步入2026年的3个交易日里，A股持续走强，在半导体、有色板块集体上涨的势头中，此 前一度"沉寂"的创新药板块也再度亮眼，其中港股创新药板块更为出色；此外叠加"脑机 接口"的风潮，有公募认为此前沉寂数年的医疗器械板块或也迎来投资机遇。 展望后市，"普涨"已不再是基金经理的共识，而具备业绩验证的优质个股或将走出持续性的 独立行情；此外，因具备更好的研发和盈利前景，出海能力也成为多名基金经理筛选公司的 核心标准之一。 但像去年上半年的普涨行情或难以再现，诺安精选价值基金经理唐晨表示，2025年我们经历 了从"中国资产重估"到"创新药BD锚定"的主升浪，2026年更应把注意力放在"兑现"上。唐晨 认为，市场可能不会再现全面单边普涨，但真正的好资产会走出更高质量、更强持续性的独 立行情，这对专业投资者反而更友好。 "脑机接口"或带火医疗器械 值得注意的是，近几个交易日内"脑机接口"概念异军突起，消息面上，马斯克在社交媒体表 示，Neuralink预计在2026年开始量产，或预示着脑机接口商业化元年的到来。从新能源车 到人形机器人，再到商业航天，马斯克的商业版图给投资者带来不少的机会，脑机接口的未 来空间同样广阔。 永 ...

Core Viewpoint - Johnson & Johnson MedTech is undergoing a systematic restructuring of its business portfolio in response to growth pressures and structural adjustments in the medical device industry, focusing on three core segments: cardiovascular, surgical, and vision [2][3]. Business Composition - The company plans to narrow its focus from four business segments to three core areas: cardiovascular, surgical, and vision, reallocating resources and innovation towards these areas [3][5]. - The decision to spin off the orthopedic business, DePuy Synthes, is seen as a growth-oriented choice to optimize the business structure and create space for higher quality growth [3][5]. Cardiovascular Segment - The cardiovascular segment is highlighted as the most impactful and potentially lucrative area, with significant growth driven by strategic acquisitions, including the $16 billion purchase of Abiomed [6][7]. - Currently, approximately 50% of the company's products are in high-growth markets, with annual revenue for the cardiovascular segment reaching $7.7 billion, a 21.4% increase from 2023 [6]. Surgical Segment - The surgical business has faced challenges, with a 1.9% decline in annual revenue, influenced by market competition and a contraction in the Chinese market [8][10]. - Future growth is expected to hinge on the success of the surgical robot project, Ottava, which aims to enhance surgical workflows and space utilization [8][10]. Vision Segment - The vision segment serves around 40 million people annually and has seen a cumulative sales growth of 31% over the past five years, second only to cardiovascular [13]. - The segment's revenue is projected to grow by 1.5% in 2024, reaching $5.1 billion, with a focus on differentiated product offerings to enhance growth certainty [13]. Regional and Investment Strategy - The company acknowledges challenges in the Chinese market, previously a growth engine, and is reallocating resources to the U.S. and other markets [14]. - Continuous investment in R&D is emphasized, with a planned $3.7 billion investment in 2024, a 19% increase from the previous year, alongside strategic investments in emerging technologies [14][15]. Orthopedic Spin-off - The spin-off of DePuy Synthes is a significant structural decision aimed at improving overall growth rates and profit levels, allowing both the parent company and the new entity to focus on their respective markets [16]. Conclusion - The next phase for Johnson & Johnson MedTech is centered around focus, integration, and execution, aiming to concentrate resources on high-potential areas while enhancing long-term competitiveness through innovation and decentralized management [17].

文章来源： 科思明德 转载要求：可以直接转载，请在文首注明来源 近日，科思明德再传喜讯：公司 电子支气管内窥镜 与 电子鼻咽喉内窥镜 相继获得国内医疗器械注册证。 相关注册工作的顺利完成，标志着公司在呼吸与鼻咽喉相关内镜领域的产品布局取得阶段性进展，也为后续临床推 广与科室覆盖奠定了合规基础。 # 思宇MedTech 内容索引 | 重点企业与机构 | | --- | | ▌知名医疗科技创新企业： | | 美敦力 波士顿科学 开立医疗 爱尔康 | | 微创机器人 罗森博特 科思明德 迈普医学 | | ▌ 知名医疗科技创新服务机构 ： | | 八大处整形医学概念验证中心 | | 通和立泰 | 近期文章 强生宣布重大重组！全球运营架构或迎十年来最大调整 双 项 注 册 获 批 电子鼻咽喉内窥镜 医 疗 器 械 注 册 证 编 号 粤械注准20252061653 此次注册证的取得，意味着科思明德在软性电子内镜产品线上的完整度进一步提升。 围绕临床对 更细外径、更优 画质与更高操作兼容性 的持续需求，公司在支气管镜与鼻咽喉镜两个核心应用场景中，已形成覆盖不同检查与治 疗场景的产品矩阵，在钳道配置、适用范围与整体规格上实 ...

在外科医学领域，医生技能的获得，长期依赖 "看一遍、做一遍、教一遍" 的经验式传承。这一模式在开放手 术时代行之有效，但随着微创手术、能量平台以及手术机器人等复杂技术的普及， 其局限正在被不断放大 。 一方面，患者安全与医疗伦理对外科训练提出了更高要求；另一方面，新术式、新器械的复杂度持续提升， 使"在真实手术中完成学习"的空间不断被压缩。 如何在不增加临床风险的前提下，让医生充分理解解剖结 构、病理特征以及器械操作手感，正在成为外科培训与医学教育绕不开的问题。 在这样的背景下， 模拟医学教育 逐渐从辅助手段，走向外科培训体系中更靠近核心的位置，而高仿真的器官 模型，正是这一体系能否真正落地的关键基础 。 # 模拟医学市 场 的增长，与真实训练需求之间的落差 近年来，模拟医学市场保持着快速增长。 公开资料显示，预计到2026年，全球外科模拟市场规模将 突破35亿美元 ，并以 超过12%的年复合增长率 持续扩张。多个国家的医学认证机构，也已将模拟培训纳入外科医生继续教育与技能评估的重要组成部分。 但在市场扩张的同时，一个长期存在的问题依然突出： 不少现有训练模型在解剖精度、组织力学反馈和病理还原度方面存在明显不 ...

龙虎榜数据显示，该股因连续3个交易日内日收盘价格涨幅偏离值累计达30%、日换手率达30%上榜龙 虎榜2次，买卖居前营业部中，机构净买入4305.74万元，营业部席位合计净卖出1368.79万元。（数据 宝） | 日期 | 当日涨跌幅（%） | 换手率（%） | 主力资金净流入（万元） | | --- | --- | --- | --- | | 2026.01.07 | -11.11 | 44.91 | -7370.44 | | 2026.01.06 | 20.00 | 17.90 | 7057.72 | | 2026.01.05 | 20.00 | 21.38 | 15640.44 | | 2025.12.31 | -1.00 | 4.22 | -821.14 | | 2025.12.30 | -2.98 | 7.44 | -1537.45 | | 2025.12.29 | 1.80 | 10.77 | 1361.34 | | 2025.12.26 | -1.29 | 6.77 | -530.62 | | 2025.12.25 | 3.34 | 13.54 | -735.59 | | 2025.12.24 | ...

获得MDR-CE证书代表时代天使产品完全满足欧盟对医疗器械安全性、有效性及全生命周期合规性的强 制性法律要求，具有极高的国际认可度与市场公信力。时代天使CEO胡杰章在授证仪式上表示，经过两 年多的国际化发展，时代天使海外业务增长迅速，今年上半年的国际病例数占总案例数比例已超过 50%，业务覆盖60多个国家和地区。此次获得CE认证，是时代天使全球化进程中的重要里程碑，也将 进一步夯实公司在国际隐形矫治市场中的竞争基础。 智通财经APP获悉，时代天使(06699)涨超5%，截至发稿，涨4.57%，报68.7港元，成交额2369.52万港 元。 消息面上，据时代天使官网消息，近日，时代天使在上海举办MDR-CE证书授证仪式。TÜV南德意志集 团(以下简称"TÜV南德")在授权仪式上为时代天使正式颁发CE实体证书。此次获得国际权威欧盟公告机 构(Notified Body)的认可，标志着时代天使隐形矫治相关产品在安全性、有效性及合规性方面全面符合 欧盟医疗器械法规要求，也意味着时代天使在高标准海外市场准入上迈出重要一步。 ...

获得MDR-CE证书代表时代天使产品完全满足欧盟对医疗器械安全性、有效性及全生命周期合规性的强 制性法律要求，具有极高的国际认可度与市场公信力。时代天使CEO胡杰章在授证仪式上表示，经过两 年多的国际化发展，时代天使海外业务增长迅速，今年上半年的国际病例数占总案例数比例已超过 50%，业务覆盖60多个国家和地区。此次获得CE认证，是时代天使全球化进程中的重要里程碑，也将 进一步夯实公司在国际隐形矫治市场中的竞争基础。 消息面上，据时代天使官网消息，近日，时代天使在上海举办MDR-CE证书授证仪式。T V南德意志集 团(以下简称"T V南德")在授权仪式上为时代天使正式颁发CE实体证书。此次获得国际权威欧盟公告机 构(Notified Body)的认可，标志着时代天使隐形矫治相关产品在安全性、有效性及合规性方面全面符合 欧盟医疗器械法规要求，也意味着时代天使在高标准海外市场准入上迈出重要一步。 时代天使(06699)涨超5%，截至发稿，涨4.57%，报68.7港元，成交额2369.52万港元。 ...

Core Viewpoint - The stock price of Aihuilong has shown a significant increase in recent trading sessions, reflecting positive market sentiment despite a decline in revenue and net profit for the year [2][3]. Group 1: Stock Performance - Aihuilong's stock price increased by 11.69% since the beginning of the year, with a 11.85% rise over the last five trading days, 11.30% over the last 20 days, and 9.23% over the last 60 days [2]. - As of January 8, the stock was trading at 15.86 CNY per share, with a market capitalization of 9.062 billion CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, Aihuilong reported a revenue of 1.287 billion CNY, a year-on-year decrease of 7.69%, and a net profit attributable to shareholders of 60.42 million CNY, down 72.36% year-on-year [2]. - Cumulative cash dividends since the company's A-share listing amount to 693 million CNY, with 531 million CNY distributed over the last three years [3]. Group 3: Business Overview - Aihuilong, established on September 17, 2008, specializes in the research, production, and sales of in vitro diagnostic instruments and related reagents, primarily using chemiluminescent immunoassay technology [2]. - The company's revenue composition includes 58.57% from self-produced reagents (non-COVID products), 12.60% from self-produced consumables (non-COVID products), and 11.92% from self-produced instruments (non-COVID products) [2]. Group 4: Shareholder Information - As of September 30, 2025, Aihuilong had 12,800 shareholders, an increase of 7.40% from the previous period, with an average of 44,595 circulating shares per shareholder, a decrease of 6.89% [2]. - The seventh largest circulating shareholder is Huabao Zhongzheng Medical ETF, holding 9.6516 million shares, which is a decrease of 1.7669 million shares compared to the previous period [3].

Core Viewpoint - The debut of Precision Medical-B (2675.HK) on the Hong Kong Stock Exchange was highly successful, with shares initially rising over 38% to reach HKD 60, resulting in a market capitalization of HKD 23.2 billion [1] Group 1: IPO Performance - Precision Medical's IPO price was set at HKD 43.24 per share, raising a net amount of HKD 1.117 billion [2] - The public offering was oversubscribed by 1,091.94 times, while the international offering saw a 25.18 times subscription [1] Group 2: Company Overview - Precision Medical is a leading company in the surgical robotics sector, focusing on the design, development, and manufacturing of surgical robots [1] - The company has three products at different stages of research and development, including multi-port laparoscopic surgical robots, single-port laparoscopic surgical robots, and natural orifice surgical robots for non-invasive procedures [1] Group 3: Investor Confidence - The cornerstone investors for Precision Medical's IPO include prestigious institutions such as the Abu Dhabi Investment Authority, UBS Asset Management, Obor Capital, and Tencent, collectively contributing USD 75 million [1]

唯一一家系统布局医疗健康的早期投资机构。 将投中网设为"星标⭐"，第一时间收获最新推送 来源丨 投中网 1 月 8 日，深圳市精锋医疗科技股份有限公司（简称：精锋医疗 ® ） 成功登陆港交所，发行价为每股43.24港元，股票代码：2675.HK。这家公司上 市首日开盘涨超38%，市值达到230亿港元。 作为一家医疗器械行业的先进手术机器人公司，精锋医疗 ® 拥有多孔腔镜手术机器人和单孔腔镜手术机器人。 2025 年 10 月，精锋医疗 ® 自主研发 的精锋 单孔腔镜手术机器人 SP1000 及单多孔手术机器人超级系统 MSP2000 正式获得欧盟 CE 认证（ MDR ）。这标志着全球首个 " 单多孔一体 化 " 手术机器人平台成功进入国际市场，开启了由中国智慧定义的 " 全能微创 " 手术新时代。 一路走来，这家由天津大学校友王建辰和高元倩创立的公司得到了联想之星、联想控股、君联资本、红杉中国、博裕投资等众多知名投资者的支持。其 中，联想之星是股东里面唯一一家系统布局医疗健康领域的早期投资机构。按照230 亿港元市值粗略计算，两笔共 2800 万元的投资已经让联想之星获 得了 近20 倍的账面回报。 "精锋 ...