Group 1 - The core viewpoint of the news is that Nanwei Medical has shown significant financial performance with a notable increase in revenue and net profit, alongside active trading in its stocks [2] - As of February 2, Nanwei Medical's stock price decreased by 2.33%, with a trading volume of 169 million yuan, and a net financing purchase of 1.41 million yuan [1] - The company has a financing balance of 486 million yuan, which accounts for 3.31% of its market capitalization, indicating a high level of financing activity [1] Group 2 - For the period from January to September 2025, Nanwei Medical achieved an operating income of 2.381 billion yuan, representing a year-on-year growth of 18.29% [2] - The net profit attributable to the parent company for the same period was 509 million yuan, reflecting a year-on-year increase of 12.90% [2] - The company has distributed a total of 978 million yuan in dividends since its A-share listing, with 664 million yuan distributed over the past three years [2]

证券日报网讯1月29日，南微医学在互动平台回答投资者提问时表示，公司2025年第四季度经营情况请 届时关注公司2025年年度报告。 ...

Group 1 - The core viewpoint is that innovative drugs are expected to show significant excess returns in 2025, driven by continuous BD overseas expansion, excellent clinical data, and policy support [1] - The CXO sector is anticipated to experience substantial growth due to the recovery in demand and improved investment environment in the global pharmaceutical industry [1] - The report emphasizes the importance of focusing on new technologies, particularly bispecific antibodies, small nucleic acid drugs, AI healthcare, and brain-computer interface innovations [3] Group 2 - Domestic supply and demand are relatively stable, with national health expenditure showing a year-on-year growth of 4.7% from January to November 2025, marking a positive turnaround after two years of decline [2] - The medical insurance fund's income and expenditure growth rates continue to decline, with total income of 2.63 trillion yuan (+2.9%) and expenditure of 2.11 trillion yuan (+0.5%) from January to November [2] - The report suggests that the commercialization of new drug forms is entering a critical phase, with significant clinical data supporting the application of B-cell depletion therapies in autoimmune diseases [3] Group 3 - Investment recommendations include focusing on innovative overseas expansion and new technology directions, with suggested stocks such as Mindray Medical, WuXi AppTec, and others [4] - The report highlights the potential for explosive growth in the global market for brain-computer interfaces, supported by policy incentives and technological breakthroughs [3]

1月26日，南微医学跌5.04%，截至发稿，报81.18元/股，成交1.12亿元，换手率0.72%，总市值152.49亿 元。 华宝中证医疗ETF（512170）成立日期2019年5月20日，最新规模252.63亿。今年以来收益9.07%，同类 排名2041/5579；近一年收益19.46%，同类排名3487/4270；成立以来收益11.04%。 华宝中证医疗ETF（512170）基金经理为胡洁。 截至发稿，胡洁累计任职时间13年106天，现任基金资产总规模1013.58亿元，任职期间最佳基金回报 163.58%， 任职期间最差基金回报-98.01%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，任何在本文出现的信息（包括但 不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验，因此本文内 容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 资料显示，南微医学科技股份有限公司位于 ...

Group 1 - The company has established wholly-owned subsidiaries for direct sales in several EU countries, including Germany, the UK, France, the Netherlands, Portugal, and Switzerland, while adopting a distribution model in other EU nations [2] - The company completed the acquisition of 51% of the Spanish company CreoMedical S.L.U. in February 2025, which enhances its sales channels for medical devices in Western Europe, primarily focusing on direct sales [2] - In the first three quarters of 2025, the company's export revenue from the EU accounted for approximately 26.8% of its total revenue, including the consolidation of CME [2]

Core Viewpoint - The Nanjing Municipal Market Supervision Administration is enhancing the intellectual property protection capabilities of local medical device companies to support their international market expansion and innovation development [1][3]. Group 1: Training and Participation - A second phase of practical training on intellectual property protection for medical device companies was organized, involving over 20 representatives from listed and key export companies, as well as personnel from intellectual property law firms and service agencies [1]. - The training included site visits to key export companies, such as Nanjing Shuangwei Biomedical Technology Co., Ltd. and Nanwei Medical Technology Co., Ltd., which have established significant international presence and innovation capabilities [1]. Group 2: Expert Insights - Experts provided insights on overseas trademark brand strategy and patent risk prevention for medical device companies, discussing strategies and methods for foreign intellectual property protection [2]. - The training covered a five-step strategy for brand building and addressed risks associated with overseas trademark layout, as well as typical cases of patent disputes in the medical device sector [2]. Group 3: Future Initiatives - The Nanjing Municipal Market Supervision Administration plans to continue optimizing training formats and content to align with the development trends of the medical device industry and the needs of companies, thereby supporting innovation and internationalization [3].

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the high-value medical consumables sector [1]. Core Insights - The sixth batch of national centralized procurement for high-value medical consumables was held on January 13, 2026, with 12 types of medical consumables included, resulting in 440 products from 202 companies being selected [1]. - The selection rules were optimized to ensure that clinically recognized and capable products were chosen, emphasizing a "de-involution" approach [2]. - The report highlights the long-term growth potential of the high-value consumables sector post-price reduction expectations, driven by an aging population and increasing surgical and diagnostic volumes [2]. Summary by Sections Procurement Results - The procurement included drug-coated balloons and urological intervention consumables, with a high selection rate: all 42 products from 32 companies in the drug-coated balloon category were selected, and 398 products from 170 companies in the urological intervention category were chosen [2]. - Specific products with unique functions were also selected, meeting clinical needs [2]. Selection Rules - The selection process ensured that products with high clinical recognition and strong supply capabilities were prioritized [2]. - A pricing mechanism was introduced to reflect clinical value, avoiding a simple lowest-price selection method [2]. Company Analysis - Key companies involved include Lepu Medical, MicroPort Medical, and others, with notable price reductions in selected products compared to previous procurements [2]. - The report suggests monitoring companies such as Lepu Medical, MicroPort Medical, and others for investment opportunities [2]. Valuation Table - A valuation table is provided, showing market capitalization and projected profits for various companies, indicating their financial performance and P/E ratios for 2026 and 2027 [3].

Core Viewpoint - China is experiencing a significant growth in the microwave ablation market, driven by an aging population, increased health screenings, and supportive government policies, with the market expected to reach approximately 4.651 billion yuan in 2024, reflecting a year-on-year growth of 20.12% [1][7]. Industry Overview - Microwave ablation devices utilize microwave energy for localized thermal ablation of biological tissues, achieving treatment through high-frequency electromagnetic waves that cause rapid heating and cell necrosis [2][6]. Market Size - The market for microwave ablation devices in China is projected to grow significantly, with a market size of approximately 4.651 billion yuan in 2024, marking a 20.12% increase from the previous year [1][7]. Key Companies - The competitive landscape of the microwave ablation industry in China is characterized by domestic dominance, with Nanjing Yigao as a leading player, known for its cold-circulation microwave knife technology, which has set global industry standards [8]. - Sainuo Medical focuses on thyroid and breast ablation markets, achieving FDA breakthrough device certification for its innovative technologies [8][10]. Industry Development Trends 1. **Technological Advancements**: The industry is expected to focus on precision ablation and intelligent navigation, with innovations such as AI-assisted imaging and remote surgical platforms enhancing treatment capabilities [11][12]. 2. **Market Expansion**: The demand for microwave ablation devices is anticipated to grow due to rising cancer rates and the increasing acceptance of minimally invasive treatments, with a dual focus on grassroots and international markets [12][13]. 3. **Ecosystem Development**: Leading companies are transitioning from equipment suppliers to comprehensive solution providers, integrating technology, products, and services to create a closed-loop ecosystem in the industry [13].

Investment Rating - The report maintains an "Overweight" rating for the medical device industry [5]. Core Insights - The medical device industry in China has a prominent supply chain advantage, with overseas markets expected to maintain rapid growth. The brain-computer interface (BCI) sector is at a critical turning point, likely to see demand release. AI medical applications are gradually becoming operational, poised to reshape the health market [3]. Summary by Relevant Sections Investment Recommendations - For the overseas medical device sector, recommended stocks include: United Imaging Healthcare, Nanwei Medical, Microelectronic Physiology, Guichuang Tongqiao, Yuyue Medical, and New Industry. Stocks to watch include: Jingfeng Medical, MicroPort Scientific, and Chuangli Medical [5]. - In the brain-computer interface sector, recommended stocks are: Lepu Medical, Weisi Medical. Stocks to watch include: Meihao Medical, Xiangyu Medical, Mcland, Xinwei Medical, Aipeng Medical, Chengyitong, Chuangxin Medical, and Botuo Bio [5]. - For the AI + device sector, recommended stocks are: Yuyue Medical, BGI Genomics, KingMed Diagnostics, and United Imaging Healthcare. Stocks to watch include: Dian Diagnostics [5]. Overseas Market Growth - The supply chain advantage of domestic medical devices is significant, with exports expected to grow rapidly. In the first three quarters of 2025, United Imaging Healthcare's overseas revenue increased by 41.97% year-on-year, becoming a crucial growth driver for the company. The company continues to expand its market share in key regions due to superior product performance and localized service capabilities. By December 2025, MicroPort Scientific's global cumulative order volume exceeded 160 units, with core products in endoscopy, orthopedics, and vascular intervention surpassing 230 units in total orders. In 2025, Jingfeng Medical achieved a breakthrough in multiple key global markets, leading to explosive growth in overseas orders [5]. Brain-Computer Interface Market - The brain-computer interface market is at a pivotal turning point, with anticipated demand release. China's "14th Five-Year Plan" explicitly suggests a forward-looking layout for future industries, promoting BCI as a new economic growth point. In December 2025, Elon Musk announced that Neuralink would begin large-scale production of BCI devices in 2026, transitioning to a more streamlined and nearly fully automated surgical process. In January 2026, China's BCI company Strong Brain Technology announced it had completed a new round of financing of approximately 2 billion yuan, setting a record for the second-largest single financing in the field globally, following Neuralink. The funds will be used to accelerate core technology research and development, extreme engineering breakthroughs, and product scaling and mass production [5]. AI Medical Applications - AI medical applications are gradually becoming operational, with the potential to reshape the health market. In June 2025, Ant Group launched the AI Health Manager AQ, which was officially upgraded to "Antifufu" in December 2025. By January 2026, the "Antifufu" app had over 30 million monthly active users, with daily inquiries exceeding 10 million, 55% of which came from third-tier cities and below. In January 2026, Tempus AI reported preliminary revenue of approximately 1.27 billion USD for 2025, representing an 83% year-on-year increase, exceeding initial expectations. OpenAI announced the acquisition of the healthcare tech startup Torch to expand into the healthcare sector, while Google launched the next-generation open-source medical AI model MedGemma1.5 and released the open-source medical speech-to-text model MedASR [5].

（文章来源：证券日报） 证券日报网讯 1月12日，南微医学发布公告称，公司2026年第一次临时股东会审议通过《关于2026年度 日常关联交易额度预计的议案》。 ...