重点关注 Q1 业绩预期、积极把握主题机会；手术机器人专题：政 策打通商业化瓶颈、千亿市场驶向发展快车道 医药生物 证券研究报告/行业定期报告 2026 年 03 月 02 日 -医药生物行业 3 月月报 | | | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 分析师：祝嘉琦 | | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A | 2024A | 2025E | 2026E | 2027E | | | 执业证书编号：S0740519040001 | | 药明生物 三生国健 | 40.22 | 0.82 | 0.81 | 0.96 | 1.17 | 1.47 | 48.95 | 49.59 | 42.00 | 34.37 | 27.42 | 买入 | | | | | 59.38 | 0.48 | 1.14 | 4 ...

佛山海晟金融租赁股份公司（以下简称"海晟金租"）方面向记者表示，融资租赁在推动工业机器人应用 中发挥着重要作用。国内外先进经验表明，以工业机器人为核心的智能制造装备的融资租赁，能有效降 低中小企业应用智能制造装备进行技术改造的资金门槛，推动工业智能化。 拓展新蓝海 在春晚流量带动下，2026年春节期间，C端机器人租赁市场火爆异常。记者注意到，C端机器人"破 圈"的同时，B端机器人的需求量级也在提升。 中经记者 石健 北京报道 随着2025年以来具身智能热潮持续，叠加马年春晚人形机器人再度"出圈"，带动金融机构加大新赛道投 入。 《中国经营报》记者注意到，除了C端机器人火热外，伴随新质生产力不断培育和壮大，机器人在工 业、特种等多个领域发挥作用。与此同时，金融租赁和融资租赁作为与产业关系最紧密的金融模式之 一，一些公司正加速机器人业务布局。 随着金融租赁行业不断转型，近年来，海晟金租设立了智能制造租赁板块，包括电气机械、工业机器 人、工程机械等智能装备的融资租赁业务。 对于开展工业机器人业务，海晟金租表示，融资租赁在推动工业机器人应用中发挥着重要作用。国内外 先进经验表明，以工业机器人为核心的智能制造装备的融资 ...

央视网消息（新闻联播）：目前，我国具身智能产业正在快速发展。在北京，一个具身智能产业园半年多就聚集了三十多家科创企业，员工平均年龄不 到30岁。《新春走基层》的记者走进产业园，感受到这里蓬勃向上的青春力量。 晚上六点半正是下班的晚高峰，具身智能创新产业园依然灯火通明。记者顺着灯光走进办公室，看到各种形态的机器人正在加班加点地训练。在园区六层， 几位小伙子正在教机械手学习叠袜子。 去年2月，在人工智能领域打拼多年的张玉峰与几位小伙伴投身具身智能的新赛道，开始打造手眼脑协同、能灵巧操作的人形机器人。一年来，团队都是在 从零到一探索无人区。张玉峰感慨，创业的路上并不孤单，园区聚集了三十多家不同细分领域的具身智能相关企业，大家在新赛道上互相协同，一起奔跑。 在良好生态的加持下，张玉峰团队研发的工业机器人短短九个月迭代了十几次，已经在一家德国企业的生产线"上岗"。对于机器人毫米级精度的操作，客户 非常满意。 有了肥沃的土壤，创新的种子一个个向阳萌发。园区里诞生了全球第一款能与人交互的桌面显示机器人、世界上第一台能实现复杂骨折微创复位的手术机器 人。在这条面向未来的新赛道上，年轻的创业者们充满自信和干劲儿。 园区不仅有" ...

Group 1 - The core viewpoint is that Citic Securities is optimistic about the surgical robot sector, noting significant recent gains in related Hong Kong stocks due to positive catalysts from recent bidding announcements [1] - The company suggests continued attention to investment opportunities in the surgical robot sector, indicating a favorable outlook for its future [1] - In the A-share market, certain stocks in the brain-computer interface sector experienced substantial increases before the Spring Festival, highlighting potential investment themes in AI healthcare and brain-computer interfaces [1]

Core Viewpoint - The medical device sector is experiencing a turning point, driven by performance recovery and innovation in overseas markets, with a focus on surgical robots, brain-computer interfaces, AI medical technology, and high-potential innovative devices like PFA, RDN, and TAVR [1] Group 1: Market Performance - As of February 24, 2026, the CSI Medical and Medical Device Innovation Index (931484) rose by 0.25%, with notable increases in component stocks such as Aier Eye Hospital (up 2.23%), Yingke Medical (up 1.96%), and Xingqi Eye Medicine (up 1.45%) [1] - The Medical Innovation ETF (516820) is currently in a state of market tension, with the latest quote at 0.36 yuan [1] Group 2: Industry Developments - Recent developments in the surgical robot sector, including successful bids from MicroPort Robotics and Aikang Medical, have significantly raised market expectations for the commercialization of related equipment [1] - Continued funding interest in cutting-edge areas such as AI medical technology and brain-computer interfaces is noted, alongside a U.S. court ruling that deemed tariff policies illegal, further strengthening the logic for medical device exports [1] Group 3: Index Composition - As of January 30, 2026, the top ten weighted stocks in the CSI Medical and Medical Device Innovation Index include WuXi AppTec, Mindray Medical, and Hengrui Medicine, collectively accounting for 63.9% of the index [2]

Group 1: Events and Forums - The "Dubai Business Forum - China" will take place in Shenzhen on May 14, 2026, focusing on economic collaboration and investment opportunities between China and Dubai [2] - A closed-door sharing session on Japanese robot market entry will be held in Shenzhen on March 12, organized by JETRO and 36Kr [3] Group 2: Company Developments - Tencent's ride-hailing service has integrated with Uber, supporting services in 20 countries and regions, including Hong Kong and Japan [4] - Temu has partnered with DEKRA to enhance product safety compliance for electronic goods on its platform [4] - BYD has officially entered the Egyptian market in collaboration with Mansour Group, showcasing three new car models [4] - AITO announced its entry into the UAE market through a partnership with Abu Dhabi Motors [5] - FAW Jiefang signed a strategic agreement with a Saudi dealer for the first batch of 500 vehicles [5] - Junlian Zhixing showcased its intelligent automotive solutions at Volkswagen's global headquarters [5] Group 3: Financing and Investments - Qunche Intelligent has completed a multi-hundred million yuan Series A financing round, with participation from several overseas funds [8] - Hexin Power has secured several million yuan in angel round financing, focusing on agricultural intelligent solutions [8] - Bee Technology, a subsidiary of Zhiyuan Robotics, has completed several hundred million yuan in seed and angel round financing [8] - MossCode, an AI smart sports wear brand, has completed several million yuan in angel round financing, planning to launch in the European and American markets in 2026 [9] - Starry Dream House has completed a total of 80 million yuan in financing, with significant orders secured in Australia [9] Group 4: Market Trends and Policies - The surgical robot market is expected to grow significantly, with AI enabling autonomous operations and enhancing remote surgery capabilities [10] - By 2025, global humanoid robot shipments are projected to reach 17,800 units, with Chinese manufacturers leading the market [11] - China is deepening trade cooperation with South Africa and Kenya, aiming for zero-tariff access for products [12] - China's digital trade surplus is expected to double by 2025, driven by rapid growth in cloud computing and AI sectors [12]

国外 道明证券将美联储下次降息时间点的预测从此前的3月推迟至6月，仍预计今年将累计降息75个基点，降 至终端利率3%。道明证券预计美联储将在6月、9月和12月各进行一次25个基点的降息。该机构首席美 国宏观策略师Oscar Munoz领衔的团队表示，预期中的政策宽松并非源于经济状况恶化，而是随着通胀 逐步回到目标水平，货币政策走向"正常化"的结果。就业前景改善应能让美联储把注意力转向通胀任 务。该机构同时预计，美债收益率今年将会继续下行，10年期收益率至年末将降至3.75%（此前预计为 3.5%）。 3. 野村：高市早苗政府有望加强财政纪律，日元走强 日元相对其他G10及亚洲货币走强。野村外汇研究分析师在报告中指出，日本首相高市早苗在财政政策 上可能变得更加"负责"，这将为外汇市场带来了一定缓解。分析师指出，有关如何为日本的消费税暂时 减免提供资金的讨论正在升温。分析师补充称，政府可能会利用"外汇基金特别账户"的盈余来支持此次 消费税减免。 4. Monex宏观研究负责人：美联储3月降息的可能性已消除 Monex的宏观研究负责人Nick Rees在报告中表示，对于美联储而言，1月美国就业数据表现强劲，"应当 ...

Core Insights - The medical sector is experiencing both "explosive growth" and "cooling" simultaneously, with over 100 medical companies queued for IPOs in Hong Kong, and tightening IPO policies expected [1][3] - The performance of new drug IPOs in 2026 is anticipated to be significantly differentiated, with many companies initiating Pre-IPO financing to hedge against regulatory tightening and market risks [4][5] Group 1: IPO Trends and Market Dynamics - The number of companies waiting for IPOs in Hong Kong has exceeded 400, indicating a crowded market, and the performance of these IPOs is likely to vary widely [4] - Investors are expected to favor companies with successful overseas BD (business development) cases and clear product timelines, while those lacking competitive advantages may face significant IPO pressure [4] - The market sentiment is cautious, with many companies considering Crossover financing to mitigate risks associated with the tightening IPO window [5] Group 2: BD Transactions and Investment Opportunities - The enthusiasm for BD transactions from multinational corporations (MNCs) towards Chinese new drug assets remains high, with China accounting for 50% of global BD transaction volume last year [9][8] - The valuation of Chinese new drugs is expected to stabilize, but there are concerns about rising prices that could harm the reputation of Chinese biotech in the global market [9][8] - The focus of BD transactions is shifting from oncology to other therapeutic areas such as autoimmune and cardiovascular diseases, indicating a diversification of investment interests [12] Group 3: AI in Pharmaceuticals and Medical Devices - AI-driven pharmaceutical companies are gaining traction, with significant funding and BD opportunities expected in 2026, emphasizing the importance of data in drug development [15][16] - The AI revolution is anticipated to first impact consumer medical devices, with AI enhancing product effectiveness and consumer willingness to invest in advanced home healthcare devices [17][18] - The competitive landscape for AI in healthcare is evolving, with a focus on developing tools that can integrate various data types to assist clinical decision-making [19][20] Group 4: Medical Device Market Outlook - The investment landscape for innovative medical devices is currently low but is expected to gradually improve, with structural investment opportunities emerging [26][28] - The challenges of international expansion for Chinese medical devices are significant, but improvements in product quality and performance are paving the way for better market acceptance [31][32] - The future of medical device exports is shifting towards local production and direct sales networks, enhancing profitability and market penetration [32][33]

Company Performance - The company's stock price has shown a downward adjustment, with a decline of 3.95% over the past 7 days, and a single-day drop of 3.24% on February 12, closing at 22.12 yuan [1][2] - Despite significant growth in revenue and net profit, with a year-on-year increase of 213.21% in net profit attributable to the parent company, the positive performance has not alleviated short-term negative market sentiment [5] Industry Environment - The National Healthcare Security Administration reported typical cases of commercial bribery in the orthopedic field, revealing kickback ratios as high as 30%-40%, indicating a "golden sales" phenomenon in the industry [3] - Although leading companies, including the company in question, have generally forecasted revenue growth for 2025, there are concerns that regulatory actions may have a long-term impact on sales models and profitability within the industry [3] Market Sentiment - Despite a 16.56% increase in financing balance over the past 5 days, there was a net outflow of 337.38 thousand yuan in main funds on February 12, indicating a net selling state by large investors [4] - The stock has experienced a significant decline of 19.15% over the past 20 days, reflecting cautious market sentiment [4]

Group 1 - The overall market size of surgical robots in China is expected to grow from 7.2 billion RMB in 2024 to 76.7 billion RMB by 2032, with a CAGR of approximately 34% [1] - The market for laparoscopic surgical robots is projected to have a CAGR of about 29% from 2024 to 2032, driven by the release of pricing directories and increased penetration rates [1] - The orthopedic surgical robot market is anticipated to grow at a CAGR of around 41% during the same period, benefiting from the implementation of pricing directories and accelerated hospital admissions [1] Group 2 - CITIC Securities believes that surgical robots represent one of the best business models in the medical device sector, as installed equipment will lead to a continuous increase in consumables, generating stable revenue and cash flow [2] - The global market for leading surgical robot companies has surpassed 1 trillion RMB, with significant growth potential in penetration rates and market size [2] - AI is expected to empower surgical robots to achieve autonomous operations, further enhancing industry penetration rates and improving valuations of related companies [2] Group 3 - Related Hong Kong stocks in the surgical robot sector include Precision Medicine-B (02675), MicroPort Scientific Corporation-B (02252), and Kangji Medical (09997) [3]