中金发布研报称，维持爱康医疗(01789)25年EPS预测0.30元，26年EPS预测0.36元。现价对应25-26年 17.2/14.3x P/E。维持"跑赢行业"评级，维持目标价7.11港元，对应25-26年22.1/18.3x P/E，较最新收盘价 有26.73%的上升空间。爱康医疗公布1H25业绩，收入6.94亿元，同比增长5.7%;归母净利润1.61亿元， 同比增长15.3%，对应摊薄每股盈利0.14元;业绩符合该行预期。 中金主要观点如下： 1H25主营业务保持增长，海外销售增长下半年有望提速 1H25公司业绩小幅增长，保持行业领先地位：髋关节业务营业收入达4.1亿元，同比增长14%，维持了 去年下半年的较高增速;膝关节业务营业收入约1.94亿元，同比下降约0.7%，主要原因系单髁产品价格 调整和退换货。公司海外销售收入1.28亿元，公司估计调整境内交货但最终用于海外部分后实际增速达 到约7%，东南亚、中亚地区表现亮眼(分别收入增长约60%和30%)，考虑跨境支付延迟因素，2H25海外 部分营业收入有望进一步增长。 政策端持续利好，数字骨科计划全面启动 1H25医保局连续五次召开专题座谈会支持创新 ...

机构：中金公司 研究员：张一弛/李千翊/张琎 盈利预测与估值 维持25 年EPS 预测0.30 元，26 年EPS 预测0.36 元。现价对应25-26 年17.2/14.3x P/E。维持"跑赢行业"评 级，维持目标价7.11 港元，对应25-26 年22.1/18.3x P/E，较最新收盘价有26.73%的上升空间。 风险 集采结果不及预期；新产品上市进度不及预期；汇率波动；突发医疗事件。 发展趋势 1H25 主营业务保持增长，海外销售增长下半年有望提速。1H25 公司业绩小幅增长，保持行业领先地 位：髋关节业务营业收入达4.1 亿元，同比增长14%，维持了去年下半年的较高增速；膝关节业务营业 收入约1.94 亿元，同比下降约0.7%，主要原因系单髁产品价格调整和退换货。公司海外销售收入1.28 亿元，公司估计调整境内交货但最终用于海外部分后实际增速达到约7%，东南亚、中亚地区表现亮眼 （分别收入增长约60%和30%），考虑跨境支付延迟因素，2H25 海外部分营业收入有望进一步增长。 政策端持续利好，数字骨科计划全面启动。1H25 医保局连续五次召开专题座谈会支持创新药械。国家 药监局优化高端医疗器械生命 ...

Macro Information and Commentary - From January to July, the total profit of national industrial enterprises above designated size reached 40,203.5 billion yuan, a year-on-year decrease of 1.7%, while revenue was 78.07 trillion yuan, a year-on-year increase of 2.3% [2] - The State Administration for Market Regulation held a symposium for individual industrial and commercial households, emphasizing that platform enterprises and financial institutions should enhance support for these businesses in terms of traffic, operational costs, financial empowerment, and capability improvement [2] Company and Industry Analysis Semiconductor Industry - The DDR4 market price continues to rise, with LPDDR4X prices also on an upward trend. Samsung has postponed the planned cessation of 1z process DDR4 production from the end of 2025 to December 2026, stabilizing DDR4 market prices in the short term, but supply shortages are expected to drive prices up in the medium to long term. Trendforce forecasts a price increase of 38%-43% for LPDDR4X in Q3 [5][6] - The SSD market has seen a slight price decline, with embedded channel prices stabilizing recently. Major NAND manufacturers are shifting capacity towards high-margin products, leading to price increases for lower-capacity products [5][6] - Investment recommendations include focusing on domestic storage manufacturers like Zhaoyi Innovation, Lanke Technology, Ju Chen Co., and Shenkong Co., as the niche DRAM market is expected to maintain mid-to-high price levels due to supply-demand dynamics [5] Medical Consumables Industry - The sales model for joint products is shifting from distribution to agency, leading to a slight decline in revenue, which is expected to stabilize in 2025. The spinal product line remains strong, with market share leading in collective procurement [7] - The company is actively expanding overseas, targeting strategic markets such as Indonesia, Brazil, Russia, and Thailand, with initial positive results from international strategies [7][8] - The company is diversifying its R&D efforts and pursuing acquisitions to drive performance, focusing on new therapies and technologies in areas like minimally invasive spine surgery and pain management [8] - Revenue projections for 2025-2027 are 1.575 billion, 1.821 billion, and 2.110 billion yuan, with corresponding net profits of 265 million, 317 million, and 361 million yuan, maintaining an "overweight" rating [8] Rare Earth Permanent Magnet Industry - The rare earth magnetic material industry saw an 11.02% increase last week, outperforming the benchmark by 6.84 percentage points. The industry valuation has risen to 99.9 times, reflecting a 7.7 times increase [9][10] - Prices for rare earth minerals have accelerated, with significant increases in praseodymium and neodymium prices due to tight inventory and strong downstream demand. The average price of praseodymium and neodymium oxide rose by 11.66% and 12.03%, respectively [9][10] - The recent release of management measures for rare earth mining and separation indicates a tightening of supply, which is expected to support prices in the short term. The demand from downstream sectors like new energy vehicles remains stable [11][12] - The industry maintains an "overweight" rating, with recommendations to focus on upstream rare earth resource companies benefiting from supply constraints and potential demand increases due to relaxed export controls [12][13] Banking Industry - Chengdu Bank reported a year-on-year revenue growth of 3.2% and a net profit growth of 5.6% in Q1 2025, with net interest income increasing by 7.6% due to strong expansion and stable interest margins [14][15] - The bank's total assets grew by 13.3% year-on-year, with loans increasing by 16.9%. The bank's asset quality remains stable, with a non-performing loan ratio of 0.66% [15][16] - The bank is expected to maintain a strong performance with projected net profit growth rates of 6.3%, 5.4%, and 4.2% for 2025-2027, maintaining an "overweight" rating [16]

在脊柱产品线上，公司实现销售收入 2.5 亿元，同比增长 13%，销量同比增长 14%。其中二季度环比一季度增长 21%。创伤产品线实现营销收入 1.3 亿元， 集采方面，脊柱类产品集采占比约 90%，同比增长 13%；创伤类产品 集采占比约 88%，同比增长超 40%；海欣关节类非集采产品同比增长 168%，主要来自单髁膝关节。 公司与威高集团协同，在研发创新、产业链布局、客户资源协同等方面 降本增效，加速市场开拓。关注新材料、新技术，与威支机器人合作开 发膝关节置换机器人，并积极进行海外投资建厂或收购兼并的筹备。 威高骨科 20250828 摘要 威高骨科 2025 年上半年营收 7.41 亿元，同比下降 1.28%，主要因关 节产品营销模式调整，但关节整体销量和市场份额提升。净利润 1.42 亿元，同比增长 52.43%，销售费用率同比下降 10.63 个百分点。 各产线表现分化：脊柱产品收入 2.5 亿元，同比增长 13%；创伤产品收 入 1.3 亿元；关节产品收入 1.8 亿元，同比下降 21%；运动医学和组织 修复收入 1.43 亿元，同比增长 13.26%。 公司加速国际化，海外收入 4,321 ...

2）远东股份 （中欧瑞博投资参与公司电话会议） 调研纪要：公司已实现对全球领先人工智能芯片公司的高速铜缆、智驾数据传输线、车载线、电源线、 连接器等多款产品批量供货，销量持续增长。2024年9月获其供应商资质代码，合作范围不断扩展。液 冷技术具备完全自主核心技术，正进行新一代液冷技术开发送样检测。HVLP铜箔、镀镍铜箔正推进研 发与小批量送样。BBU领域已批量生产高倍率圆柱电池，正开发21700-5.0h全极耳新产品。固态电池采 用原位固化技术，18650、21700圆柱电池能量密度达300Wh/kg以上，已批量化交付国际客户。海缆年 产能超2000公里，完成如东、徐闻等地项目布局，交付崆峒岛18公里海缆项目。子公司安缆参与可控核 聚变试验项目，与优必选、智元等人形机器人企业战略合作，推动线缆行业标准建立。 根据市场公开信息及8月27日披露的机构调研信息，知名私募中欧瑞博近期对4家上市公司进行了调研， 相关名单如下： 1）三友医疗 （中欧瑞博参与公司电话会议） 调研纪要：2025年上半年，公司在脊柱带量采购压力下实现营收24,976.02万元，同比增长17.77%；归 母净利润3,660.08万元，同比增长2 ...

C O N T E N T S I . Strategy and business development 2025 Interim Results August 27, 2025 II. Key financials Strategy and business development PART ONE 01 P A R T Internationalization - Maintain the leading position in China and achieve integrated growth across domestic and international markets Digitalization - Improve operational efficiency and develop digital products ❖ Build a diversified product ecology and scale operations ❖ Meet or exceed customer needs with complete product solutions China's leadin ...