Core Viewpoint - The "anti-involution" research trend is gaining momentum in the A-share market, with expectations that it may become the main theme for the next market phase, benefiting various sectors such as lithium batteries, photovoltaics, coal, steel, chemicals, energy, and construction materials [2][3][4]. Group 1: Research and Analysis - In the past week, a total of 176 research reports on the "anti-involution" theme were published by institutions, covering multiple industries including strategy, macroeconomics, steel, fossil energy, electrical equipment, building materials, non-ferrous metals, chemicals, and aquaculture [2]. - The "anti-involution" theme has become a focal point in analyst roadshows, with 79 related events held in the past week, indicating a strong institutional interest [2]. - Analysts believe that the current round of "anti-involution" has a higher standing, broader coverage, and stronger synergy, with potential implications for the market's next phase [3]. Group 2: Policy and Market Implications - The Central Financial Committee's recent meeting emphasized the need to promote a unified national market and address issues of low-price competition, which has led to increased attention on "anti-involution" in the capital market [3]. - The "anti-involution" policy is expected to unfold in three stages: policy expectations, price increases, and demand expansion, with a focus on sectors that may experience a turnaround [4]. Group 3: Beneficiary Industries - Key sectors expected to benefit from the "anti-involution" policies include: - Midstream and downstream manufacturing such as lithium batteries, photovoltaics, wind power, passenger vehicles, paper, and medical devices - Service and consumer sectors like food processing, express delivery, and small appliances - Resource materials including steel, cement/glass, consumer building materials, chemical fibers/agricultural chemicals, and energy metals - Real estate-related sectors such as kitchen appliances and home furnishings [5][6]. - The steel industry is highlighted for its potential bottom reversal, with supply-side reforms and improved profitability expected [8]. Group 4: Sector-Specific Insights - The photovoltaic industry is entering a high-quality development phase, with significant stock price increases observed in related sectors [9]. - Analysts suggest that the photovoltaic sector's recovery will depend on effective supply-side reforms and the establishment of a long-term mechanism for eliminating outdated capacity [9]. - Recent downgrades in specific photovoltaic stocks indicate a cautious outlook despite the overall positive sentiment in the sector [10].

值得一提的是，近年来北芯生命持续加大研发投入，搭建了微纳器件、介入导管、高性能医疗硬件及算 法软件四大技术平台，覆盖从核心传感器封装、导管加工到图像分析算法全链条能力，是国内唯一掌握 60MHz高频微型超声换能器与微型MEMS压力传感器完整设计及封装技术的企业。 2025年，公司推出首个国产冠脉功能学一体化解决方案、国产首款外周IVUS导管，并在电生理领域完 成脉冲电场消融（PFA）"single-shot"术式的关键突破，研究成果入选2025年欧洲心脏病学会大会突破 性临床研究专场。截至目前，公司累计申请专利超360项，已获得授权180余项，其中发明专利80余项、 PCT国际专利申请14项。 本报讯 （记者王镜茹）7月18日，上交所上市委将审议深圳北芯生命科技股份有限公司（以下简称"北 芯生命"）科创板IPO申请。据悉，北芯生命成立于2015年，是一家专注于心血管精准介入领域的创新 医疗（002173）器械企业，致力于通过高性能有源介入设备，为冠心病、外周血管疾病、房颤等重大疾 病提供智能化精准介入解决方案。 公司深耕冠脉功能学与影像学两大领域，自主研发突破多项"卡脖子"技术，先后推出中国首个自主研发 获批 ...

Group 1: Market Overview - The FTSE China A50 Index components showed a strong performance in the banking sector, with significant gains across various industries including power, coal, and oil, while the securities and consumer electronics sectors experienced declines [1][6]. Group 2: Sector Performance - The banking sector saw a rise in stock prices, with notable increases in major banks such as China Pacific Insurance and China Ping An, which had market capitalizations of 378.56 billion and 1,053.46 billion respectively [3]. - The power, coal, and oil sectors also performed well, with China Petroleum and China Shenhua Energy showing positive stock movements [4]. - Conversely, the securities sector, including firms like CITIC Securities, faced a decline, with a drop of 0.73% in stock price [4]. - The semiconductor industry had mixed results, with North China Innovation experiencing a decrease of 1.85%, while Cambrian Technology saw an increase of 2.35% [3][4]. Group 3: Notable Companies - Major companies in the liquor industry, such as Kweichow Moutai and Wuliangye, reported market capitalizations of 1,788.34 billion and 483.65 billion respectively, with Kweichow Moutai's stock price showing a slight decline of 0.24% [3]. - In the automotive sector, BYD's stock price increased by 0.31%, while other companies like SAIC Motor faced a decline [4]. - The technology sector, represented by companies like Industrial Fulian and Luxshare Precision, showed a downward trend, with stock prices decreasing by 0.69% and 0.65% respectively [4].

Core Viewpoint - The European Union (EU) is preparing to respond collectively with other countries affected by the new tariffs imposed by the United States, particularly targeting a 30% tariff on products from Mexico and the EU starting August 1, 2025 [1]. Group 1: EU's Response to US Tariffs - The EU is coordinating with Canada and Japan to discuss potential joint actions against the new tariffs [1]. - The EU has a current retaliation list that will impact approximately €210 billion ($245 billion) worth of US goods, along with an additional list worth €720 billion for further measures [2]. - EU Commission President Ursula von der Leyen stated that while the EU has paused countermeasures until August 1, they are preparing further retaliation measures to ensure readiness [1][2]. Group 2: Trade Negotiations Focus - Ongoing negotiations between the EU and the US are centered on unresolved issues, particularly concerning automotive and agricultural tariffs [5]. - The preliminary agreement discussed includes a 10% tariff on most EU exports and a proposed 17% tariff on agricultural products from the EU [5]. - The EU aims to keep agricultural export tariffs below 10% and opposes mechanisms that would allow tariff reductions in exchange for investments, to prevent production shifts [5]. Group 3: Use of Trade Tools - The EU's most powerful trade tool, the Anti-Coercion Instrument (ACI), is not currently being activated, as stated by von der Leyen [3]. - French President Emmanuel Macron emphasized the need for credible countermeasures, including the ACI, if no agreement is reached before August 1 [4].

2025.07. 14 本文字数：2785，阅读时长大约5分钟 作者 | 第一财经 钱童心 今年上半年，我国批准了45个创新医疗器械产品，此外，国家组织外周血管支架类医用耗材集采中 选结果已在全国多省市落地执行。 第一财经记者从多方了解到，外周小血管覆膜支架自集采落地以来出现供应紧张，但相关的国产器械 正在加速研发，填补巨大的市场空白。 进口产品供应不稳定 根据第五批高值医用耗材集中带量采购中选结果，包括雅培、波士顿科学、百多力等跨国企业，以及 归创通桥、心脉医疗等国内企业在内的18家中选，过去数万元的支架集采的中标价格普遍在三四千 元，最低价格仅2000多元，平均降价幅度超过80%。此前采购需求量最大的戈尔在第五批集采中出 局。 戈尔的自膨式覆膜外周血管支架VIABHAN是此前临床上应用的唯一一款覆膜支架，随着戈尔的出 局，近期有天津、武汉等多地医生反映，这款支架目前供应越来越紧张，临床上还没有太合适的替代 品。 一位三甲医院血管外科医生告诉第一财经记者："覆膜支架是血管外科手术中常用的高值耗材，进口 的戈尔外周小血管覆膜支架确实没有了，大血管的还有。国产的大血管覆膜支架可以从一定程度上替 代，但小血管覆膜 ...

Group 1: Credit Bond ETFs and Fund Performance - Credit bond ETFs have seen strong inflows this year, with a total scale nearing 230 billion yuan and a net subscription amount exceeding 160 billion yuan as of July 9 [1] - In June alone, the net subscription amount reached 84 billion yuan, driven by factors such as coupon advantages, activated pledge functions, and trading convenience [1] - Multiple bond funds reported over 100% growth in scale during Q2, attributed to a stable macroeconomic environment and increased investor confidence in fixed-income products [1][2] Group 2: Equity Funds and Market Trends - Several equity funds have disclosed their Q2 reports, revealing that fund managers have increased stock positions and maintained high operational levels [2] - Investment opportunities in sectors such as robotics, fintech, and pharmaceuticals have gained favor among fund managers [2] Group 3: Banking Sector Dividends - As of July 13, 35 out of 42 A-share listed banks have announced their annual dividend distributions for 2024 [2] - The increase in dividend payout ratios is expected to support bank stock prices and enhance the quality of bank operations [2] Group 4: Commodity Prices and Market Outlook - Copper prices have fluctuated between 72,073 yuan/ton and 82,725 yuan/ton in the first half of the year, with expectations of a potential upward trend in the medium to long term [2] - Factors such as macroeconomic support from potential interest rate cuts by the Federal Reserve may bolster copper prices [2] Group 5: Company Developments - Canada Goose's controlling shareholder, Bain Capital, is considering selling part or all of its stake, currently holding 60.5% of multiple voting shares [4] - North Chip Life Technology is set to hold its IPO review on July 18, focusing on innovative medical devices for cardiovascular diseases [5] - Zhixing Technology plans to place 15.495 million new H-shares, expecting to raise approximately 230 million HKD for various development projects [6] - Time Space Technology's shareholder plans to reduce their stake by up to 3% between August 5 and November 4 [7] - ST Yundong anticipates a net loss of 100 million to 150 million yuan for the first half of the year due to declining sales prices [8] - China Shenhua expects a net profit of 23.6 billion to 25.6 billion yuan for the first half of the year, reflecting a year-on-year decline of 13.2% to 20% [9]

Core Viewpoint - The Chinese vascular stent market is experiencing a decline in imports due to the accelerated replacement by domestic high-end products and the deepening of centralized procurement policies, while exports are growing significantly as domestic technologies mature [1][12]. Industry Overview - Vascular stents are medical devices implanted in blood vessels to treat conditions like stenosis and aneurysms, playing a crucial role in interventional therapy for cardiovascular diseases [2]. - The industry has evolved through four main stages: reliance on imports, the onset of domestic production, rapid development with drug-eluting stents, and a current phase focused on technological innovation [4][5][6]. Current Industry Status - In the first five months of 2025, China imported 914,000 vascular stents, a year-on-year decrease of 38.18%, with an import value of 1.154 billion yuan, down 18.70% [12]. - Exports during the same period reached 288,900 units, a 30.09% increase, with an export value of 243 million yuan, up 24.03% [12]. - The decline in imports is attributed to the rise of domestic products like MicroPort's Firesorb® bioabsorbable stent and the impact of centralized procurement policies [12]. Industry Development Trends 1. **Technological Innovation and Material Upgrades** - The industry is witnessing a shift towards bioabsorbable materials and smart technologies, with products like MicroPort's Firesorb® stent demonstrating significant advancements [22]. - The introduction of nanotechnology in drug-eluting stents enhances precision in drug delivery, improving clinical outcomes [22]. 2. **Growing Market Demand and Structural Optimization** - The burden of cardiovascular diseases is increasing, with 330 million patients in China, driving demand for vascular stents [24]. - The market is diversifying, with a notable rise in demand for peripheral vascular stents due to related health issues [24]. 3. **Policy Drivers and Competitive Landscape Restructuring** - National policies, including centralized procurement, are enhancing the competitiveness of domestic stents [25]. - Local companies like MicroPort and Lepu Medical are gaining market share from foreign brands through technological advancements and cost advantages [25].

Core Viewpoint - The demand for low-frequency therapeutic devices is increasing due to rising health concerns, an aging population, and the growing number of chronic disease patients. The introduction of the "old-for-new" policy and active market research by health authorities further stimulates this demand [1][12]. Industry Overview - Low-frequency therapeutic devices utilize low-frequency electric currents for treatment, primarily affecting the skin and superficial tissues, providing pain relief and muscle relaxation [3][4]. - The market for low-frequency therapeutic devices is expected to grow significantly, with 1,001 purchasing units and 958 winning units in the bidding market for 2024, resulting in 3,359 devices awarded, a year-on-year increase of 198%. The total bid amount reached approximately 98 million yuan, up 100% year-on-year [12][21]. Market Dynamics - The aging population in China is projected to reach 219.69 million by 2024, a 1.35% increase year-on-year, leading to higher demand for health management solutions, including low-frequency therapeutic devices [6][10]. - The number of medical and health institutions in China is expected to grow from 1,007,600 in 2019 to 1,093,600 in 2024, further driving the demand for medical equipment, including low-frequency therapeutic devices [10]. Competitive Landscape - The low-frequency therapeutic device industry features numerous players, including both domestic and international brands. Companies are competing through R&D investment, product optimization, and sales channel expansion [16][17]. - Key players in the industry include Guangzhou Longzhijie Technology Group, Tianjin Tangbang Technology, and Henan Xiangyu Medical Equipment, among others [17][18]. Industry Trends - The growth of the low-frequency therapeutic device industry is driven by the aging population, increasing chronic disease patients, and advancements in medical technology. Future developments will focus on technological innovation and smart solutions, integrating AI algorithms and sensor technologies for personalized treatment [21][23].

Core Viewpoint - The article discusses the significant performance differences in the biopharmaceutical sectors across Hong Kong, A-shares, and the US, highlighting the strong recovery of Hong Kong's innovative drugs and devices, while US biotech faces severe undervaluation [1][2][19]. Group 1: Market Performance - In the first half of 2025, the Hang Seng Medical Index surged by 47.9%, while the A-share medical index rose by only 3.5%, and the S&P 500 Healthcare Index fell by 2.0% [2]. - The performance of Hong Kong's medical sector contrasts sharply with the stagnation in A-shares and the decline in US stocks, indicating a significant market recovery for Hong Kong [2][4]. - The cumulative performance of the Hang Seng Medical Index since 2019 still lags behind the XBI and A-share indices, suggesting a return to previous valuations rather than future borrowing [2][4]. Group 2: Internal Differentiation in Hong Kong - There is a stark differentiation between innovative drugs and high-cost medical devices in Hong Kong, with the median price-to-book (PB) ratio for innovative drugs increasing from 1.6-1.7 to approximately 6.0, while high-cost devices rose more modestly from 1.2 to about 2.2 [4][5]. - The high-cost medical devices experienced a median decline of over 85% but have only seen a moderate recovery of around 100%, indicating substantial room for further recovery [5][6]. Group 3: US Biotech Landscape - The US biotech sector is experiencing a severe split, with significant declines in small-cap biotech stocks, while larger companies with strong commercial logic have seen substantial gains [7][19]. - Many US biotech stocks have dropped by 80% to 90% from their 2020-2021 highs, indicating a market that has been systematically undervalued [13][20]. - The article suggests that the US biotech sector, despite its challenges, may present numerous undervalued investment opportunities if the industry outlook improves [13][20]. Group 4: Future Outlook - The global biopharmaceutical industry is expected to continue advancing, particularly in cell-based technologies, which could unlock significant new growth potential [16][20]. - The US biotech sector is anticipated to benefit from new industry waves, with a strong competitive advantage in pioneering innovations [20]. - The potential for the Federal Reserve to lower interest rates in the coming months could provide a favorable environment for the recovery and revaluation of US biotech stocks [18][20]. Group 5: Chinese Innovative Drugs - The strong performance of Chinese innovative drugs is attributed to the ongoing industry reforms and the increasing recognition of Chinese innovations in both domestic and international markets [21][23]. - The article emphasizes that the pharmaceutical sector's dynamics favor innovative drugs over high-cost devices due to the latter's slower adoption and more complex commercialization processes [26][27]. - The company plans to adjust its portfolio by reallocating funds from fully valued Hong Kong innovative drugs to undervalued US biotech stocks and high-potential Chinese medical devices [25][31].

翔宇医疗 20250611 摘要 翔宇医疗拥有超过 700 人的研发团队，专注于康复设备与脑机接口技术， 与天津大学、西安交通大学等多所高校合作，进行脑机接口技术研究， 并成功获得国家科技部重点研发计划支持。 翔宇医疗在脑机接口硬件设备方面具备显著优势，掌握自主可控的核心 技术，包括核心配件和芯片，且产品在兼容性和适配性方面表现出色， 优于市场上其他只专注于单一领域的竞争对手。 翔宇医疗通过技术创新解决了脑电信息采集中的干扰问题，获得发明专 利，实现了无需洗头或使用导电膏即可紧密连接电极，提高了临床实验 的成功率。 翔宇医疗初期以自研自用为主，将脑机接口技术与自身康复产品结合， 实现被动式康复向主动式康复的转化，未来计划向行业康复设备厂商开 放技术。 脑机接口技术升级传统康复产品，硬件改造接入系统，软件整合优化数 据处理，临床验证提升康复效果，成本增加主要来自脑电信息收集装置， 但自研降低了直接材料成本，价格调控灵活。 Q&A 翔宇医疗在脑机接口领域的人员配置情况如何？研发人员的背景是怎样的？ 翔宇医疗在脑机接口领域设有南京和西安两个研发中心。南京研发中心约有 100 人，西安研发中心约有 30 人。专门从事 ...