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主题 2026-04-25/topics/117.md 原文

#外资研报

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#外资研报

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  1. #外资研报

附件总结 JPM-储能电池行业：增长持续、利润池格局重构；2026 年一季度同比增长 117% ESS Battery Sustained growth and shifting profit pools; 1Q26 +117% y_y.pdf

  1. production expected to continue into 2Q. Recent supply chain results demonstrate J.P. Morgan Securities (Asia Pacific) Limited/
  2. incl. consumer battery. Gotion FY25 exposure is JPMe. SDI's total revenue includes electronic materials and small battery while volume excludes electronic materials and small battery.
  3. 4202/1/1 4202/1/2 4202/1/3 4202/1/4 4202/1/5 4202/1/6 4202/1/7 4202/1/8 4202/1/9 4202/1/01 4202/1/11 4202/1/21 5202/1/1 5202/1/2 5202/1/3 5202/1/4 5202/1/5 5202/1/6 5202/1/7 5202/1/8 5202/1/9 5202/1/01 5202/1/11 5202/1/21 6202/1/1 6202/1/2 6202/1/3
  4. 4202/1/1 4202/1/2 4202/1/3 4202/1/4 4202/1/5 4202/1/6 4202/1/7 4202/1/8 4202/1/9 4202/1/01 4202/1/11 4202/1/21 5202/1/1 5202/1/2 5202/1/3 5202/1/4 5202/1/5 5202/1/6 5202/1/7 5202/1/8 5202/1/9 5202/1/01 5202/1/11 5202/1/21 6202/1/1 6202/1/2 6202/1/3
  5. 4202/1/1 4202/1/2 4202/1/3 4202/1/4 4202/1/5 4202/1/6 4202/1/7 4202/1/8 4202/1/9 4202/1/01 4202/1/11 4202/1/21 5202/1/1 5202/1/2 5202/1/3 5202/1/4 5202/1/5 5202/1/6 5202/1/7 5202/1/8 5202/1/9 5202/1/01 5202/1/11 5202/1/21 6202/1/1 6202/1/2 6202/1/3
  6. 4202/1/1 4202/1/2 4202/1/3 4202/1/4 4202/1/5 4202/1/6 4202/1/7 4202/1/8 4202/1/9 4202/1/01 4202/1/11 4202/1/21 5202/1/1 5202/1/2 5202/1/3 5202/1/4 5202/1/5 5202/1/6 5202/1/7 5202/1/8 5202/1/9 5202/1/01 5202/1/11 5202/1/21 6202/1/1 6202/1/2 6202/1/3
  7. 4202/1/1 4202/1/2 4202/1/3 4202/1/4 4202/1/5 4202/1/6 4202/1/7 4202/1/8 4202/1/9 4202/1/01 4202/1/11 4202/1/21 5202/1/1 5202/1/2 5202/1/3 5202/1/4 5202/1/5 5202/1/6 5202/1/7 5202/1/8 5202/1/9 5202/1/01 5202/1/11 5202/1/21 6202/1/1 6202/1/2 6202/1/3
  8. Figure 13: Chinese players’ ESS battery shipment by region (YTD26) Figure 14: Chinese players’ ESS battery shipment by region

JPM-存储市场更新：展望 2026 年第一季度日韩存储企业财报的关键问题 Memory Market Update Key questions heading into 1Q26 KoreaJapan Memory results.pdf

  1. (note) and NYT’s result (note), 1Q26 result strength is well anticipated by the J.P. Morgan Securities (Far East) Limited, Seoul
  2. (similar to 3Q25: HBM economics testing quarter). Key watch points are: 1) price J.P. Morgan Securities (Far East) Limited, Seoul
  3. with respect to each security or issuer that the Research Analyst covers in this research) that: (1) all of the views expressed in this report
  4. https://www.jpmm.com/research/disclosures, calling 1-800-477-0406, or e-mailing research.disclosure.inquiries@jpmorgan.com with your
  5. Coverage Universe: Kwon, Jay : LG Corp (003550.KS), LG Display (034220.KS), LG Electronics (066570.KS), LG Innotek (011070.KS),
  6. A history of J.P. Morgan investment recommendations disseminated during the preceding 12 months can be accessed on the Research &
  7. Morgan Securities LLC, and may not be subject to FINRA Rule 2241 or 2242 restrictions on communications with covered companies, public
  8. https://www.finra.org/sites/default/files/2020-08/Security_Futures_Risk_Disclosure_Statement_2020.pdf for a copy of the Security Futures

JPM-海康威视-002415-2026年1季度业绩好于预期，但短期阻力显现；“中性”评级-20260420.pdf

  1. ，净利润28亿元（同比增长36%/环比下降43%），毛利率提升 登记编号: S1730521090001
  2. 盈利能力改善，我们预计 2026-28年营收/盈利年复合增长率分 FY 1.55 1.68 2.15
  3. 12%/环比下降23%），净利润28亿元（同比增长36%/环
  4. 同比增长 6.8% 4.1% 8.2% 11.5% 13.1% 息税折旧摊销前利润同比增长 (8.2%) 17.0% 18.0% 23.1% 23.9%
  5. 历史投资建议： 您可在https://jpmsc.portal.jpmorgan.com网站查看过去12个月发布的摩根大通投资建议，您也可以在该网站中
  6. ，或访问 https://www.finra.org/sites/default/files/2020-08/Security_Futures_Risk_Disclosure_Statement_2020.pdf 获取证券期货风险披露声明之副本
  7. (Australian Financial Services License：238066))受澳大利亚证券和投资委员会(Australian Securities and Investments Commission)监管，是澳大利亚
  8. 加拿大： J.P. Morgan Securities Canada Inc.是注册的投资交易商，受加拿大投资监管组织(Canadian Investment Regulatory Organization)和安大略

MS-北美光模块行业：光模块行情爆发之际，投资者最新关注问题 Optical North America Latest Questions From Investors as Optical Breaks Out.pdf

  1. towards the tail end of 2025, this has led to another wave of incremental investor Morgan Stanley does and seeks to do business with
  2. historical multiples (now all pushing 20x+ bullish 28e multiples, more like 40x interest that could affect the objectivity of Morgan Stanley
  3. running at a higher speed per lane. Typical framing is 1.6T as 8 running at a lower speed per lane. Typical framing is 1.6T as 16
  4. Illustrative 1.6T example 1.6T = 8 lanes x 200G. Same total bandwidth with half the lane 1.6T = 16 lanes x 100G. Same total bandwidth, but with more
  5. Technology enablers 200G/lane and 400G/lane DSP / SerDes, silicon photonics 100G/lane and 200G/lane discrete optics, established DSP /
  6. Best fit today Next-gen 1.6T / 3.2T pluggables, LPO / LRO, CPO, and dense Earlier-generation 400G / 800G and transitional deployments
  7. $4.22). Our multiple represents a premium to GLW's traditional trading range over the last 10 ▪Display business, which generates majority
  8. $$$777222...000000(((---555666...222000%%%))) PPPrrrooobbb (((<<<777222...000000)))~~~111666...666%%% View descriptions of Risk Rewards Themes here

MS-比亚迪股份：风险回报更新 BYD Company Limited Asia Pacific Risk Reward Update.pdf

  1. 4FRHVJjBrX8YfV8OcM7NtRoOoMsMjMmMtPeRsQqRbRrQtNvPnNtNMYmNsQ

MS-大金重工-002487-借力欧洲海上风电建设，持续巩固市场领先地位；首次覆盖给予超配-20260421.pdf

  1. 要体现在以下三方面：1）订单持续增长与产能领先优势支撑强劲的多年期盈利能 EBITDA (百万人民币) 1,317.3 2,294.5 3,479.4 4,713.4
  2. 资料来源: 公司数据, 摩根士丹利研究部 资料来源: Frost & Sullivan, 公司数据, 摩根士丹利研究部(cid:1398) 注: 该市场份额统计基于订单交付的流量口径，
  3. Stanley Asia (Singapore) Pte. (Registration number 199206298Z) and/or Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H), regulated by the Monetary
  4. and/or Morgan Stanley Taiwan Limited and/or Morgan Stanley & Co International plc, Seoul Branch, and/or Morgan Stanley Australia Limited (A.B.N. 67 003 734 576, holder of Australian financial
  5. services license No. 233742, which accepts responsibility for its contents), and/or Morgan Stanley Wealth Management Australia Pty Ltd (A.B.N. 19 009 145 555, holder of Australian financial
  6. services license No. 240813, which accepts responsibility for its contents), and/or Morgan Stanley India Company Private Limited having Corporate Identification No (CIN)
  7. U22990MH1998PTC115305, regulated by the Securities and Exchange Board of India (“SEBI”) and holder of licenses as a Research Analyst (SEBI Registration No. INH000001105);
  8. Broker (SEBI Stock Broker Registration No. INZ000244438), Merchant Banker (SEBI Registration No. INM000011203), and depository participant with National Securities Depository Limited

GS-中东战争跨资产交易的十大关键问题 GOAL POST 10 Questions on the roundtrip across assets around the Middle East war.pdf

  1. Note: Real assets is an average of S&P GSCI/ broad commodities index (TR) since 1900, Gold since 1939, FTSE NAREIT since
  2. construct the Residential Real Estate index using Case/Shiller HPI from 1987 (FHFA before) and an estimate of rental yield
  3. ��8�)����� ��8�����3/443� ��8������ ��8���)���)����� ��8���������������� ���/�3/-/��A����� ��8�������� ��8�������� ��8����������� ��8�������� ��8��/88�� 55�-�������� ��8�)������ ��8��������� ��8�������� ��8������� 55�-�������� ���/�3/-/��A����� ���/�3/-/��A������ ��8�������� ���/�3/-/��A����� ��8�������� 55�-��6/�� 55�-���� ���/�3/-/��A������ ���/A�8�A������ ��8�.5��
  4. �-�0-�-��&�� �-�0-�-�������)��0 ���-�0-�-��������� 22)����������������� 22)��������� ���-�0-�-�������� 22)��22-��� ��5�������� 22)��&�� 22)�������(� 22)��������� ���-�0-�-�����
  5. ��5�������� 22)���),�)� ���-�0-�-�������� 22)���������� 22)��������� ��5���� ��5��3-�� 22)������0-110� 22)��,24� 22)����&���5)��-.�)2�)30/� 22)������� 22)���-554� ��5�����
  6. offices of Goldman, Sachs & Co., 200 West Street, New York, NY, 10282, Attn: Prospectus Dept. (1-212-902-1394). Prospectuses are also
  7. Goldman Sachs beneficially owned 1% or more of FXI and EMB (excluding positions managed by GSAM and derivatives) as of March 20, 2017.
  8. Goldman Sachs & Co. LLC and therefore may not be subject to FINRA Rule 2241 or FINRA Rule 2242 restrictions on communications with a subject

GS-中国市场寻思：中资企业IPO新看点（摘要）-20260419.pdf

  1. BGzBUIp5sYdVdX9PbP7NoMqQmOoQlOoOqMeRmOqQ9PrQpQNZoMtMvPoNnR

GS-中国手术机器人行业：开拓美国以外的全球市场带来核心增长推动力；首次覆盖微创机器人和精锋医疗，均评为买入（摘要）-20260421.pdf

  1. Surgeries per installment Procedure 133 139 146 1 83 4%Blended utilization to increase as recent installations enter into mature operation
  2. Surgeries per installment Procedure 60 69 78 1 34 9%Blened utilization to increase as recent installations enter into mature operation
  3. SG&A% 32.2% 30.7% 29.6% 27.8% Leverage MicroPort Group resource, slightly decrease but remains >25% (lower than Edge Med)
  4. Edge Med newly purchase Set +26 +33 +44 +233 28%Edge Med/ Medbot 2025 CN bid wins are 22/17, and expect momentum to continue
  5. Surgeries per installment Procedure 153 156 159 1 83 2%Blended utilization to increase as recent installations enter into mature operation
  6. 律法规定义的个性化投资建议，并非针对某个具体客户，在报告准备阶段也未分析客户的财务状况、投资特征或风险特征。
  7. 欧盟和英国: 与欧盟委员会实施条例 (EU) (2016/958)（欧盟议会和欧盟理事会条例(EU) No 596/2014的补充条款,规定了有关投资建议或其他投资策略的
  8. 入英国国内法律法规）第6(2)条相关的披露信息可在https://www.gs.com/disclosures/europeanpolicy.html上获取，该网址介绍在处理和投资研究有关

文档

JPM-储能电池行业：增长持续、利润池格局重构；2026 年一季度同比增长 117% ESS Battery Sustained growth and shifting profit pools; 1Q26 +117% y_y.pdf

总结

  1. production expected to continue into 2Q. Recent supply chain results demonstrate J.P. Morgan Securities (Asia Pacific) Limited/
  2. incl. consumer battery. Gotion FY25 exposure is JPMe. SDI's total revenue includes electronic materials and small battery while volume excludes electronic materials and small battery.
  3. 4202/1/1 4202/1/2 4202/1/3 4202/1/4 4202/1/5 4202/1/6 4202/1/7 4202/1/8 4202/1/9 4202/1/01 4202/1/11 4202/1/21 5202/1/1 5202/1/2 5202/1/3 5202/1/4 5202/1/5 5202/1/6 5202/1/7 5202/1/8 5202/1/9 5202/1/01 5202/1/11 5202/1/21 6202/1/1 6202/1/2 6202/1/3
  4. 4202/1/1 4202/1/2 4202/1/3 4202/1/4 4202/1/5 4202/1/6 4202/1/7 4202/1/8 4202/1/9 4202/1/01 4202/1/11 4202/1/21 5202/1/1 5202/1/2 5202/1/3 5202/1/4 5202/1/5 5202/1/6 5202/1/7 5202/1/8 5202/1/9 5202/1/01 5202/1/11 5202/1/21 6202/1/1 6202/1/2 6202/1/3
  5. 4202/1/1 4202/1/2 4202/1/3 4202/1/4 4202/1/5 4202/1/6 4202/1/7 4202/1/8 4202/1/9 4202/1/01 4202/1/11 4202/1/21 5202/1/1 5202/1/2 5202/1/3 5202/1/4 5202/1/5 5202/1/6 5202/1/7 5202/1/8 5202/1/9 5202/1/01 5202/1/11 5202/1/21 6202/1/1 6202/1/2 6202/1/3
  6. 4202/1/1 4202/1/2 4202/1/3 4202/1/4 4202/1/5 4202/1/6 4202/1/7 4202/1/8 4202/1/9 4202/1/01 4202/1/11 4202/1/21 5202/1/1 5202/1/2 5202/1/3 5202/1/4 5202/1/5 5202/1/6 5202/1/7 5202/1/8 5202/1/9 5202/1/01 5202/1/11 5202/1/21 6202/1/1 6202/1/2 6202/1/3
  7. 4202/1/1 4202/1/2 4202/1/3 4202/1/4 4202/1/5 4202/1/6 4202/1/7 4202/1/8 4202/1/9 4202/1/01 4202/1/11 4202/1/21 5202/1/1 5202/1/2 5202/1/3 5202/1/4 5202/1/5 5202/1/6 5202/1/7 5202/1/8 5202/1/9 5202/1/01 5202/1/11 5202/1/21 6202/1/1 6202/1/2 6202/1/3
  8. Figure 13: Chinese players’ ESS battery shipment by region (YTD26) Figure 14: Chinese players’ ESS battery shipment by region

预览

JPM-储能电池行业：增长持续、利润池格局重构；2026 年一季度同比增长 117% ESS Battery Sustained growth and shifting profit pools; 1Q26 +117% y_y.pdf

JPM-存储市场更新：展望 2026 年第一季度日韩存储企业财报的关键问题 Memory Market Update Key questions heading into 1Q26 KoreaJapan Memory results.pdf

总结

  1. (note) and NYT’s result (note), 1Q26 result strength is well anticipated by the J.P. Morgan Securities (Far East) Limited, Seoul
  2. (similar to 3Q25: HBM economics testing quarter). Key watch points are: 1) price J.P. Morgan Securities (Far East) Limited, Seoul
  3. with respect to each security or issuer that the Research Analyst covers in this research) that: (1) all of the views expressed in this report
  4. https://www.jpmm.com/research/disclosures, calling 1-800-477-0406, or e-mailing research.disclosure.inquiries@jpmorgan.com with your
  5. Coverage Universe: Kwon, Jay : LG Corp (003550.KS), LG Display (034220.KS), LG Electronics (066570.KS), LG Innotek (011070.KS),
  6. A history of J.P. Morgan investment recommendations disseminated during the preceding 12 months can be accessed on the Research &
  7. Morgan Securities LLC, and may not be subject to FINRA Rule 2241 or 2242 restrictions on communications with covered companies, public
  8. https://www.finra.org/sites/default/files/2020-08/Security_Futures_Risk_Disclosure_Statement_2020.pdf for a copy of the Security Futures

预览

JPM-存储市场更新：展望 2026 年第一季度日韩存储企业财报的关键问题 Memory Market Update Key questions heading into 1Q26 KoreaJapan Memory results.pdf

JPM-海康威视-002415-2026年1季度业绩好于预期，但短期阻力显现；“中性”评级-20260420.pdf

总结

  1. ，净利润28亿元（同比增长36%/环比下降43%），毛利率提升 登记编号: S1730521090001
  2. 盈利能力改善，我们预计 2026-28年营收/盈利年复合增长率分 FY 1.55 1.68 2.15
  3. 12%/环比下降23%），净利润28亿元（同比增长36%/环
  4. 同比增长 6.8% 4.1% 8.2% 11.5% 13.1% 息税折旧摊销前利润同比增长 (8.2%) 17.0% 18.0% 23.1% 23.9%
  5. 历史投资建议： 您可在https://jpmsc.portal.jpmorgan.com网站查看过去12个月发布的摩根大通投资建议，您也可以在该网站中
  6. ，或访问 https://www.finra.org/sites/default/files/2020-08/Security_Futures_Risk_Disclosure_Statement_2020.pdf 获取证券期货风险披露声明之副本
  7. (Australian Financial Services License：238066))受澳大利亚证券和投资委员会(Australian Securities and Investments Commission)监管，是澳大利亚
  8. 加拿大： J.P. Morgan Securities Canada Inc.是注册的投资交易商，受加拿大投资监管组织(Canadian Investment Regulatory Organization)和安大略

预览

JPM-海康威视-002415-2026年1季度业绩好于预期，但短期阻力显现；“中性”评级-20260420.pdf

MS-北美光模块行业：光模块行情爆发之际，投资者最新关注问题 Optical North America Latest Questions From Investors as Optical Breaks Out.pdf

总结

  1. towards the tail end of 2025, this has led to another wave of incremental investor Morgan Stanley does and seeks to do business with
  2. historical multiples (now all pushing 20x+ bullish 28e multiples, more like 40x interest that could affect the objectivity of Morgan Stanley
  3. running at a higher speed per lane. Typical framing is 1.6T as 8 running at a lower speed per lane. Typical framing is 1.6T as 16
  4. Illustrative 1.6T example 1.6T = 8 lanes x 200G. Same total bandwidth with half the lane 1.6T = 16 lanes x 100G. Same total bandwidth, but with more
  5. Technology enablers 200G/lane and 400G/lane DSP / SerDes, silicon photonics 100G/lane and 200G/lane discrete optics, established DSP /
  6. Best fit today Next-gen 1.6T / 3.2T pluggables, LPO / LRO, CPO, and dense Earlier-generation 400G / 800G and transitional deployments
  7. $4.22). Our multiple represents a premium to GLW's traditional trading range over the last 10 ▪Display business, which generates majority
  8. $$$777222...000000(((---555666...222000%%%))) PPPrrrooobbb (((<<<777222...000000)))~~~111666...666%%% View descriptions of Risk Rewards Themes here

预览

MS-北美光模块行业：光模块行情爆发之际，投资者最新关注问题 Optical North America Latest Questions From Investors as Optical Breaks Out.pdf

MS-比亚迪股份：风险回报更新 BYD Company Limited Asia Pacific Risk Reward Update.pdf

总结

  1. 4FRHVJjBrX8YfV8OcM7NtRoOoMsMjMmMtPeRsQqRbRrQtNvPnNtNMYmNsQ

预览

MS-比亚迪股份：风险回报更新 BYD Company Limited Asia Pacific Risk Reward Update.pdf

MS-大金重工-002487-借力欧洲海上风电建设，持续巩固市场领先地位；首次覆盖给予超配-20260421.pdf

总结

  1. 要体现在以下三方面：1）订单持续增长与产能领先优势支撑强劲的多年期盈利能 EBITDA (百万人民币) 1,317.3 2,294.5 3,479.4 4,713.4
  2. 资料来源: 公司数据, 摩根士丹利研究部 资料来源: Frost & Sullivan, 公司数据, 摩根士丹利研究部(cid:1398) 注: 该市场份额统计基于订单交付的流量口径，
  3. Stanley Asia (Singapore) Pte. (Registration number 199206298Z) and/or Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H), regulated by the Monetary
  4. and/or Morgan Stanley Taiwan Limited and/or Morgan Stanley & Co International plc, Seoul Branch, and/or Morgan Stanley Australia Limited (A.B.N. 67 003 734 576, holder of Australian financial
  5. services license No. 233742, which accepts responsibility for its contents), and/or Morgan Stanley Wealth Management Australia Pty Ltd (A.B.N. 19 009 145 555, holder of Australian financial
  6. services license No. 240813, which accepts responsibility for its contents), and/or Morgan Stanley India Company Private Limited having Corporate Identification No (CIN)
  7. U22990MH1998PTC115305, regulated by the Securities and Exchange Board of India (“SEBI”) and holder of licenses as a Research Analyst (SEBI Registration No. INH000001105);
  8. Broker (SEBI Stock Broker Registration No. INZ000244438), Merchant Banker (SEBI Registration No. INM000011203), and depository participant with National Securities Depository Limited

预览

MS-大金重工-002487-借力欧洲海上风电建设，持续巩固市场领先地位；首次覆盖给予超配-20260421.pdf

GS-中东战争跨资产交易的十大关键问题 GOAL POST 10 Questions on the roundtrip across assets around the Middle East war.pdf

总结

  1. Note: Real assets is an average of S&P GSCI/ broad commodities index (TR) since 1900, Gold since 1939, FTSE NAREIT since
  2. construct the Residential Real Estate index using Case/Shiller HPI from 1987 (FHFA before) and an estimate of rental yield
  3. ��8�)����� ��8�����3/443� ��8������ ��8���)���)����� ��8���������������� ���/�3/-/��A����� ��8�������� ��8�������� ��8����������� ��8�������� ��8��/88�� 55�-�������� ��8�)������ ��8��������� ��8�������� ��8������� 55�-�������� ���/�3/-/��A����� ���/�3/-/��A������ ��8�������� ���/�3/-/��A����� ��8�������� 55�-��6/�� 55�-���� ���/�3/-/��A������ ���/A�8�A������ ��8�.5��
  4. �-�0-�-��&�� �-�0-�-�������)��0 ���-�0-�-��������� 22)����������������� 22)��������� ���-�0-�-�������� 22)��22-��� ��5�������� 22)��&�� 22)�������(� 22)��������� ���-�0-�-�����
  5. ��5�������� 22)���),�)� ���-�0-�-�������� 22)���������� 22)��������� ��5���� ��5��3-�� 22)������0-110� 22)��,24� 22)����&���5)��-.�)2�)30/� 22)������� 22)���-554� ��5�����
  6. offices of Goldman, Sachs & Co., 200 West Street, New York, NY, 10282, Attn: Prospectus Dept. (1-212-902-1394). Prospectuses are also
  7. Goldman Sachs beneficially owned 1% or more of FXI and EMB (excluding positions managed by GSAM and derivatives) as of March 20, 2017.
  8. Goldman Sachs & Co. LLC and therefore may not be subject to FINRA Rule 2241 or FINRA Rule 2242 restrictions on communications with a subject

预览

GS-中东战争跨资产交易的十大关键问题 GOAL POST 10 Questions on the roundtrip across assets around the Middle East war.pdf

GS-中国市场寻思：中资企业IPO新看点（摘要）-20260419.pdf

总结

  1. BGzBUIp5sYdVdX9PbP7NoMqQmOoQlOoOqMeRmOqQ9PrQpQNZoMtMvPoNnR

预览

GS-中国市场寻思：中资企业IPO新看点（摘要）-20260419.pdf

GS-中国手术机器人行业：开拓美国以外的全球市场带来核心增长推动力；首次覆盖微创机器人和精锋医疗，均评为买入（摘要）-20260421.pdf

总结

  1. Surgeries per installment Procedure 133 139 146 1 83 4%Blended utilization to increase as recent installations enter into mature operation
  2. Surgeries per installment Procedure 60 69 78 1 34 9%Blened utilization to increase as recent installations enter into mature operation
  3. SG&A% 32.2% 30.7% 29.6% 27.8% Leverage MicroPort Group resource, slightly decrease but remains >25% (lower than Edge Med)
  4. Edge Med newly purchase Set +26 +33 +44 +233 28%Edge Med/ Medbot 2025 CN bid wins are 22/17, and expect momentum to continue
  5. Surgeries per installment Procedure 153 156 159 1 83 2%Blended utilization to increase as recent installations enter into mature operation
  6. 律法规定义的个性化投资建议，并非针对某个具体客户，在报告准备阶段也未分析客户的财务状况、投资特征或风险特征。
  7. 欧盟和英国: 与欧盟委员会实施条例 (EU) (2016/958)（欧盟议会和欧盟理事会条例(EU) No 596/2014的补充条款,规定了有关投资建议或其他投资策略的
  8. 入英国国内法律法规）第6(2)条相关的披露信息可在https://www.gs.com/disclosures/europeanpolicy.html上获取，该网址介绍在处理和投资研究有关

预览

GS-中国手术机器人行业：开拓美国以外的全球市场带来核心增长推动力；首次覆盖微创机器人和精锋医疗，均评为买入（摘要）-20260421.pdf

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