（责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 展望2026年，行业基本面有望在需求逐步回暖、产业创新升级与政策边际改善的背景下实现"温和 修复"。产业创新升级、政策边际改善，耗材板块总体向好；医院采购需求回暖、诊疗量稳定增长，也 将带动医疗设备与IVD板块边际改善。同时，需求恢复不及预期和控费政策超预期的风险仍需高度关 注。 每日经济新闻 截至2025年12月4日 11点09分 ，A股三大指数全线上涨，上证指数涨0.02%，深证成指涨0.24%，创 业板指涨0.64%。医疗器械ETF（562600）上涨0.11%，最新报价0.873元，盘中换手率0.58%。成分股方 面涨跌互现，奕瑞科技领涨3.94%，中源协和上涨3.45%，中红医疗上涨2.46%，英诺特上涨2.20%，南 微医学上涨1.70%；翔宇医疗领跌2.78%，热景生物下跌2.65%，浩欧博下跌2.37%，三诺生物下跌 ...

Core Viewpoint - Yongying Fund is rapidly rising in the competitive domestic public fund industry, leveraging its strong foundation in fixed income and strategic positioning in index and active equity products, leading to significant growth in management scale, referred to as the "Yongying Phenomenon" [2][3] Group 1: Growth Strategy - Yongying Fund has achieved a market ranking of 18th in non-monetary scale by the end of Q3 2023, reflecting a clear strategy and precise execution in its growth path [3] - The fund's approach includes using fixed income as a "ballast" and equity products as "pioneers," allowing it to differentiate itself in a highly competitive market [3][4] - The fund's products have shown outstanding performance, with several equity funds achieving over 80% growth in the past year, including Yongying Technology Select Mixed Fund, which had a net value increase of 203.8% [3][4] Group 2: Product Characteristics - Yongying's funds are characterized by high industry concentration and clear tool attributes, aligning well with recent market trends [4] - The fund has strategically launched products during quieter market periods, such as the Yongying Technology Select Mixed Fund and others, which were established during less active times [5] - The fund's proactive approach is evident in its launch of a medical device ETF during a period of high interest in the medical sector, and a gold stock ETF that has grown to 13.3 billion yuan [5] Group 3: Risk Management - Yongying Fund has shown a high level of risk awareness during its rapid growth, contrasting with other firms that may pursue scale blindly [6] - The fund has implemented purchase limits on its products to guide rational investor decisions and control growth, ensuring stability in investment strategies [7] - Fund managers have emphasized the importance of rational investment and diversification, warning against over-reliance on past performance to predict future results [8][9] Group 4: Industry Trends - The success of Yongying Fund has led to a trend of other firms attempting to replicate its model, which may result in increased product homogeneity and potential risks [10][11] - Regulatory bodies are focusing on high-quality development in the fund industry, with new guidelines aimed at managing investment styles and ensuring diversified investment [10][11] - The industry is witnessing a shift towards high-quality development, with a call for differentiated strategies to avoid the pitfalls of following trends without clear strategic alignment [11]

Core Viewpoint - The A-share market experienced a collective decline, with the Shanghai Composite Index down 0.44%, Shenzhen Component Index down 0.84%, and ChiNext Index down 1.04. The medical device ETF showed resilience, increasing by 1.00% amid mixed performances from constituent stocks, highlighting potential growth in the medical device sector driven by regulatory approvals and market trends [1]. Group 1: Market Performance - The medical device ETF (562600) rose by 1.00%, with the latest price at 0.91 yuan and a trading volume of 0.14 billion yuan, reflecting a turnover rate of 6.14% [1]. - The medical device ETF has seen a scale increase of 0.42 billion yuan over the past week, reaching a new high since its launch [2]. - The medical device ETF has recorded net inflows for six consecutive trading days, with a maximum single-day net inflow of 0.15 billion yuan, totaling 0.48 billion yuan in net inflows [2]. Group 2: Company Developments - Lepu Medical's subsidiary received regulatory approval for a rechargeable implantable deep brain stimulation (DBS) system, marking a significant breakthrough in China's neuroregulation field and expected to enhance performance while mitigating the impact of centralized procurement [1]. - The global DBS market is anticipated to grow rapidly, with an increasing trend towards alternatives [1]. Group 3: Valuation and Sector Composition - The latest price-to-earnings ratio (PE-TTM) for the medical device ETF is 47.48, which is below the 63.83% percentile of the past decade, indicating a moderate valuation [2]. - The ETF's index weight is heavily concentrated in the pharmaceutical and biological sectors (95.14%), with smaller allocations to beauty care (4.60%) and light manufacturing (0.26%) [2]. - Within the secondary industry classification, the ETF's index weight is primarily in medical devices (90.28%), followed by medical services (4.36%) and medical beauty (3.30%) [2].

从资金净流入方面来看，医疗器械ETF已连续3个交易日获资金净流入，资金逢低介入意图较为明显。 从估值层面来看，医疗器械ETF跟踪的医疗器械最新市盈率（PE-TTM）仅47.81倍，处于近10年64.12% 的分位，即估值低于近10年35.88%以上的时间，估值适中。 （文章来源：每日经济新闻） 截至10:21，A股三大指数涨跌互现，医药板块崛起。医疗器械ETF（562600）上涨1.22%，最新报价 0.916元，换手率达5.00%。成分股涨跌互现，采纳股份领涨14.02%，春立医疗上涨11.69%，振德医疗上 涨7.00%，万孚生物上涨4.62%，透景生命上涨4.47%；可孚医疗领跌2.56%，奥美医疗下跌2.27%，新华 医疗下跌2.06%，蓝帆医疗下跌1.45%，奥泰生物下跌1.23%。 从分时表现来看医疗器械ETF盘中二级市场价格一度下探至0.904元，创近10日以来新低。随后震荡走 强。 ...

Core Insights - In the third quarter of 2025, Innotech (688253.SH) reported that a total of 9 institutional investors disclosed holdings in its A-shares, amounting to 62.69 million shares, which represents 45.77% of Innotech's total share capital [1] - The proportion of shares held by institutional investors increased by 1.51 percentage points compared to the previous quarter [1] Group 1: Institutional Holdings - A total of 9 institutional investors hold shares in Innotech, with a combined holding of 62.69 million shares [1] - The institutional investors include various management centers and investment firms, indicating a diverse range of institutional interest [1] - The increase in institutional holdings suggests growing confidence in Innotech's performance [1] Group 2: Public Fund Holdings - One public fund, the Medical Device ETF, increased its holdings by 0.20% compared to the previous period [2] - A total of 78 public funds did not disclose their holdings in this period, including notable funds such as CITIC Securities Excellence Growth A and Southern Value One-Year Holding Mixed A [2] - The lack of disclosure from a significant number of public funds may indicate a cautious approach towards investment in Innotech [2]

Group 1 - Oriental Bio (688298.SH) reported its Q3 2025 results on October 31, 2025, with a total of 7 institutional investors holding A-shares, amounting to 104 million shares, which represents 51.44% of the total share capital [1] - The institutional investors include companies such as Anji Fulanglai Import and Export Trade Co., Ltd., Fangs Holdings Limited Liability Company, and several funds from China Industrial Bank and China Merchants Bank [1] - Compared to the previous quarter, the total institutional holding percentage decreased by 1.23 percentage points [1] Group 2 - In the public fund sector, one fund, the Medical Device ETF, increased its holdings by 0.21% compared to the previous period [2] - One fund, the Rongtong Health Industry Flexible Allocation Mixed A/B, reduced its holdings by 0.84% compared to the previous quarter [2] - A total of 63 public funds did not disclose their holdings this period, including funds like Yuanxin Yongfeng Ju You A and Rongtong Value Growth Mixed A [2]

Core Viewpoint - Jianerkang (603205.SH) reported a slight decrease in institutional investor holdings in its third-quarter report for 2025, indicating a potential shift in investor sentiment within the medical device sector [1] Group 1: Institutional Holdings - As of October 30, 2025, four institutional investors disclosed holdings in Jianerkang A-shares, totaling 13.1551 million shares, which represents 8.43% of the total share capital [1] - The combined institutional holding ratio decreased by 0.12 percentage points compared to the previous quarter [1] Group 2: Public Fund Holdings - One public fund, the Medical Device ETF, increased its holdings during this period, with an increase ratio of 0.12% [1] - A total of 138 public funds did not disclose their holdings this quarter, including several notable funds such as the China Securities Medical Device ETF and the China Securities Healthcare Equipment and Services ETF [1]

Group 1 - The core viewpoint of the news is the disclosure of institutional and public fund holdings in Kangtai Medical as of the third quarter of 2025, indicating a slight decline in institutional ownership compared to the previous quarter [1][2] - As of October 29, 2025, six institutional investors hold a total of 8.1538 million shares of Kangtai Medical, representing 2.03% of the total share capital, with a decrease of 0.31 percentage points from the previous quarter [1] - Among public funds, two funds increased their holdings, including a medical device ETF and Dachen Jingheng Mixed A, with an increase in holding proportion of 0.25% [1] Group 2 - One social security fund, Penghua Fund Management Co., Ltd. - Social Security Fund 1804 Combination, was not disclosed in the current period compared to the previous quarter [2] - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 0.29% compared to the previous quarter [2]

Core Viewpoint - Capstone Bio (300639.SZ) reported its Q3 2025 results, highlighting a significant institutional investment presence with 43.69% of total shares held by six institutional investors as of October 28, 2025 [1] Institutional Holdings - A total of 6 institutional investors disclosed holdings in Capstone Bio, amounting to 282 million shares, which represents 43.69% of the company's total equity [1] - The institutional holding percentage increased by 0.13 percentage points compared to the previous quarter [1] Public Fund Holdings - One public fund, the Medical Device ETF, increased its holdings during this period, with an increase percentage of 0.21% [1] - A total of 46 public funds did not disclose their holdings in this quarter, including notable funds such as Guojin Quantitative Multi-Factor A, E Fund CSI Wande Biotechnology Index (LOF) A, and others [1]

Core Insights - Furuya Co., Ltd. (300049.SZ) reported its Q3 2025 results, revealing that 48 institutional investors hold a total of 48.0861 million A-shares, accounting for 18.15% of the total share capital [1] - The top ten institutional investors collectively hold 16.57% of the shares, with a decrease of 3.43 percentage points compared to the previous quarter [1] Institutional Holdings - The number of institutional investors holding Furuya shares is 48, with a total holding of 48.0861 million shares [1] - The top ten institutional investors include notable entities such as New Yu Fuchuang Investment Co., Bank of China, and others, with a combined holding of 16.57% [1] - There was a decline in the combined holding percentage of the top ten institutions by 3.43 percentage points from the last quarter [1] Public Fund Activity - In the current period, 12 public funds increased their holdings, with a total increase percentage of 0.49% [2] - Conversely, 14 public funds reduced their holdings, with a total decrease percentage of 0.88% [2] - A total of 19 new public funds disclosed their holdings this quarter, while 133 public funds did not disclose their holdings compared to the previous quarter [2] Foreign Investment - One new foreign institutional investor, Hong Kong Central Clearing Limited, disclosed its holdings in the current period [2]