（编辑 袁冠琳） 证券日报网讯 1月6日，迈瑞医疗在互动平台回答投资者提问时表示，公司预计国内业务2026年全年有 望实现正增长，其中IVD将引领三大产线的增长，新兴业务将实现高速增长。同时，随着客户结构高端 化和产品结构流水化，2027年及之后国内业务的增速有望提高，并维持盈利水平稳定。以上内容不构成 业绩承诺，市场有风险，投资需谨慎。 ...

Core Viewpoint - Mindray Medical anticipates that by the first three quarters of 2025, international business will account for over half of the company's total revenue, with a continuous increase expected in the coming years [1] Group 1: International Business Growth - The company is focusing on localized platform development, which is expected to enhance the proportion of international revenue in overall income [1] - Developing countries are projected to maintain a rapid growth trend in terms of international revenue [1] Group 2: Profitability and Client Structure - The proportion of high-end clients within the revenue structure is expected to continue increasing, which may lead to a steady improvement in the profitability of international business [1] - Detailed financial information will be available in the annual report scheduled for release on March 31, 2026 [1]

证券日报网讯1月6日，迈瑞医疗（300760）在互动平台回答投资者提问时表示，公司市场部门会根据市 场需求的变化并结合公司的销售目标，定期制定销售预测，生产供应部门则根据销售预测、客户订单、 库存数量情况制定出可行的生产计划。此外，公司还会生产一定数量的通用半成品或标准配置的成品作 为库存，以确保在客户订单突然增加时，能快速生产出客户需要的产品，缩短产品交付周期。具体存货 金额，请参考定期报告。 ...

证券日报网讯1月6日，迈瑞医疗（300760）在互动平台回答投资者提问时表示，公司将于2026年3月31 日发布2025年年度报告。 ...

Core Viewpoint - The Medical Health Index (980016) closed at 6354.84 points, up 0.88%, with a trading volume of 29.705 billion yuan and a turnover rate of 1.0% on January 6 [1] Group 1: Index Performance - On the same day, 38 of the index's constituent stocks rose, with BGI Genomics leading with a 6.95% increase, while 11 stocks fell, with Zai Lab leading the decline at 3.72% [1] - The top ten constituent stocks of the Medical Health Index are detailed, with WuXi AppTec holding the highest weight at 10.23% and a latest price of 96.25 yuan, showing a 1.78% increase [1] Group 2: Market Capitalization - The total market capitalization of WuXi AppTec is approximately 287.187 billion yuan, while the highest market cap among the top ten is held by Hengrui Medicine at 418.542 billion yuan [1] - The market capitalization of the top ten stocks ranges from 489 million yuan for Kelun Pharmaceutical to 418.542 billion yuan for Hengrui Medicine [1] Group 3: Capital Flow - The net outflow of main funds from the constituent stocks totaled 471 million yuan, while retail investors saw a net inflow of 200 million yuan [1] - Detailed capital flow shows that WuXi AppTec had a net inflow of 180 million yuan from main funds, while Yeye Eye Care experienced a net outflow of 157 million yuan from retail investors [2]

Core Viewpoint - The establishment of Jinan Mindray Technology Co., Ltd. is a strategic move to enhance Mindray's regional operational capabilities and align with the growing focus on precision medicine and high-end medical equipment in Jinan [2][6][7]. Group 1: Company Structure and Strategy - Mindray Medical has established a wholly-owned subsidiary, Jinan Mindray Technology Co., Ltd., with a registered capital of 20 million yuan, located in the Jinan Precision Medicine Industrial Park [2]. - The subsidiary's business scope includes technical services, manufacturing of instruments and meters, and production and sales of Class I medical devices, along with relevant licenses for Class II and III medical devices [2]. - Jinan Mindray Technology is positioned as a comprehensive regional node within Mindray's global operational framework, contributing to manufacturing, technical services, and import-export activities [5][6]. Group 2: External Environment and Collaboration - Jinan has been actively promoting industrial clustering around precision medicine and high-end medical equipment, creating a favorable policy and resource environment for companies like Mindray [6]. - A strategic cooperation framework agreement was signed between the Jinan municipal government and Mindray Medical in September 2025, focusing on medical industry collaboration and precision medicine development [6]. Group 3: Implications for Future Operations - The establishment of Jinan Mindray Technology does not indicate a clear business shift but reflects Mindray's ongoing efforts to enhance regional nodes within its existing framework [7]. - As leading medical device companies transition from "single product competition" to "systematic operations," the foundational layout of Jinan Mindray Technology is expected to improve collaborative efficiency and execution capabilities in the future [8].

Market Overview - The A-share market performed outstandingly in 2025, with major indices rising across the board, led by growth styles: CSI 300 up 17.66%, CSI 500 up 30.39%, CSI 1000 up 27.49%, ChiNext 50 up 57.45%, and Sci-Tech 50 up 35.92% [1] - The market in 2025 was primarily driven by liquidity easing and thematic rotation, with expectations that 2026 may enter an "earnings verification period" [1] - It is recommended to focus on policy-driven, profit recovery, and economic recovery directions, particularly in technology growth and high-end manufacturing sectors [1] Industry Focus ChiNext 50 Index - The ChiNext 50 Index serves as a direct financing platform for innovative and entrepreneurial companies, focusing on "three innovations (innovation, creation, creativity)" and "four new (new technologies, new industries, new business formats, new models)" [1] - The index emphasizes sectors such as information technology, new energy, financial technology, and pharmaceuticals, showcasing pure technology growth attributes [1] Key Sectors Technology and AI - The ChiNext 50 Index includes 52% of the information technology sector, with 23% weight in optical modules, which were among the best-performing technology tracks in 2025 [4] - The industry is experiencing a "volume and price rise" pattern, with significant growth in 800G optical modules and the commercialization of 1.6T optical modules, leading to revenue growth exceeding 50% for major manufacturers [4][16] - Long-term demand for AI computing power is expected to surge, with optical modules serving as the "transmission foundation" [4] New Energy Photovoltaics - The new energy photovoltaic sector saw significant gains in 2025, with policies stabilizing prices and a recovery in single crystal silicon prices by approximately 40% and lithium carbonate prices by about 60% [6][16] - The midstream industry chain is optimizing, with leading companies like CATL experiencing profit recovery after a price war [6][16] Pharmaceuticals and Biotechnology - The pharmaceutical sector performed well in 2025, driven by the explosive growth of innovative drugs [6] - The license-out transaction value for Chinese innovative drugs is expected to grow at a compound annual growth rate of 125% from 2019 to 2024, with AI applications in medical imaging and diagnostics accelerating revenue growth [6][16] ChiNext 50 ETF - The ChiNext 50 ETF (159949) tracks the ChiNext 50 Index, focusing on high-quality leading companies in five major technology sectors: new energy vehicles, biomedicine, electronics, photovoltaics, and internet finance [7] - The ETF has a robust liquidity profile, with an average daily trading volume of 1.471 billion yuan over the past year, ranking among the top ETFs on the Shenzhen Stock Exchange [7] - The latest fund size is 30.652 billion yuan, making it one of the largest funds tracking the ChiNext-related indices [7]

Group 1 - The medical ETF (512170) opened high on January 6, rising over 1% and reaching a 20-day high, with real-time transaction volume exceeding 350 million yuan. The ETF recorded a daily increase of over 5%, marking five consecutive days of gains [1][5] - Brain-computer interface stocks, including Sanbo Brain Science and Meihua Medical, both hit the 20% daily limit up, achieving two consecutive boards. Conversely, the CXO sector saw a pullback, with Tigermed falling over 1% [1][5] Group 2 - On January 5, 2026, Elon Musk announced that Neuralink plans to start large-scale production of brain-computer interface devices, advancing the commercialization of the technology. Concurrently, the National Medical Products Administration held a meeting to expedite the review and approval of related medical devices [3][6] - According to CITIC Securities, China's brain-computer interface technology is relatively advanced globally, with potential to cultivate leading companies in the sector. This could enhance the valuations of related listed companies in the secondary market and stimulate financing in the primary market, creating a synergy between capital and industry development [7] - Zhongtai Securities noted that the pharmaceutical sector is expected to rebound in 2025 after four consecutive years of decline, driven by the realization of innovative drug export logic and industry recovery post-policy reform. Certain areas of the medical device sector may also see a reversal of difficulties [7]

Group 1 - In the past five trading days, a total of 188 companies were investigated by institutions, with a significant focus on companies like Mindray Medical, CITIC Securities, and Entropy Technology [1] - Among the companies investigated, 57 received attention from more than 20 institutions, with Mindray Medical being the most popular, attracting 205 institutions [1] - The types of institutions involved in the investigations included 171 securities companies, 140 fund companies, and 92 private equity firms, indicating a strong interest from the securities sector [1] Group 2 - In terms of capital inflow, 24 stocks that were investigated by more than 20 institutions saw net capital inflows, with CITIC Securities receiving the highest net inflow of 669 million yuan [1] - Other notable companies with significant net inflows included Zhongke Jiangnan and Entropy Technology, with net inflows of 280 million yuan and 259 million yuan, respectively [1] - The stocks that experienced price increases included Haoshi Electromechanical, Entropy Technology, and Zhongke Jiangnan, with respective gains of 39.71%, 34.81%, and 30.25% [2] Group 3 - The most frequently investigated company was Entropy Technology, which was surveyed three times by institutions, while companies like Jiuli Special Materials and Aidi Tech were surveyed twice [1] - The investigation data also highlighted that 41 stocks among those investigated saw price increases, while 16 experienced declines, with the largest drop being 12.17% for Shenghui Integration [2] - A detailed list of companies investigated included Mindray Medical, CITIC Securities, and Entropy Technology, along with their respective closing prices and percentage changes [2][3]

Summary of Key Points Core Viewpoint - On January 5, 2025, Mindray Medical saw a stock increase of 4.80% with a trading volume of 3.339 billion yuan, indicating strong market interest despite a net financing outflow of 100 million yuan on that day [1]. Group 1: Financial Performance - For the period from January to September 2025, Mindray Medical reported a revenue of 25.834 billion yuan, reflecting a year-on-year decrease of 12.38% [2]. - The net profit attributable to shareholders for the same period was 7.570 billion yuan, down 28.83% year-on-year [2]. Group 2: Shareholder and Market Activity - As of September 30, 2025, the number of shareholders for Mindray Medical reached 108,800, an increase of 18.86% compared to the previous period [2]. - The average number of circulating shares per shareholder was 11,139, which decreased by 15.87% from the previous period [2]. Group 3: Financing and Margin Trading - On January 5, 2025, Mindray Medical had a total margin trading balance of 3.866 billion yuan, with a financing balance of 3.805 billion yuan, accounting for 1.57% of the circulating market value [1]. - The company’s margin trading balance is above the 80th percentile of the past year, indicating a high level of trading activity [1]. Group 4: Dividend Distribution - Since its A-share listing, Mindray Medical has distributed a total of 35.336 billion yuan in dividends, with 25.025 billion yuan distributed over the last three years [3]. Group 5: Institutional Holdings - As of September 30, 2025, the third-largest circulating shareholder was Hong Kong Central Clearing Limited, holding 117 million shares, a decrease of 14.736 million shares from the previous period [3]. - Other notable institutional shareholders, such as E Fund and Huatai-PB, also reported reductions in their holdings [3].