2026年以来，A股市场迎来16只新股上市，其中医疗器械企业占据四席，成为开年新股市场的亮点之一。北京商报记者统计发现，年内上市的医疗器械企业 包括科创板"新秀"北芯生命（688712），以及北交所的海圣医疗、爱得科技、爱舍伦，4只个股上市首日涨幅均在170%以上，展现出资本市场对医疗器械赛 道的高度认可。 亮眼的股价表现背后，是业绩基本面的支撑。作为以科创板第五套上市标准上市的企业，北芯生命2025年预计实现扭亏，另外3只北交所个股2025年业绩均 实现增长。目前，医疗器械企业上市"后备军"充足，其中，人工心脏领域的两家企业苏州同心医疗科技股份有限公司（以下简称"同心医疗"）、深圳核心医 疗科技股份有限公司（以下简称"核心医疗"）正共同冲刺"国产人工心脏第一股"。 | 序 代码 名称 | | 最新 涨幅% | 三百智类 | | --- | --- | --- | --- | | 1 920166 海圣医疗 | 29.56 | -14.29 5.88万 24.73 | 25.94(4) | | 2 920180 爱得科技 | 18.77 | -2.54 5.71万 21.49 | 28.52(4) | | 3 ...

Investment Rating - The report maintains a positive outlook on the blood products industry, suggesting that the supply-demand relationship will gradually improve, leading to performance recovery for companies in this sector [10][34]. Core Insights - The blood products industry is characterized by a clear long-term growth trajectory, supported by a favorable regulatory environment for plasma collection and an expanding product range among companies [12][34]. - Short-term performance has been impacted by supply-demand mismatches, with a notable decline in profitability observed in 2025 due to excess supply and price reductions [19][36]. - The report highlights the importance of white albumin and immunoglobulin (IVIG) as core products, with a stable demand expected despite recent price pressures [33][34]. Summary by Sections Market Review - The report notes a decline of 0.85% in the medical index, underperforming the CSI 300 index by 1.22 percentage points, ranking 21st among 30 sectors [6]. - The top-performing stocks in the medical sector include Aidi Te, Zhendai Medical, and Olin Bio, while the worst performers include Beixin Life and Huayuan Bio [6]. Industry and Stock Events - The report emphasizes the recovery of plasma collection activities post-pandemic, which has led to increased supply and a shift in the market dynamics for blood products [19][26]. - The report identifies key companies to watch, including Tian Tan Biological and Bo Ya Biological, as they are expected to benefit from the industry's growth [12][34]. Overall Perspective and Investment Themes - The report suggests focusing on innovative drugs, medical devices, and the blood products sector, highlighting the potential for significant growth driven by domestic differentiation and international expansion [10][12]. - The report also discusses the ongoing consolidation in the industry, particularly among state-owned enterprises, which may enhance market concentration and operational efficiencies [46]. Supply and Demand Dynamics - The report indicates that the supply of blood products is expected to tighten in 2026 due to a slowdown in plasma collection growth and a decrease in imported white albumin supply [30][34]. - Demand for white albumin remains robust, with sales showing signs of stabilization despite recent challenges [33][34]. Future Outlook - The report anticipates a gradual return to a balanced supply-demand relationship in the blood products industry, which could lead to improved financial performance for key players [34][36]. - The potential for new product introductions and market expansions is highlighted as a significant driver for future growth in the sector [12][34].

Investment Rating - The report maintains a positive outlook on the blood products industry, suggesting that the sector has clear long-term growth potential due to increasing supply and demand elasticity [12][19][36]. Core Insights - The blood products industry is expected to benefit from a more relaxed approval process for plasma collection stations during the 14th Five-Year Plan, leading to increased production capacity and a diverse range of products [12][19]. - The report highlights a significant shift in the industry from a supply surplus to a supply-demand balance, with expectations for improved performance in 2026 as supply constraints tighten and demand remains stable [36][34]. - Key companies to watch include TianTan Biotech, BoYa Bio, and HuaLan Bio, which are expected to see performance improvements as the market stabilizes [12][36]. Summary by Sections Market Review - The report notes that the CITIC pharmaceutical index fell by 0.85%, underperforming the CSI 300 index by 1.22 percentage points, ranking 21st among 30 primary industries [6]. - The top-performing stocks in the sector included AidiTe and ZhenDe Medical, while stocks like BeiXin Life and HuaYuan Bio faced significant declines [6][12]. Industry and Stock Events - The blood products sector has experienced a prolonged adjustment period, with a cumulative decline of 18.1% since early 2025, significantly underperforming the broader pharmaceutical sector [16]. - The report indicates that the performance of major blood product companies has varied, with some like WeiGuang Bio and HuaLan Bio performing better than the sector average [16]. Overall Perspective and Investment Themes - The report emphasizes the transition from a quantity-driven to a quality-driven approach in the innovative drug sector, suggesting a focus on differentiated products and international expansion [10]. - In the medical device sector, there is a notable recovery in bidding volumes for imaging equipment, with companies like MaiRui and LianYing expected to benefit from ongoing upgrades [10]. - The report also highlights the importance of the CXO and life sciences services sectors, predicting a recovery in domestic investment and a return to high growth rates [10]. Blood Products - The blood products industry is characterized by a clear growth trajectory, with both supply and demand expected to show significant elasticity [12][19]. - The report suggests that the industry will see improved performance due to a combination of increased plasma collection and a tightening supply situation, which is expected to stabilize prices and enhance profitability for key players [36][34].

Core Viewpoint - Spring Medical announced a significant increase in its 2025 annual performance, with a projected net profit growth of 96.01% to 130.41 million and a non-recurring net profit growth of 142.80% to 185.11 million, but the stock price has been declining due to the market's anticipation of this growth being already priced in [1][2] Stock Performance - Spring Medical's stock has shown weakness, with a maximum fluctuation of over 30% since reaching a high of 20.49 HKD in November 2025, dropping to a new low of 13.47 HKD by February 12, 2026 [1] - As of February 23, 2026, the stock price was 13.59 HKD, reflecting a slight increase of 0.07%, but a cumulative decline of 2.72% over the past five days [1] - In the past 60 days, net selling by Hong Kong Stock Connect has totaled 4.054 million shares, reducing the holding ratio from 47.77% in December 2025 to 43.16% in February 2026, resulting in a loss of over 10% [1] - The latest closing price in the A-share market was 22.27 CNY on February 13, 2026, with a daily increase of 0.68%, but a cumulative decline of 15.80% over the past 20 days [1] Financial Performance - The projected increase in 2025 performance is primarily driven by the release of growth potential in product lines post-collective procurement and the advancement of international business [2] - The significant growth in non-recurring net profit compared to net profit indicates an improvement in core business operations [2] - For the first three quarters of 2025, revenue reached 755.6 million CNY, representing a growth of 48.75%, while net profit attributable to shareholders was 192 million CNY, reflecting a substantial increase of 213.21% [2] - The international business has shown remarkable progress, with overseas revenue accounting for 40% of total revenue, shifting market focus towards the potential of overseas expansion as a key factor for stock price recovery [2]

智通财经APP获悉，兴业证券发布研报称，2月20日，美国最高法院以6:3裁定美国对等关税和对华芬太尼关税违宪。判决将反映在资产价格上，美股受到 支撑而美债承压。与此同时，判决是一种行政权受限带来的长期叙事变化，未来将增加美国后续政策的"混沌性"，刺激贵金属等"弱美元资产"和美债收益 率上行。轻工家电、消费电子、电池、汽车零部件以及医疗器械等对美营收敞口大、且在此前对等关税较高的东盟地区有大量产能布局或贸易转口的行业 将重点受益于本轮关税下降。 兴业证券主要观点如下： 前言：2月20日，美国最高法院以6:3裁定美国对等关税和对华芬太尼关税违宪。随后，特朗普宣布根据IEEPA加征关税将不再生效，同时对全球新加征 10%的122关税，于2月24日凌晨生效。此外，特朗普计划发布新的关税调查，预计需要5个月时间。新关税豁免了部分关键矿产、原料、电子和机械产 品。同时，特朗普重申对小额包裹的免税政策取消仍然生效。 如何理解美国最高法院的判决书？ 一是关税属于法定的国会权力。判决书提到，美国宪法第一条第八款明确规定，征收税收、关税的权力属于国会，制宪者并未将任何征税权授予行政部 门。(The Framers gave "C ...

价格表现：近7日（2026年2月16日至2月20日），百心安-B股价区间下跌3.20%，其中2月16日收盘报 5.50港元（单日跌2.14%），2月20日收盘报5.44港元（单日跌1.09%）。股价波动受港股大盘走弱（恒 生指数同期跌2.83%）及医疗板块调整影响。 股票近期走势 经济观察网 华鑫证券在2026年2月15日发布的医药行业周报中，将百心安-B（02185.HK）列为医疗器械 领域高值耗材出口突破的值得关注标的，反映出机构对其在海外市场拓展潜力的认可。该报告同时指 出，医药行业整体聚焦原料药供给变化、GLP-1减重领域合作及小核酸技术突破，百心安-B作为医疗设 备企业，可能间接受益于行业创新趋势。 技术指标：截至2月20日，股价低于5日、10日及20日均线，MACD柱状图为负值，显示短期弱势；但布 林带下轨（5.256港元）提供部分支撑，KDJ指标中J线降至29.5，接近超卖区域。 机构观点 资金流向：2月20日散户资金净流入80,403港元，主力资金无显著活动，换手率仅0.02%，市场交投清 淡。 华鑫证券在2026年2月15日发布的医药行业周报中，将百心安-B（02185.HK）列为医疗器械领 ...

内容概要：染色体核型分析是遗传病诊断、产前筛查与诊断、不孕不育病因排查、血液系统恶性肿瘤分 型及实体瘤遗传学检测领域的金标准核心技术，具备不可替代的临床价值，近年来，在优生优育理念全 面普及、高龄产妇群体持续扩大、婚检与孕检流程不断规范化的背景下，产前诊断相关需求呈现稳步增 长趋势，同时，血液科、肿瘤科诊疗技术的迭代升级，推动肿瘤染色体异常检测从科研层面逐步落地为 临床常规检测项目，成为肿瘤靶向治疗方案制定与预后评估的重要依据，此外，在生殖健康领域，反复 流产、生殖发育异常等问题的病因筛查，也高度依赖染色体核型分析系统，其临床刚需始终保持稳定且 逐步攀升的态势，据统计，2025年我国染色体核型分析系统市场规模达19670万元，同比增长18.6%， 其中，细胞收获仪约占19.9%，制片染色机约占9.7%，显微图像扫描仪约占49.4%，核型分析软件约占 21.0%。 相关企业：赛默飞世尔科技（中国）有限公司、徕卡显微系统（上海）贸易有限公司、杭州德适生物科 技股份有限公司、中科伊和智能医疗科技（广西）有限公司、中科伊和智能医疗科技（佛山）有限公 司、致慧医疗器械（浙江）有限公司、郑州中普医疗器械有限公司、长沙远安 ...

体外膜肺氧合系统（ECMO）主要包括血管内插管、连接管、动力泵（人工心脏）、氧合器（人工 肺）、供氧管、监测系统等部分。动力泵（人工心脏），提供动力驱动血液在管道中流动。临床上主要 有两种类型的动力泵：滚压泵、离心泵。滚压泵不易移动，管理困难。急救首选离心泵，优势是安装移 动方便，易于管理，血液破坏小。氧合器（人工肺），将输入的血液进行氧合，输出氧合后的动脉血。 氧合器分为硅胶膜型与中空纤维型两种。硅胶膜型的生物相容性好，血浆渗漏少，血液成分破坏小，适 合长时间使用。中空纤维型膜肺易排气，2-3日可见血浆渗漏，血液成分破坏相对大。 体外膜肺氧合系统（ECMO）的组成部分 随着患者临床需求的增加、ECMO国产化进程的持续推进、国家相关支持性政策的发布以及资本的助 力，中国ECMO行业呈现出持续发展的态势，经历了萌芽阶段、起步阶段及发展阶段。在2010年前，中 国ECMO行业逐渐萌芽，国际厂商如美敦力、迈柯唯等逐步进入中国市场，为国内三级医院等提供 ECMO支持。直到2002年，中国内地才开展了首例真正意义上的ECMO支持治疗。但限于当时的经济水 平、医疗条件和医疗报销制度的限制，这一设备没有得到大范围推广。20 ...

以上内容基于公开资料整理，不构成投资建议。 经济观察网 近一周（2026年2月14日至2月20日），中进医疗（ZJYL.OQ）股价呈现波动走势。截至2月 20日最新数据，股价报0.14美元，当日涨幅3.71%，振幅4.21%；区间内（2月17日至2月20日）累计涨幅 3.57%，振幅13.57%。成交量方面，2月17日达29.43万股，2月18日达24.48万股，显示短期交投活跃， 但2月20日成交量回落至1.13万股。公司当前市盈率（TTM）为19.11，市净率0.77，总市值约0.23亿美 元。 ...

Core Viewpoint - The article emphasizes the transformative potential of the pharmaceutical and healthcare industry, highlighting the integration of AI technology, the global expansion of Chinese pharmaceutical innovations, and the commitment to deepening investment in the sector as key drivers for future growth [3][4][6][7]. Group 1: AI Empowerment in Pharmaceutical Innovation - AI is reshaping the pharmaceutical industry by significantly reducing research and development cycles and costs, addressing traditional challenges of high investment and long timelines [4][5]. - The integration of AI in drug discovery, clinical trial design, and production processes is seen as a new paradigm that enhances the industry's productivity and innovation capabilities [4][5]. Group 2: Global Expansion of Chinese Pharmaceutical Innovations - 2025 is identified as a pivotal year for Chinese pharmaceutical companies, marking a transition from quantity to quality in global markets, with total foreign licensing transactions exceeding $130 billion and over 150 deals [6]. - Chinese companies are increasingly recognized as equal partners in global pharmaceutical competition, with significant collaborations such as the $12 billion partnership between Heng Rui Medicine and GSK [6]. Group 3: Commitment to Investment in the Pharmaceutical Sector - The investment landscape in the pharmaceutical sector is evolving, with a projected financing total of approximately 122.78 billion yuan in 2025, reflecting a 46.41% year-on-year increase [7]. - The focus remains on early-stage, innovative, and high-quality companies, particularly in areas like AI drug development and advanced medical devices, to foster growth and innovation [7][8].