Group 1 - The core point of the article is that southbound funds have increased their holdings in MicroPort Medical (00853.HK) by 3.31 million shares on January 5, 2026, with a total net increase of 16.43 million shares over the past five trading days [1] - Over the last 20 trading days, there were 7 days of net reductions in holdings, totaling 1.05 million shares [1] - As of now, southbound funds hold 899 million shares of MicroPort Medical, accounting for 46.96% of the company's total issued ordinary shares [1] Group 2 - The total number of shares held by southbound funds on January 5, 2026, was 899 million, reflecting a change of 3.31 million shares, which is a 0.37% increase [2] - The previous trading days showed significant changes, with an increase of 9.10 million shares (1.03%) on January 2, 2026, and smaller increases on December 30, 2025 (0.28%), December 29, 2025 (0.16%), and December 23, 2025 (0.02%) [2] - MicroPort Medical is primarily engaged in the sales, production, research, and development of medical devices, operating through eight divisions including cardiovascular intervention, orthopedic medical devices, cardiac rhythm management, and surgical robotics [2]

该公司专注开发医学影像产品及服务，开发出多元化产品组合，包括六款医学影像软件产品（含处于注 册阶段的核心产品AIAutoVision®、一款商业化产品及四款临床前阶段候选产品）、三款商业化医疗设 备、四款主要试剂及耗材，还提供技术许可业务。 近日，德适生物再度向港交所主板递交上市申请，华泰国际为独家保荐人，此前德适生物曾于2024年6 月29日递表。 （披露易官网） (编辑：杨燕 林辰) 核心产品AIAutoVision®专为染色体核型智能分析设计，能及时通知医生染色体异常，节省时间，检测 数目和结构异常灵敏度、特异度高。此外，公司还开发全面染色体核型检测分析软件及设备，涵盖全流 程。 ...

投资逻辑 传统业务企稳，创新药械形成接力。25H1 医疗器械板块收入占比52.7%，药品占比33.2%。医疗器械板 块中结构性心脏病业务成为核心增长动力，25H1 收入+32.06%，神经调控等新领域管线布局完善；药 品板块在仿制药集采后，通过结构优化与零售转型，毛利率回升至62.75%。公司持续向创新药械转 型，控股子公司民为生物专注GLP-1 多靶点药物研发，为长期增长奠定基础。 盈利预测、估值和评级 公司传统业务趋稳，医美、神经调控、创新药构筑新增长极。我们预测2025/2026/2027 年公司实现营业 收入64.57 亿/77.92 亿/92.43 亿元，同比+5.79%/+20.68%/+18.62%，归母净利润10.48亿/12.85 亿/15.31 亿 元，同比+324.34%/+22.64%/+19.13%，对应EPS 为0.57 元/0.70 元/0.83 元。基于公司在心血管器械领域 的龙头地位，短期医美板块开拓新增长曲线、快速增厚利润，药品业务从仿制药向创新药具备长期增长 空间，给予公司2026 年30 倍估值，对应目标价21 元，首次覆盖给予"增持"评级。 风险提示 可转债到期风险； ...

Core Viewpoint - Shareholders of Mountain Outside Mountain (688410.SH) plan to reduce their holdings due to personal funding needs, with a total reduction of up to 6,374,710 shares, representing 2.00% of the company's total share capital [1][2] Shareholder Reduction Plan - The reduction will be executed through centralized bidding or block trading within three months starting from January 29, 2026 [1] - The estimated cash amount from the reduction, based on the closing price of 15.77 yuan on January 6, 2023, is approximately 101 million yuan [2] Shareholder Composition - The shareholders involved in the reduction are employee stock ownership platforms, with the controlling shareholder and actual controller, Gao Guangyong, being the executive partner of these platforms [2] - Gao Guangyong and his concerted action parties hold a total of 86,798,184 shares, accounting for 27.16% of the company's total shares [2] Initial Public Offering (IPO) Details - Mountain Outside Mountain was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 26, 2022, with an issuance of 36.19 million shares at a price of 32.30 yuan per share [2] - The total funds raised from the IPO amounted to 1.1689370 billion yuan, with a net amount of 1.0671109 billion yuan after deducting issuance costs [2] - The final net fundraising amount was 179.6284 million yuan less than the original plan of 1.2467393 billion yuan [2] Dividend Distribution - The company announced a cash dividend of 0.20 yuan per share and a capital reserve increase of 0.49 shares per share for the year 2023, with a total cash dividend distribution of 43,129,617 yuan and a share increase of 105,667,561 shares [3] - The total share capital after this distribution will be 321,315,646 shares [3] - For the first half of 2023, a similar distribution was made with a cash dividend of 0.20 yuan per share and a capital reserve increase of 0.49 shares per share, totaling 28,946,051.80 yuan in cash dividends and 70,917,826 shares in capital increase [4]

资料显示，乐普(北京)医疗器械股份有限公司位于北京市昌平区超前路37号，成立日期1999年6月11 日，上市日期2009年10月30日，公司主营业务涉及医疗器械业务(含心脏病治疗产品、新型介入诊疗业 务、体外诊断试剂和医疗产品代理配送)、药品业务、移动医疗及医疗服务、海外业务。主营业务收入 构成为：医疗器械52.72%，药品33.16%，医疗服务及健康管理14.11%。 医服ETF（516610）基金经理为孙雨、郑少芳。 1月7日，乐普医疗跌5.02%，截至发稿，报18.53元/股，成交23.15亿元，换手率7.74%，总市值341.58亿 元。 从基金十大重仓股角度 数据显示，大成基金旗下1只基金重仓乐普医疗。医服ETF（516610）三季度减持800股，持有股数 13.93万股，占基金净值比例为2.66%，位居第八大重仓股。根据测算，今日浮亏损失约13.65万元。 医服ETF（516610）成立日期2021年4月29日，最新规模9188.77万。今年以来收益6.51%，同类排名 258/5488；近一年收益9.29%，同类排名3876/4192；成立以来亏损49.29%。 郑少芳累计任职时间2年188天， ...

"接下来，我们将持续优化，让'导航'更加精准、更加温暖、更加智能。"张敬武称，此次发布是一个新 起点，接下来还将启动第二批约10个行业的指引编制，延伸至地方特色产业与新兴业态，如民宿经营、 网络直播等，"法治是最好的营商环境。我们既希望这套指引成为企业随身的'工具书'，更希望市场监 管部门成为大家发展路上可信赖的'好伙伴'。" 记者了解到，企业获取指南途径上，可搜索"扬州市场监管"微信公众号，进入"行政指导"小程序，点 入"合规指引"版块，按行业查阅或下载手册。 据介绍，市场监管部门事前"指引式导航"，推动企业从"被动应对"转向"主动预防"；事中"护航式导 航"，推动执法从"机械执行"转向"柔性服务"；事后"提升式导航"，推动案件从"处理终点"转向"合规起 点"。该局三级调研员陈叶强告诉记者，为帮助企业特别是中小微企业解决"找不准重点、抓不住关 键"的合规困惑，市场监管部门编制了"看得懂、用得上、能防风险"的专属导航图。首批发布的12本合 规指引手册，涵盖食品生产、食品经营、餐饮、药店、医疗器械、化妆品、特种设备、供电、汽车零部 件、路灯照明、自然人网店、酒店日化用品。每本手册均以典型案例、流程图和实操建议为 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [1] Core Views - The company achieved a revenue of 1.015 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 4.66%. However, the net profit attributable to the parent company decreased by 22.46% to 429 million yuan [4] - In Q3 2025, the company reported a revenue of 300 million yuan, a significant year-on-year increase of 64.68%, while the net profit attributable to the parent company fell by 23.63% to 114 million yuan [4] - The company's gross margin improved quarter-on-quarter due to enhanced production efficiency and reduced material costs, with expectations for the annual gross margin to recover to over 70% [5] - The overseas business is projected to grow by over 60% for the year, with strong clinical recognition of products in Europe, South America, and the Asia-Pacific region [6] Financial Performance - Revenue forecasts for 2025-2027 are 1.518 billion yuan, 1.839 billion yuan, and 2.205 billion yuan, with year-on-year growth rates of 25.85%, 21.16%, and 19.87% respectively. Net profit attributable to the parent company is expected to be 597 million yuan, 705 million yuan, and 843 million yuan for the same period, with growth rates of 18.86%, 18.14%, and 19.62% respectively [7] - The company's PE ratios for 2025-2027 are projected to be 19.87, 16.82, and 14.06, while PEG ratios are expected to be 1.05, 0.93, and 0.72 [7]

Core Viewpoint - Stryker has announced a series of management adjustments that align with its previously disclosed executive appointments, focusing on key business units such as orthopedics, instruments, and surgical technologies, indicating a systematic approach to organizational structure and management division during a new growth phase [2][3][15] Group 1: Executive Appointments - The recent personnel changes are driven by the appointment of Spencer Stiles as President and COO, effective January 1, 2026, which necessitated management transitions in various business segments [3][5] - Stiles will oversee global business operations, overall strategy, and mergers and acquisitions, aiming to sustain growth momentum and enhance operational execution [5] - Following Stiles' promotion, Dylan Crotty has been appointed as Group President of Orthopaedics, bringing 27 years of experience within Stryker and a comprehensive operational background [6][8] Group 2: Instruments Business Leadership - Jeff Gorton has been appointed as President of Instruments, succeeding Crotty, with 18 years of experience at Stryker, including leadership roles in sales, marketing, and management [9][11] - Gorton’s previous role as President and GM of Neurosurgical has equipped him with direct experience in managing complex clinical environments, which is expected to benefit the Instruments division [11] Group 3: Surgical Technologies Management - Kristen Berg has been promoted to Vice President and General Manager of Surgical Technologies, following Gorton’s transition to the Instruments division [12][14] - Berg has been with Stryker since 2011 and has held various management roles, most recently overseeing the integration of Vertos Medical into Stryker's interventional spine business, which positions her well for her new responsibilities [14] Conclusion - The series of management changes at Stryker reflects a strategic organizational rebalancing rather than a directional shift, aiming to maintain stable operations while positioning the company for future growth [15]

(本文来自第一财经) 翔宇医疗发布异动公告称，近期资本市场对人脑工程、脑机接口等概念关注度较高，相关板块股价涨幅 较大。公司目前主要聚焦非侵入式脑机接口技术，覆盖作业疗法、运动疗法、认知言语、吞咽等康复全 场景布局，与当前国际上的侵入式脑机接口技术路线存在差异。公司在脑机接口方面的投入，目前在技 术、产品、渠道市场等方面形成一定的布局，但招投标和销售等具有滞后性，截至2025年末，相关产品 尚未实现规模化销售，营收占比较小。 ...

Summary of the Conference Call for Xinwei Medical Company Overview - **Company**: Xinwei Medical - **Industry**: Brain-Computer Interface (BCI) and Medical Devices Key Points and Arguments Industry and Product Development - Xinwei Medical's BCI technology utilizes an interventional approach, collecting motor cortex signals via internal jugular vein puncture, offering advantages such as minimally invasive procedures, high safety, and strong signal strength comparable to semi-invasive methods [2][3][4] - The BCI product is nearing finalization, with plans for human trials to begin in the second half of 2026, in collaboration with leading hospitals [2][4] - Initial indications for the BCI target patients with upper limb function loss post-stroke, with future plans to expand to ALS and paralysis patients [2][15] Financial Projections - Xinwei Medical anticipates over 400 million CNY in revenue for 2025, with profits between 70 million to 80 million CNY, and a projected revenue growth rate of approximately 35% for 2026 [2][19] - The company expects significant growth in its ischemic thrombectomy balloon catheter segment, with a doubling in revenue, and over 60 million CNY from hemorrhagic aneurysm assist stents [19] Clinical and Regulatory Insights - The company plans to complete preclinical testing and additional animal studies by mid-2026, aiming for human trials by late 2026 [4][6] - Xinwei Medical has received certification for its AI BCI project from the Ministry of Industry and Information Technology, with plans to complete registration by 2028 [4][14] Competitive Landscape - The company’s interventional BCI surgery is similar to traditional stroke surgeries, allowing for a quick learning curve for physicians, with an estimated procedure time of about 30 minutes [16] - Compared to competitors like Neuralink, Xinwei Medical's approach is less invasive and offers a more straightforward operational pathway [5][17] Market Position and Future Outlook - Xinwei Medical is preparing for an IPO application on the A-share Sci-Tech Innovation Board by March 2025, with expectations to complete the review within 6-12 months [3][23] - The company aims to maintain a gross margin of 65%-70% in 2026, with a gradual increase in net profit margin from 15% in 2025 to 25% in the future [19][26] Research and Development Focus - The company is focused on developing a complete product chain in the cerebrovascular field, emphasizing preventive, therapeutic, and rehabilitative products [8] - Xinwei Medical plans to establish a dedicated company for BCI projects to enhance development in this promising field [27] Cost Management - Sales expenses are projected to decrease from 28% to 21%-22% in 2025, with R&D expenses maintained at 9%-10% of revenue [26] Regulatory Environment - The approval process for BCIs is currently evolving, with an expected review period of 9-10 months under the fast-track system [13] Conclusion - Xinwei Medical is positioned to become a leader in the BCI market with a strong focus on innovation, regulatory compliance, and strategic partnerships, aiming for significant growth in the coming years [27]