反内卷又低位，医疗器械的“弹簧”总算松了

Group 1 - The recent policy shift in the medical device industry breaks the "low-price only" rule in centralized procurement, allowing for a more balanced evaluation of bids, which is expected to lead to a significant rebound in the sector [2] - The medical device index's rolling P/E ratio is currently at 37.30, with a premium of 176.16% over the CSI 300 index, indicating that the sector is at an absolute low compared to the market over the past decade [4] - The medical device sector is experiencing a strong internal recovery force as the restrictive "low-price only" procurement policy has loosened, suggesting that valuation recovery is imminent [4][7] Group 2 - The medical device ETF (159898) has seen a year-to-date increase of approximately 10% and has experienced significant net inflows, indicating strong investor interest and a potential "buying signal" [5][7] - Leading companies in the medical device sector, such as Mindray Medical and United Imaging, are expected to face reduced pricing pressure, supported by policies encouraging equipment upgrades in the second half of the year [8] - The current low valuations in the medical device sector provide a safety margin and substantial upside potential, making it an attractive opportunity for investors [7]