机构：中金公司 研究员：俞波/张琎 考虑上游拓展仍需一定时间而普耗集采压力略高于1H25 预期，我们下调25/26 年净利润7%/7%至 19.89/21.83 亿元，引入27年净利润23.48 亿元，当前股价对应26/27 年P/E为9.9/8.9x，考虑板块估值中枢 上行，我们维持目标价6.40 港元不变，对应26/27 年P/E为12.1/11.3x，隐含22.4%上行空间。 风险 换股交易对价合理，公司将控股威高血净。去年10 月，威高股份和威高血净公告，威高血净计划向威 高股份以发行股份方式获得威高股份子公司威高普瑞股权。今年1 月5 日，威高股份公告确认威高普瑞 作价最终对价为人民币85.11 亿元（对应24 年静态P/E为14.66x），对价股份为2.72 亿股，占威高血净当 前已发行/扩大后总股数的65.11%/39.43%。交易完成后，威高血净将持有100%威高普瑞股权，威高股 份对血净持股比例将从23.53%升到51.35%，对普瑞持股比例从94.07%变为间接持股51.35%，威高血净 （并表威高普瑞）成为威高股份的控股子公司。公司预计于今年2 月举行股东大会表决，最快有望2- 3Q26 ...

机构：招商证券 研究员：梁广楷/许菲菲/欧阳京 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。2023 年2 月全球微创介入医疗器械领先企业波士顿 科学成为先瑞达控股股东，持股65%，并于2023年6 月签署首个合作谅解备忘录；2025 年12 月，公司 与波科签署新的三年合作协议（2026-2028）：1）全球商业化：共享波科覆盖全球的渠道资源，预计 2026-2028 年向波科销售产品交易金额 ...

BLIS 11/2 BUIDH & I 耳鼻喉咙雞 EARS, NOSE THROAT HEA 2 16 ILINEWILH 11 7 - 880 crass the 2026年的崭新篇章已经开启。站在"十五五"开局之年的新起点上，中国经济拥有更多积极因素支撑，也 将涌现更多发展机会和投资机遇。 对于往来中外的广大华商来说，在过去的2025年收获了哪些成果、积蓄了哪些动能；在崭新的2026年又 有怎样的新打算与新期待？多位华商与本报分享了他们的"新年计划"。 新西兰华商王思维： 将新西兰优质医疗器械品牌引进中国 对新西兰亿倍通品牌管理有限公司执行董事王思维来说，刚刚过去的2025年，是收获满满的一年。这一 年，作为进博会上的"全勤生"，他第八次参展，不仅将种类丰富的新西兰"好物"带到中国市场，还成功 地将贸易"单向道"拓宽为"双向道"。 "2025年，我们顺利地将中国的一个保健品品牌和一个卡游品牌推荐到新西兰市场。目前这两个品牌都 已落地，其中卡游品牌的首批产品近期就将发往新西兰。对我来说，打通中新之间的双向贸易'通道'， 是2025年最大的收获。"王思维说。 2026年，王思维希望到中国参加更多展会，更加积 ...

| 交易日 | 持股总数(股) | 持股变动(股) | 变动幅度 | | --- | --- | --- | --- | | 2026-01-08 | 575.82万 | -900.0 | -0.02% | | 2026-01-07 | 575.91万 | -1.58万 | -0.27% | | 2026-01-05 | 577.49万 | -1600.0 | -0.03% | | 2026-01-02 | 577.65万 | -3100.0 | -0.05% | | 2025-12-30 | 577.96万 | -7.22万 | -1.23% | 证券之星消息，1月8日南向资金减持900.0股高视医疗（02407.HK）。近5个交易日中，获南向资金减持 的有5天，累计净减持9.36万股。近20个交易日中，获南向资金减持的有20天，累计净减持22.05万股。 截至目前，南向资金持有高视医疗（02407.HK）575.82万股，占公司已发行普通股的3.88%。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 高视医疗科技有限公司是一家 ...

Core Viewpoint - Southbound funds have increased their holdings in MicroPort Medical (00853.HK) by 3.4078 million shares on January 8, 2026, indicating a positive trend in investor sentiment towards the company [1]. Group 1: Shareholding Changes - Over the past five trading days, Southbound funds have increased their holdings for five days, with a total net increase of 20.3882 million shares [1]. - In the last twenty trading days, there were seven days of net reduction in holdings, totaling 442,100 shares [1]. - As of now, Southbound funds hold 904 million shares of MicroPort Medical, accounting for 47.24% of the company's total issued ordinary shares [1]. Group 2: Shareholding Data - On January 8, 2026, the total number of shares held was 904 million, with a change of 3.4078 million shares, reflecting a 0.38% increase [2]. - On January 7, 2026, the total number of shares held was 901 million, with a change of 2.0976 million shares, reflecting a 0.23% increase [2]. - On January 5, 2026, the total number of shares held was 898 million, with a change of 3.3146 million shares, reflecting a 0.37% increase [2]. - On January 2, 2026, the total number of shares held was 2,556.8 million, with a change of 9.0958 million shares, reflecting a 1.03% increase [2]. - On December 30, 2025, the total number of shares held was 886 million, with a change of 2.4725 million shares, reflecting a 0.28% increase [2]. Group 3: Company Overview - MicroPort Medical is primarily engaged in the sales, production, research, and development of medical devices, operating through eight divisions [2]. - The cardiovascular intervention division includes products such as implantable devices and access devices [2]. - The orthopedic medical device division includes instruments for joint reconstruction and spinal applications [2]. - The cardiac rhythm management (CRM) division includes devices such as pacemakers and defibrillators [2]. - The aortic and peripheral vascular intervention division includes products like the "L-REBOA" aortic occlusion balloon [2]. - The neuro-intervention division includes products for treating cerebral artery atherosclerosis and coils [2]. - The structural heart disease division includes products for transcatheter aortic valve implantation [2]. - The surgical robotics division is involved in the manufacturing and R&D of surgical robotic instruments [2]. - The surgical medical device division focuses on the manufacturing and R&D of surgical medical devices [2].

截至2026年1月8日收盘，蓝帆医疗(002382)报收于5.86元，上涨1.21%，换手率1.43%，成交量14.25万 手，成交额8322.36万元。 关于董事会提议向下修正蓝帆转债转股价格的公告 蓝帆医疗董事会于2026年1月7日审议通过向下修正"蓝帆转债"转股价格的议案，因公司股价已连续三十 个交易日中至少有十五个交易日低于当期转股价格的85%，触发转股价格向下修正条件。本次修正方案 尚需提交公司股东会审议，且须经出席会议的股东所持表决权的三分之二以上通过。修正后的转股价格 不低于股东会召开日前二十个交易日及前一个交易日公司股票交易均价的较高者，且不低于最近一期经 审计的每股净资产和股票面值。董事会提请股东会授权办理相关事宜。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 来自交易信息汇总：1月8日主力资金净流出285.43万元，散户资金净流入432.3万元。 来自公司公告汇总：董事会提议向下修正"蓝帆转债"转股价格，因股价已触发修正条件，议案尚 需股东会审议。 公司公告汇总第六届董事会第三十七次会议决议公告 蓝帆医疗第六 ...

Group 1 - The company and its subsidiaries obtained 9 domestic medical device registration certificates, 3 intellectual property qualifications, and 1 overseas qualification from October to December 2025 [1] - The acquisition of these qualifications will enrich the company's product variety, enhance its intellectual property protection system, expand its product layout in the fields of tumor screening and precision diagnosis, and strengthen its core competitiveness [1]

Group 1 - The core adjustment of the indices reflects a shift towards high-quality stocks and market representation, with specific companies being added or removed based on their market capitalization and operational stability [1][2] - The inclusion of companies like Chip Source Microelectronics and Huada Gene reflects a trend towards innovation-driven economic transformation, focusing on high-end manufacturing and technological innovation [2][3] - The adjustments serve as a "vote" from the capital market on industry trends, indicating that long-term growth sectors are favored over short-term market fluctuations [3] Group 2 - The adjustments lead to structural reallocation of funds, with passive funds needing to buy newly included stocks and sell those that are removed, creating short-term liquidity premiums for the new entrants [4] - Investors are advised to focus on the underlying fundamentals of companies rather than short-term market movements, as long-term valuations depend on the companies' growth potential [4] - The adjustments are not isolated events but part of a broader market trend, emphasizing the importance of understanding the underlying rules of index composition and industry transformation [4]

据证监会官网显示，上海纽脉医疗科技股份有限公司于2026年1月8日正式启动上市辅导，中信证券担任 辅导机构。 ...

Summary of the Conference Call for Meihua Medical Company Overview - Meihua Medical primarily operates in the medical device sector, with approximately 90% of its business being export-oriented. The company provides upstream CDMO (Contract Development and Manufacturing Organization) services to leading global medical device firms. [2][3] - The business segments include cornerstone businesses (home ventilators, cochlear implants), emerging growth areas (blood glucose management devices), and emerging planning areas (brain-machine interfaces, humanoid robots). [2] Key Insights and Arguments Cornerstone Business - The cornerstone business, which includes home ventilators and cochlear implants, is experiencing a decline due to capacity relocation and rare earth control, with a recovery expected by Q3 2026. [2][3] - Cochlear implant revenue is projected to exceed 100 million yuan in 2025, with 50% derived from invasive electrode sheets, achieving a gross margin of 60-70%. [3][16] Emerging Growth Areas - The blood glucose management segment, particularly the injection pen business, is expected to enter the top five revenue sources by 2026, with two fully automated production lines already operating at full capacity. [2][4] - Continuous Glucose Monitoring (CGM) devices are anticipated to have good delivery performance in 2026 following mass deliveries in Q2 and Q3 of 2025. [4] Brain-Machine Interface Development - Meihua Medical's brain-machine interface (BMI) development is structured in three phases: output, input, and bidirectional interaction. The company leverages its existing cochlear implant technology to facilitate the development of invasive BMI products. [5][10] - The company is focusing on lightweight, miniaturized, and long-term implantable invasive BMI products, collaborating with downstream clients to design flexible electrodes and surgical robot solutions. [7][11] Market Potential and Strategic Planning - The company sees significant market potential in semi-invasive and non-invasive BMIs, planning to select suitable companies for upstream CDMO services to meet future market demands. [8][9] - The increasing interest in BMIs, highlighted by Neuralink's developments, has prompted Meihua Medical to intensify its R&D efforts and explore new application scenarios. [10][17] Additional Important Information - Meihua Medical's strategic layout in the BMI sector includes not only focusing on existing implants but also developing implant systems and related consumables in collaboration with downstream clients. [11] - The company emphasizes the importance of material safety and reliability in the production of implantable devices, ensuring that materials do not compromise physical properties or introduce harmful substances. [13] - The company does not produce raw materials but modifies and processes existing materials for use in its products. [22] - Meihua Medical's components account for approximately 20-30% of the overall value of cochlear implants, with chips being the most expensive part. [19] Future Outlook - The company is optimistic about the future of the BMI market, noting that demand is strong, particularly among patients with paralysis or neurological disorders. [17][18] - Meihua Medical aims to continue leveraging its existing resources and experience to support the development of this emerging field. [18] - The company is currently unable to provide specific revenue forecasts for 2026 due to regulatory constraints but is focused on customizing services based on downstream client needs. [20] Competitive Landscape - Meihua Medical holds a significant competitive advantage with a 70% market share among global leading clients, although potential competition may arise from companies in the cardiac pacemaker sector. [23]