11月19日，心泰医疗(02291)盘中最低价触及17.95港元。这是自今年4月22日单日上涨49.26%之后，该公司股价首次跌破18港元。 此后其股价仍下探不止。12月8日，心泰医疗收盘价17.20港元，距近期的阶段性低点17.01港元仅一步之遥。实际上，心泰医疗的这段下行周期始于8月26 日，而这就得从其大股东减持说起。 控股股东减持，场外持币观望 8月26日港股盘前，心泰医疗发布了一则"控股股东减持"的公告，称其控股股东乐普医疗（300003）"于2025年8月26日通过大宗交易出售合共1114万股本公 司H股，每股价格为22.79港元，占本公司于本公告日期已发行股份总数的约3.21%(出售事项)"，并表示，"乐普医疗对本集团的业务运营充满信心，出售事 项旨在提升本公司股票的流动性。" 公告披露后，立即在当日引发了场内持筹者的抛售。8月26日，心泰医疗股价开盘后迅速走低，1分钟内股价跳水近9%;半小时内股价最大跌幅超过12%。最 后公司股价全天低走，最终收跌12.75%，27.60港元开盘价成为心泰医疗当日最高点及其之后的阶段性高点。 至此之后，心泰医疗开启了一段持续至今的长达3个多月的下行周期。从技术 ...

11月19日，心泰医疗(02291)盘中最低价触及17.95港元。这是自今年4月22日单日上涨49.26%之后，该公司股价首次跌破18港元。 智通财经APP观察到，此后其股价仍下探不止。12月8日，心泰医疗收盘价17.20港元，距近期的阶段性低点17.01港元仅一步之遥。实际上，心泰医疗的这段 下行周期始于8月26日，而这就得从其大股东减持说起。 控股股东减持，场外持币观望 8月26日港股盘前，心泰医疗发布了一则"控股股东减持"的公告，称其控股股东乐普医疗"于2025年8月26日通过大宗交易出售合共1114万股本公司H股，每股 价格为22.79港元，占本公司于本公告日期已发行股份总数的约3.21%(出售事项)"，并表示，"乐普医疗对本集团的业务运营充满信心，出售事项旨在提升本 公司股票的流动性。" 公告披露后，立即在当日引发了场内持筹者的抛售。8月26日，心泰医疗股价开盘后迅速走低，1分钟内股价跳水近9%;半小时内股价最大跌幅超过12%。最 后公司股价全天低走，最终收跌12.75%，27.60港元开盘价成为心泰医疗当日最高点及其之后的阶段性高点。 至此之后，心泰医疗开启了一段持续至今的长达3个多月的下行周期。 ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry, expecting the industry index to outperform the market index by over 10% in the next six months [34]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, with a gain of 3.86% from August 8 to August 21, 2025, lagging behind the index by approximately 0.35 percentage points [13]. - All sub-sectors within the industry recorded positive returns during the same period, with the medical consumables and medical devices sectors leading with increases of 6.80% and 5.88%, respectively [14]. - Approximately 73% of stocks in the industry achieved positive returns, indicating a broad recovery across the sector [15]. - The overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry was about 54.73 times as of August 21, 2025, with a relative PE to the CSI 300 of 4.23 times, showing little change in valuation [19][28]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, gaining 3.86% from August 8 to August 21, 2025, which is 0.35 percentage points lower than the index [13]. - All sub-sectors recorded positive returns, with medical consumables and medical devices leading at 6.80% and 5.88% increases, respectively [14]. - About 73% of stocks in the industry had positive returns during this period [15]. - The industry valuation remained stable, with a PE ratio of 54.73 times and a relative PE of 4.23 times compared to the CSI 300 [19]. 2. Industry News - Significant developments include the initiation of large-scale collective procurement for high-value medical consumables, with notifications issued by Sichuan and Inner Mongolia regarding historical procurement data for cardiac occluders [26]. - The report highlights the importance of the collective procurement initiative led by Fujian province, which may have national implications for medical consumables [26]. 3. Company Announcements - Notable announcements include the approval of a new clinical trial for a drug by Teva Biopharmaceuticals, indicating ongoing innovation and development within the sector [27]. 4. Industry Outlook - The report suggests maintaining an "Overweight" rating, emphasizing the potential for recovery in previously underperforming sectors such as medical consumables and devices, especially as the industry enters a period of intensive earnings disclosures [28]. - Recommended stocks for attention include leading companies across various segments, such as Mindray Medical (300760) and Aier Eye Hospital (300015), which are expected to benefit from favorable market conditions [30].