Investment Rating - The report maintains a "Market Perform" rating for the pharmaceutical and biotechnology industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [4][26]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the Shanghai and Shenzhen 300 index, with a decline of 0.75% from January 9 to January 22, 2026, lagging behind the index by approximately 0.46 percentage points [11]. - Most sub-sectors within the industry recorded positive returns during the same period, with offline pharmacies and raw materials leading the gains at 3.14% and 2.34%, respectively. In contrast, the pharmaceutical distribution and chemical preparation sectors experienced declines of 3.26% and 2.87% [12][13]. - Approximately 66% of stocks in the industry recorded positive returns, with the top performer, Baolait, showing a weekly increase of 60.88%. Conversely, Luyan Pharmaceutical had the largest decline at 39.07% [13][16]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry index showed a decline of 0.75%, underperforming the Shanghai and Shenzhen 300 index by 0.46 percentage points [11]. - Most sub-sectors achieved positive returns, particularly offline pharmacies and raw materials, while pharmaceutical distribution and chemical preparations faced declines [12]. 2. Industry News - Recent policy changes in Hebei Province have lifted restrictions on the quantity of drugs that hospitals can stock, allowing for more flexibility in drug procurement and usage [24]. 3. Company Announcements - Enhua Pharmaceutical announced the approval of its drug registration certificate for a new injection, which is expected to enhance its market position [25]. 4. Industry Outlook - The report suggests a focus on investment opportunities in the brain-computer interface sector, which is highlighted as a key area for future growth. Specific companies to watch include Mindray Medical, Yuyuan Medical, and others across various segments [26][28].

Investment Rating - The report gives a "Market Weight" rating for the pharmaceutical and biotechnology industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [26]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, declining by 0.75% from January 9 to January 22, 2026, which is approximately 0.46 percentage points lower than the CSI 300 index [11]. - Most sub-sectors within the industry recorded positive returns during the same period, with offline pharmacies and raw materials sectors leading with increases of 3.14% and 2.34%, respectively [12]. - Approximately 66% of stocks in the industry recorded positive returns, with the top performer, Baolait, seeing a weekly increase of 60.88% [13]. - The overall price-to-earnings (P/E) ratio for the SW pharmaceutical and biotechnology industry was approximately 52.01 times as of January 22, 2026, showing little change [19]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry lagged behind the CSI 300 index, with a decline of 0.75% from January 9 to January 22, 2026 [11]. - Most sub-sectors achieved positive returns, particularly offline pharmacies and raw materials, which rose by 3.14% and 2.34% respectively [12]. - About 66% of stocks in the industry had positive returns, with Baolait leading at a 60.88% increase [13]. - The industry’s P/E ratio was approximately 52.01 times, relative to the CSI 300's P/E ratio of 3.86 times [19]. 2. Industry News - Recent policy changes in Hebei Province have lifted restrictions on the quantity of drugs that hospitals can stock, allowing for more flexibility in drug procurement [24]. - The National Health Commission issued new medical treatment guidelines for trauma and burn victims to enhance emergency response capabilities [22][23]. 3. Company Announcements - Enhua Pharmaceutical announced the approval of a new drug registration certificate for a non-steroidal anti-inflammatory drug, which is expected to reduce the need for opioid pain relief post-surgery [25]. 4. Industry Outlook - The report suggests a focus on investment opportunities in the brain-computer interface sector, which is highlighted in the 14th Five-Year Plan, with ongoing policy support [26]. - Recommended stocks for attention include leading companies in medical devices, pharmaceutical retail, aesthetic medicine, and innovative drugs, among others [28].

瑞迈特今年以来股价跌0.86%，近5个交易日跌5.84%，近20日涨2.99%，近60日涨4.62%。 1月23日，瑞迈特盘中上涨2.02%，截至11:17，报84.97元/股，成交6692.39万元，换手率1.14%，总市值 76.13亿元。 分红方面，瑞迈特A股上市后累计派现2.28亿元。 资金流向方面，主力资金净流入488.54万元，大单买入1343.94万元，占比20.08%，卖出855.40万元，占 比12.78%。 机构持仓方面，截止2025年9月30日，瑞迈特十大流通股东中，汇添富医药保健混合（470006）位居第 六大流通股东，持股129.53万股，为新进股东。 资料显示，北京瑞迈特医疗科技股份有限公司位于北京市丰台区丽泽路16号院4号楼北京汇亚大厦17层 10号，成立日期2001年7月27日，上市日期2022年11月1日，公司主营业务涉及研发、生产、销售呼吸健 康领域医疗设备与耗材产品及相关服务,为以阻塞型睡眠呼吸暂停低通气综合征(OSA)为主的睡眠呼吸暂 停低通气综合征(SAHS)患者以及以慢性阻塞性肺疾病(COPD)为主的呼吸功能不全(Respiratory Insufficiency) ...

新华财经无锡1月23日电（记者杨子华、崔璐、何丰伦） 以《关于优化口岸开放布局的若干意见》2025 年3月审议通过为契机，近一年来，以跨境电商和口岸开放为发力点，我国外贸在"量稳"基础上，向"质 优"加速升级。 在这一轮稳外贸过程中，以无锡为代表的外贸重镇加速崛起，成绩亮眼。数据显示，无锡2025年全年进 出口总值首破8000亿元大关，达到8292.8亿元，同比增长7.6%；全市有进出口实绩的企业超14000家， 较"十三五"末增加3500余家。以制造业见长的无锡如何实现外贸井喷发展？ AI直播跨越"语言墙" 在无锡旺庄科技创新园的大鲤鱼直播基地，一条"AI数字内容生产流水线"正帮助本地企业打开境外市 场：企业只需用中文输入产品介绍图与卖点，一段英文短视频脚本便能在几分钟内完成撰写，再点击软 件里的几个按钮进行设置，由虚拟数字人主播讲解的广告视频就能快速生成，并配上背景音乐与双语字 幕。 据介绍，无锡硕放机场2025年国际货物运输量达到3.4万吨。其中，电商货运量较2024年翻倍，服饰、 百货、电脑零部件等是其中的热门运输品类。 伴着引擎轰鸣，源头好货从无锡飞抵美国芝加哥、墨西哥城、德国莱比锡、韩国仁川等地， ...

Financial Data and Key Metrics Changes - Revenue grew 21% year over year to $10.1 billion, with operating margins at 37% reflecting investments in R&D and manufacturing scale [8][16][29] - Proforma EPS increased 22%, marking the third consecutive year of growth above 20% [16] - Free cash flow rose to $2.5 billion, up from $1.3 billion in 2024 [16] Business Line Data and Key Metrics Changes - Total procedures grew 19%, with da Vinci procedures increasing 17% and Ion procedures growing 51% [5][16] - Single-port procedures grew 87%, while multi-port procedures increased 17% [5][11] - In Q4, da Vinci procedures in the U.S. increased 15% to over 2 million, while international procedures grew 23% [6][19] Market Data and Key Metrics Changes - U.S. procedures increased 16%, with da Vinci procedures growing 15% and Ion procedures growing 41% [17] - Internationally, da Vinci procedures grew 21%, with notable growth in Canada, India, Korea, and various European markets [20][21] - Japan's procedure growth was lower than expected due to capital placement challenges, with potential reimbursement changes anticipated in 2026 [21] Company Strategy and Development Direction - The company focuses on four strategic priorities: launching da Vinci 5, increasing adoption of focused procedures, building industrial scale, and enhancing digital tools [4][13] - Plans to expand into ambulatory surgery centers (ASCs) and enhance training and support for customers [19][56] - Continued investment in market access activities and local evidence generation to meet clinical and economic objectives [6][7] Management's Comments on Operating Environment and Future Outlook - Management believes the company is in the early stages of advancing minimally invasive care, with significant growth opportunities ahead [4][78] - Anticipated da Vinci procedure growth for 2026 is projected between 13%-15%, driven by general surgery and international procedures [36] - Expected gross profit margin for 2026 is projected to be between 67% and 68% of net revenue, with various factors impacting this guidance [37] Other Important Information - The company placed 1,721 da Vinci systems in 2025, including 870 da Vinci 5 systems [7][23] - The installed base of da Vinci systems increased by 12% to over 11,100 systems, with average system utilization rising by 4% [17][26] - The company plans to introduce additional products and features for da Vinci 5 in 2026 [10] Q&A Session Summary Question: FDA approvals for cardiac non-force feedback instruments - Management discussed the importance of supporting cardiac surgery and the foundational work being done, including training pathways and developing cardiac-specific instrumentation [41][42][44] Question: Advanced imaging features in the robotic ecosystem - Management explained that advanced imaging capabilities are being developed, which will add revenue streams and improve surgical outcomes [48][49] Question: ASC opportunity and key procedures - Management highlighted the growing ASC opportunity, focusing on high-quality clinical outcomes and the need for repeatable procedures [53][55] Question: Gross margin and operating expenses assumptions - Management provided insights into the dynamics affecting gross margin, including higher trade-ins and the mix of da Vinci 5 systems [64][66] Question: Competition in China - Management acknowledged increased competition in China but expressed confidence in their ability to compete effectively with local robotic companies [68][70]

Financial Data and Key Metrics Changes - Revenue grew 21% year over year to $10.1 billion, with operating margins at 37% reflecting investments in R&D and manufacturing scale [7][15][27] - Proforma EPS increased 22%, marking the third consecutive year of growth above 20% [15] - Free cash flow rose to $2.5 billion from $1.3 billion in 2024, driven by increased profitability and lower capital expenditures [15] Business Line Data and Key Metrics Changes - Total procedures grew 19%, with da Vinci procedures increasing 17% and Ion procedures growing 51% [5][14] - In Q4, da Vinci procedures grew 18%, with general surgery in the U.S. and broad-based growth in international markets driving this increase [15][17] - The installed base of da Vinci systems increased by 12% to over 11,100 systems, while average system utilization rose by 4% [16] Market Data and Key Metrics Changes - U.S. da Vinci procedures increased 15% to over 2 million, while international procedures grew by 23% to over 1.1 million [5][19] - Growth rates were 21% in Europe, 24% in Asia, and 27% in the rest of the world [5] - In Q4, total procedures outside the U.S. grew 22%, with notable increases in Canada, India, Korea, and distributor markets [19] Company Strategy and Development Direction - The company focuses on four strategic priorities: launching da Vinci 5, increasing adoption of focused procedures, building industrial scale and product quality, and enhancing digital tools [4][5] - Plans to expand the da Vinci XIR system and related economic programs to increase access to da Vinci surgery internationally and in U.S. ambulatory surgery centers [7][11] - Continued investment in market access activities and local evidence generation to meet clinical and economic objectives [6] Management's Comments on Operating Environment and Future Outlook - Management believes the company is in the early stages of advancing minimally invasive care, with significant long-term opportunities ahead [4][5] - Anticipated full-year da Vinci procedure growth for 2026 is projected to be between 13%-15%, driven by general surgery in the U.S. and international procedures [32] - The company expects gross profit margins to be within a range of 67%-68% of net revenue for 2026, with potential impacts from tariffs and product mix [33] Other Important Information - The company received FDA clearance for several cardiac procedures on da Vinci 5, with plans for a measured rollout to support training and adoption [8][36] - The My Intuitive Plus digital subscription package is expected to enhance customer engagement and provide additional revenue streams starting in 2026 [55] Q&A Session Summary Question: About FDA approvals for cardiac non-force feedback instruments - Management discussed ongoing support for cardiac surgery and the importance of training pathways and developing specific instrumentation for cardiac procedures [36][37] Question: Expanding footprint in ASCs - Management highlighted the growing opportunity in ASCs for lower acuity procedures and the need for high-quality clinical outcomes and operational infrastructure [41][42] Question: Gross margin and operating expenses assumptions - Management explained the dynamics affecting gross margin, including higher trade-ins and the mix of da Vinci 5 systems, while also addressing operating expense growth expectations [46][47] Question: Position in China and competition - Management acknowledged increased competition in China but expressed confidence in their ability to compete effectively with local robotic companies [49][50]

证券之星消息，截至2026年1月22日收盘，艾隆科技(688329)报收于24.51元，下跌0.61%，换手率 1.72%，成交量1.33万手，成交额3250.23万元。 1月22日的资金流向数据方面，主力资金净流出257.95万元，占总成交额7.94%，游资资金净流入32.53 万元，占总成交额1.0%，散户资金净流入225.42万元，占总成交额6.94%。 近5日资金流向一览见下表： 艾隆科技2025年三季报显示，前三季度公司主营收入2.8亿元，同比上升25.12%；归母净利润-95.89万 元，同比上升96.56%；扣非净利润-1146.72万元，同比上升66.35%；其中2025年第三季度，公司单季度 主营收入1.49亿元，同比上升83.53%；单季度归母净利润743.13万元，同比上升182.09%；单季度扣非 净利润662.45万元，同比上升160.26%；负债率42.74%，投资收益-424.88万元，财务费用468.61万元， 毛利率45.79%。艾隆科技（688329）主营业务：公司专注于医疗物资的智能管理领域,通过打造医疗物 资智能管理设备及软件信息平台,为各级医疗服务机构提供医疗物资智能 ...

【中泰研究丨晨会聚焦】医药祝嘉琦：政策打通手术机器人收费 瓶颈，临床应用有望加速落地 证券研究报告/晨会聚焦 2026 年 01 月 22 日 分析师：戴志锋 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 欢迎关注中泰研究所订阅号 晨报内容回顾 1、《【中泰研究丨晨会聚焦】地产 由子沛：美国次贷危机下的房地产市 场》2026-01-20 2、《【中泰研究丨晨会聚焦】固收 吕品：商品行情"缩圈"，关注债市 长端品种走势分化》2026-01-19 3、《【中泰研究丨晨会聚焦】固收 林莎：从星辰到算力，春季躁动基础 仍在？》2026-01-18 【医药】祝嘉琦：政策打通手术机器人收费瓶颈，临床应用有望加速落地 事件：近日，国家医保局正式发布《手术和治疗辅助操作类医疗服务价格项目立项指南（试行）》， 聚焦医疗技术前沿成果，围绕 3D 打印、示踪增强成像、能量器械、术中影像引导、机械臂与远程 手术等医疗科技创新成果，进行统一价格立项，规范形成 37 项价格项目、5 项加收项、1 项扩展 项。 分类规范机械臂辅助操作价格项目，聚焦临床价值进行差异化收费。立项指南聚焦手术机器人在 ...

医疗设备ETF（159873）紧密跟踪中证全指医疗保健设备与服务指数（H30178.CSI），中证全指医疗保 健设备与服务指数从中证全指指数中选取与医疗保健主题相对应的行业内上市公司证券作为指数样本， 以反映该主题上市公司证券的整体表现。 中信建投证券指出，创新价值凸显，中国力量加速渗透。中国医药具有"创新升级+ 供应链韧性"优势， 2025年创新药海外授权首付款大幅超去年全年，器械也在积极探索出海路径。美国主导早期研发与高端 定价，但跨国药企专利悬崖下需求旺盛，中国资产全球性价比凸显，内外协同空间广阔。 此外，创新药概念走低。截至发稿，恒生沪港深创新药精选50指数跌1.02%。成分股方面，H股药明生 物、药明合联涨超2%，浙江医药、百诚医药等A股标的飘红。 （文章来源：21世纪经济报道） 创新药ETF天弘（517380）近日亦持续获资金净流入，Wind数据显示，创新药ETF天弘（517380）近12 日（1月6日—21日）持续获净流入累计4.26亿元。 1月22日午间收盘，三大指数震荡翻绿，医药生物方向下跌。医疗设备板块小幅下跌，中证全指医疗保 健设备与服务指数跌0.34%，成分股中，英科医疗涨超3%，华兰 ...

Summary of China Healthcare Industry Conference Call Industry Overview - **Industry**: China Healthcare Industry - **Report Date**: January 21, 2026 - **Sentiment**: Cautiously optimistic outlook for 2026 regarding hospital capital expenditures and market dynamics [1][2] Key Insights Capital Expenditure Trends - **Stable to Moderate Growth**: Hospital capital expenditures are expected to remain stable with moderate growth in 2026 [2] - **Survey Results**: 59% of surveyed hospital managers anticipate capital expenditure growth in 2026, up from 43% in late 2024, but still below 85% in late 2023 [3] - **Projected Growth Rate**: Expected capital expenditure growth of 4.7% in 2026, compared to 3.0% growth anticipated for 2025 [3] - **Actual Growth Expectations**: Respondents expect actual capital expenditure growth of 5.8% for 2025, indicating limited visibility on actual demand [3] Key Drivers of Expenditure - **Primary Drivers**: 1. Hospital Surplus (69%) 2. Patient Demand (50%) 3. Local Fiscal Budgets (44%) [3] - **Service Volume Constraints**: Factors such as Diagnosis-Related Group (DRG) payment limits and medical insurance settlements are seen as major constraints on service volume [3] Equipment and Technology Focus - **Investment Priorities**: Hospitals are prioritizing investments in AI, endoscopy, and imaging equipment, with a focus on surgical and flexible endoscopes, followed by CT and ultrasound [3] - **Weak Demand**: In vitro diagnostics are expected to remain weak [3] Company-Specific Insights Beneficiaries of Capital Expenditure Growth - **Mindray Medical (300760.SZ)**: Expected to benefit from a stable capital expenditure environment, with anticipated single-digit revenue growth in 2026. The company is expected to maintain a 16% share of planned capital expenditures [4][10] - **United Imaging (688271.SS)**: Anticipated to benefit from strong demand in high-end imaging, with projected revenue growth of approximately 21% in 2026 [4][11] - **New Industries (300832.SZ)**: Expected to face continued pricing pressure in in vitro diagnostics but may achieve above-industry growth due to healthy demand for chemical luminescence analyzers [4][12] - **Huatai Medical (688617.SS)**: Positioned to capitalize on the growing adoption of pulse field ablation technology, with projected revenue growth of 30% in 2026 [4][13] - **Guichuang Tongqiao (2190.HK)**: Expected to see revenue growth of around 30% driven by increased demand for neurointerventional and peripheral interventional procedures [4][15] Challenges for Global Players - **GE Healthcare**: Faces mixed impacts from increased capital expenditure and growing preference for local brands, which may offset some growth [4][16] - **Siemens Healthineers (SHL)**: Cautious outlook due to slow recovery in utilization rates and increased pricing pressure from procurement policies [4][17] - **Philips (PHIA)**: Similar cautious outlook with potential declines in market share for CT and ultrasound equipment [4][18] - **Olympus (7733.T)**: Expected to face challenges in maintaining market share in the digestive endoscopy market [4][19] - **Hologic (6869.T)**: Anticipated slowdown in clinical testing volumes and potential market share decline in hematology [4][20] Additional Observations - **Market Dynamics**: The report highlights a complex landscape for global medical technology companies in China, with both opportunities and pressures from local competition and procurement policies [4][16][17][18][19][20] - **Emerging Trends**: The shift towards local brands and the impact of procurement policies are significant trends that may reshape the competitive landscape in the healthcare sector [4][16][17][18][19][20]