转自：新华财经 新华财经上海1月8日电（记者杜康）作为精密医疗装备的代表，手术机器人市场长期以来由海外企业占据主导地位。但随着国产设备研发能力的提升，这一 格局正在发生变化。 1月8日，精锋医疗正式在港交所上市。作为国内腔镜手术机器人的头部企业，精锋医疗的上市不仅是其自身发展的重要里程碑，更成为观察国内手术机器人 产业由"技术驱动"转向"商业验证"的关键窗口。在接受采访时，祥峰投资合伙人刘天然表示，国内手术机器人行业的估值逻辑已由早期的"叙事驱动"转 向"现金流驱动"。手术量和国际化能力将是衡量企业竞争力的关键指标。 国产手术机器人底层技术突破 作为国内腔镜手术机器人头部企业，1月8日精锋医疗上市首日迎来强势开局，该股开盘报59港元／股，较发行价43.24港元／股上涨36.45%，充分体现市场 对创新医疗器械赛道的高关注度。 腔镜手术机器人是手术机器人最大的细分市场，外科医生通过控制台对机械臂的精准操控实现复杂手术操作，主要应用于泌尿外科、妇科、普外科以及胸外 科等多个科室。全球及中国市场目前仍由直觉外科的达芬奇手术系统占据主导地位，截至2024年底，达芬奇在中国拥有约431台的装机量。 不过，中国手术机器人 ...

港股恒生指数跌1.22%，跌322点，报26136点；恒生科技指数跌1.13%，港股早盘成交1306亿港元。 三只新股上市皆涨。智谱(02513)涨11.7%，宣布很快将推出新一代模型GLM-5；天数智芯(09903)涨 11%，公司为国内首家通用GPU企业；精锋医疗-B(02675)涨29%，公司聚焦腔镜手术机器人赛道。 脑机接口概念股多数上扬。行业受益"十五五"规划重点布局，海内外迎密集催化。脑洞极光-B(06681) 涨9%；微创脑科学(02172)涨5.3%；南京熊猫（600775）(00553)涨超4%。 亚太卫星(01045)再涨12%，近三周股价已实现翻倍，公司主要从事卫星通信服务。 中远海能（600026）(01138)涨超5%，地缘扰动利好合规油轮市场，大摩指其短期估值具吸引力。 康宁杰瑞制药-B(09966)涨超6%，近日SKN033的一项II期临床试验IND申请获受理。 复宏汉霖(02696)涨超4%，公司首次公布PD-L1，ADC食管鳞状细胞癌Ⅱ期临床数据。 澳门博彩股集体承压。新濠国际发展(00200)、金沙中国(01928)均跌超2%。 昭衍新药（603127）(06127)再涨超 ...

方正证券认为，精锋医疗全球招股引入多元、全球化重磅基石投资人参与认购，再度掀起腔镜机器人赛 道资本关注热度。我国腔镜手术机器人行业目前手术渗透率仍不足1%、远低于美国的21.9%，市场超 40%份额也仍由达芬奇主导，国产化率提升空间仍较广阔，在国家政策端的持续支持、配置证加速放开 环境下，资本市场对该赛道的关注热度持续高涨。 fund 智通财经APP获悉，精锋医疗-B(02675)首挂上市，公告显示，每股定价43.24港元，共发行2772.22万股 股份，每手100股，所得款项净额11.17亿港元。截至发稿，涨36.45%，报59港元，成交额1.88亿港元。 公开资料显示，精锋医疗是国内医疗器械行业的先进手术机器人公司，专注于手术机器人的设计、开发 及制造。根据弗若斯特沙利文的资料，精锋医疗是中国首家、全球第二家同时取得多孔腔镜手术机器 人、单孔腔镜手术机器人及自然腔道手术机器人注册审批的企业。财务方面，2023年、2024年以及2025 年上半年，公司收入分别为4804万元、1.6亿元和1.5亿元；年内亏损分别约为2.13亿元、2.19亿元、和 8908.7万元。 （原标题：新股首日 | 精锋医疗-B(02 ...

精锋医疗-B(02675)首挂上市，公告显示，每股定价43.24港元，共发行2772.22万股股份，每手100股， 所得款项净额11.17亿港元。截至发稿，涨36.45%，报59港元，成交额1.88亿港元。 方正证券认为，精锋医疗全球招股引入多元、全球化重磅基石投资人参与认购，再度掀起腔镜机器人赛 道资本关注热度。我国腔镜手术机器人行业目前手术渗透率仍不足1%、远低于美国的21.9%，市场超 40%份额也仍由达芬奇主导，国产化率提升空间仍较广阔，在国家政策端的持续支持、配置证加速放开 环境下，资本市场对该赛道的关注热度持续高涨。 公开资料显示，精锋医疗是国内医疗器械行业的先进手术机器人公司，专注于手术机器人的设计、开发 及制造。根据弗若斯特沙利文的资料，精锋医疗是中国首家、全球第二家同时取得多孔腔镜手术机器 人、单孔腔镜手术机器人及自然腔道手术机器人注册审批的企业。财务方面，2023年、2024年以及2025 年上半年，公司收入分别为4804万元、1.6亿元和1.5亿元；年内亏损分别约为2.13亿元、2.19亿元、和 8908.7万元。 ...

腔镜手术机器人 20251229 摘要 国产腔镜手术机器人技术水平接近达芬奇，金风和微创评分可达 90-92 分（达芬奇为 100 分），康多则以开放平台和性价比为特点，但操作感 和图像质量稍逊。 欧美市场依赖学术推广，第三世界国家侧重援助项目和政府合作。国产 机器人凭借成本优势、及时支持和填补市场空白等因素，在东南亚、拉 美等地区取得成功。 海外医院采购决策周期长，约半年至一年，包括 RY 评判、关系疏导和 资金来源考虑。东欧和拉美以私立医院为主，东南亚、俄罗斯及独联体 国家以公立招标为主。 经销商选择代理品牌时，考虑与客户关系、品牌实力和售后服务能力。 利润分成在 20%-40%之间，维保服务利润较低，耗材利润较高（10%- 20%）。 海外市场回款问题主要集中在中东和俄罗斯等地区，通过第三方公司付 款或要求美元支付来解决。国产手术机器人与达芬奇相比，在国外没有 报销政策差异。 Q&A 目前全球主流的腔镜手术机器人厂家有哪些？它们的技术实力和特点如何？ 在东欧和拉美市场，大部分医院较为富裕，因此私立医院较多，公立招标为辅。 相对而言，东南亚、俄罗斯及独联体国家以公立市场招标为主，包括非洲也是 在全球范围内 ...

Core Insights - The Chinese medical equipment industry is advancing rapidly during the 14th Five-Year Plan period, integrating cutting-edge technologies like AI and 5G to create an innovative industrial ecosystem, contributing significantly to the "Healthy China" initiative and enhancing global competitiveness in medical equipment manufacturing [1][4]. Group 1: Technological Breakthroughs - Domestic high-end ultrasound systems are achieving unprecedented image resolution, enabling the detection of micro-level structures for more accurate early disease diagnosis [2]. - The introduction of ultra-weak magnetic imaging devices allows for efficient medical examinations without noise or the need for contrast agents, providing patients with comprehensive reports in under three minutes [2]. - Major advancements include ECMO machines, laparoscopic surgical robots, photon counting spectral CT, and high-performance PET/CT systems, showcasing significant technological achievements in the medical equipment sector [2]. Group 2: Innovation and R&D Investment - Companies are transitioning from being "followers" of international technology to "leaders" with independent innovation capabilities, supported by substantial R&D investments, with firms like Mindray allocating approximately 10% of their revenue to R&D annually [3]. - The number of medical equipment enterprises in China reached 33,400 during the 14th Five-Year Plan, with over 4,000 large-scale companies and around 160 listed firms, indicating a robust growth in the sector [3]. Group 3: New Dynamics in Medical Equipment - The integration of AI with medical imaging devices enhances efficiency by automating patient positioning and reducing unnecessary radiation exposure [4]. - The use of 5G technology in surgical robots enables remote surgeries, allowing doctors to collaborate across vast distances, thus improving access to high-quality medical services [4]. - The market size of China's medical equipment industry surpassed 1 trillion yuan during the 14th Five-Year Plan, fostering the development of six national advanced manufacturing industry clusters [4]. Group 4: Ecosystem Development - Innovative models for medical equipment development are emerging, such as Beijing's innovation center for surgical robots and Chongqing's collaborative approach between enterprises and research institutions [5]. - Shenzhen has established a 4 billion yuan fund for high-end medical equipment, facilitating rapid growth and global expansion for domestic companies [5]. - A comprehensive innovation ecosystem is being developed, supported by national and local initiatives, to enhance the medical equipment sector's growth potential [6].

Core Insights - The event "2025 Shenzhen International High-Performance Medical Device and Innovative Pharmaceutical Exhibition Hong Kong Station" focuses on the theme "Innovative Drugs and Devices, Collaborative Win-Win" and aims to deepen cross-border cooperation in the pharmaceutical and medical device sectors between Shenzhen and Hong Kong [1] Group 1: Event Overview - The event is guided by multiple health and regulatory bodies from Shenzhen and Hong Kong, featuring a "conference + exhibition" model to explore cutting-edge technology trends and collaborative development measures [1] - Over 300 representatives from more than 120 enterprises, universities, and research institutions participated, showcasing significant medical devices and innovative pharmaceutical products [4] Group 2: Expert Contributions - Notable experts shared insights on various topics, including the application prospects of infrared fluorescence imaging in precision medicine and global trends in digital healthcare [2] - The discussions highlighted the importance of industry-academia-research collaboration for innovation [2] Group 3: Collaborative Achievements - A series of landmark collaborative achievements were announced, including the launch of the GCOG precision treatment clinical trial and the establishment of a collaborative platform for international clinical trials in the Greater Bay Area [3] - Several partnerships were formed in key areas such as cell gene therapy and drug development, aiming to create a "research-application" integration platform and an international service network [3] Group 4: Innovation Showcase - The event featured high-performance medical devices such as surgical robots and automated immunoassay analyzers, demonstrating the industrial strength and innovative vitality of the Shenzhen-Hong Kong region [4] Group 5: Future Development - The forum focused on themes like cell and gene therapy and opportunities in innovative drug and device development, providing intellectual support for industry growth [5] - The event serves as a model for soft connectivity in the Greater Bay Area's pharmaceutical and medical device industry, promoting a new model of industrial linkage between Shenzhen and Hong Kong [5]

Group 1 - Agile Medical Technology (Suzhou) Co., Ltd. has completed a Series B financing round, raising hundreds of millions of RMB, with participation from several investment institutions including Mingxi Capital, Yuanhe Holdings, Licheng Investment, Nantong Technology Venture Capital, Qianji Capital, and Yuanhe Origin [1][3] - The company aims to become a leading enterprise in the global intelligent surgical field, focusing on the innovation and industrialization of surgical robots, particularly for precise diagnosis and treatment of benign and malignant diseases across multiple human systems [3] - Agile Medical is developing a product line centered around laparoscopic surgical robots and natural orifice surgical robots, with steady progress in product research and development, and a growing team dedicated to providing innovative and accessible intelligent surgical solutions for clinical applications [3]

Core Viewpoint - The Shanghai Municipal Government has issued the "Action Plan for Promoting the Full-Chain Development of High-End Medical Device Industry," aiming to enhance the high-quality development of the high-end medical device industry in Shanghai and establish a globally influential development hub for this sector [3]. Summary by Categories - **Development Goals**: By 2027, Shanghai aims to approve over 500 new domestic Class III medical device registrations, over 100 medical device products approved in overseas markets, cultivate two leading enterprises with an annual output value exceeding 10 billion, and establish three high-end medical device industrial clusters [3]. - **Key Product Categories**: The action plan identifies eight key product categories for development, including high-end medical imaging and high-end in vitro diagnostic products [4]. - **High-End Medical Imaging Products**: The focus is on accelerating the iteration and upgrade of high-performance products such as positron emission tomography and X-ray computed tomography equipment, as well as developing products like miniaturized home ultrasound devices [5]. - **High-End In Vitro Diagnostic Products**: The plan emphasizes the upgrade of automated medical diagnostic devices and reagents, including new high-throughput sequencers and chemiluminescence diagnostic equipment, and the development of molecular diagnostic devices based on new disease biomarkers [9]. - **High-End Surgical Systems**: The initiative includes accelerating the iteration of high-performance surgical systems, such as laparoscopic surgical robots and developing next-generation flexible surgical robots [8]. - **High-End Radiation Therapy Products**: The focus is on upgrading products like proton therapy systems and developing new products such as flash radiation therapy equipment [11]. - **High-End Rehabilitation Products**: The plan aims to enhance rehabilitation products like rehabilitation robots and exoskeleton robots that can perceive patients' cognitive states in real-time, as well as developing brain-machine interfaces with high-resolution neural signal analysis [13]. - **High-End Artificial Intelligence Medical Devices**: The action plan promotes the upgrade of intelligent medical imaging diagnostic software and surgical navigation systems, along with the development of medical intelligent entities and embodied intelligent robots [15]. - **Future Innovative Devices**: The plan encourages the development of future treatment products such as precision therapy micro-nano robots and products based on quantum and nucleic acid mass spectrometry technologies [16]. - **Key Tasks**: The action plan outlines 20 key tasks, including strengthening basic research, advancing key materials and core production processes, and accelerating the development and application of artificial intelligence technology, ensuring effective implementation to support the high-quality development of Shanghai's high-end medical device industry [17].

Group 1 - The core viewpoint emphasizes that technology should serve the public good and improve social governance and legal frameworks to maximize the positive effects of technological innovation while mitigating social risks [1][3] - The introduction of humanoid robots in various household scenarios showcases significant advancements in "hardcore" technology, illustrating a promising future for daily life [1] - During the "14th Five-Year Plan" period, numerous small yet impactful technological innovations have been integrated into everyday life, enhancing the quality of life for the public [1] Group 2 - The large population and growing middle-income group in China create a vast market and diverse technological application scenarios, driving demand for new technologies and products [2] - Successful projects like the CR450 high-speed train and advancements in commercial aerospace are expected to significantly boost their respective industries, with the commercial aerospace market projected to reach 2.8 trillion yuan by 2025 [2] - The application of technology in improving the lives of disabled individuals highlights the expanding pathways for public welfare through technological innovation [2] Group 3 - The implementation of AI-assisted medical services and the widespread use of electronic social security cards streamline processes for patients and citizens, enhancing their overall experience [3] - Emphasizing the importance of technology serving the public good, the article discusses the need for improved governance and legal frameworks to address the challenges posed by emerging technologies [3] - The focus on human-centered technological innovation aims to leverage favorable conditions to transform beneficial technologies into practical applications for the public [3]