Core Insights - The medical ETF (159828) has risen over 1%, indicating that the pharmaceutical and biotechnology industry is entering a critical phase of innovation realization and global expansion [1] - The industry is expected to experience a convergence of industrial, policy, and capital cycles by 2026, transitioning from "innovation narrative" to "value realization," which may lead to performance inflection points and valuation restructuring [1] Industry Trends - The next generation of innovative therapies, including ADCs, bispecific/multispecific antibodies, cell and gene therapies, and small nucleic acids, are highlighted as key areas of focus [1] - The impact of centralized procurement on medical devices is diminishing, with over half of the policy coverage achieved; the coverage rates for high-value consumables, low-value consumables, in vitro diagnostics, and medical equipment are 58%, 35%, 23%, and 3% respectively [1] - Domestic medical device companies are making breakthroughs in high-end fields such as photon-counting CT and aortic regurgitation valves, with rapid growth in exports expected (medical device exports are projected to grow by 7.3% year-on-year from January to November 2025) [1] Investment Recommendations - Companies that can quickly achieve volume growth through price adjustments post-centralized procurement, as well as those benefiting from equipment upgrades driving procurement growth, are recommended for attention [1] - The medical ETF tracks the CSI Medical Index (399989), which selects listed companies in medical devices, medical services, and medical information technology, reflecting the overall performance of the medical theme [2] - The index is characterized by high growth attributes and industry concentration, influenced by aging trends, consumption upgrades, and policy guidance [2]

经监管督促，公司于1月7日早间披露《关于上证E互动平台有关问题回复的说明公告》称，公司的 IPA1299芯片产品为与参股公司精芯唯尔(常州)电子科技有限公司共同推出，该产品尚处市场培育期， 尚未实现规模化销售，暂未对公司业绩产生重大影响，未来销售情况存在不确定性，其应用于非侵入式 脑机接口领域，与当前国际上的侵入式脑机接口存在显著技术路径差异。 近期，"脑机接口"成为市场热点，多家公司股价连续涨停，引发监管高度关注。1月7日，上交所连开两 张"罚单"，分别对科创板公司亚辉龙、英集芯及有关责任人予以监管警示，原因是上述公司在披露涉 及"脑机接口"业务信息时存在不准确、不完整的情形。 亚辉龙1月6日当天收盘后，该公司自愿披露与深圳脑机星链科技有限公司签订《战略合作框架协议》， 称双方将在产品研发、市场推广以及股权投资等方面开展合作，并披露后者为"深耕非侵入式与侵入式 双技术路径的领先企业"。该公告披露后引发市场关注，上交所火速下发问询函，要求公司说明合作具 体情况。 在监管督促下，公司1月6日晚又发布补充公告称，脑机星链目前在研产品的技术路线为非侵入式技术路 径，尚无侵入式技术布局，且脑电采集分析仪等产品尚未进入 ...

1月8日，创业板医药ETF国泰（159377）盘中涨超1.7%，创新驱动与政策优化或成行业复苏关键。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 中泰证券指出，2025年医药生物行情由AI+和创新药推动，反映出中国创新能力的质的飞跃及出海逻辑 兑现。尽管Q4出现阶段性回调，但行业经历政策改革和治理阵痛后正逐步复苏，2026年有望延续创新 驱动和产业升级的行情。医疗器械板块在2025年出现基本面拐点，部分细分领域呈现困境反转机会，预 计2026年将延续这一趋势。CRO/CDMO行业内外需共振，需求端随全球投融资恢复而改善，供给端逐 步出清，行业盈利能力有望快速修复。政策端持续支持创新，国家药监局发布《优先审批高端医疗器械 目录（2025版）》，进一步优化审评审批机制，推动高端医疗器械创新发展。 每日经济新闻 创业板医药ETF国泰（159377）跟 ...

来源：市场资讯 （来源：弗若斯特沙利文） 1月8日，香港资本市场迎来3家企业同日上市。独家行业顾问沙利文热烈祝贺智谱华章（2513.HK）、 天数智芯（9903.HK）、精锋医疗（2675.HK）成功在香港证券交易所挂牌上市！ 三家企业全部选择弗若斯特沙利文（Frost & Sullivan，简称：沙利文）作为值得信赖的合作伙伴，为其 提供独家行业顾问服务！我们珍视与感恩客户们的选择与信任，更将不负所托，继续以专业服务陪伴更 多企业在资本市场实现更高质量的发展！ 弗若斯特沙利文（Frost & Sullivan）一直是助力企业赴港上市的领导者，拥有丰富的行业经验沉淀以及 与监管机构、交易所、投融资机构以及各相关机构的沟通经验。根据LiveReport大数据，2025年1-12 月，以及36个月的统计期间，弗若斯特沙利文分别为83家（市占率72%），180家（市占率71%）港股 IPO成功上市企业提供了上市行业顾问服务，按数量计排名第一。 精锋医疗科技股份有限公司是一家专注于先进手术机器人的创新型医疗器械企业，致力于通过多孔腔 镜、单孔腔镜及自然腔道手术机器人等自主研发产品，为微创及无创手术提供系统化解决方案， ...

Core Viewpoint - The brain-computer interface (BCI) sector is experiencing significant growth, driven by technological advancements and increased investment, particularly in the A-share market, with related stocks showing strong performance [1][5]. Group 1: Market Performance - The medical device index ETF (159898) has seen a rise of over 1.94%, with approximately 37 million yuan in net inflow as of the report [1]. - Key stocks in the BCI sector include Kewei Medical, which surged over 19%, and Shuoshi Bio, which increased over 13%, among others [3]. Group 2: Industry Growth - The global BCI market has grown from $1.2 billion in 2019 to nearly $2 billion in 2023, with a compound annual growth rate (CAGR) exceeding 13% [5]. - Projections indicate that the global BCI industry could reach $7.63 billion by 2029, with a CAGR of over 25% from 2024 to 2029 [5]. Group 3: Investment Opportunities - The BCI sector is positioned at a critical juncture with strong policy support, rapid technological iteration, and accelerated commercialization, making it a promising area for investment [8]. - The medical device index ETF (159898) tracks a broad range of medical device sectors, with leading companies like Mindray Medical and United Imaging Healthcare, providing a pure representation of the A-share medical device sector [8][9].

花旗维持微创医疗2025至2027财年的收入预测，分别为10.98亿、12.53亿及14.22亿元人民币。盈利方 面，该行上调公司2025财年预测17%至亏损4,100万元人民币，但维持2026及2027财年的盈测9,500万和 1.54亿元人民币。 报告提到，微创医疗2025年上半年，净亏损同比收窄66%，该行预计公司将在2025年下半年录得盈利。 另外，该行预期高增长的海外平台将在2025年同比实现70%至80%，且增长趋势或在2026年持续。公司 亦获得合并后的协同效应，将成为公司的上行潜力。 智通财经APP获悉，花旗发布研报称，微创医疗(00853)的基本面持续改善，因此已重新覆盖该股， 予"买入"评级和目标价16港元，相当于2026年及2027年市盈率39倍及24倍，并列为行业首选股之一。 ...

1月8日，宝莱特涨5.15%，截至发稿，报8.99元/股，成交9079.66万元，换手率4.91%，总市值23.79亿 元。 资料显示，广东宝莱特医用科技股份有限公司位于广东省珠海市高新区永和路9号宝莱特科技园(金 鼎)，成立日期1993年6月28日，上市日期2011年7月19日，公司主营业务涉及医疗器械产品的研发、生 产、销售、服务。主营业务收入构成为：血透产品77.51%，监护仪产品21.39%，其他(补充)1.10%。 中信保诚多策略混合(LOF)A（165531）基金经理为王颖。 截至发稿，王颖累计任职时间8年329天，现任基金资产总规模49.04亿元，任职期间最佳基金回报 60.19%， 任职期间最差基金回报-8.42%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从宝莱特十大流通股东角度 数据显示，中信保诚基金旗下1只基金位居宝莱特十大流通股东。中信保诚多策略混合(LOF)A （165531）三季度新进十大流通股东，持有股数105.5 ...

管桥医疗创始人兼董事长马立金先生表示："衷心感谢北京市医药健康产业投资基金及各位老股东的信 任与支持。本轮融资既是对我们过去努力的认可，更是对未来发展的期许。管桥医疗将坚持'以临床需 求为导向，以自主创新为驱动'，加快推动更多优质产品落地，助力中国高端医疗器械走向世界，为全 球患者带来更精准、更微创的治疗选择。"在本轮融资的助力下，公司将加大创新投入，以持续构建竞 争壁垒，深化产业合作，不断拓展布局。继续深耕肺血管与呼吸介入领域，为用户在肺动脉栓塞治疗、 深静脉栓塞治疗、颅内狭窄治疗方面提供全周期的解决方案。 管桥医疗是一家专注于高端医疗耗材领域，以研发和生产为主体的高科技医疗器械生产企业。公司坐落 于北京密云经济开发区，建立了完善的符合医疗器械生产质量管理规范（GMP）和ISO 13485标准的质 量管理体系，拥有满足GMP要求的万级洁净生产车间和三个独立的检验洁净间。公司核心团队人员均 具有多年心血管产品研发，质量管理，生产管理和运营经验，公司致力于把优质的医疗器械产品带给广 大医院、医生以及患者，提升行业整体医疗水平，造福患者。 投资界1月8日消息，近日，北京管桥医疗科技有限公司（以下简称管桥医疗）宣布 ...

Core Viewpoint - The A-share market has shown strength in early 2026, with significant gains in the semiconductor and non-ferrous sectors, while the previously quiet innovative drug sector has also regained attention, particularly in the Hong Kong market. The "brain-computer interface" trend is emerging, suggesting potential investment opportunities in the medical device sector [1][5]. Innovative Drug Sector Recovery - The innovative drug sector has seen a resurgence, with several ETFs, including the Jiashi China Securities Hong Kong Innovative Drug ETF and the Fuguo Hang Seng Hong Kong Innovative Drug and Healthcare ETF, rising over 7% within three days. Other related products have also shown gains of over 5% [3]. - After a period of decline in Q4 2025, many fund managers believe that current valuations in the innovative drug sector are attractive, indicating that 2026 may be a good time to invest in pharmaceuticals. The sector is expected to remain a key investment theme in 2026, with positive catalysts expected to drive stock prices [3][4]. Brain-Computer Interface Potential - The "brain-computer interface" concept has gained traction, with Elon Musk's Neuralink expected to begin mass production in 2026, signaling a potential commercialization milestone. This technology could significantly impact the medical device sector, offering solutions for patients with disabilities [6][7]. - The medical device sector is seen as a direct beneficiary of brain-computer interface advancements, with opportunities for innovation and market growth driven by supportive policies and domestic companies increasing their market share [6][7]. Focus on Overseas Expansion - Fund managers are emphasizing the importance of "overseas expansion" as a key factor in selecting companies. The innovative drug sector is expected to see significant differentiation, with a focus on companies that can effectively execute overseas collaborations and clinical trials [8][9]. - The two main pathways for Chinese pharmaceutical companies to expand internationally include the popular BD licensing model and the less common approach of establishing overseas channels. Companies with strong execution capabilities in these areas are likely to succeed in international markets [9].

Core Viewpoint - The brain-computer interface (BCI) concept is significantly driving market interest, with notable stock price increases in related companies and a substantial inflow of funds into the medical device index ETF. Group 1: Market Performance - Companies such as Kefu Medical and Shuoshi Bio saw stock price increases of over 16% and 12% respectively, while several others rose by more than 6% [1] - The medical device index ETF (159898), which has a 24% exposure to the BCI concept, experienced a net inflow of over 100 million yuan during trading [1] Group 2: Industry Growth - The global BCI market size grew from $1.2 billion in 2019 to nearly $2 billion in 2023, with a compound annual growth rate (CAGR) exceeding 13% [3] - Forecasts suggest that the global BCI industry could reach $7.63 billion by 2029, with a projected CAGR of over 25% from 2024 to 2029 [3] Group 3: Investment Opportunities - The BCI sector is positioned as a key future industry, driven by technological breakthroughs, policy support, and collaboration within the robotics ecosystem [6] - The medical device index ETF tracks the CSI All-Share Medical Device Index, with significant holdings in leading companies like Mindray Medical, which has a 14.67% weight in the index [2][6]