股票研究 /[Table_Date] 2026.02.09 [Table_Industry] 医疗器械 医疗设备招采规模高基数影响部分回落， 关注手术机器人市场机遇 [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 江珅(分析师) | 021-23185638 | jiangshen@gtht.com | S0880525090001 | | 赵峻峰(分析师) | 0755-23976629 | zhaojunfeng@gtht.com | S0880519080017 | | 余文心(分析师) | 021-38676666 | yuwenxin@gtht.com | S0880525040111 | 本报告导读： 伴随设备更新政策持续落地，有望长周期拉动医疗设备采购水平，推荐有望受益设 备更新政策落地带动业绩复苏的医疗设备企业。 投资要点： [Table_Report] 相关报告 医疗器械《医疗器械 26 年来催化频出，关注器械 出海、脑机接口、AI 医疗的投资机遇》 2026.0 ...

联影医疗2025年三季报显示，前三季度公司主营收入88.59亿元，同比上升27.39%；归母净利润11.2亿 元，同比上升66.91%；扣非净利润10.53亿元，同比上升126.94%；其中2025年第三季度，公司单季度主 营收入28.43亿元，同比上升75.41%；单季度归母净利润1.22亿元，同比上升143.8%；单季度扣非净利 润8761.41万元，同比上升126.24%；负债率30.08%，投资收益6068.47万元，财务费用-4382.33万元，毛 利率47.02%。联影医疗（688271）主营业务：提供高性能医学影像设备、放射治疗产品、生命科学仪 器及医疗数字化、智能化解决方案。 该股最近90天内共有14家机构给出评级，买入评级10家，增持评级4家；过去90天内机构目标均价为 174.86。 证券之星消息，截至2026年2月9日收盘，联影医疗(688271)报收于128.92元，上涨0.33%，换手率 0.47%，成交量3.88万手，成交额5.0亿元。 2月9日的资金流向数据方面，主力资金净流出2994.6万元，占总成交额5.99%，游资资金净流入963.89 万元，占总成交额1.93%，散户资金 ...

Core Viewpoint - The China Securities Medical Index (399989) closed at 7161.62 points, up 0.6%, with a trading volume of 19.192 billion yuan and a turnover rate of 1.97% on February 9 [1] Group 1: Index Performance - On the same day, 37 of the index's constituent stocks rose, with Sanbo Brain Science leading with a 5.32% increase, while 12 stocks declined, with Aier Eye Hospital falling by 2.98% [1] - The top ten constituent stocks of the China Securities Medical Index are primarily in the pharmaceutical and medical sectors, with WuXi AppTec holding the highest weight at 10.03% [1] Group 2: Stock Details - The top ten stocks include: - WuXi AppTec: Weight 10.03%, Latest Price 98.70, Market Cap 294.97 billion yuan [1] - Mindray Medical: Weight 9.12%, Latest Price 189.17, Market Cap 229.36 billion yuan [1] - United Imaging Healthcare: Weight 7.49%, Latest Price 128.92, Market Cap 106.25 billion yuan [1] - Aier Medical: Weight 6.04%, Latest Price 10.74, Market Cap 100.16 billion yuan [1] - Other notable stocks include Tigermed, Kanglong Chemical, and Yuyue Medical, all within the medical and pharmaceutical industry [1] Group 3: Capital Flow - The net outflow of main funds from the index's constituent stocks totaled 205 million yuan, while retail investors saw a net inflow of 1.51 billion yuan [1] - Detailed capital flow indicates that major stocks like WuXi AppTec and Mindray Medical experienced varying levels of net inflow and outflow from different investor categories [2]

Investment Rating - The report maintains a "Buy" rating for key companies in the pharmaceutical sector, including Innovent Biologics, Efang Biologics, Tianshili, WuXi AppTec, and Mindray Medical [4][28]. Core Insights - The policy-driven upgrade of traditional Chinese medicine (TCM) industry is expected to enhance industry concentration in the medium to long term, benefiting companies with strong quality control and innovative capabilities [2][24]. - The implementation plan for high-quality development of the TCM industry aims to establish a collaborative development system by 2030, focusing on raw material supply, innovation, production quality control, and internationalization [2][23]. - The investment strategy emphasizes the importance of clinical value in the pharmaceutical sector, recommending a focus on innovative drugs and high-end medical devices [3][26]. Summary by Sections Market Review - The A-share pharmaceutical index rose by 0.14%, outperforming the CSI 300 index by 1.47 percentage points [1][16]. - The Hong Kong Hang Seng Medical Health Index fell by 1.41%, but still outperformed the Hang Seng Index by 1.65 percentage points [1][16]. Policy Insights - The Ministry of Industry and Information Technology and other departments issued a plan to enhance the TCM industry, which includes fostering leading enterprises and establishing high-standard raw material production bases [2][24]. - The plan emphasizes digitalization and sustainability, aiming to raise compliance standards and accelerate the exit of smaller companies from the market [2][25]. Company Updates - Recent clinical progress includes the NDA submission for HRS-9531 by Heng Rui Medicine and the initiation of clinical trials for various drugs by other companies [1][31][32]. - Key companies such as Yunnan Baiyao, Baiyunshan, and Taiji Group are highlighted for their strong positions in raw material supply [2][25]. Financial Forecasts - The report provides earnings per share (EPS) forecasts for key companies, with Innovent Biologics projected to have an EPS of 0.49 in 2025 and WuXi AppTec expected to reach an EPS of 5.07 in the same year [4][28]. - The pharmaceutical manufacturing industry reported a revenue decline of 1.2% year-on-year for 2025, with total revenue reaching 2,487 billion yuan [51].

Investment Rating - The report maintains a "Market Perform" rating for the pharmaceutical and biotechnology industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [28][37]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, declining by 1.91% from January 23 to February 5, 2026, which is approximately 0.74 percentage points lower than the index [12]. - Most sub-sectors within the industry recorded negative returns during the same period, with offline pharmacies and vaccine sectors showing the best performance, increasing by 3.01% and 0.12% respectively, while other sectors like biological products and chemical preparations saw declines of 3.28% and 3.27% [13]. - Approximately 34% of stocks in the industry recorded positive returns, while 66% experienced negative returns during the reporting period [14]. - The overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry was approximately 51.00 times as of February 5, 2026, indicating a decrease in industry valuation [18]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, with a decline of 1.91% from January 23 to February 5, 2026 [12]. - Most sub-sectors recorded negative returns, with offline pharmacies and vaccines performing relatively well [13]. - About 34% of stocks in the industry had positive returns, with significant variations in individual stock performance [14]. - The industry valuation has decreased, with a PE ratio of approximately 51.00 times [18]. 2. Industry News - The 11th batch of national procurement results is set to be implemented in February, with notifications already released by 17 provinces [26]. - The National Medical Insurance Administration has issued a notice to accelerate the cultivation and opening of application scenarios in the medical insurance field [25]. 3. Company Announcements - Jianyou Co., Ltd. announced that its subsidiary received FDA approval for its product, sodium selenite injection [27]. 4. Industry Outlook - The report suggests a focus on investment opportunities in the brain-computer interface sector as part of the 14th Five-Year Plan, with ongoing policy support [28]. - Recommended sectors for investment include medical devices, pharmaceutical commerce, aesthetic medicine, scientific services, hospital and diagnostic services, traditional Chinese medicine, innovative drugs, biological products, and CXO services [29].

（来源：中华工商时报） 转自：中华工商时报 走进位于上海嘉定工业区的上海联影医疗科技股份有限公司（简称"联影医疗"）总部，葱郁的绿植和硬朗的建筑便 在眼前铺陈开来。绿意环抱中，办公楼与生产厂房、宿舍楼串联成景，形成一个功能完备、环境和谐的产业生态小 世界。在现有园区一路之隔的地方，一座更加开阔的园区——联影医疗产业化示范基地二期项目正在建设中，建成 后将成为承载联影高端医疗装备研发与产业化的新阵地。 这只是联影集团全球布局的冰山一角。如今，联影已构建起覆盖医学影像、放疗产品、生命科学仪器、医疗机器 人、智能可穿戴设备及医疗芯片等多个前沿领域的产业矩阵，实现从核心技术到关键零部件的全链条覆盖。联影产 品不仅入驻全国超2700家三级医院，还进驻美国、德国、法国、印度、韩国等超90个国家和地区，在全球建立超40 个区域总部、销售平台和分/子公司，全球布局的产业地图已然形成。 很难想象，这样一家在高端医疗装备领域实现全品类覆盖、全链条自研的龙头企业，从成立到跻身全球赛道，仅用 了短短15年。15年前从零起步，到如今旗下子公司联影医疗市值突破千亿元，联影集团是如何做到的？在采访中， 记者深刻感受到，这份跨越式发展的背后 ...

（来源：中华工商时报） 10余年前，以GE、飞利浦、西门子为代表的国际巨头，凭借核心技术与完整产业链，垄断了国内绝大 部分高端影像设备市场。那时，国产企业多沦为"组装代工"的配角，核心零部件被海外厂商牢牢掌控， 随时面临"卡脖子"困境。 而近几年来，这种情况正在经历颠覆性改变。如果仔细观察，不少人会发现，医院影像科正迎来高端设 备国产替代高峰，而联影则是出现频率最高的国产替代高端医疗设备品牌之一。 联影的破局之道，首先在于对自主掌握核心技术的坚持。自创立之初，联影提出"三个必须"原则， 即"必须全线覆盖、自主研发；必须掌握全部核心技术；必须对标国际顶尖标准"。在随后的10余年里， 这一原则持续指引着联影人攻克一项项技术难题，啃下一个个"硬骨头"，筑起坚实的品牌护城河。 在技术突围的基础上，"高举高打"的全球化布局也是联影从破局者走向引领者的重要基础。与普通的设 备出口不同，联影的目标是实现全球范围内的本土化建设，成为一家真正的全球化企业。为此，联影在 世界范围内推进研发中心、生产基地和营销团队的本土化建设，截至目前，已在全球建立超40个区域总 部、销售平台和分/子公司，全球布局的产业地图已然形成。 在全球科技 ...

证券之星消息，截至2026年2月4日收盘，联影医疗(688271)报收于129.95元，上涨1.82%，换手率 0.66%，成交量5.41万手，成交额6.95亿元。 2月4日的资金流向数据方面，主力资金净流入4432.49万元，占总成交额6.38%，游资资金净流入 3253.71万元，占总成交额4.68%，散户资金净流出7686.19万元，占总成交额11.06%。 近5日资金流向一览见下表： 注：主力资金为特大单成交，游资为大单成交，散户为中小单成交 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 联影医疗2025年三季报显示，前三季度公司主营收入88.59亿元，同比上升27.39%；归母净利润11.2亿 元，同比上升66.91%；扣非净利润10.53亿元，同比上升126.94%；其中2025年第三季度，公司单季度主 营收入28.43亿元，同比上升75.41%；单季度归母净利润1.22亿元，同比上升143.8%；单季度扣非净利 润8761.41万元，同比上升126.24%；负债率30.08%，投资收益6068.47万元，财务费用-4 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology industry [1] Core Insights - The medical device bidding market is expected to maintain high prosperity in 2025, driven by policy and demand resonance, with a projected market size of CNY 193.76 billion, representing a year-on-year growth of 24% [3][11] - The upward trend for medical device companies is clear for 2026, with multiple policies expected to support the continuous development of medical innovation [4][29] - The report emphasizes the importance of high-end product localization and innovation in driving growth for leading domestic companies [33][41] Summary by Sections Bidding Review - The medical device bidding market in 2025 is projected to reach CNY 193.76 billion, with a year-on-year increase of 24%, second only to the peak in 2022 [3][11] - Monthly bidding trends show sustained high levels, with procurement amounts from July to December ranging from CNY 134 billion to CNY 285 billion [3][11] - Key segments such as medical imaging equipment and radiation therapy devices are expected to see significant growth, with year-on-year increases of 35.37% and 36.34% respectively [3][16] 2026 Outlook - The report anticipates a clear upward turning point for medical device companies in 2026, supported by policies aimed at promoting medical innovation and equipment updates [4][29] - The implementation of large-scale equipment updates and consumer replacement policies is expected to further stimulate market demand [4][29] - The report highlights the potential for domestic companies to benefit from high-end product upgrades and the commercialization of brain-computer interface technologies [4][50] Investment Recommendations - The report suggests focusing on leading domestic companies that are enhancing their high-end and intelligent medical device offerings, such as Mindray, United Imaging, and KaiLi Medical [4][33] - It also recommends monitoring companies involved in brain-computer interfaces and domestic robotics, which are expected to see significant growth in the coming years [4][50]

产业策略 [table_Header]2026.02.03 医药产业运行数据专题：减速提质，创新渐入 佳境 产业研究中心 摘要： | [Table_Authors] | | | --- | --- | | | 丁丹(分析师) | | | 0755-23976735 | | | dingdan@gtht.com | | 登记编号 | S0880514030001 | | | 贺文斌(分析师) | | | 010-68067998 | | | hewenbin@gtht.com | | 登记编号 | S0880525040034 | | | 张拓(分析师) | | | 0755-23976170 | | | zhangtuo@gtht.com | | 登记编号 | S0880523090003 | [Table_Report] 往期回顾 走向积极所有权：治理觉醒与价值重塑——2026 年全球可持续投资趋势展望 2026.01.12 国企竞争力提升与上海国资实践 2025.12.22 呼吸系统专题（一）：慢阻肺治疗缺口突出， PDE3/4 及多疗法共破局 2025.09.26 医药上市公司 2025 中报专题：创新 ...