Core Viewpoint - The medical device sector has seen significant inflows of capital recently, with the medical device index being the top-performing sub-sector in the pharmaceutical industry, indicating a potential turnaround in market sentiment [1][4]. Group 1: Market Performance - As of July 23, the medical device index recorded a net subscription of 356 million CNY in a week, leading among pharmaceutical thematic indices [1]. - The medical device index ETF (159898) experienced a net inflow of nearly 16 million CNY over the past five days, with a notable increase of 2.36% in its value, marking a seven-day upward trend [1][2]. - Key stocks within the sector, such as Wanfu Biology and Da'an Gene, saw significant price increases, with Wanfu Biology rising over 11% [1]. Group 2: Policy and Industry Trends - The collection and procurement rules have been refined over the past 2-3 years, leading to predictable bidding prices, with multiple categories completing follow-up procurement [4]. - The medical device sector is expected to benefit from a concentrated rollout of equipment update policies in the second half of 2024, which may lead to a surge in terminal procurement [4]. - Companies in the medical device sector are increasingly focusing on international markets due to anticipated slow growth in the domestic market, with Southeast Asia, Europe, and South America being primary targets for expansion [4]. Group 3: Future Outlook - Analysts suggest focusing on the equipment sector's elasticity and emerging technologies such as AI in healthcare and brain-computer interfaces in the latter half of the year [4]. - The impact of centralized procurement on high-value consumables is gradually diminishing, indicating a potential improvement in the fundamentals of related companies [4]. - The IVD sector may face short-term performance pressure due to procurement policies, but there are opportunities in international expansion for relevant companies [4].

Group 1 - The pharmaceutical and biotechnology industry is entering a dual-driven period of policy and technology, with the 2025 measures marking the transition to the 2.0 phase of China's innovative drug support policy, potentially activating a new round of opportunities in the innovative drug industry chain [1] - The reactivation of the fifth set of standards for the Sci-Tech Innovation Board and the complementary model of the Hong Kong Stock Exchange's 18A dual financing channel is expected to stimulate full-cycle financing for pharmaceutical companies [1] - In the medical device sector, the core trends are replacement and technology going abroad, with upgraded regulations for high-end medical devices driving innovation and industry breakthroughs [1] Group 2 - The domestic IVUS (Intravascular Ultrasound) and FFR (Fractional Flow Reserve) markets are maturing rapidly, with the IVUS market size projected to grow from 1.76 billion yuan in 2024 to 5.11 billion yuan by 2030, and the coronary direct measurement FFR market expected to expand from 230 million yuan in 2024 to 3.12 billion yuan by 2030 [1] - The demand for cardiovascular disease solutions is continuously increasing against the backdrop of an aging population, indicating significant industry potential [1] - The Guotai Pharmaceutical ETF (159377) tracks the innovative pharmaceutical index (399275), which can experience daily fluctuations of up to 20%, reflecting the overall performance of listed companies in the biopharmaceutical, medical device, and medical service sectors within the ChiNext market [1]

Group 1: Market Performance - The Hong Kong medical ETF (159366) has seen a significant increase, reflecting a strong market for CXO stocks, with a midday rise of 2.35% [1][2] - Notable component stocks include MicroPort Medical (0853) with a 20.52% increase, and WuXi AppTec (2268) with a 6.52% increase [2][4] Group 2: Corporate Developments - MicroPort Medical is advancing its CRM business listing by injecting it into its subsidiary, HeartLink Medical, which is viewed positively by the market, resulting in stock price increases of 9.4% and 13.2% respectively [3] - WuXi AppTec has forecasted a net profit growth of over 50% for the first half of the year, significantly exceeding market expectations [3] Group 3: Industry Trends - The CXO industry in China has undergone four development stages, evolving from laboratory services to global competition, with significant advantages in the current phase [7][9] - The CXO sector has experienced a compound annual growth rate of 48.02% from 2019 to 2023, highlighting its growing importance in the global supply chain [9] Group 4: Future Outlook - The future of Chinese CXO companies looks promising with ongoing global expansion and capacity enhancement, particularly in small molecule CDMO services [9] - The Hong Kong medical ETF (169366) is noted for having the highest CXO content in the market, tracking the performance of 50 companies in the medical field [9][10]

Core Viewpoint - The "Medical Device Regulatory Cooperation Program" between China and Malaysia is set to significantly enhance the efficiency of medical device approvals, facilitating easier market access for Chinese medical device companies in Southeast Asia, particularly Malaysia [1][3][4]. Group 1: Regulatory Cooperation and Market Access - The cooperation program will allow for mutual recognition of pre-market approval regulations, reducing the approval time for Malaysian IVD products entering China to approximately 60 working days, and for Chinese medical devices entering Malaysia to about 30 working days [3][4]. - Starting from July 30, 2025, Chinese medical devices can enter Malaysia without the need for clinical trials or repeated testing, provided there are no changes in design, materials, or indications [3][4]. - This marks the first instance of a foreign country fully accepting China's regulatory system, indicating the growing international recognition of China's medical device industry [3][4]. Group 2: Market Dynamics and Growth Potential - The Malaysian medical device market is rapidly expanding, with a market size nearing $3 billion in 2022, driven by increased government investment and a growing aging population [6][7]. - Malaysia is a key player in the global supply chain, being a major producer of rubber-based medical devices, supplying 60% of the world's rubber gloves and 80% of catheters [6][7]. - The demand for medical devices in Malaysia is particularly strong in areas such as cardiovascular interventions, orthopedic implants, and IVD products, creating opportunities for both local and foreign manufacturers [7][9]. Group 3: Competitive Landscape - The Malaysian medical device market is currently dominated by multinational brands, but there is a growing trend of domestic alternatives entering the market, leveraging innovation and cost-effectiveness [9][10]. - Chinese companies like Mindray and Yuwell are making inroads into the Malaysian market, particularly in home medical devices and diagnostic products [9][10]. - The collaboration between Chinese firms and local entities is expected to enhance the competitive landscape, with a focus on high-demand areas such as imaging equipment and cardiovascular devices [9][10]. Group 4: Future Implications - The regulatory cooperation is seen as a stepping stone towards establishing a new ecosystem for the medical device industry, potentially influencing regulatory practices in other ASEAN countries [14][16]. - The anticipated growth of the Malaysian medical device market to over $4 billion, heavily reliant on imports, presents significant opportunities for Chinese manufacturers [16]. - The mutual recognition of regulatory standards could pave the way for broader market access across ASEAN, enhancing the strategic position of Chinese medical device companies in the region [14][16].

证券研究报告 | 2025年07月24日 | 晨会纪要 | | --- | | 数据日期:2025-07-23 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3582.29 | 11059.03 | 4119.76 | 12486.28 | 3169.99 | 1020.85 | | 涨跌幅度（%） | 0.01 | -0.36 | 0.01 | -0.49 | -0.44 | 0.45 | | 成交金额（亿元） | 8570.45 | 10075.53 | 4703.30 | 3653.64 | 4487.38 | 333.85 | $$\overline{{{\mathbb{M}}}}\cong\pm\overline{{{\mathbb{M}}}}$$ 【常规内容】 行业与公司 医药生物周报（25 年第 28 周）：中国生物制药收购礼新医药，推荐关 注具备创新能力的标的 电力设备新能源行业点评：中国聚变能源有限公司成立，核电装备大有 可为 ...

Core Viewpoint - The thoracoscope market is experiencing significant growth due to the rising incidence of respiratory diseases such as lung cancer and COPD, alongside increasing health awareness and advancements in thoracoscopic technology. The global thoracoscope market is projected to reach approximately $2.22 billion in 2024, with a year-on-year growth of 4.2%, and is expected to grow to $3.1 billion by 2031 [1][6][19]. Industry Overview - The thoracoscope is a modern medical device that utilizes high-definition imaging technology for direct observation and operation within the thoracic cavity through small incisions. It is primarily used for diagnosing and treating thoracic diseases, including lung, mediastinal, and pleural diseases [1][2]. - The demand for thoracoscopic procedures is increasing due to the rising prevalence of respiratory diseases and the benefits of minimally invasive surgery, which include reduced surgical trauma and shorter recovery times [6][19]. Market Dynamics - In 2024, the thoracoscope market in China is expected to see 404 public bidding events with a total bid amount of 509 million yuan, involving the sale of 685 units at an average procurement price of 743,100 yuan per unit [10][12]. - The top ten brands in the Chinese thoracoscope market by bidding quantity include Olympus, Mindray, Karl Storz, and others, indicating a competitive landscape with increasing domestic participation [14][17]. Competitive Landscape - Historically, the thoracoscope market in China has been dominated by foreign companies such as Karl Storz and Olympus. However, domestic companies like Mindray and OPMED have been gaining market share due to improved R&D and manufacturing capabilities [14][17]. - The market concentration is high, with the top three companies—Olympus, Mindray, and Karl Storz—holding significant market shares of 21.53%, 21.02%, and 20.68%, respectively [17]. Future Trends - The trend towards minimally invasive surgery is expected to continue, with the thoracoscope market projected to grow as more advanced technologies such as CMOS, 4K, 3D, and AI are integrated into thoracoscopic procedures [19]. - The performance of domestic thoracoscopes is anticipated to improve further, enhancing the level of domestic substitution in the industry [19].

Core Viewpoint - MicroPort Medical's recent announcements indicate a significant shift in its operations, including a profit warning and plans to inject its cardiac rhythm management business into a Hong Kong subsidiary, which has led to a temporary stock price surge despite ongoing financial challenges [1][3]. Financial Performance - The company expects a loss of no more than $110 million in the first half of 2025, with revenue decline limited to under 4% [1]. - For the fiscal year 2024, the company anticipates a revenue growth of nearly 10% but still projects a loss of $269 million, accumulating losses exceeding $1.8 billion over four years [1][12]. - The company reported a revenue increase of 9.6% to $1.031 billion for fiscal year 2024, with a significant reduction in net loss by 58.6% to $268 million [12]. Strategic Moves - The company is attempting to alleviate the pressure from a performance-based investment agreement by splitting its cardiac rhythm management business for a potential indirect listing [3][5]. - The plan involves HeartLink Medical issuing new shares to acquire 100% of MicroPort's CRM business and raising at least $150 million from external investors [5]. - The merger aims to create a comprehensive cardiac intervention platform, potentially leading to a combined annual revenue nearing $270 million [7]. Market Position and Competition - The combined entity is expected to significantly outperform competitors in the Hong Kong market, with MicroPort holding approximately 10% market share in rhythm devices and HeartLink dominating the TAVI valve market with a 45% share [7]. - The integration is projected to enhance operational efficiencies, potentially reducing material costs by 7-9% [7]. Challenges and Risks - The company faces a looming deadline for a performance-based investment agreement, requiring the CRM business to be listed by July 2025, or it must repay $287 million to investors [8][9]. - Regulatory hurdles and the need for compliance with cross-border data transmission laws may delay the transaction process [6]. - The company is also grappling with the impact of price reductions in the domestic market due to centralized procurement policies, which have significantly reduced market size [10][11]. Future Outlook - The company is focusing on divesting non-core assets to stabilize its financial situation, with plans to raise at least $55 million from the sale of its surgical, urology, and ophthalmology divisions [9][10]. - Despite short-term financial improvements, the long-term viability of the core business remains uncertain, as the company must navigate ongoing market pressures and regulatory challenges [12][13].

Group 1: Market Overview - The U.S. stock market saw significant gains, with the Dow Jones Industrial Average rising by 507.85 points, or 1.14%, closing at 45010.29 points, just 4 points shy of its all-time high [1] - The Nasdaq Composite Index closed at 21020.02 points, marking its first close above 21000 points, while the S&P 500 Index rose by 0.78% to 6358.91 points, achieving its 12th record close of the year [1] - The market is optimistic about potential trade agreements between the U.S. and Europe, with hopes for a breakthrough in negotiations [4][5] Group 2: Tesla Financial Performance - Tesla reported second-quarter revenue of $22.5 billion, a 12% year-over-year decline, marking its largest drop in over a decade, while net profit fell by 20.7% to $1.172 billion [2] - Automotive revenue was $16.7 billion, down from $19.9 billion in the same quarter last year, with regulatory credit sales dropping from $890 million to $439 million [2] - Tesla's vehicle deliveries decreased by 14% year-over-year to 384,000 units, and the company did not provide an updated annual delivery forecast [2] Group 3: Google Financial Performance - Google's second-quarter revenue reached $96.43 billion, a 14% increase year-over-year, exceeding expectations of $94 billion, with net profit rising nearly 20% to $28.2 billion [3] - The search and advertising segments showed growth, with search revenue at $54.19 billion and advertising revenue increasing to $71.34 billion, up approximately 10.4% from the previous year [3] - Cloud revenue grew by 31% to $13.62 billion, and the company raised its capital expenditure forecast for 2025 from $75 billion to $85 billion due to strong demand for cloud products and services [3] Group 4: Other Company Performances - Thermo Fisher Scientific's stock surged by 9.1% after reporting second-quarter results that exceeded Wall Street expectations and raising its full-year guidance [6] - In contrast, Texas Instruments' stock plummeted by 13% due to lower-than-expected third-quarter earnings guidance amid tariff and geopolitical uncertainties [6]

Macro News - The Ministry of Commerce announced that Vice Premier He Lifeng will visit Sweden from July 27 to 30 for economic and trade talks with the US, aiming to address mutual economic concerns based on the consensus reached during the June 5 call between the two countries' leaders [1][5] - The Ministry of Foreign Affairs responded to concerns from India and Bangladesh regarding China's Yarlung Tsangpo River hydropower project, stating that the project is within China's sovereign territory and aims to accelerate clean energy development without adverse effects on downstream regions [2][5] Industry News - The Ministry of Public Security indicated that current automotive "smart driving" systems have not achieved full "autonomous driving" capabilities, emphasizing that drivers remain responsible for their actions, and stricter regulations will be implemented [3][7] - The National Medical Products Administration reported that 43 innovative drugs were approved in China in the first half of the year, a 59% increase year-on-year, with China's innovative drug development pipeline accounting for about 25% of the global total [4][7] - The Ministry of Transport, along with other departments, will launch a special governance action for vehicle transport from July 2025 to December 2025, focusing on strict market access management for new vehicles [8][7] Company News - Everbright Bank announced that Citic Financial Assets has increased its shareholding to 1% [11] - Yirui Technology disclosed that shareholders Tianjin Sequoia and Beijing Sequoia plan to reduce their holdings by up to 2% through block trades [12] - Shenzhen Energy announced plans to invest 7.897 billion yuan in the construction of the Shantou Honghaiwan offshore wind power project [16] - Huaxin Cement expressed uncertainty regarding potential revenue from the Yarlung Tsangpo River hydropower project [19] Investment Opportunities - The first international standard for photovoltaic direct current, led by China, has been officially released, providing a foundation for distributed photovoltaic development and new distribution system construction [22] - The AI glasses market is expected to see rapid growth, with global sales projected to reach 3.5 million units by 2025, driven by new product launches [23] - The first fourth-generation commercial fast reactor CFR1000 in China has completed its preliminary design, marking significant progress in the country's nuclear energy development strategy [26]

Core Insights - Boston Scientific Corporation (BSX) reported second-quarter 2025 adjusted earnings per share (EPS) of 75 cents, reflecting a 20.9% increase year-over-year, surpassing both the Zacks Consensus Estimate by 4.2% and the company's own guidance range of 71-73 cents per share [1][9] - The company's revenues for the second quarter reached $5.06 billion, marking a 22.8% year-over-year increase, exceeding the Zacks Consensus Estimate by 2.3% and the company's forecast of 17%-19% growth [3][9] Revenue Performance - Total revenues for Q2 2025 were $5.06 billion, with a reported growth of 22.8% and an operational growth of 21.6% at constant exchange rates [3] - Organic growth, adjusted for foreign currency fluctuations and acquisitions/divestitures, was 17.4% [3] - Revenue growth by region included a 30.7% increase in the United States, 6.8% in EMEA, 18% in Asia Pacific, and 4% in Latin America and Canada [5] Segment Analysis - Boston Scientific reorganized its operations into two main segments: MedSurg and Cardiovascular, both generating revenue from medical device sales [6] - MedSurg revenues were $1.72 billion, up 15.7% year-over-year, with notable contributions from Endoscopy ($737 million), Urology ($679 million), and Neuromodulation ($303 million) [7] - Cardiovascular segment revenues reached $3.35 billion, up 26.8% year-over-year, with Cardiology sales at $2.65 billion and Peripheral Interventions at $698 million [10] Margin and Cost Analysis - The gross margin for Q2 contracted by 152 basis points to 67.7%, with a 28.9% increase in the cost of products sold to $1.63 billion [11] - Selling, general, and administrative expenses rose by 18.7% to $1.72 billion, while research and development expenses increased by 37.3% to $526 million [11] Future Outlook - For 2025, Boston Scientific raised its net sales growth forecast to 18-19% from the previous 15-17%, with adjusted EPS guidance increased to $2.95-$2.99 [12][13] - The Zacks Consensus Estimate for 2025 sales is currently at $19.50 billion, indicating a 16.4% rise from 2024 [12] Recent Developments - The company achieved several milestones, including FDA approval for the FARAPULSE PFA System and CE Mark for the WATCHMAN FLX Pro device, enhancing its product offerings in atrial fibrillation and liver cancer treatment [15][16]