 医疗健康指数上周收跌 6.07%，跑输恒生国企指数 4.96pp。 研发进展：上周，康哲药业的 CMS-D008 注射液、康辰药业的 KC1036 片的临 床申请新进承办；海思科的 HSK46575 片、百利天恒的注射用伦康依隆妥单抗 和注射用 BL-M11D1 的 IND 申请新进承办；恒瑞医药的 SHR-1905 注射液以及 SHR-1819 注射液申请临床。 上周，诺诚健华的 ICP-538 以及华润双鹤的 DC6001 正在进行一期临床；复宏 汉霖的 HLX43 和天境生物的普那利单抗进行二期临床；石药集团的 SYH2053 和 SYS6010 进行三期临床；禾元生物的重组人白蛋白（水稻）进行四期临床。 本周观点：坚定看好医药板块回暖，重申投资临床价值三段论 从临床价值三段论看投资主线：1）"0→1"技术突破：创新药领域，高端前沿 创新靶点，正在肿瘤、减重、自免等领域重塑药企研发格局；创新器械领域 ...

医药生物/医疗器械 海泰新光（688677.SH） 2025 年业绩高增，海外布局持续推进 2026 年 02 月 28 日 投资评级：买入（维持） | 日期 | 2026/2/27 | | --- | --- | | 当前股价(元) | 45.93 | | 一年最高最低(元) | 57.00/27.22 | | 总市值(亿元) | 55.06 | | 流通市值(亿元) | 55.06 | | 总股本(亿股) | 1.20 | | 流通股本(亿股) | 1.20 | | 近 3 个月换手率(%) | 74.04 | 股价走势图 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2025-02 2025-06 2025-10 海泰新光 沪深300 相关研究报告 《2024 年业绩复苏超预期，客户订单 需求快速回升—公司信息更新报告》 -2025.2.28 余汝意（分析师） 石启正（联系人） yuruyi@kysec.cn 证书编号：S0790523070002 shiqizheng@kysec.cn 证书编号：S0790125020004 2025 年业绩高增，客户需求旺盛，海外产能建设较快，维 ...

2026 年 02 月 28 日 投资央山医疗，加速产业协同 买入(首次) 事件 | | | | 基本数据 | 2026-02-27 | | --- | --- | | 当前股价（元） | 87 | | 总市值（亿元） | 93 | | 总股本（百万股） | 107 | | 流通股本（百万股） | 72 | | 52 周价格范围（元） | 36.96-87 | | 日均成交额（百万元） | 98.48 | 市场表现 资料来源：Wind，华鑫证券研究 -40 -20 0 20 40 60 80 100 120 (%) 爱迪特 沪深300 相关研究 —爱迪特（301580.SZ）公司事件点评报告 爱迪特于 2026 年 2 月 27 日官宣以产业战略投资人身份完成 对上海央山医疗科技有限公司（以下简称"央山医疗"） Pre-A+轮战略投资。 爱迪特于 2026 年 1 月 30 日发布新品 3DPro zir Ultra。 投资要点 ▌战略投资央山医疗，完善数字化齿科生态布局 公司战略投资央山医疗，有助于在口腔种植领域构建"材料+ 设备+服务"一体化的数字化诊疗生态。公司主营业务为氧化 锆瓷块等口腔修复材料，并于 ...