被动指数基金规模维持平稳，ETF 比例提升。截止到 2025 年三季度，市场上的 2823 只 非货币指数基金资产规模共计 6.72 万亿元，较上季度规模增加 1.11 万亿元，继续呈现快 速增长态势；分产品形式来看，三季度 ETF 增长约 1.24 万亿，ETF 占比快速提升超过 6 个百分点，且主要为场内直接贡献。从具体的 5.36 万亿 ETF 的规模来看，目前国内股票 宽基占比进一步下滑至 47%，重新回到 50%以下，而市场整体上涨、情绪较好的情况下， 行业主题产品占比有所回升，达到约 20%。

集采逐步出清+设备招投标回暖，高耗、设备率先迎来拐点。2025 前三季度医疗器械上市公司收入 1833.45 亿元，同比下降 3.90%，扣非净利润 227.04 亿元，同比下降 17.70%，不同子板块分化明显：2025 前三季度收入增速从高到低排序为高值耗材（+5.12%）、低值耗材（-0.75%）、医疗设备（-1.02%）、体外诊断（-13.94%），扣非利润增速从高到低排序为高值耗材（+1.18%）、医疗设备（-17.98%）、低值耗材（-21.68%）、体外诊断（-32.20%）。其中高值耗材板块进入后集采阶段，负面逐 步出清下通过创新或出海逐步回归增长态势，如骨科、电生理等均有不错增长表现； 医疗设备大部分公司在招投标回暖叠加低基数下，三季度迎来拐点，整体经营稳中向好；低值耗材受国际形势变化影响，Q2、Q3 短期发货、利润率均有波动；体外诊断在 DRGs、集采、检验互认等政策密集执行下，短期业绩继续承压。

The market by value in this report is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography.

Bioprocess bags are disposable containers designed for use in biopharmaceutical manufacturing processes. Bioprocess bags are made of flexible, sterile, and single-use materials. These bags facilitate the storage and transportation of liquids such as cell cultures and biopharmaceutical formulations. Bioprocess bags are widely adopted in the bioprocessing industry as they offer advantages, including reduced contamination risks, increased operational efficiency, and flexibility in production.

Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market by value in this report is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography. • Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The global AI-powered receipt automation market is a part of the global application software market. The global application software market was valued at $349.96 billion in 2021 and reached $439.86 billion in 2023. The global application software market witnessed an incremental growth of $89.9 billion and registered a CAGR of 12.1% from 2021 to 2023.

The global AI-powered radio access network market encompasses the integration of artificial intelligence and machine learning technologies within the cellular network infrastructure that connects end user devices to the core network. This technology functions by employing sophisticated algorithms to continuously analyze real time network data, enabling the autonomous optimization of RAN operations. Key applications include predictive analytics for network maintenance, intelligent traffic steering, dynamic energy consumption management, and automated resource allocation for 5G network slicing.

AI-driven customer support agents encompass advanced software solutions leveraging artificial intelligence and machine learning to automate and enhance customer interactions. These intelligent agents, often deployed as chatbots or virtual assistants, are designed to understand, process, and respond to customer inquiries across various communication channels, including websites, mobile applications, and social media. Their operational mechanics involve natural language processing for understanding user input, natural language generation for crafting human-like responses, and machine learning algorithms for continuous improvement through interaction analysis

AI voice recognition encompasses the technologies, software, and hardware systems engineered to identify, interpret, and process human speech. This technology fundamentally relies on artificial intelligence, particularly machine learning models and deep neural networks, to perform automatic speech recognition (ASR). The core function of ASR systems is to convert spoken language into a machine-readable format, such as text or executable commands. More advanced solutions integrate natural language understanding (NLU) to discern user intent and context, enabling sophisticated human-computer interactions.