Core Viewpoint - The company, Dabo Medical (stock code: 002901), anticipates a significant increase in net profit for the first half of 2025, projecting a growth of approximately 66.37% to 80.84% compared to the same period last year, driven by product line expansion and innovation [1][3]. Financial Performance - The estimated net profit attributable to shareholders is expected to be between 230 million to 250 million yuan, compared to 138.24 million yuan in the same period last year, reflecting a growth of 66.37% to 80.84% [2]. - The net profit after deducting non-recurring gains and losses is projected to be between 210 million to 230 million yuan, up from 121.93 million yuan last year, indicating a year-on-year increase of 72.23% to 88.63% [2]. - Basic earnings per share are expected to be between 0.5657 yuan and 0.6148 yuan, compared to 0.3339 yuan in the previous year [2]. Reasons for Performance Growth - The primary reason for the performance growth is the transition of various product lines into a new growth phase following the centralized procurement of medical consumables. The company is also focusing on product innovation, technical services, and international development strategies to ensure stable and healthy business growth [3]. Company Overview - Dabo Medical Technology Co., Ltd. was established in 2004 and is headquartered in Xiamen, Fujian Province. It specializes in the research, production, and sales of high-value medical consumables, particularly in orthopedics, neurosurgery, and minimally invasive surgery [4]. - The company was listed on the Shenzhen Stock Exchange in 2017 and has products certified by FDA, CE, ISO13485, and GMP [4]. - Dabo Medical's main business includes the production, research, and sales of medical high-value consumables, with key products such as orthopedic trauma implants, spinal implants, and joint implants [4][6][9]. Product Line and Market Presence - The company has a diverse product line with 158 product registration certificates or filing credentials, covering approximately 15,400 specifications of various consumables, making it one of the few companies in the industry with a complete product line for orthopedic implants [8]. - Dabo Medical's products are distributed across more than 30 provinces and cities in China, collaborating with over 3,000 hospitals and more than 500 commercial companies. Internationally, its products are exported to the United States, the European Union, Southeast Asia, the Middle East, and South Africa [8].

Core Viewpoint - The 2025 Global MedTech Conference showcased advancements in medical technology innovation and clinical application, highlighting the achievements of Chinese medical technology companies and teams in key areas such as equipment, service systems, and research transformation [2][23]. Summary by Categories 2025 Global Medical Technology Innovation Awards - The awards included three categories: Technology Innovation Award, Innovation Service Award, and Innovation Transformation Award, recognizing significant contributions from Chinese medical technology enterprises [2][23]. Technology Innovation Award Winners - **Kaili Medical**: Recognized for breakthroughs in ultrasound endoscopy, including the EG-UR5 ultrasound endoscope, which received EU CE certification in 2019 and NMPA approval in 2021, making China the second country with independent intellectual property rights in this technology [8]. - **SinoVision**: Awarded for the OmegaCT One, the world's first ultra-large aperture whole-body spiral CT system, which provides new 3D spatial anatomical information for various medical disciplines [10]. - **Karl Storz**: Lauded for the IMAGE1 S Rubina imaging system, which integrates 4K/3D/NIR fluorescence imaging technology, enhancing surgical precision and anatomical recognition [11]. - **Zhongke Ruiyi**: Acknowledged for developing an intelligent platform for brain health diagnosis and intervention, with over 10 products and 7 NMPA registrations [12]. - **Hua Rui Bo Shi**: Recognized for the Infivision 1900, the world's first commercial 3D electrical impedance imaging device for non-invasive lung monitoring [14]. Innovation Service Award Winners - **Tonghe Litai**: Provided comprehensive preclinical research services, assisting in the successful market registration of innovative medical products [16]. - **Xiyi Medical**: Offered one-stop services for medical device internationalization, helping over 80 projects achieve successful overseas market entry [18]. - **Tsinghua Innovation Star**: Supported medical technology enterprises through a full-process ecosystem service, fostering innovation and commercialization [19]. Innovation Transformation Award Winners - **Lu Hongzhou**: Recognized for developing non-contact health monitoring technologies, including the P20i device for multi-parameter monitoring [20]. - **Wang Yu**: Awarded for creating the world's first intelligent fracture reduction robot, enhancing surgical precision and efficiency [21]. - **Xu Boling**: Acknowledged for leading the development of the MoyoAssist® artificial heart, the first of its kind approved in China, addressing critical care needs [22]. Conclusion - The awarded companies and individuals demonstrated significant advancements in medical technology, showcasing China's progress towards a more systematic, pragmatic, and globally aware development phase in the industry [23].

近日， 北京曦健科技有限公司 （以下简称"曦健科技"）宣布完成 数千万元A轮融资 。本轮融资由本草资本 领投，某知名产业基金与明恒投资跟投，资金将用于包括 严肃医疗、健康消费等多场景产品的研发、销售和 团队建设 。舟渡资本担任本轮融资的财务顾问。 融资历程 2023年4月 ：天使轮融资，未披露具体金额，由源慧资本投资。 2023年12月 ： 数千万元Pre-A轮融资 ，由亦庄资本领投，瑞华资本跟投，老股东源慧创益继续追加 投资，指数资本担任独家财务顾问，资金用于产品研发、团队扩充和市场推广。 2025年7月 ： 数千万元A轮融资 ，由本草资本领投，某知名产业基金与明恒投资跟投，资金将用于多 场景产品的研发、销售和团队建设。 思宇年度活动回顾： 首届全球眼科大会 | 首届全球骨科大会 | 首届全球心血管大会 | 首届全球医美科技大会 即将召开： 曦健科技 成立于2021年10月，总部位于北京，依托清华大学生物力学与医学工程研究所十余年研究基础，致 力于推进人体生物力学成像创新型技术的产业化，打造全球领先的 人体软组织力学成像平台 。公司聚焦运动 康复、皮肤医美、重大疾病诊疗等健康领域蓝海刚需市场，为行业提供世界 ...

Core Insights - The capital market has shown strong confidence in the medical industry in the first half of 2025, with significant financing and stock price surges for various companies [1] - Notable companies have successfully attracted large investments, indicating a trend towards innovative medical technologies and solutions [22] Financing Highlights - 瑞桥鼎科 raised over 1 billion RMB in Series A funding, focusing on chronic disease treatment through advanced medical technology and rapid product iteration [2] - 联影智能 also secured 1 billion RMB in Series A funding, specializing in medical AI with over 100 product certifications, enhancing diagnostic capabilities [4] - 核心医疗 raised 100 million USD in Series D funding, recognized for its artificial heart solutions and comprehensive treatment offerings [8] - 帕母医疗 obtained 100 million USD in Series C funding, targeting therapies for pulmonary hypertension and heart failure [10] - 心航路医学 raised 600 million RMB in Series B funding, developing advanced cardiac electrophysiology systems for safer surgeries [12] - 康诺思腾 secured 500 million RMB in Series C funding, focusing on surgical robots with self-developed technology [14] - 图湃医疗 raised 500 million RMB in Series E funding, aiming to reduce costs for high-end ophthalmic equipment [16] - 汕头超声 raised 430 million RMB through its IPO, transitioning from industrial to medical ultrasound applications [18] - 微创医疗 raised 458 million HKD, utilizing capital from divesting subsidiaries to support its medical robotics business [20] Investment Trends - The investment landscape is increasingly favoring companies that can overcome critical technological barriers, such as artificial hearts and surgical robots, or those that address cost issues in healthcare through low-cost devices and AI assistance [22]

今年以来，得益于盈利增长恢复及估值修复逻辑，港股创新药械板块增长喜人，由此带动恒生医疗保健指数走出一段"大阳线"行情，年初至今指数涨幅超过 50%。 近期，国家药监局发布《关于发布优化全生命周期监管支持高端医疗器械创新发展有关举措的公告》，宣布十大举措支持高端医疗器械创新发展，则进一步 推高了市场对于创新械企的中长期投资预期。 正是在如今投资环境趋暖的背景下，作为国内创新医疗器械龙头企业的沛嘉医疗-B(09996)走出了一段独立于昔日港股"TAVR三剑客"的持续拉升的高涨行 情。智通财经APP观察到，截至今年7月17日，沛嘉医疗在年初至今的股价累计涨幅超过95%，大幅跑赢指数的同时也带动公司市值来到50亿港元区间。 究其原因，在于当前政策红利叠加港股药械板块投资趋暖，带动企业创新价值验证在估值评判中的权重持续提高。相较此前的保守态度，当下投资者更注重 创新械企的新技术放量能否得到业绩验证，以及企业创新管线品种在后续商业化中是否存在可观的预期差收益。而上述股价增幅数据反映的便是市场对公司 价值的高度认可。 凭借近年迅猛的商业化进程、稳定快速的收入增长以及布局完善且极具竞争力的产品管线，沛嘉医疗已稳居中国瓣膜介入 ...

Group 1 - The China Securities Hong Kong Stock Connect Medical Theme Index (932069) has seen a strong increase of 2.89%, with notable gains in constituent stocks such as Kangfang Biotech (09926) up 10.16%, BeiGene (06160) up 9.17%, and Kelun-Biotech (06990) up 8.05% [1][2] - The Hong Kong Medical ETF (159366) has risen by 2.00%, marking its third consecutive increase, with the latest price reaching 1.38 HKD, a new high [1][2] - The index reflects the performance of 50 listed companies involved in medical devices, medical services, pharmaceuticals, and biotechnology within the Hong Kong Stock Connect framework [6] Group 2 - The 2025 National Basic Medical Insurance and other insurance drug directories have officially started adjustments, with the first addition of innovative drugs to the commercial health insurance directory this year [3] - WuXi AppTec has disclosed a positive half-year performance forecast for 2025, exceeding market expectations, leading to a collective rise in the CXO sector [4] - The AI medical technology sector is transitioning towards multi-modal integration, significantly enhancing the intelligence level in medical scenarios, with AI-assisted diagnosis systems penetrating 89% of top-tier hospitals [4] Group 3 - The medical device and traditional Chinese medicine sectors are expected to see a performance turning point in the second half of 2025, with a focus on new technology directions such as medical devices, AI healthcare, and brain-computer interfaces [5] - The Hong Kong Medical ETF aggregates rare and specialized medical segment leaders from the mainland, focusing on internet healthcare, CXO, and medical devices [5] - As of June 30, 2025, the top ten weighted stocks in the index accounted for 57.7% of the total, including companies like WuXi Biologics (02269) and JD Health (06618) [6]

Group 1: Market Overview - The Hang Seng Index opened high but closed down by 72 points or 0.3%, ending at 24,517 points, after reaching a peak of 24,867 points during the day, marking a nearly four-month high since March 19 [3] - The total trading volume for the day was 258.95 billion HKD, with a net inflow of only 1.6 billion HKD from northbound trading [3] Group 2: Company Developments - Baidu's autonomous driving service platform, Apollo Go, has established a strategic partnership with Uber, leading to a 1% increase in Baidu's stock price, closing at 88.55 HKD [4] - MicroPort Medical's board is considering a non-binding proposal to merge its cardiac rhythm management business with MicroPort Cardiac [13] - Non-Fungible Leadership has increased its stake in Li Ning Company by acquiring 28.57 million shares for approximately 455 million HKD, raising its ownership to about 12.34% [14] - DCH Holdings reported a 2% year-on-year decline in revenue for the first fiscal quarter, amounting to 915 million USD, attributed to a sluggish macroeconomic environment [15] Group 3: Industry Insights - The London Metal Exchange (LME) has officially opened its warehouse in Hong Kong, with the first batch of metals including 5,975 tons of copper and 396 tons of nickel, marking a significant step for Hong Kong as a global metal hub [7] - Hong Kong's asset management sector has seen a growth of 13% year-on-year, with total assets under management exceeding 35 trillion HKD, and net inflows rising by 81% to 705 billion HKD [8] - Nvidia's CEO expressed optimism about the development of China's robotics industry, highlighting China's strong capabilities in mechatronics and its vast manufacturing base [9] - The EU-China Automotive Working Group discussed the impact of global trade changes on EU policies, particularly regarding tariffs on Chinese electric vehicles [10]

恰逢"双碳"目标提出五周年，GE医疗在展会上重磅发布《2024可持续发展报告》：北京"灯塔工厂"光伏项目年减排超2000吨二氧化碳，无锡基地入选首 批"零碳"工厂试点，整体碳排放较2022年下降23%。"绿色转型不是选择题而是必答题。"陈和强指着展台上循环利用的包装材料介绍，联盟将聚焦低碳制 造、资源循环等关键环节，通过跨企业协同平台整合产业链资源。 站在展台的CT机前，陈和强描绘着产业版图：京津冀的精密加工集群、长三角的电子元器件基地、大湾区的创新孵化中心......"GE医疗在中国市场的本土研 发比例已突破50%，年带动近100亿元采购规模，培育出160余家专精特新企业。"作为中国医械智造高质量发展的重要参与者、实践者，GE医疗30多年来始 终走在带动国产双链发展的最前沿，持续深化全面国产，与超千家供应商构建了完整的"研、产、销、服"体系，打造独特的创中心模式，为中国高端医械供 应链增强韧性、注入动能。 【环球网科技报道 记者 王楠】7月16日，在第三届中国国际供应链促进博览会现场，GE医疗展台前人头攒动。十余台覆盖CT、磁共振、核医学等领域的高 端医疗设备整齐排列，CT轴承、磁共振超导线等核心零部件在聚 ...

Market Overview - The FTSE China A50 Index showed a mixed performance with consumer electronics and home appliances sectors gaining, while medical devices and chemical products sectors declined [1] Company Performance - **Banking Sector**: - Everbright Bank had a market capitalization of 253.48 billion with a trading volume of 244 million, closing at 4.29, down 0.02 (-0.46%) [3] - **Insurance Sector**: - China Pacific Insurance, China Life Insurance, and Ping An Insurance had market capitalizations of 369.71 billion, 1,034.88 billion, and 363.17 billion respectively, with trading volumes of 198 million, 776 million, and 266 million [3] - **Beverage Sector**: - Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of 1,776.80 billion, 213.10 billion, and 486.87 billion respectively, with trading volumes of 2,131 million, 1,259 million, and 467 million [3] - **Semiconductor Sector**: - Northern Huachuang, Cambricon Technologies, and Hygon had market capitalizations of 229.29 billion, 241.84 billion, and 317.76 billion respectively, with trading volumes of 1,222 million, 3,092 million, and 1,298 million [3] - **Oil Sector**: - Sinopec, PetroChina, and Beijing-Shanghai High-Speed Railway had market capitalizations of 695.95 billion, 271.05 billion, and 1,636.21 billion respectively, with trading volumes of 302 million, 798 million, and 203 million [3] - **Coal Sector**: - China Shenhua and Shaanxi Coal and Chemical Industry had market capitalizations of 736.33 billion and 183.72 billion respectively, with trading volumes of 252 million and 404 million [3] - **Automobile Sector**: - BYD had a market capitalization of 1,799.89 billion with a trading volume of 3,258 million, closing at 37.06, up 3.85 (+1.19%) [3] - **Battery Sector**: - CATL had a market capitalization of 1,210.18 billion with a trading volume of 2,211 million, closing at 28.10, down 0.08 (-0.42%) [4] - **Consumer Electronics**: - Industrial Fulian and Luxshare Precision had market capitalizations of 535.01 billion and 280.22 billion respectively, with trading volumes of 1,897 million and 3,265 million [4] - **Home Appliances**: - Gree Electric and Haier Smart Home had market capitalizations of 267.41 billion and 243.02 billion respectively, with trading volumes of 631 million and 630 million [4] - **Pharmaceutical Sector**: - Hengrui Medicine had a market capitalization of 248.39 billion with a trading volume of 1,479 million, closing at 57.46, up 0.24 (+0.42%) [4] - **Chemical Sector**: - Wanhua Chemical had a market capitalization of 171.58 billion with a trading volume of 613 million, closing at 214.17, down 0.48 (-0.22%) [4]

Core Viewpoint - The report highlights the performance and management of the Yongying CSI All-Share Medical Device ETF Fund for the second quarter of 2025, emphasizing its investment strategy, financial metrics, and market outlook for the medical device industry. Fund Overview - The fund aims to closely track the performance of the CSI All-Share Medical Device Index, with a total fund share of 470,599,906.92 as of the report date [1]. - The fund operates as an open-ended ETF and was established on November 22, 2021 [1]. Financial Performance - The net asset value (NAV) for the Yongying CSI All-Share Medical Device ETF Initiating Link A was 0.6086 RMB, with a net value growth rate of -0.26% during the reporting period [5]. - For the same period, the performance benchmark yielded a return of -0.89% [5]. - The NAV for the Yongying CSI All-Share Medical Device ETF Initiating Link C was 0.6043 RMB, with a net value growth rate of -0.31% [5]. Investment Strategy - The fund primarily employs an index investment strategy, investing in the target ETF to achieve close tracking of the benchmark index [5]. - The fund's investment strategy includes stock investment, bond investment, and asset-backed securities investment, among others [1]. Market Outlook - The medical device sector is expected to see significant performance improvements in the third quarter, driven by high growth rates in bidding data since November 2024 and supportive government policies for high-end medical devices [4]. - The integration of AI technologies in medical devices is anticipated to enhance innovation and market competitiveness [4]. Management Report - The fund management adheres to strict compliance with investment regulations and maintains a disciplined investment research and decision-making process [3]. - The management emphasizes fair trading practices and has not encountered any significant violations of fair trading during the reporting period [4]. Fund Share Changes - The total shares for Yongying CSI All-Share Medical Device ETF Initiating Link A increased from 131,880,539.89 to 133,505,066.16 during the reporting period [7]. - For Initiating Link C, shares rose from 328,466,280.74 to 337,094,840.76 [7]. Other Important Information - There were no single investors holding more than 20% of the fund shares during the reporting period [7].