| 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 8323.7 | | 52 | 周最高 | 9323.49 | | 52 | 周最低 | 6876.88 | 行业相对指数表现 证券研究报告：医药生物|行业周报 发布时间：2026-03-02 行业投资评级 强于大市|维持 -8% -4% 0% 4% 8% 12% 16% 20% 24% 2025-03 2025-05 2025-07 2025-10 2025-12 2026-02 医药生物 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:陈灿 SAC 登记编号:S1340525070001 Email:chencan@cnpsec.com 近期研究报告 《黎明已至，国产争先》 - 2026.02.27 医药生物行业报告 （2026.02.23-2026.02.27） 手术机器人行业或出台收费标准，龙头公司有望迎 加速发展 ⚫ 本周主题 手术机器人行业或出台收费标准，龙头公司有望迎加速发展 ...

| 华安研究 2026年3月金股组合 | 归母净利润（百万元） | 归母净利润增速 | 营业收入（百万元） | 营业收入增速 | eps | pe(其余有说明) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 行业 | 金股代码 | 金股 | 核心推荐逻辑 | 风险提示 | 研究员 | 报告依据 | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | 2024A | 2025E | 2 ...

Market Overview - The Hong Kong stock market experienced a decline on the last trading day of the Year of the Snake, with the Hang Seng Index falling by 1.72% or 465.42 points, closing at 26,567.12 points, and a total trading volume of 257.58 billion HKD [1] - The decline is attributed to weak fundamentals, concerns over tightening liquidity, and a decrease in the attractiveness of Hong Kong's unique market structure [1] Blue-Chip Performance - Zijin Mining (601899) led the blue-chip decline, dropping 7.64% to 41.58 HKD, contributing a loss of 33.26 points to the Hang Seng Index [2] - Other notable movements included Haidilao (06862) rising 3.13% to 17.15 HKD, and Sinopec (00386) falling 5.12% to 5.37 HKD, contributing a loss of 10.66 points to the index [2] Sector Performance - Large technology stocks continued to decline, with Alibaba-W dropping over 2% and Tencent Holdings nearly 1% [3] - Conversely, domestic large model stocks saw gains, with Zhiyuan (02513) increasing by 20.65% to 485 HKD and MiniMax-WP (00100) rising 15.65% to 680 HKD [3] Commodity Sector - The non-ferrous metals sector saw a significant drop, with China Nonferrous Mining (01258) down 5.27% to 14.91 HKD and Zijin Mining (02899) down 4.98% to 42.78 HKD [5] - The market reacted to unexpectedly strong U.S. employment data, which dampened expectations for an early interest rate cut by the Federal Reserve [5] AI and Technology Developments - The recent release of domestic AI models has led to a surge in related stocks, with significant advancements in AI capabilities being reported [4] - ByteDance's Seedance 2.0 model has gained popularity overseas, expected to lower the barriers for high-quality video content creation [4] Company Highlights - Haizhi Technology (02706) saw a remarkable debut, with shares rising 242.2% to 92.6 HKD, following a successful IPO that was oversubscribed by 5065.06 times [8] - Health Road (02587) reported expected revenue of no less than 1.5 billion RMB for 2025, marking a growth of at least 25% compared to the previous year [9] - MicroPort Robotics-B (02252) reported strong performance with over 200 global commercial orders for its core product, indicating a positive market reception [10]

Market Overview - The market performance is generally poor before major holidays due to concerns about potential issues during the break, with the Hang Seng Index dropping by 1.72% [1] - The U.S. non-farm payroll data exceeded expectations, causing the probability of a Fed rate cut in March to plummet from 20% to 8%, which could negatively impact the stock market if the upcoming CPI data is also unfavorable [1] - The Nasdaq experienced a significant drop of over 2% due to AI-related fears, leading to a chain reaction where investors sold gold to cover margin calls, despite no fundamental deterioration in gold [1] AI and Technology Sector - The subscription service GLM Coding Plan by Zhihui (02513) announced a price increase due to strong market demand, with user growth and usage volume rapidly increasing [2] - Zhihui's GLM-5 model ranks first in three major agent evaluation benchmarks, and its coding capabilities are approaching those of Claude Opus 4.5, indicating a strong competitive position [2] - MiniMax+ (00100) also saw a rise of over 15%, both companies reaching historical highs, with expectations of foreign capital focusing on driving up stock prices after the Spring Festival [2] Automotive Industry - The Ministry of Industry and Information Technology is soliciting opinions on mandatory national standards for intelligent connected vehicles, which will replace the previous recommended standards [3] - The new standards will introduce safety guarantees and certification systems, establishing product access conditions and detailing technical indicators and simulation testing requirements [3] - Companies in the intelligent driving sector, such as Nari Technology (01316) and Zhejiang Shibao (01057), experienced stock price increases following the announcement [3] Robotics Sector - MicroPort Robotics-B (02252) reported that its core product, the Tumi laparoscopic surgical robot, has surpassed 200 global commercial orders, with successful surgeries conducted in nearly 10 countries [4] - The company has achieved a 100% success rate in nearly 800 remote surgeries, leading to a stock price increase of over 11% [4] - Other companies in the robotics field, such as Yujia Technology (02515) and UBTECH (09880), also saw stock price increases following MicroPort's announcement [4] Metals Sector - Reports indicate that Trump is considering reducing tariffs on aluminum products, which could provide opportunities for the aluminum sector during the adjustment period [5] - The aluminum sector experienced a notable drop, but the current aluminum premium in the U.S. indicates that tariff costs are primarily borne by American consumers rather than foreign producers [6] - Potential tariff reductions could positively impact U.S. aluminum demand, suggesting a neutral to slightly bullish outlook for the aluminum sector [6] Consumer Sector - China Duty Free Group (01880) reported strong sales data following the opening of Hainan's duty-free market, with sales reaching 1.106 billion yuan during the Spring Festival [7] - The company is set to implement zero-tariff policies for daily consumer goods and has planned multiple promotional activities to boost sales [7] - A significant acquisition of DFS in the Greater China region and strategic investment from LVMH is expected to enhance the company's market position and resource access [7]

智通财经APP获悉，蛇年末最后一个交易日，港股低开低走，午后跌幅略微收窄，尾盘三大指数悉数走 低。截止收盘，恒生指数跌1.72%或465.42点，报26567.12点，全日成交额为2575.78亿港元；恒生国企 指数跌1.55%，报9032.71点；恒生科技指数跌0.90%，报5360.42点。 中金指出，港股近期回调是基本面依然偏弱情况下，市场担忧流动性收紧和港股特色结构吸引力下降的 共同结果。在整体信用周期震荡甚至阶段走弱的情形下，市场指数层面空间有限(恒指基准点位28000- 29000)，机会主要来自景气结构或指数意外回撤。配置方向上，大思路依然是跟随信用扩张方向，在AI 科技、周期、消费和分红四大领域里，仍以AI科技和周期为主线，这也是当前信用扩张的主要方向。 蓝筹股表现 紫金矿业(02899)领跌蓝筹。截至收盘，跌7.64%，报41.58港元，成交额41.31亿港元，拖累恒指33.26 点。近期，避险情绪上升叠加大宗商品风险抛售等市场氛围烘托，有色金属今日全线回落。兴业证券认 为，有色短期将进入商品降波交易，改节奏但不改方向。一季度后端的旺季基本面具备支撑，若年后宏 观预期端不出现方向性扭转的前提 ...

# 【微创机器人-B】 图迈订单破200台，海外渗透持续提速 临床应用深度提升：已装机机构中，单中心手术量超百例的已有数十家，且覆盖泌尿外科、普外、胸外、妇科 等多科室，体现"装机后使用"在加深。 远程手术继续强化差异化：远程手术近800例、覆盖20多国、成功率保持100%；远程系统在中国、印度、巴西 等近10国获批，应用覆盖全球近一半人口区域。 装机节奏复盘 事件：公司发布公告，截至2026/2/12，#图迈腔镜手术机器人全球商业化订单突破200台，覆盖近50个国家和地 区，已完成商业化装机近130台。 关键数据&"质量"观察 区域结构更均衡：覆盖的近50个国家和地区中，订单数超5台的达12个；印度累计订单14台、巴西超10台，西 班牙与澳大利亚等发达市场成为新增增长点。< # 【微创机器人-B】 图迈订单破200台，海外渗透持续提速 事件：公司发布公告，截至2026/2/12，#图迈腔镜手术机器人全球商业化订单突破200台，覆盖近50个国家和地 区，已完成商业化装机近130台。 关键数据&"质量"观察 区域结构更均衡：覆盖的近50个国家和地区中，订单数超5台的达12个；印度累计订单14台、巴西超10台，西 ...

事件：公司发布公告，截至2026/2/12，#图迈腔镜手术机器人全球商业化订单突破200台，覆盖近50个国家和地 区，已完成商业化装机近130台。 关键数据&"质量"观察 图迈订单破200台，海外渗透持续提速 临床应用深度提升：已装机机构中，单中心手术量超百例的已有数十家，且覆盖泌尿外科、普外、胸外、妇科 等多科室，体现"装机后使用"在加深。 远程手术继续强化差异化：远程手术近800例、覆盖20多国、成功率保持100%；远程系统在中国、印度、巴西 等近10国获批，应用覆盖全球近一半人口区域。 装机节奏复盘 2024.12.31：图迈全球范围内累计商业化订单超过60台，累计商业化装机量已突破30台。 2025.10.08：图迈全球范围内累计商业化订单超过100台，累计商业化装机量已突破80台。 区域结构更均衡：覆盖的近50个国家和地区中，订单数超5台的达12个；印度累计订单14台、巴西超10台，西 班牙与澳大利亚等发达市场成为新增增长点。 图迈订单破200台，海外渗透持续提速 事件：公司发布公告，截至2026/2/12，#图迈腔镜手术机器人全球商业化订单突破200台，覆盖近50个国家和地 区，已完成商业化装机近 ...

Core Viewpoint - MicroPort Robotics-B (02252) has achieved a significant milestone with over 200 global commercial orders for its TiMAY® laparoscopic surgical robot, indicating widespread recognition of its clinical value and safety [1] Group 1: Company Performance - As of the announcement date, the company’s TiMAY® robot has completed nearly 130 installations worldwide, demonstrating strong market penetration [1] - The stock opened over 3% higher, currently trading at 26.8 HKD with a transaction volume of 2.987 million HKD, reflecting positive market sentiment [1] Group 2: Product and Market Expansion - The TiMAY® robot has received commercial application approvals in nearly 10 countries, including China, India, and Brazil, covering regions with nearly half of the global population [1] - The system has successfully completed nearly 800 remote surgeries across over 20 countries, maintaining a 100% success rate, which underscores its reliability and effectiveness in clinical settings [1]

作为全球首个获准开展商业化应用的远程手术机器人系统，图迈远程手术机器人已在中国、印度、巴西 等近10个国家获得上市批准，其应用已覆盖全球近一半人口所在区域，并已率先进入常态化、规模化临 床应用阶段。截至目前，图迈已完成远程手术近800例，覆盖20多个国家，实施成功率继续保持100%。 在全球化布局持续加速的同时，图迈在单中心临床应用深度方面亦不断取得突破性进展。根据内部数据 统计，截至目前已完成图迈商业化装机的各国医疗机构中，单中心手术量超过百例的已有数十家，并广 泛覆盖泌尿外科、普通外科、胸外科、妇科、小儿外科、头颈外科等多个科室。 微创机器人-B(02252)发布公告，截至本公告日，集团核心产品图迈腔镜手术机器人全球商业化订单突 破200台，覆盖近50个国家和地区，已完成商业化装机近130台。图迈商业化订单和装机规模的再次里程 碑式跃升，标志着其临床价值在全球范围内获得持续、广泛的认可，是对图迈安全性、稳定性、可靠性 的系统性认证。来自不同国家、不同医疗体系、不同专科背景的外科医生，正在以真实而审慎的临床决 策，将图迈纳入日常手术实践与长期学科建设之中。 在已覆盖的近50个国家和地区中，订单数超5台的达1 ...

作为全球首个获准开展商业化应用的远程手术机器人系统，图迈远程手术机器人已在中国、印度、巴西 等近10个国家获得上市批准，其应用已覆盖全球近一半人口所在区域，并已率先进入常态化、规模化临 床应用阶段。截至目前，图迈已完成远程手术近800例，覆盖20多个国家，实施成功率继续保持100%。 在已覆盖的近50个国家和地区中，订单数超5台的达12个，新兴市场代表印度、巴西、阿根廷增长强 劲，其中印度累计订单已达14台，巴西超过10台；发达国家市场持续突破，西班牙、澳大利亚等国家成 为快速增长点。图迈商业化已在全球范围内形成多区域协同共振的新格局，贯穿发展中国家新兴市场以 及发达国家成熟医疗体系。 在全球化布局持续加速的同时，图迈在单中心临床应用深度方面亦不断取得突破性进展。根据内部数据 统计，截至目前已完成图迈商业化装机的各国医疗机构中，单中心手术量超过百例的已有数十家，并广 泛覆盖泌尿外科、普通外科、胸外科、妇科、小儿外科、头颈外科等多个科室。 格隆汇2月12日丨微创机器人-B(02252.HK)公告，截至本公告日，集团核心产品图迈腔镜手术机器人 ("图迈")全球商业化订单突破200台，覆盖近50个国家和地区，已完成 ...