新华社北京8月27日电 题：越来越多"中国造"——我国医疗装备实现新突围 新华社记者顾天成、彭韵佳、龚雯 医疗装备，既是"健康中国"建设的重要保障，也是医疗科技水平和制造能力的体现。 "'十四五'期间，我国医疗装备产业年复合增长率约10.7%，2024年市场规模达1.35万亿元，稳居全球第 二大市场。"中国医学装备协会理事长侯岩介绍，截至2024年底，我国医疗器械生产企业数量突破3.3万 家，较"十三五"末增长27.8%。 除了市场规模持续扩大，国产医疗装备不断向高端化、智能化迈进。 零磁医疗创新心磁成像设备、大医集团开辟X/γ射线一体化放疗新技术、东软医疗制造全球转速领先的 宽体CT、联影医疗推出首台5T磁共振……一批高技术医疗装备陆续问世。 "十四五"以来，我国医疗装备产业发展实现历史性跨越。一批批高端医疗装备纷纷亮相临床，一家家创 新企业茁壮成长，一场以"中国造"为名的医疗装备新突围，正悄然改变中国乃至世界的医疗图景。 医疗装备"中国造"迈上新台阶 国家药监局数据显示，"十四五"以来，共批准315件创新医疗器械，其中境内产品272个，占比86.3%。 碳离子治疗系统、ECMO、人工心脏等尖端医疗装备技术 ...

Group 1 - The core viewpoint of the news is the emphasis on the dual role of medical insurance as both a financial support system and a service provider, highlighting its contributions to the healthcare industry and economic development [1][2] - The National Medical Insurance Bureau has established a prepayment system for medical insurance funds and has implemented real-time settlement reforms, covering 357 regions and disbursing 594.8 billion yuan since 2025 [2] - The medical insurance fund has cumulatively spent 12.13 trillion yuan since the beginning of the 14th Five-Year Plan, with an annual growth rate of 9.1%, significantly supporting both patient reimbursements and the pharmaceutical industry [3] Group 2 - The medical insurance system is promoting reforms and openness, including the implementation of centralized drug procurement reforms and the establishment of a new directory for innovative drugs under commercial health insurance [4] - The National Medical Insurance Bureau is actively supporting the development of traditional Chinese medicine while also fostering innovation in medical technologies, such as artificial hearts and brain-machine interfaces [5] - Future initiatives will focus on effectively managing medical insurance funds to enhance the efficiency, safety, and accessibility of medical products and services, contributing to the overall health of the population [5]

Core Insights - The capital market has shown strong confidence in the medical industry in the first half of 2025, with significant financing and stock price surges for various companies [1] - Notable companies have successfully attracted large investments, indicating a trend towards innovative medical technologies and solutions [22] Financing Highlights - 瑞桥鼎科 raised over 1 billion RMB in Series A funding, focusing on chronic disease treatment through advanced medical technology and rapid product iteration [2] - 联影智能 also secured 1 billion RMB in Series A funding, specializing in medical AI with over 100 product certifications, enhancing diagnostic capabilities [4] - 核心医疗 raised 100 million USD in Series D funding, recognized for its artificial heart solutions and comprehensive treatment offerings [8] - 帕母医疗 obtained 100 million USD in Series C funding, targeting therapies for pulmonary hypertension and heart failure [10] - 心航路医学 raised 600 million RMB in Series B funding, developing advanced cardiac electrophysiology systems for safer surgeries [12] - 康诺思腾 secured 500 million RMB in Series C funding, focusing on surgical robots with self-developed technology [14] - 图湃医疗 raised 500 million RMB in Series E funding, aiming to reduce costs for high-end ophthalmic equipment [16] - 汕头超声 raised 430 million RMB through its IPO, transitioning from industrial to medical ultrasound applications [18] - 微创医疗 raised 458 million HKD, utilizing capital from divesting subsidiaries to support its medical robotics business [20] Investment Trends - The investment landscape is increasingly favoring companies that can overcome critical technological barriers, such as artificial hearts and surgical robots, or those that address cost issues in healthcare through low-cost devices and AI assistance [22]

Group 1: Policy Initiatives - The National Healthcare Security Administration (NHSA) is focusing on technological innovation in the medical field, introducing a series of forward-looking pricing projects to support high-level innovations [1][4] - NHSA has released 27 batches of project guidelines, adding over 100 pricing items related to new products and devices [1] - A dynamic response mechanism has accelerated the implementation of policies, allowing for rapid local execution of pricing adjustments [2] Group 2: Specific Innovations and Pricing - In the field of artificial hearts, NHSA has introduced pricing for implantation, extraction, and adjustment services, reducing the overall cost of artificial heart surgeries from over 1 million yuan to around 700,000 yuan [1] - For cochlear implants, the NHSA has standardized the implantation fee to 3,500 yuan, significantly lowering the cost from over 200,000 yuan to 50,000 yuan [2] - New pricing projects for proton therapy, heavy ion therapy, and boron neutron capture therapy have been established to support cancer treatment advancements [2][3] Group 3: Market Impact and Future Directions - The NHSA aims to create a virtuous cycle of high-quality innovation leading to reasonable returns and continuous innovation in the healthcare sector [2] - The introduction of differentiated pricing for invasive and non-invasive brain-machine interfaces encourages companies to focus on niche markets, avoiding redundant competition [3] - NHSA is committed to maintaining an open attitude towards high-level new technology pricing, facilitating the rapid entry of innovative results into clinical practice [4]

Core Insights - The National Healthcare Security Administration (NHSA) is accelerating the clinical application of over 100 new treatment projects, including artificial hearts, cochlear implants, and proton radiation therapy [1] Group 1 - The NHSA has released 28 batches of medical service pricing guidelines to facilitate the rapid entry of new products and technologies into clinical use [1] - More than 100 new pricing items related to new products have been added [1]

Core Viewpoint - The article discusses the phenomenon of patients migrating to major cities for medical treatment due to disparities in medical insurance reimbursement policies for new technologies and high-value consumables, leading to a "siphoning effect" where healthcare resources and funds flow from smaller cities to larger urban centers [3][4][14]. Summary by Sections Medical Technology and Insurance Disparities - The rapid development of medical technologies like the Da Vinci surgical robot and artificial hearts has led to significant differences in their inclusion in local medical insurance directories, with cities like Shanghai and Beijing offering better reimbursement policies compared to regions like Zhejiang [3][11]. - For instance, the Da Vinci surgical robot is covered by insurance in Shanghai, allowing for an 80% reimbursement for certain surgeries, while patients in nearby provinces must pay out of pocket [3][6]. Patient Migration Trends - Patients from economically developed regions, particularly those with serious conditions, are increasingly traveling to major cities for treatment, driven by the financial benefits of better insurance coverage [6][7]. - The article highlights a case where a patient from Suzhou opted to travel to Shanghai for surgery due to the significant cost savings provided by the local insurance policy [6][7]. Impact on Local Healthcare Systems - The influx of patients to major cities is causing a drain on healthcare resources in smaller cities, leading to a decline in local medical service capabilities and financial strain on local insurance funds [4][14]. - The article notes that in 2024, only 20 cases of artificial heart surgeries were performed in Zhejiang due to restrictive reimbursement policies, while the total number of such surgeries nationwide reached 779 [4][11]. High-Value Consumables and Reimbursement Policies - The article emphasizes the stark differences in reimbursement policies for high-value consumables like artificial hearts and heart valves, which further incentivizes patients to seek treatment in cities with more favorable policies [11][12]. - In Zhejiang, high-value consumables are subject to a reimbursement cap, which significantly limits the financial support available to patients compared to cities like Shanghai, where no such cap exists [12][13]. Challenges in Policy Implementation - The article discusses the challenges faced by local governments in integrating new technologies into insurance coverage, primarily due to the varying financial strengths of local insurance funds [15][16]. - It highlights the ongoing tension between the need for advanced medical technologies and the financial sustainability of insurance funds, which is exacerbated by rising healthcare costs and an aging population [15][16]. Future Considerations - The article concludes by noting that while some regions are beginning to relax restrictions on high-value consumables, the overall balance between healthcare innovation and insurance fund sustainability remains a critical issue for policymakers [17].

Core Insights - The article discusses the phenomenon of patients migrating to major cities for medical treatment due to disparities in insurance reimbursement policies for advanced medical technologies and high-value consumables [1][5][15] - The "siphoning effect" is highlighted, where patients from smaller cities are drawn to larger cities like Shanghai and Beijing for better reimbursement options, leading to a drain of local healthcare resources and funds [2][6][15] Group 1: Medical Technology and Reimbursement Disparities - Advanced medical technologies like the Da Vinci surgical robot and artificial hearts are only covered by insurance in select cities, creating significant cost differences for patients [1][9][13] - In Shanghai, the Da Vinci robot is reimbursed at 80% for certain surgeries, while in surrounding regions like Jiangsu and Zhejiang, patients must pay out-of-pocket, leading to a migration of patients seeking affordable care [3][4][6] - The article notes that as of 2024, only Shanghai and Beijing have included the Da Vinci robot in their insurance coverage, resulting in a concentration of patients in these cities [6][10] Group 2: Impact on Local Healthcare Systems - Smaller cities face challenges such as patient loss and outflow of insurance funds, which restricts their medical development [2][15] - The article cites that in Zhejiang, only 20 cases of artificial heart surgeries were performed in the previous year due to restrictive reimbursement policies, while the demand remains high [2][10] - Local hospitals in regions like Zhejiang report significant patient outflow to cities with better reimbursement policies, impacting their financial sustainability [7][14] Group 3: Economic Implications and Future Considerations - The article emphasizes the financial strain on local insurance funds as patients seek treatment in cities with more favorable reimbursement policies, leading to a potential imbalance in healthcare funding [15][16] - The disparity in reimbursement policies is attributed to the varying financial capabilities of local insurance funds, with wealthier regions able to offer better coverage [15][16] - The ongoing increase in healthcare costs due to aging populations and technological advancements poses challenges for maintaining balanced insurance fund operations [16][17]

Group 1: Acquisition and Mergers - BAM is set to acquire 100% of JAFCO Asia, a veteran VC firm, as part of its strategy to expand its platform and investment capabilities in Asia [2] - The acquisition is expected to be completed in 2025, with JAFCO Asia continuing to operate independently while leveraging BAM's expertise in the secondary private equity market [2] Group 2: Regulatory Actions - Beijing Securities Regulatory Bureau issued warning letters to four private equity firms, including those owned by celebrity Hu Haiquan, for failing to fulfill their fiduciary duties and assess investors' risk capabilities [3] - Hu Haiquan's funds claimed that the issues were resolved prior to 2017 and that they are currently operating normally without causing investor losses [3] Group 3: Fund Establishments - Shanghai Lian Private Equity Fund has established a new fund, becoming the largest market-oriented biopharmaceutical VC fund in recent years, with a total subscription scale exceeding 40 billion yuan [4] - The fund focuses on life sciences and healthcare sectors, having invested in around 200 companies, with over two-thirds being innovative drug enterprises [4] Group 4: Financing Activities - Manus' parent company, Butterfly Effect, raised $75 million (approximately 550 million yuan), increasing its post-financing valuation to nearly $500 million (about 3.64 billion yuan) [5] - The funding will be used to expand into international markets, including the U.S., Japan, and the Middle East, and to address operational challenges [5][6] - Shenzhen Core Medical Technology Co., Ltd. completed a $100 million D-round financing, marking the largest financing in the domestic innovative medical device sector this year [7] - The funding reflects strong investor interest in the artificial heart segment, characterized by high technical barriers and clear clinical demand [7] Group 5: New Ventures - Changzhou Laimu Technology Co., Ltd., a lawn-mowing robot company, completed a multi-million yuan Pre-A round financing, targeting the European and American markets [8] - The company is positioned in a niche market with clear technological barriers and significant growth potential [8] Group 6: Government Initiatives - The National SME Development Fund has launched its first sub-fund of the seventh batch, with a total scale of 2 billion yuan, focusing on hard technology sectors [9][10] - This initiative marks a new phase of support for hard-tech SMEs, leveraging regional advantages in high-end manufacturing and biomedicine [10]

RimeData 来觅数据 . 全面的一级市场数据平台 以下文章来源于RimeData 来觅数据 ，作者来觅研究院 ⌜ 投融概况 ⌟ 截至2025年4月25日18:00，本周融资事件共89起（不包括并购、定增），较上周增加了22起，融资金额总计约45.71亿元（谨慎估计），较上周减少了 12.28亿元。在所有融资事件中，本周融资金额在亿元及以上的融资事件有15起，较上周减少了2起。本周公开退出案例27个，较上周增加了2个。另外， 本周有110家机构参与了一级市场投资，较上周增加了13家。 请读者留意，本周有30起融资事件未公布准确的融资金额，出于谨慎考虑，笔者做了暂取较小值处理，涉及金额至少8.19亿元，约占融资总额的17.92%。 另外，因融资事件的延迟披露，本期周报仅收录了本周五18:00前公开披露的融资事件，可能导致统计分析与实际情况存在细微偏差，感兴趣的读者可以 登录Rime PEVC平台获取全量融资事件、被投项目及深度数据分析。 本周已披露金额的融资事件68起，较上周增加了18起，融资金额区间分布结构与上周有明显变化，本周500万以下的融资事件7起，较上周增加5起；500 万-1000万（含1000 ...