集采明确“反内卷”，医疗器械底部关注机会或至

Core Viewpoint - The recent optimization of centralized procurement policies by the National Medical Insurance Administration is expected to positively impact the medical device sector, leading to potential performance reversals for previously restricted high-value consumables and in vitro diagnostics [1][9]. Group 1: Policy Changes - The 11th batch of centralized procurement has been initiated, with new rules optimizing the calculation of price differences, moving away from solely relying on the lowest bid as a reference [1][9]. - Companies that submit the lowest bids must now provide a rationale for their pricing and commit to not pricing below cost [1][9]. Group 2: Market Outlook - Zhongyou Securities anticipates that the centralized procurement policy will extend from pharmaceuticals to medical devices, suggesting a recovery in performance for high-value consumables and in vitro diagnostics due to policy improvements [1][9]. - The medical device sector is expected to benefit from a recovery in procurement activities this year, with the third quarter potentially marking a performance turning point for the sector [1][9]. Group 3: Investment Opportunities - Huajin Securities indicates that the medical device sector is experiencing a policy shift, with improved profitability prospects for related companies and potential valuation recovery, as the sector is currently undervalued [1][9]. - The medical device index ETF (159898) has attracted significant investment interest, with over 37 million net subscriptions in the past 10 days, indicating strong market confidence [1][9]. Group 4: Historical Performance - The CSI Medical Device Index has shown a cumulative increase of nearly 953% since its base date of December 31, 2004, translating to an annualized return of 12.51%, outperforming major indices like the Shanghai Composite and CSI 500 [2][6][7]. - The index's performance highlights the high barriers and value characteristics of the medical device industry, which has consistently delivered strong results in the secondary market [6][8].