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<!DOCTYPE html>
<html lang="zh-CN" data-theme="night">
<head>
<meta charset="UTF-8">
<meta name="viewport" content="width=device-width, initial-scale=1.0">
<title>医疗器械 | 概念深度研究</title>
<script src="https://cdn.tailwindcss.com"></script>
<link href="https://cdn.jsdelivr.net/npm/daisyui@4.11.1/dist/full.min.css" rel="stylesheet" type="text/css" />
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<style>
@import url('https://fonts.googleapis.com/css2?family=Roboto+Mono:wght@300;400;500&display=swap');
body {
font-family: 'Roboto Mono', 'Noto Sans SC', monospace, sans-serif;
background-color: #020010;
color: #E0E0E0;
overflow-x: hidden;
}
.glass-card {
background: rgba(10, 10, 30, 0.4);
backdrop-filter: blur(20px);
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border: 1px solid rgba(255, 255, 255, 0.1);
box-shadow: 0 8px 32px 0 rgba(0, 0, 0, 0.37);
transition: all 0.3s ease;
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.glass-card:hover {
background: rgba(20, 20, 40, 0.6);
border: 1px solid rgba(255, 255, 255, 0.2);
transform: translateY(-5px);
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.bento-grid {
display: grid;
gap: 1.5rem;
grid-template-columns: repeat(12, 1fr);
}
.bento-item {
grid-column: span 12;
}
@media (min-width: 768px) {
.bento-item-4 { grid-column: span 4; }
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.bento-item-12 { grid-column: span 12; }
}
.glow-text {
text-shadow: 0 0 5px rgba(0, 191, 255, 0.7), 0 0 10px rgba(0, 191, 255, 0.5);
}
.section-title {
font-size: 2.5rem;
font-weight: 500;
letter-spacing: 0.1em;
text-transform: uppercase;
border-bottom: 2px solid rgba(0, 191, 255, 0.3);
padding-bottom: 1rem;
margin-bottom: 2rem;
}
.background-glow {
position: fixed;
width: 100vw;
height: 100vh;
top: 0;
left: 0;
z-index: -1;
overflow: hidden;
}
.background-glow::before, .background-glow::after {
content: '';
position: absolute;
border-radius: 50%;
filter: blur(150px);
opacity: 0.2;
}
.background-glow::before {
width: 600px;
height: 600px;
background: radial-gradient(circle, #0077ff, transparent 60%);
top: -20%;
left: -20%;
animation: moveGlow1 25s infinite alternate ease-in-out;
}
.background-glow::after {
width: 500px;
height: 500px;
background: radial-gradient(circle, #ff00c3, transparent 60%);
bottom: -20%;
right: -20%;
animation: moveGlow2 20s infinite alternate ease-in-out;
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@keyframes moveGlow1 {
from { transform: translate(-20%, -20%) rotate(0deg); }
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@keyframes moveGlow2 {
from { transform: translate(20%, 20%) rotate(0deg); }
to { transform: translate(-20%, -20%) rotate(-360deg); }
}
.table th, .table td {
border-color: rgba(255, 255, 255, 0.15);
}
.table th {
background-color: rgba(0, 191, 255, 0.1);
color: #c7d2fe;
font-weight: 500;
}
</style>
</head>
<body class="antialiased min-h-screen">
<div class="background-glow"></div>
<div class="container mx-auto p-4 sm:p-6 lg:p-8">
<header class="text-center py-12">
<h1 class="text-5xl md:text-7xl font-bold glow-text mb-4 tracking-widest">医疗器械</h1>
<p class="text-xl text-indigo-300">AI Concept Insight</p>
<p class="mt-4 text-sm text-gray-400">北京价值前沿科技有限公司 AI投研agent“价小前投研” 呈现 | 报告为AI合成数据投资需谨慎。</p>
</header>
<main class="space-y-12">
<!-- 核心观点与事件脉络 -->
<section class="bento-grid">
<div class="bento-item bento-item-12 md:bento-item-8 glass-card rounded-3xl p-6">
<h2 class="text-2xl font-bold text-cyan-300 mb-4">核心观点摘要</h2>
<p class="text-gray-300 leading-relaxed">
医疗器械行业正处在一个关键的**“戴维斯双击”**前期阶段。在经历了集采与反腐带来的业绩与估值双重压力后,行业正迎来**政策强力托底**与**内生增长动力切换**的双重拐点。其核心驱动力已从过去的“国产替代”单一逻辑,升级为**“创新升级 + 全球化出海”**的双轮驱动新范式。未来潜力在于中国企业能否在全球市场中,从中低端性价比的“挑战者”转变为高技术壁垒领域的“引领者”。
</p>
</div>
<div class="bento-item bento-item-12 md:bento-item-4 glass-card rounded-3xl p-6 flex flex-col justify-center">
<h3 class="text-xl font-semibold text-fuchsia-300 mb-3">关键驱动力</h3>
<ul class="space-y-2 text-sm">
<li class="flex items-start"><span class="text-cyan-400 mr-2"></span> 政策周期转向:鼓励创新,全链条支持</li>
<li class="flex items-start"><span class="text-cyan-400 mr-2"></span> 格局优化:行业出清,头部集中</li>
<li class="flex items-start"><span class="text-cyan-400 mr-2"></span> 引擎切换:创新升级与全球化出海</li>
</ul>
</div>
<div class="bento-item bento-item-12 glass-card rounded-3xl p-6">
<h2 class="text-2xl font-bold text-cyan-300 mb-4">概念事件发展脉络</h2>
<ul class="timeline timeline-snap-icon max-md:timeline-compact timeline-vertical">
<li>
<div class="timeline-middle">
<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="h-5 w-5 text-indigo-400"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm.75-13a.75.75 0 00-1.5 0v5c0 .414.336.75.75.75h4a.75.75 0 000-1.5h-3.25V5z" clip-rule="evenodd" /></svg>
</div>
<div class="timeline-end md:text-end mb-10">
<time class="font-mono italic text-gray-400">2023年</time>
<div class="text-lg font-black text-fuchsia-300">政策筑底与监管完善期</div>
《医疗器械管理法》列入立法规划,奠定顶层设计。同时,医疗反腐与集采持续,板块业绩承压,为行业出清创造条件。
</div>
<hr class="bg-indigo-400/50"/>
</li>
<li>
<hr class="bg-indigo-400/50"/>
<div class="timeline-middle">
<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="h-5 w-5 text-indigo-400"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm.75-13a.75.75 0 00-1.5 0v5c0 .414.336.75.75.75h4a.75.75 0 000-1.5h-3.25V5z" clip-rule="evenodd" /></svg>
</div>
<div class="timeline-start mb-10">
<time class="font-mono italic text-gray-400">2024年</time>
<div class="text-lg font-black text-cyan-300">产业调整与创新萌芽期</div>
产业规模稳居全球第二,达 <kbd class="kbd kbd-sm">1.31万亿元</kbd>。全年批准 <kbd class="kbd kbd-sm">61个</kbd> 创新器械光子计数CT等突破性产品涌现资本市场活跃心血管、影像等赛道受青睐。
</div>
<hr class="bg-indigo-400/50"/>
</li>
<li>
<hr class="bg-indigo-400/50"/>
<div class="timeline-middle">
<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="h-5 w-5 text-indigo-400"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm.75-13a.75.75 0 00-1.5 0v5c0 .414.336.75.75.75h4a.75.75 0 000-1.5h-3.25V5z" clip-rule="evenodd" /></svg>
</div>
<div class="timeline-end md:text-end mb-10">
<time class="font-mono italic text-gray-400">2025年至今</time>
<div class="text-lg font-black text-lime-300">政策催化与拐点确立期</div>
政策密集发布从全国工作会议到6月20日《支持高端医疗器械创新发展举措》再到7月传闻的DRG除外支付全方位支持信号明确。市场情绪转向乐观预期业绩拐点将至。
</div>
<hr/>
</li>
</ul>
</div>
</section>
<!-- 核心逻辑与市场认知分析 -->
<section>
<h2 class="section-title glow-text">核心逻辑与市场认知</h2>
<div class="bento-grid">
<div class="bento-item bento-item-12 md:bento-item-6 glass-card rounded-3xl p-6">
<h3 class="text-xl font-semibold text-cyan-300 mb-4">核心驱动力深度解析</h3>
<div class="space-y-4 text-sm text-gray-300">
<div>
<strong class="text-fuchsia-300 block">1. 政策周期转向 (根本逻辑):</strong>
<p>从“控费降价”转向“鼓励创新、保障安全、促进高质量发展”。《医疗器械管理法》立法、设立产业发展基金、加快审评审批(临床试验审批时限由 <kbd class="kbd kbd-sm">60</kbd> 日缩短为 <kbd class="kbd kbd-sm">30</kbd>、优化DRG支付构成全链条支持体系是上升到国家战略层面的产业扶持。</p>
</div>
<div>
<strong class="text-fuchsia-300 block">2. 行业出清后的格局优化:</strong>
<p>集采和反腐加速行业洗牌,淘汰中小、同质化企业,市场份额向具备研发、合规和成本优势的头部企业集中。骨科、心血管耗材等领域龙头份额有望提升。</p>
</div>
<div>
<strong class="text-fuchsia-300 block">3. 内生增长引擎切换 (双轮驱动):</strong>
<p><b class="text-white">创新升级:</b>不再是简单“me-too”向AI、脑机接口、手术机器人等前沿领域迈进部分领域实现“并跑”乃至“领跑”。</p>
<p><b class="text-white">全球化出海:</b>国内控费压力下“出海”成为必选项和第二增长曲线。路演数据显示A股器械公司海外收入CAGR (2018-2022) 高达 <kbd class="kbd kbd-sm">43%</kbd></p>
</div>
</div>
</div>
<div class="bento-item bento-item-12 md:bento-item-6 glass-card rounded-3xl p-6">
<h3 class="text-xl font-semibold text-cyan-300 mb-4">预期差分析</h3>
<ul class="space-y-4 text-sm text-gray-300">
<li>
<strong class="text-lime-300 block">“创新”的内涵与现实:</strong>
<p>市场聚焦颠覆式创新,但现实是国内目前仍以 <b class="text-white">“me-better”改进式创新</b>为主。市场可能高估了短期颠覆能力,而低估了凭借工程师红利和制造能力在快速迭代上建立的全球竞争力。</p>
</li>
<li>
<strong class="text-lime-300 block">“出海”的挑战与路径:</strong>
<p>市场看到广阔空间但可能忽略了海外注册欧盟MDR趋严、渠道建设美国GPO体系、专利壁垒等巨大挑战成功出海需要长期战略性投入。</p>
</li>
<li>
<strong class="text-lime-300 block">政策利好与业绩兑现的时滞:</strong>
<p>从政策发布到医院招标恢复、产品放量存在时滞。路演指出反腐影响在2024下半年才<b>边际改善</b>。市场情绪可能跑在基本面修复前面,短期需警惕业绩不及预期的回调风险。</p>
</li>
</ul>
</div>
<div class="bento-item bento-item-12 glass-card rounded-3xl p-6">
<div id="innovation-chart" style="width: 100%; height: 400px;"></div>
</div>
</div>
</section>
<!-- 催化剂与发展路径 -->
<section>
<h2 class="section-title glow-text">催化剂与发展路径</h2>
<div class="grid grid-cols-1 md:grid-cols-2 gap-6">
<div class="glass-card rounded-3xl p-6">
<h3 class="text-xl font-semibold text-cyan-300 mb-4">近期催化剂 (3-6个月)</h3>
<ul class="space-y-3 text-sm list-disc list-inside text-gray-300">
<li><strong class="text-white">《医疗器械管理法(草案)》正式审议或通过</strong>:将政策预期落地为法律保障。</li>
<li><strong class="text-white">集采续约温和化落地</strong>:打消市场“唯低价论”担忧,迎来估值重估。</li>
<li><strong class="text-white">2025年Q2及Q3财报季</strong>:检验行业复苏成色的试金石。</li>
<li><strong class="text-white">重点创新产品获批</strong>AI医疗、脑机接口等重磅产品将极大提振赛道信心。</li>
<li><strong class="text-white">设备更新改造贷款政策细则出台</strong>:直接转化为医院采购订单。</li>
</ul>
</div>
<div class="glass-card rounded-3xl p-6">
<h3 class="text-xl font-semibold text-cyan-300 mb-4">长期发展路径</h3>
<div class="space-y-4 text-sm text-gray-300">
<div>
<strong class="text-fuchsia-300 block">第一阶段 (当前-2027年): 格局重塑与全球扩张</strong>
<p>国内头部集中,海外在新兴市场和欧美中低端市场建立品牌渠道。标志:龙头企业海外收入占比超 <kbd class="kbd kbd-sm">30%-40%</kbd></p>
</div>
<div>
<strong class="text-fuchsia-300 block">第二阶段 (2027-2030年): 技术并跑与品牌升级</strong>
<p>在高端影像、电生理等领域实现技术突破打入欧美高端医院市场。标志出现通过自主创新进入全球Top 20的中国公司。</p>
</div>
<div>
<strong class="text-fuchsia-300 block">第三阶段 (2030年以后): 原始创新与标准制定</strong>
<p>在AI医疗、脑机接口等新兴交叉领域实现源头创新成为全球技术标准的参与者和制定者。</p>
</div>
</div>
</div>
</div>
</section>
<!-- 产业链与核心公司 -->
<section>
<h2 class="section-title glow-text">产业链与核心公司</h2>
<div class="p-6 glass-card rounded-3xl mb-6">
<h3 class="text-xl font-semibold text-cyan-300 mb-4">产业链图谱</h3>
<div class="grid grid-cols-1 md:grid-cols-3 gap-4 text-center">
<div class="p-4 bg-indigo-900/30 rounded-xl">
<h4 class="font-bold text-lg text-indigo-300">上游</h4>
<p class="text-sm text-gray-400">核心原材料与零部件</p>
<div class="mt-2 flex flex-wrap justify-center gap-2">
<div class="badge badge-outline border-indigo-400">生物材料 (正海生物)</div>
<div class="badge badge-outline border-indigo-400">光学部件 (海泰新光)</div>
<div class="badge badge-outline border-indigo-400">OEM/ODM (美好医疗)</div>
</div>
</div>
<div class="p-4 bg-cyan-900/30 rounded-xl">
<h4 class="font-bold text-lg text-cyan-300">中游</h4>
<p class="text-sm text-gray-400">医疗器械成品制造</p>
<div class="mt-2 flex flex-wrap justify-center gap-2">
<div class="badge badge-outline border-cyan-400">医疗设备 (联影医疗)</div>
<div class="badge badge-outline border-cyan-400">高值耗材 (惠泰医疗)</div>
<div class="badge badge-outline border-cyan-400">家用器械 (怡和嘉业)</div>
</div>
</div>
<div class="p-4 bg-fuchsia-900/30 rounded-xl">
<h4 class="font-bold text-lg text-fuchsia-300">下游</h4>
<p class="text-sm text-gray-400">应用场景</p>
<div class="mt-2 flex flex-wrap justify-center gap-2">
<div class="badge badge-outline border-fuchsia-400">医院</div>
<div class="badge badge-outline border-fuchsia-400">第三方实验室 (金域医学)</div>
<div class="badge badge-outline border-fuchsia-400">家庭及个人</div>
</div>
</div>
</div>
</div>
<div class="grid grid-cols-1 lg:grid-cols-2 xl:grid-cols-4 gap-6">
<!-- 迈瑞医疗 -->
<div class="glass-card rounded-3xl p-6 flex flex-col">
<h4 class="text-lg font-bold text-white">领导者 - 迈瑞医疗</h4>
<p class="text-sm text-gray-400 mb-4">平台型龙头行业beta代表</p>
<div class="text-sm space-y-2 text-gray-300 flex-grow">
<p><strong class="text-cyan-400">优势:</strong>国内平台型龙头,产品线广,全球化渠道强大,整合能力卓越,抗风险能力最强。</p>
<p><strong class="text-cyan-400">逻辑纯度:</strong>“大而全”的综合性龙头均衡布局生命信息与支持、IVD、医学影像三大领域。</p>
</div>
</div>
<!-- 联影医疗 -->
<div class="glass-card rounded-3xl p-6 flex flex-col">
<h4 class="text-lg font-bold text-white">创新追赶者 - 联影医疗</h4>
<p class="text-sm text-gray-400 mb-4">高端影像设备先锋</p>
<div class="text-sm space-y-2 text-gray-300 flex-grow">
<p><strong class="text-cyan-400">优势:</strong>专注高端医学影像在PET/MR、高端CT等领域实现技术突破挑战“GPS”垄断。</p>
<p><strong class="text-cyan-400">逻辑纯度:</strong>“高端设备国产替代+出海”逻辑最纯粹,是“高举高打”出海模式的典范,成长弹性大。</p>
</div>
</div>
<!-- 惠泰医疗 & 怡和嘉业 -->
<div class="glass-card rounded-3xl p-6 flex flex-col">
<h4 class="text-lg font-bold text-white">细分赛道冠军</h4>
<p class="text-sm text-gray-400 mb-4">惠泰医疗 & 怡和嘉业</p>
<div class="text-sm space-y-2 text-gray-300 flex-grow">
<p><strong class="text-fuchsia-300">惠泰医疗(电生理)</strong>技术壁垒高、国产化率低的院内高值耗材创新代表。</p>
<p><strong class="text-fuchsia-300">怡和嘉业(呼吸机)</strong>抓住海外市场特定机遇,快速卡位,是家用器械出海的成功范例。</p>
</div>
</div>
<!-- 美好医疗 -->
<div class="glass-card rounded-3xl p-6 flex flex-col">
<h4 class="text-lg font-bold text-white">原料/代工核心 - 美好医疗</h4>
<p class="text-sm text-gray-400 mb-4">上游核心部件供应商</p>
<div class="text-sm space-y-2 text-gray-300 flex-grow">
<p><strong class="text-cyan-400">优势:</strong>深度绑定瑞思迈等国际巨头,成为全球龙头供应链关键一环,分享全球市场增长红利。</p>
<p><strong class="text-cyan-400">逻辑纯度:</strong>上游核心供应商逻辑的纯粹代表,业绩与大客户订单高度相关。</p>
</div>
</div>
</div>
</section>
<!-- 风险与结论 -->
<section>
<h2 class="section-title glow-text">风险与投资启示</h2>
<div class="grid grid-cols-1 md:grid-cols-2 gap-6">
<div class="glass-card rounded-3xl p-6">
<h3 class="text-xl font-semibold text-rose-400 mb-4">潜在风险与挑战</h3>
<ul class="space-y-3 text-sm list-disc list-inside text-gray-300">
<li><strong class="text-white">技术风险:</strong>原创性创新与国际仍有差距,底层材料、核心算法等领域存“卡脖子”风险。</li>
<li><strong class="text-white">商业化风险:</strong>海外注册审批趋严,渠道建设成本高;国内支付端政策落地不确定性。</li>
<li><strong class="text-white">政策与竞争风险:</strong>集采政策反复风险;国际贸易摩擦;行业同质化竞争加剧。</li>
<li><strong class="text-rose-300">交叉验证风险:</strong>政策端描绘强劲复苏,路演端则更谨慎,市场情绪可能领先于基本面实际恢复节奏。</li>
</ul>
</div>
<div class="glass-card rounded-3xl p-6">
<h3 class="text-xl font-semibold text-lime-300 mb-4">综合结论与投资启示</h3>
<div class="space-y-4 text-sm text-gray-300">
<p><strong>最终看法:</strong>医疗器械概念已进入由<b class="text-white">基本面修复预期</b><b class="text-white">长期成长逻辑</b>共同驱动的新阶段。政策底已现,业绩底将探明,行业正处新一轮增长周期的起点。</p>
<div>
<strong class="text-lime-400 block">最具投资价值的细分环节:</strong>
<ul class="list-decimal list-inside ml-2 mt-1">
<li><b>高端设备:</b> 医学影像和手术机器人 (联影医疗, 微创机器人)。</li>
<li><b>创新型高值耗材:</b> 电生理、神经介入 (惠泰医疗, 心脉医疗)。</li>
<li><b>家用医疗器械(出海):</b> CGM、家用呼吸机 (三诺生物, 怡和嘉业)。</li>
</ul>
</div>
<div>
<strong class="text-lime-400 block">需重点跟踪验证的关键指标:</strong>
<p>海外业务数据、国内招标采购数据、集采续约价格、研发管线进度。</p>
</div>
</div>
</div>
</div>
</section>
<!-- 涨幅分析 -->
<section>
<h2 class="section-title glow-text">近期市场异动分析</h2>
<div class="grid grid-cols-1 md:grid-cols-2 xl:grid-cols-3 gap-6">
<div class="glass-card rounded-3xl p-6 collapse collapse-arrow">
<input type="checkbox" />
<div class="collapse-title text-xl font-medium">
济高发展 <span class="text-green-400">(+10.16%)</span> - 2025-07-07
</div>
<div class="collapse-content">
<p class="text-sm text-gray-300 mt-2">核心驱动:“政策+重组”双击。国家发布创新医疗器械DRG除外支付政策直接利好行业。同时公司被济南市国资委定位为医疗器械并购整合平台拟筹划重大资产重组。小市值+净壳+重组预期共振,引爆涨停。</p>
</div>
</div>
<div class="glass-card rounded-3xl p-6 collapse collapse-arrow">
<input type="checkbox" />
<div class="collapse-title text-xl font-medium">
康为世纪 <span class="text-green-400">(+8.80%)</span> - 2025-06-23
</div>
<div class="collapse-content">
<p class="text-sm text-gray-300 mt-2">核心驱动:板块政策利好。国家药监局审议通过《关于优化全生命周期监管支持高端医疗器械创新发展的举措》,刺激整个医疗器械板块普涨。公司自身研发投入增加、业务转型顺利,叠加融资资金当日净流入,共同推动股价上涨。</p>
</div>
</div>
<div class="glass-card rounded-3xl p-6 collapse collapse-arrow">
<input type="checkbox" />
<div class="collapse-title text-xl font-medium">
康众医疗 <span class="text-green-400">(+6.96%)</span> - 2025-06-23
</div>
<div class="collapse-content">
<p class="text-sm text-gray-300 mt-2">核心驱动:政策利好与板块联动。与康为世纪上涨逻辑类似,直接受益于国家药监局支持高端医疗器械创新的政策刺激。当日医疗器械概念股整体表现强劲,板块联动效应明显。</p>
</div>
</div>
<div class="glass-card rounded-3xl p-6 collapse collapse-arrow">
<input type="checkbox" />
<div class="collapse-title text-xl font-medium">
欧圣电气 <span class="text-green-400">(+6.03%)</span> - 2025-06-24
</div>
<div class="collapse-content">
<p class="text-sm text-gray-300 mt-2">核心驱动政策利好延伸。公司拥有护理机器人业务属于医疗器械范畴受益于前一日的政策利好。同时公司基本面优秀新兴业务AI跌倒预警有订单落地且获机构及北向资金青睐多重因素共振上涨。</p>
</div>
</div>
<div class="glass-card rounded-3xl p-6 collapse collapse-arrow">
<input type="checkbox" />
<div class="collapse-title text-xl font-medium">
泰林生物 <span class="text-green-400">(+5.95%)</span> - 2025-07-24
</div>
<div class="collapse-content">
<p class="text-sm text-gray-300 mt-2">核心驱动板块效应与业绩预期。受创新药概念活跃带动医疗器械板块补涨。研报指出设备招标数据持续恢复市场看好Q3业绩环比复苏。公司独特的“空间站生物降解”概念也可能吸引了市场关注。</p>
</div>
</div>
<div class="glass-card rounded-3xl p-6 collapse collapse-arrow">
<input type="checkbox" />
<div class="collapse-title text-xl font-medium">
天臣医疗 <span class="text-green-400">(+5.70%)</span> - 2025-07-25
</div>
<div class="collapse-content">
<p class="text-sm text-gray-300 mt-2">核心驱动:集采缓和预期。市场传闻“集采优化不再唯低价论”,板块估值修复预期增强。同时,国资(上海上实资本)战略入股微创医疗,提振了市场对整个器械板块的信心。</p>
</div>
</div>
</div>
</section>
<!-- 股票列表 -->
<section>
<h2 class="section-title glow-text">相关上市公司全景</h2>
<div class="overflow-x-auto glass-card rounded-3xl p-2">
<table class="table table-zebra table-sm md:table-md">
<thead>
<tr>
<th class="w-1/6">主分类</th>
<th class="w-1/6">细分领域</th>
<th>相关股票</th>
</tr>
</thead>
<tbody>
<!-- 影像 -->
<tr><td rowspan="4" class="font-bold align-top text-white">影像</td><td>核磁共振</td><td class="flex flex-wrap gap-2"><div class="badge badge-primary badge-outline"><a href="https://valuefrontier.cn/company?scode=688271" target="_blank">联影医疗(688271)</a></div><div class="badge badge-primary badge-outline"><a href="https://valuefrontier.cn/company?scode=600718" target="_blank">东软集团(600718)</a></div></td></tr>
<tr><td>CT</td><td class="flex flex-wrap gap-2"><div class="badge badge-primary badge-outline"><a href="https://valuefrontier.cn/company?scode=688271" target="_blank">联影医疗(688271)</a></div><div class="badge badge-primary badge-outline"><a href="https://valuefrontier.cn/company?scode=600718" target="_blank">东软集团(600718)</a></div></td></tr>
<tr><td>X线摄影</td><td class="flex flex-wrap gap-2"><div class="badge badge-primary badge-outline"><a href="https://valuefrontier.cn/company?scode=688271" target="_blank">联影医疗(688271)</a></div><div class="badge badge-primary badge-outline"><a href="https://valuefrontier.cn/company?scode=600055" target="_blank">万东医疗(600055)</a></div></td></tr>
<tr><td>超声</td><td class="flex flex-wrap gap-2"><div class="badge badge-primary badge-outline"><a href="https://valuefrontier.cn/company?scode=300760" target="_blank">迈瑞医疗(300760)</a></div><div class="badge badge-primary badge-outline"><a href="https://valuefrontier.cn/company?scode=300633" target="_blank">开立医疗(300633)</a></div><div class="badge badge-primary badge-outline"><a href="https://valuefrontier.cn/company?scode=688358" target="_blank">祥生医疗(688358)</a></div><div class="badge badge-primary badge-outline"><a href="https://valuefrontier.cn/company?scode=300206" target="_blank">理邦仪器(300206)</a></div><div class="badge badge-primary badge-outline"><a href="https://valuefrontier.cn/company?scode=002144" target="_blank">宏达高科(002144)</a></div></td></tr>
<!-- 体外诊断 -->
<tr><td rowspan="4" class="font-bold align-top text-white">体外诊断</td><td>分子诊断</td><td class="flex flex-wrap gap-2"><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=002030" target="_blank">达安基因(002030)</a></div><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=300676" target="_blank">华大基因(300676)</a></div><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=002022" target="_blank">科华生物(002022)</a></div><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=300685" target="_blank">艾德生物(300685)</a></div><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=688317" target="_blank">之江生物(688317)</a></div><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=688289" target="_blank">圣湘生物(688289)</a></div><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=300639" target="_blank">凯普生物(300639)</a></div><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=688399" target="_blank">硕世生物(688399)</a></div><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=300642" target="_blank">透景生命(300642)</a></div><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=688393" target="_blank">安必平(688393)</a></div></td></tr>
<tr><td>免疫诊断</td><td class="flex flex-wrap gap-2"><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=603658" target="_blank">安图生物(603658)</a></div><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=300760" target="_blank">迈瑞医疗(300760)</a></div><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=300463" target="_blank">迈克生物(300463)</a></div><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=688468" target="_blank">科美诊断(688468)</a></div><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=300642" target="_blank">透景生命(300642)</a></div><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=300318" target="_blank">博晖创新(300318)</a></div><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=300832" target="_blank">新产业(300832)</a></div><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=688575" target="_blank">亚辉龙(688575)</a></div><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=688656" target="_blank">浩欧博(688656)</a></div></td></tr>
<tr><td>生化诊断</td><td class="flex flex-wrap gap-2"><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=300760" target="_blank">迈瑞医疗(300760)</a></div><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=002022" target="_blank">科华生物(002022)</a></div><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=300406" target="_blank">九强生物(300406)</a></div><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=300439" target="_blank">美康生物(300439)</a></div><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=300463" target="_blank">迈克生物(300463)</a></div><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=300396" target="_blank">迪瑞医疗(300396)</a></div><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=300018" target="_blank">中元股份(300018)</a></div><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=688067" target="_blank">爱威科技(688067)</a></div><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=688139" target="_blank">海尔生物(688139)</a></div><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=300289" target="_blank">利德曼(300289)</a></div></td></tr>
<tr><td>即时检测</td><td class="flex flex-wrap gap-2"><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=300482" target="_blank">万孚生物(300482)</a></div><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=300298" target="_blank">三诺生物(300298)</a></div><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=603387" target="_blank">基蛋生物(603387)</a></div><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=002932" target="_blank">明德生物(002932)</a></div><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=688075" target="_blank">安旭生物(688075)</a></div><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=688767" target="_blank">博拓生物(688767)</a></div><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=688606" target="_blank">奥泰生物(688606)</a></div><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=688068" target="_blank">热景生物(688068)</a></div><div class="badge badge-secondary badge-outline"><a href="https://valuefrontier.cn/company?scode=688253" target="_blank">英诺特(688253)</a></div></td></tr>
<!-- 手术 -->
<tr><td rowspan="2" class="font-bold align-top text-white">手术</td><td>内窥镜</td><td class="flex flex-wrap gap-2"><div class="badge badge-accent badge-outline"><a href="https://valuefrontier.cn/company?scode=300760" target="_blank">迈瑞医疗(300760)</a></div><div class="badge badge-accent badge-outline"><a href="https://valuefrontier.cn/company?scode=300633" target="_blank">开立医疗(300633)</a></div><div class="badge badge-accent badge-outline"><a href="https://valuefrontier.cn/company?scode=688212" target="_blank">澳华内镜(688212)</a></div><div class="badge badge-accent badge-outline"><a href="https://valuefrontier.cn/company?scode=688677" target="_blank">海泰新光(688677)</a></div></td></tr>
<tr><td>器械</td><td class="flex flex-wrap gap-2"><div class="badge badge-accent badge-outline"><a href="https://valuefrontier.cn/company?scode=300314" target="_blank">戴维医疗(300314)</a></div><div class="badge badge-accent badge-outline"><a href="https://valuefrontier.cn/company?scode=688576" target="_blank">西山科技(688576)</a></div><div class="badge badge-accent badge-outline"><a href="https://valuefrontier.cn/company?scode=688277" target="_blank">天智航(688277)</a></div><div class="badge badge-accent badge-outline"><a href="https://valuefrontier.cn/company?scode=603205" target="_blank">健尔康(603205)</a></div></td></tr>
<!-- 监护 -->
<tr><td rowspan="4" class="font-bold align-top text-white">监护</td><td>监护仪</td><td class="flex flex-wrap gap-2"><div class="badge badge-info badge-outline"><a href="https://valuefrontier.cn/company?scode=300760" target="_blank">迈瑞医疗(300760)</a></div><div class="badge badge-info badge-outline"><a href="https://valuefrontier.cn/company?scode=300206" target="_blank">理邦仪器(300206)</a></div><div class="badge badge-info badge-outline"><a href="https://valuefrontier.cn/company?scode=300246" target="_blank">宝莱特(300246)</a></div></td></tr>
<tr><td>血压计</td><td class="flex flex-wrap gap-2"><div class="badge badge-info badge-outline"><a href="https://valuefrontier.cn/company?scode=002223" target="_blank">鱼跃医疗(002223)</a></div><div class="badge badge-info badge-outline"><a href="https://valuefrontier.cn/company?scode=301087" target="_blank">可孚医疗(301087)</a></div><div class="badge badge-info badge-outline"><a href="https://valuefrontier.cn/company?scode=002432" target="_blank">九安医疗(002432)</a></div><div class="badge badge-info badge-outline"><a href="https://valuefrontier.cn/company?scode=300003" target="_blank">乐普医疗(300003)</a></div><div class="badge badge-info badge-outline"><a href="https://valuefrontier.cn/company?scode=000650" target="_blank">仁和药业(000650)</a></div></td></tr>
<tr><td>血糖仪</td><td class="flex flex-wrap gap-2"><div class="badge badge-info badge-outline"><a href="https://valuefrontier.cn/company?scode=002223" target="_blank">鱼跃医疗(002223)</a></div><div class="badge badge-info badge-outline"><a href="https://valuefrontier.cn/company?scode=300298" target="_blank">三诺生物(300298)</a></div></td></tr>
<tr><td>呼吸机</td><td class="flex flex-wrap gap-2"><div class="badge badge-info badge-outline"><a href="https://valuefrontier.cn/company?scode=300760" target="_blank">迈瑞医疗(300760)</a></div><div class="badge badge-info badge-outline"><a href="https://valuefrontier.cn/company?scode=002223" target="_blank">鱼跃医疗(002223)</a></div><div class="badge badge-info badge-outline"><a href="https://valuefrontier.cn/company?scode=301363" target="_blank">美好医疗(301363)</a></div><div class="badge badge-info badge-outline"><a href="https://valuefrontier.cn/company?scode=600855" target="_blank">航天长峰(600855)</a></div><div class="badge badge-info badge-outline"><a href="https://valuefrontier.cn/company?scode=301367" target="_blank">瑞迈特(301367)</a></div></td></tr>
<!-- 治疗仪器 -->
<tr><td rowspan="3" class="font-bold align-top text-white">治疗仪器</td><td>电生理</td><td class="flex flex-wrap gap-2"><div class="badge badge-warning badge-outline"><a href="https://valuefrontier.cn/company?scode=688351" target="_blank">微电生理(688351)</a></div><div class="badge badge-warning badge-outline"><a href="https://valuefrontier.cn/company?scode=688617" target="_blank">惠泰医疗(688617)</a></div><div class="badge badge-warning badge-outline"><a href="https://valuefrontier.cn/company?scode=688626" target="_blank">翔宇医疗(688626)</a></div></td></tr>
<tr><td>血透</td><td class="flex flex-wrap gap-2"><div class="badge badge-warning badge-outline"><a href="https://valuefrontier.cn/company?scode=300529" target="_blank">健帆生物(300529)</a></div><div class="badge badge-warning badge-outline"><a href="https://valuefrontier.cn/company?scode=301097" target="_blank">天益医疗(301097)</a></div><div class="badge badge-warning badge-outline"><a href="https://valuefrontier.cn/company?scode=300453" target="_blank">三鑫医疗(300453)</a></div><div class="badge badge-warning badge-outline"><a href="https://valuefrontier.cn/company?scode=300246" target="_blank">宝莱特(300246)</a></div><div class="badge badge-warning badge-outline"><a href="https://valuefrontier.cn/company?scode=688410" target="_blank">山外山(688410)</a></div></td></tr>
<tr><td>放疗</td><td class="flex flex-wrap gap-2"><div class="badge badge-warning badge-outline"><a href="https://valuefrontier.cn/company?scode=688271" target="_blank">联影医疗(688271)</a></div><div class="badge badge-warning badge-outline"><a href="https://valuefrontier.cn/company?scode=600587" target="_blank">新华医疗(600587)</a></div><div class="badge badge-warning badge-outline"><a href="https://valuefrontier.cn/company?scode=600718" target="_blank">东软集团(600718)</a></div></td></tr>
<!-- 治疗器械 (高值耗材) -->
<tr><td rowspan="7" class="font-bold align-top text-white">治疗器械<br>(高值耗材)</td><td>骨科</td><td class="flex flex-wrap gap-2"><div class="badge badge-success badge-outline"><a href="https://valuefrontier.cn/company?scode=688161" target="_blank">威高骨科(688161)</a></div><div class="badge badge-success badge-outline"><a href="https://valuefrontier.cn/company?scode=002901" target="_blank">大博医疗(002901)</a></div><div class="badge badge-success badge-outline"><a href="https://valuefrontier.cn/company?scode=688236" target="_blank">春立医疗(688236)</a></div><div class="badge badge-success badge-outline"><a href="https://valuefrontier.cn/company?scode=688085" target="_blank">三友医疗(688085)</a></div><div class="badge badge-success badge-outline"><a href="https://valuefrontier.cn/company?scode=688613" target="_blank">奥精医疗(688613)</a></div><div class="badge badge-success badge-outline"><a href="https://valuefrontier.cn/company?scode=300653" target="_blank">正海生物(300653)</a></div><div class="badge badge-success badge-outline"><a href="https://valuefrontier.cn/company?scode=300328" target="_blank">宜安科技(300328)</a></div><div class="badge badge-success badge-outline"><a href="https://valuefrontier.cn/company?scode=300326" target="_blank">ST凯利(300326)</a></div></td></tr>
<tr><td>脑科</td><td class="flex flex-wrap gap-2"><div class="badge badge-success badge-outline"><a href="https://valuefrontier.cn/company?scode=300238" target="_blank">冠昊生物(300238)</a></div><div class="badge badge-success badge-outline"><a href="https://valuefrontier.cn/company?scode=300653" target="_blank">正海生物(300653)</a></div><div class="badge badge-success badge-outline"><a href="https://valuefrontier.cn/company?scode=301033" target="_blank">迈普医学(301033)</a></div><div class="badge badge-success badge-outline"><a href="https://valuefrontier.cn/company?scode=688198" target="_blank">佰仁医疗(688198)</a></div></td></tr>
<tr><td>眼科</td><td class="flex flex-wrap gap-2"><div class="badge badge-success badge-outline"><a href="https://valuefrontier.cn/company?scode=688366" target="_blank">昊海生科(688366)</a></div><div class="badge badge-success badge-outline"><a href="https://valuefrontier.cn/company?scode=688050" target="_blank">爱博医疗(688050)</a></div><div class="badge badge-success badge-outline"><a href="https://valuefrontier.cn/company?scode=002773" target="_blank">康弘药业(002773)</a></div><div class="badge badge-success badge-outline"><a href="https://valuefrontier.cn/company?scode=002223" target="_blank">鱼跃医疗(002223)</a></div><div class="badge badge-success badge-outline"><a href="https://valuefrontier.cn/company?scode=600223" target="_blank">福瑞达(600223)</a></div></td></tr>
<tr><td>牙科</td><td class="flex flex-wrap gap-2"><div class="badge badge-success badge-outline"><a href="https://valuefrontier.cn/company?scode=300653" target="_blank">正海生物(300653)</a></div><div class="badge badge-success badge-outline"><a href="https://valuefrontier.cn/company?scode=300285" target="_blank">国瓷材料(300285)</a></div><div class="badge badge-success badge-outline"><a href="https://valuefrontier.cn/company?scode=002690" target="_blank">美亚光电(002690)</a></div></td></tr>
<tr><td>心脏</td><td class="flex flex-wrap gap-2"><div class="badge badge-success badge-outline"><a href="https://valuefrontier.cn/company?scode=300003" target="_blank">乐普医疗(300003)</a></div><div class="badge badge-success badge-outline"><a href="https://valuefrontier.cn/company?scode=688108" target="_blank">赛诺医疗(688108)</a></div><div class="badge badge-success badge-outline"><a href="https://valuefrontier.cn/company?scode=688016" target="_blank">心脉医疗(688016)</a></div><div class="badge badge-success badge-outline"><a href="https://valuefrontier.cn/company?scode=002382" target="_blank">蓝帆医疗(002382)</a></div></td></tr>
<tr><td>人工耳蜗</td><td class="flex flex-wrap gap-2"><div class="badge badge-success badge-outline"><a href="https://valuefrontier.cn/company?scode=000566" target="_blank">海南海药(000566)</a></div><div class="badge badge-success badge-outline"><a href="https://valuefrontier.cn/company?scode=300086" target="_blank">康芝药业(300086)</a></div></td></tr>
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