招商证券发布研报称，首次覆盖，给予先瑞达医疗-B(06669)"强烈推荐"投资评级，看好公司创新能力 带来的产品力优势，同时基于控股股东波科全球化平台，在出海和新产品开发方面协同带来业绩确定 性。 招商证券主要观点如下： 公司简介 产品梯队有序，不同生命阶段产品共同促进公司业绩稳健增长 自从2016年核心产品膝上DCB产品在中国上市以来，公司完成了"金字塔"型的产品群搭建，带动公司业 绩实现稳健增长：1)成熟期产品，包括DCB、PTA球囊等产品，当下公司业绩主要来源，在外周DCB领 域公司市占率排名国内第一，具备先发优势，中标多个集采保住基本盘；2)成长期产品，包括外周抽吸 系统、射频消融系统、椎动脉DCB以及冠脉介入等新产品，正处于放量早期，借助集采或者先发优势 有望实现快速放量，是公司未来业绩增长重要来源；3)在研管线，包括下肢雷帕霉素DCB、IVL系统等 中美在研项目，覆盖血管外科、心脏科等主流科室，是中长期增长的核心来源。 与波科签署新三年期合作协议，海外放量确定性强 自研多元技术平台，提供泛血管综合介入解决方案 公司从2011年就开始从事PTA和DCB产品研发，逐步建立药物涂层技术、射频消融技术、高 ...

脑机接口，马年开年的"新晋顶流"，兼具最新前沿科技与重要未来产业双重属性，近期持续受到市场与资金关注。 按Wind所属热门概念规划，标的指数"脑机接口"含量约24%的医疗器械指数ETF（159898），最近4个交易日连续获得资金净流入超1.7亿元，仅1月8日单日 净流入高超1.16亿元，最新规模创下新高。 一、【布局脑机接口，为何借道医疗器械指数ETF（159898）？】 一方面，目前A股完全意义上的脑机接口标的较为稀缺，而医疗器械指数ETF（159898）标的指数中含有24%在脑机接口领域有实质性布局的公司，借道指 数工具布局更为方便、高效。 另一方面，从产业链中长期逻辑来看，医疗器械作为涵盖脑机接口的医药细分，在脑机接口实现量产之前以及量产初期有望承接大量需求，并且大概率是脑 机接口率先落地的场景之一。 | | 医疗器械指数ETF(159898)标的指数 | | | --- | --- | --- | | 证券简称 | 所属指数权重(%) | 所属热门概念 | | 迈瑞医疗 | 14.67 | 脑机接口 | | 乐普医疗 | 2.83 | 脑机接口 | | 华大基因 | 1.84 | 脑机接口 | | 赛 ...

智通财经APP获悉，招商证券发布研报称，首次覆盖，给予先瑞达医疗-B(06669)"强烈推荐"投资评级， 看好公司创新能力带来的产品力优势，同时基于控股股东波科全球化平台，在出海和新产品开发方面协 同带来业绩确定性。 招商证券主要观点如下： 公司简介 先瑞达是国内领先的专注于提供泛血管介入综合解决方案的创新医疗器械平台型企业，率先于国内推出 首款膝上及膝下DCB产品，在外周介入领域处于领先地位；2025年12月公司与控股股东波士顿科学签 署新的三年期合作协议，在产品全球商业化、制造服务和研发等领域开展一系列合作。 自研多元技术平台，提供泛血管综合介入解决方案 公司从2011年就开始从事PTA和DCB产品研发，逐步建立药物涂层技术、射频消融技术、高分子材料技 术和抽吸平台技术等多元技术平台，在外周介入领域实现领先并完成泛血管介入全面布局，截至 2025H1拥有超过30项上市产品，覆盖血管外科、心脏科、肾脏科和神经科四大科室。 产品梯队有序，不同生命阶段产品共同促进公司业绩稳健增长 自从2016年核心产品膝上DCB产品在中国上市以来，公司完成了"金字塔"型的产品群搭建，带动公司业 绩实现稳健增长：1)成熟期产品， ...

Core Viewpoint - The stock price of New Industry has shown a positive trend, with a year-to-date increase of 10.83%, indicating strong market interest and potential growth in the biomedical sector [2]. Group 1: Stock Performance - As of January 9, New Industry's stock price increased by 2.01%, reaching 62.34 CNY per share, with a trading volume of 66.98 million CNY and a turnover rate of 0.16% [1]. - The stock has experienced a 10.83% increase in price this year, with a 10.83% rise over the last five trading days and a 7.30% increase over the last 20 days, while it has slightly decreased by 0.45% over the last 60 days [2]. Group 2: Company Overview - New Industry, established on December 15, 1995, and listed on May 12, 2020, is based in Shenzhen, Guangdong Province, specializing in the research, development, production, and sales of fully automated chemiluminescence immunoassay instruments and related reagents [2]. - The company's revenue composition is as follows: reagents account for 69.62%, instruments for 30.21%, and other sources for 0.16% [2]. Group 3: Financial Performance - For the period from January to September 2025, New Industry reported a revenue of 3.428 billion CNY, reflecting a year-on-year growth of 0.39%, while the net profit attributable to shareholders decreased by 12.92% to 1.205 billion CNY [2]. - Since its A-share listing, New Industry has distributed a total of 3.86 billion CNY in dividends, with 2.357 billion CNY distributed over the past three years [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders for New Industry was 13,100, a decrease of 15.87% from the previous period, with an average of 51,997 circulating shares per shareholder, an increase of 18.87% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 26.4824 million shares, an increase of 4.2383 million shares from the previous period, while other notable shareholders include Huabao Zhongzheng Medical ETF and Yifangda Blue Chip Selected Mixed Fund [3].

Core Viewpoint - The construction projects in Haikou are progressing rapidly as the city aims to establish itself as a core area of the Hainan Free Trade Port, with multiple key projects underway to enhance industry, improve livelihoods, and update urban infrastructure [2][5]. Group 1: Key Projects and Developments - The construction of the JD Hainan Supply Chain Headquarters in the Jiangdong New District has reached the critical "zero" milestone and is now in the main structure phase, with expectations to complete the main structure by March [2][3]. - The Hainan International Smart Trade Cloud Port project is also advancing, with all masonry work expected to be completed before the Spring Festival and project completion scheduled for August [3]. - The Kangsaine high-end consumer goods R&D and smart manufacturing project in Haikou National High-tech Zone is nearing completion, with the facade work almost finished and internal equipment installation ongoing, set to be fully completed by January 15 [3]. Group 2: Innovation and Technology - The construction of the Hainan Micro Intelligence high-end medical device pilot testing platform and international technology transfer center is progressing, with the main structure of the R&D building already topped out and plans for completion by December [4]. - The project aims to create an integrated innovation ecosystem combining research, industry implementation, and international conferences, supporting Haikou's development as an innovative city [4]. Group 3: Urban and Cultural Development - The Hainan Provincial Art Center project is currently 37% complete, with the small theater already topped out, aiming to establish an international performing arts hub in Haikou [4]. - The Hainan Normal University Research and Innovation Center project has officially commenced, covering approximately 60,000 square meters to enhance the educational and scientific research framework in Haikou [4]. Group 4: Residential and Community Projects - The Qiongshan District urban renewal project has opened its first batch of residential units, with five buildings already topped out and a goal to complete nine buildings before the Spring Festival [5]. - The Honggou Village urban renewal project is also making progress, with the first building entering the main structure phase, planning to provide 1,056 housing units to improve living conditions for residents [5].

投资建议：一次性手套行业供需格局有望持续优化，叠加公司产能规模扩张与产线升级，成本控制与盈 利能力有望进一步增强。公司作为龙头企业，凭借规模化生产优势、全产业链布局及全球化渠道网络， 有望进一步提升全球市场份额。维持盈利预测，我们预计公司2 0 2 5 - 2 0 2 7年营收9 9 . 9 / 1 2 0 . 1 / 1 3 8 . 8亿元，同比增速4 . 9 % / 2 0 . 2 % / 1 5 . 6 %，归母净利润1 2 . 4 / 1 7 . 0 / 2 0 . 1亿元，同比增 速-15.3%/37.1%/18.1%。综合绝对估值与相对估值，公司价格区间为43.99-48.50元，对应市值区间为 288-318亿元，较当前股价有12-23%溢价空间，维持"优于大市"评级。 风险提示：地缘政治风险；原材料涨价风险；产能进度不及预期风险；汇率风险。 英科医疗是全球一次性手套龙头企业，业务布局多元且全球化优势显著。公司1993年以贸易起家，2009 年转型自主生产后快速扩张，核心产品丁腈与PVC手套贡献超90%营收，海外收入占比稳定在85%左 右，产品远销150个国家和地区，服务客户超15000名。经过 ...

随着国内医美市场竞争趋于激烈后，"出海"正在成为行业的重要主题。 近期，半岛医疗射频皮肤治疗仪"半岛逆时针"正式获批国家药监局第三类医疗器械注册证，成为国内首 个获得"械三证"的国产黄金微针设备。 在此之前，半岛逆时针已率先取得美国FDA 510（k）注册证。 据雷晓斌向信风透露，目前逆时针已进入美国前30强，计划2026年覆盖全美前300强的医疗机构。 具体来看，半岛医疗主要采取与哈佛大学麻省总院、波士顿实验室、UCI等机构课题合作的形式进行设 备的推广。 这也是目前不少采取"高举高打"策略的医疗设备企业进入美国市场的重要打法之一。例如此前医学影像 设备企业联影医疗开拓美国市场时，亦是通过与当地顶尖高校和研究机构建立研究合作。 针对外界关注的资本化进程，雷晓斌向信风表示，受限于当前的外部环境，短期内暂无上市计划，现阶 段将继续专注于技术研发，致力于推动其设备在全球市场实现突围。 半岛医疗能否顺利在美国市场斩获更多市场份额，正受到关注。 随着此次国内牌照的落地，"半岛逆时针"正式确立了NMPA与FDA"双认证"的合规壁垒，这也为其在美 国等海外高端市场的进一步渗透提供了关键支撑。 据半岛医疗创始人雷晓斌向信风 ...

Core Insights - JD Health is set to enhance its medical device sector by leveraging supply chain, AI, and medical services as core drivers, aiming to become a significant growth engine for global medical device brands by 2026 [1][5] - The company plans to invest over 100 million in marketing resources for the launch of new products in collaboration with top global brands, focusing on high-quality development in the medical device industry [1][5] Group 1: Market Growth and Strategy - The medical device market in China is experiencing rapid growth, projected to reach 500 billion from the current 300 billion, driven by aging population, health awareness, and consumption upgrades [3] - JD Health aims to deepen partnerships with global medical device brands and enhance supply chain capabilities through initiatives like JDH+N alliance, targeting a 100% growth in trending categories by 2025 [3][6] Group 2: Product Innovation and Awards - In 2025, JD Health launched nearly 500 new products, setting industry records, with a focus on innovative product development as a key driver for high-quality growth [3][5] - The company established a rigorous evaluation system for product awards, recognizing nearly 100 brands for their quality and reputation at the annual conference [5] Group 3: AI and Service Integration - JD Health is utilizing its self-developed AI model "Jingyi Qianxun" to transform product categories and define value through service, moving towards comprehensive health management solutions [6][7] - The company has developed a smart blood glucose management system in collaboration with brands, integrating monitoring, analysis, intervention, and tracking for chronic disease management [9] Group 4: Comprehensive Health Management - JD Health is enhancing its online and offline service integration, providing a full-cycle health management experience that includes disease prevention, smart monitoring, chronic disease management, and post-hospital rehabilitation [9] - The company aims to eliminate homogenization in the medical device industry through product innovation and AI technology upgrades, making professional healthcare services more accessible [9]

Group 1 - The core viewpoint of the news is that Sanofi Bio is experiencing a stock price increase of 5.21%, reaching 18.77 CNY per share, with a trading volume of 1.79 billion CNY and a turnover rate of 2.15%, resulting in a total market capitalization of 105.16 billion CNY [1] - Sanofi Bio, established on August 7, 2002, and listed on March 19, 2012, specializes in the research, design, production, and sales of point-of-care testing (POCT) products for chronic disease detection, with a revenue composition primarily from blood glucose monitoring systems (73.29%) [1] - The company's revenue also includes diabetes nutrition and care products (6.59%), glycated hemoglobin testing systems (5.03%), blood lipid testing systems (4.14%), blood pressure monitors (4.11%), iPOCT monitoring systems (3.94%), and other products [1] Group 2 - From the perspective of the top ten circulating shareholders, Huabao Fund's Huabao CSI Medical ETF (512170) reduced its holdings by 1.5068 million shares in the third quarter, now holding 9.6142 million shares, which is 2.13% of the circulating shares [2] - The Huabao CSI Medical ETF has a current scale of 26.404 billion CNY and has achieved a year-to-date return of 7.81%, ranking 536 out of 5509 in its category [2] - The fund has a one-year return of 18.34%, ranking 3411 out of 4198, and a cumulative return since inception of 9.75% [2]

Market Overview - The A-share market is experiencing a strong upward trend, with the Shanghai Composite Index surpassing 4100 points, indicating a collective rise in major indices [2][3] - As of January 9, the Shanghai Composite Index increased by 0.54%, the Shenzhen Component Index rose by 0.80%, and the ChiNext Index saw a gain of 0.21% [3] Sector Performance - Key sectors showing strength include power generation equipment, internet, cultural media, and aerospace military industry, while concepts related to medical insurance payment reform, SPD, rare metals, and nuclear fusion are also performing well [4][6] - The medical sector overall is rising, with significant gains in medical insurance payment reform, SPD, medical digitization, and healthcare services [7] Notable Stocks - Individual stocks such as Di'an Diagnostics and Jiahe Meikang reached their daily limit up of 20%, while others like Weining Health and Chuangye Huikang increased by over 10% [8][9] - The stock of Zhite New Materials achieved a 20% increase, marking its fifth consecutive trading day of gains, becoming the first "double" stock of 2026 [12][14] Policy Impact - The National Healthcare Security Administration and the Ministry of Finance have issued a notice to optimize the personal account mutual aid policy for basic medical insurance, expanding the mutual aid scope from provincial to national levels [11]